In New York Times, Prepaid Fee Story Misses the Mark (July 2013)
Patrice Peyret of Banking Up responds to a front-page article in the New York Times, “Paid via Card, Workers Feel Sting of Fees.”
PayTech
MCX Picks FIS to Develop M-Commerce Platform (July 11, 2013)
July 11, 2013 Another major piece of MCX’s jigsaw puzzle fell into place today with the announcement that payments technology provider FIS will provide the payments processing platform, including transaction routing and settlement, for the retail consortium’s evolving mobile commerce system. Jacksonville, Fla.-based FIS will execute mobile payments at participating retailer outlets in combination with […]
Visa Europe Predicts 52 Million Contactless Payments per Month (July 11, 2013)
July 11, 2013 By the end of 2013, European consumers will be making more than 52 million contactless transactions every month, according to a projection by Visa Europe. That would represent a marked increase from 2012, which saw a total of 147 million contactless transactions. The rapid increase in NFC-enabled smartphones and digital wallets coming […]
SpendTrend: Card Spending Growth Hits 10-Month High (July 11, 2013)
July 11, 2013 Consumers continued to demonstrate strong spending habits in June, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor. Wet weather that dampened demand on the East Coast in the early part of the month was offset by warmer weather across the rest of the U.S., leading […]
On-Demand Bike Lockers Come to Seattle Metro System (July 11, 2013)
July 11, 2013 Seattle-area Metro riders who bike to transit stations have a new option for storing their cycles, thanks to a series of new “eLockers” that can be rented on an hourly basis using a stored value card. The lockers—located at 10 Metro stations throughout the Seattle area—are provided by BikeLink, a secure on-demand […]
Viewpoint: Industry Must Set Record Straight on Payroll Cards (July 2013)
The prepaid industry must seize on the recent media frenzy as an opportunity to inform and educate the public, government officials and other policymakers.
Viewpoint: The Coming Clash between Financial Technology and Financial Regulators (July 2013)
Regulators regulate, and when they do act, it can have dramatic impact on a company’s business model.
Viewpoint: What Prepaid Card Issuers Need to Know about Breakage (July 2013)
Tori Blake and Chuck Rouse explain the new rules of breakage connected to the Financial Accounting Standards Board and the International Accounting Standards Board’s upcoming Revenue Recognition Standards.
In New York Times, Prepaid Fee Story Misses the Mark (July 2013)
By Patrice Peyret, Banking Up In the July 1 New York Times story “Paid via Card, Workers Feel Sting of Fees,” reporters Jessica Silver-Greenberg and Stephanie Clifford raise an important question but fail to answer it: Are a significant number of employers forcing hourly workers to use expensive payroll cards? The three key conditions here […]
Western Union Debuts Payroll Card in U.A.E., New India Transfer Service (July 9, 2013)
July 9, 2013 Money transfer giant Western Union Co. continues to expand its payment product offerings and grow its global footprint, unveiling a new payroll card in the United Arab Emirates and money transfer services in India. In the U.A.E, Western Union and Commercial Bank of Dubai have announced a new, co-branded prepaid payroll card […]
TransCard Launches Self-Service Gift Card Kiosk (July 9, 2013)
July 9, 2013 Prepaid processor and program manager TransCard has announced a new self-service gift card kiosk targeted for placement in shopping malls. Known as RUBY, the automated kiosk enables shoppers to select a gift card denomination, enter payment and receive the card without the assistance of a customer service mall employee. “After studying the […]
Bitcoin Wallet Goes Live in Kenya (July 9, 2013)
July 9, 2013 A Bitcoin wallet developer in Kenya this month launched a service enabling locals to send and receive the virtual currency to most nations around the world using any Internet-enabled mobile phone or desktop computer, with the capability of converting Bitcoins to M-Pesa, Kenya’s popular mobile money service. Nairobi-based Kipochi Ltd (Kipochi means […]
State Bank of India Launches Prepaid Card for Remittances (July 9, 2013)
July 9, 2013 State Bank of India (SBI) has partnered with Indian forex firm UAE Exchange and Financial Services Ltd. to launch a co-branded prepaid card enabling users to receive remittances directly on the card. The State Bank Xpress Money Card, which runs on the Visa network, can be loaded with up to Rs50,000 (US$831.90) […]
Bank Group Takes on M-Payment Security with Temporary Card Numbers (July 8, 2013)
July 8, 2013 With security among the most important issues for providers and users of mobile payments, a group of banks is working to develop a new standard to improve mobile transaction security online and at POS. The Clearing House (TCH), a banking association and payments company whose 22 member banks include Bank of America, […]
Six Polish FIs Join Forces on M-Payments (July 8, 2013)
July 8, 2013 Mobile payments in Poland may soon take a major step forward now that six leading Polish banks are working together to develop a mobile device-based, in-store payment system set to debut by the end of this year. The banks involved include Poland’s largest lender, PKO Bank Polski, and together account for 70 […]
Ukraine’s PrivatBank Launches mPOS Card Scanner for Small Business (July 8, 2013)
July 8, 2013 PrivatBank, a Ukraine-based financial institution, has launched a contactless mobile POS offering that enables small businesses to accept card payments by scanning the card using a smartphone and its iPay application. The mPOS service is available to corporate and private customers in Ukraine and Russia, according to PrivatBank, which says it is […]
ABA Endorses Linkable Networks’ Card-Linked Offer Technology (July 8, 2013)
July 8, 2013 Banks are finding more ways to enrich their mobile payments offerings with technology making it easier for consumers to redeem digital coupons with their credit, debit or prepaid cards. Through its Corporation for American Banking subsidiary, the American Bankers Association (ABA) this month endorsed Linkable Networks’ card-linked offer technology designed to distribute […]
NFC mobile payments: overcoming the barriers for banks
The past few years have seen major changes to the way we make low value payments, from pre-paid wallets such as the Oyster Card through to contactless cards in retail transactions – thanks to Near Field Communication devices.
