Concerned about reports that suggest checking account overdraft fees are on the rise again despite regulatory efforts to curb them, a group of lawmakers led by U.S. Rep. Carolyn Maloney (D-N.Y.) recently re-introduced a bill to further restrict bank overdraft fees and launch an investigation into prepaid card overdraft protection programs. The Overdraft Protection Act […]
Another concern about the U.S. migration to EMV was alleviated last week when MasterCard Worldwide announced a solution for ATM operators facing a liability shift this week for fraudulent transactions at ATMs from Maestro cards issued abroad. MasterCard alone has a global chip liability shift for non-U.S.-issued Maestro cards that goes into effect April 19, […]
China may be one step closer to becoming the one of the largest NFC payments markets. Shanghai-based payment card network China UnionPay (CUP) has tapped tech giant Intel to provide mobile payment services. Under