FATCA, IGAs and AML Technology
After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.
N.Y. AG Investigates Payroll Card Fees (July 3, 2013)
July 3, 2013 New York’s attorney general is looking into prepaid payroll card programs at some of the state’s largest employers, following a report in the July 1 New York Times, which characterized payroll cards as laden with fees. Attorney General Eric Schneiderman has sent letters to about 20 employers seeking information about their programs, […]
CFPB Finalizes Rule for Supervising Nonbanks Engaged in ‘Risky’ Conduct (July 3, 2013)
July 3, 2013 The Consumer Financial Protection Bureau has finalized its rule outlining procedures to supervise nonbanks engaged in conduct that poses risk to consumers. The CFPB may supervise not only nonbank providers of consumer financial products and services, but its authority also extends to a nonbank’s affiliate service providers, according to the rule. The […]
Chicago Nears Launch of Contactless Transit Payment System (July 3, 2013)
July 3, 2013 Chicago area transit riders soon will be able to pay fares with a tap, now that the city’s Open Standards Fare System is set to make its debut in August with the Chicago Transit Authority (CTA) and suburban bus operator Pace. Known as Ventra, the system is a partnership between Cubic Transportation […]
Report: GPR Cardholders Call Customer Service 2.7 Times per Month (July 3, 2013)
July 3, 2013 Prepaid cardholders’ customer service needs vary widely based on the type of card they are calling about, according to new research Contact Solutions LLC, and analyzing those patterns can go a long way toward cutting operating costs, the firm says. Cardholders of large government prepaid card programs make an average of 5.5 calls per […]
BAML boosts Boussuge to head GTS in EMEA
Bank of America Merrill Lynch has appointed Jennifer Boussuge as head of Global Transaction Services for EMEA. Boussuge has been with the company for more than 19 years, during which time she has held a number of leadership roles, most recently as head of global sales for GTS.
With $25 Million Investment, M-Payment Startup Clinkle Preps College Campus Launch (July 2, 2013)
July 2, 2013 The latest mobile payments startup dazzling Silicon Valley tech investors is Clinkle Corp., which last week announced it has raised $25 million from several high-profile backers to launch a payment platform already in pilot at Stanford University. Details are scanty so far, but Clinkle reportedly is a smartphone app that links to […]
Intuit to Sell Financial Services Division for $1 Billion (July 2, 2013)
July 2, 2013 Intuit Inc. has agreed to sell its financial services division, known as IFS, to private equity firm Thoma Bravo for just over $1 billion. The deal, which is still subject to regulatory approval, would cover Intuit’s corporate-targeted Internet banking platform, digital payments, mobile banking and purchase rewards business. Certain assets currently within […]
PFS Introduces Mobile App for Prepaid MasterCard Customers (July 2, 2013)
July 2, 2013 London-based Prepaid Financial Services (PFS) today announced a new mobile app for its PFS Prepaid MasterCard customers enabling users to store and manage their prepaid cards through a mobile digital wallet controlled through a smartphone. The Pocket to Pocket mobile app is initially available for the Apple iOS platform; an Android version […]
Court Says Gap Didn’t Infringe on Gift Card Patents (July 2, 2013)
July 2, 2013 Patent-holding company Alexsam Inc. has been dealt another court defeat in its series of lawsuits against a group of retailers the company claimed infringed on its prepaid gift card patents. Last Friday, a federal jury in Marshall, Texas, ruled that Gap Inc. did not infringe on the technology covered by the patents—which […]
Treasury’s Koide: Prepaid Has Important Role in Financial Services Revolution, Needs to Ask Hard Questions (July 1, 2013)
July 1, 2013 “We’re only at the beginning of a technology-driven revolution in financial services,” Melissa Koide, deputy assistant secretary, office consumer policy, U.S. Treasury Department, said last week during the NBPCA’s second annual Power of Prepaid conference in Washington, D.C. Koide noted that the prepaid platform has brought powerful and positive innovations to financial […]
It’s Official: TSYS Closes $1.4 Billion NetSpend Buy (July 1, 2013)
July 1, 2013 Payments processor TSYS has completed its $1.4 billion acquisition of GPR and payroll card provider NetSpend Corp., the company said today. First announced in February, the deal was billed as a “transformational event” for TSYS, and gives the Columbus, Ga.-based firm a major foothold in the program management arena, bringing more than […]
Visa Contactless Payments Coming to German Shell Stations (July 1, 2013)
July 1, 2013 Motorists in Germany soon will be able to use Visa payWave technology to make contactless payments when filling up their tanks at Shell petrol stations. Beginning in spring 2014, Shell stations in the country will accept payments via contactless Visa card or NFC-enabled smartphone. Full rollout to all 2,200 German Shell locations […]
Square Shuts Down Digital Gift Card Service (July 1, 2013)
July 1, 2013 Square Inc. is shutting down its digital gift card operation after little more than six months, due to operational difficulties, according to Reuters. Square announced its gift card program in December 2012, touting it as a way for small businesses that lacked a gift card program to instantly enable users to send […]
Blog: Mobile Payments Test Drive: Square Wallet, Starbucks App and Lemon (June 2013)
Mobile wallets get a considerable amount of media attention, but will any of them really drive users to leave the plastic card era behind? I recently did a comparison test of Square Wallet, Lemon and Starbucks’ own mobile app. While all the payment types I used worked surprisingly well, none of them was an experience that elevated shopping into the futuristic world these apps conjure up among payments enthusiasts.
Power of Prepaid: House Rep. Urges Industry to Build Relationships with Govt., Put Face on Prepaid (June 27, 2013)
June 27, 2013 During the kickoff to the NPBCA’s Power of Prepaid conference in Washington, D.C., this morning U.S. Rep. Bill Huizenga (R-Mich.) urged the industry to reach out to lawmakers and regulators on the Hill and in their home states, and to share stories about real consumers’ success with prepaid cards. Coming to Washington […]
MasterCard Launches Prepaid Travel Card in Canada (June 27, 2013)
June 27, 2013 The latest entry in a spate of new prepaid travel cards comes from Canada, where MasterCard Canada and its subsidiary Access Prepaid Worldwide this week launched the new Cash Passport Prepaid MasterCard Currency Card. Targeting Canadian travelers seeking a secure alternative to traveler’s checks or cash, the EMV-enabled Cash Passport card enables […]
Group Seeks to Rally Industry Input on Proposed Ontario Escheat Law; Comments Due July 19 (June 27, 2013)
June 27, 2013 Ontario’s Ministry of the Attorney General is accepting comments through July 19 on the possible inclusion of prepaid products into the province’s pending escheat law, and one trade group is hoping to organize a unified payments industry response. Earlier this week, Payments eXchange Canada released a notice calling for prepaid stakeholders to […]
Report: U.S. EMV Migration Price Tag to Exceed $10 Billion (June 27, 2013)
June 27, 2013 As more U.S. card issuers solidify their plans to migrate to the EMV chip-card standard by October 2015, the estimated cost of the effort is settling in at $10 billion to $11 billion, according to a new report from Aite Group. Most U.S. issuers will launch with chip cards requiring only a […]
Lloyds Bank, Monitise Partner on mPOS Play (June 27, 2013)
June 27, 2013 Lloyds Bank is entering the mobile POS market via a new deal with Monitise plc under which the U.K. bank will sell Monitise’s card acceptance technology to small businesses and micro-merchants. The companies will begin offering “a suite of mobile payments products” beginning this fall, with Monitise’s technology also serving as the […]
UKGCVA, SVS Launch Christmas Design Competition (June 27, 2013)
June 27, 2013 Christmas is coming early for children in the U.K., who have the chance to see their own gift card design in stores this holiday season. The UK Gift Card and Voucher Association (UKGCVA), the trade body representing the U.K.’s £4.7 billion voucher, gift card and stored value solutions industry, has launched a […]
MasterCard Inks Small-Business MasterPass Deal with Web.com (June 26, 2013)
June 26, 2013 MasterCard Worldwide, looking to extend its MasterPass e-commerce checkout service to merchants on a mass basis, today announced a partnership with online retail services provider Web.com Group Inc., making MasterPass immediately available to tens of thousands of small-business merchants. Web.com, which has about 3 million small-business customers, now bundles MasterPass e-commerce checkout […]
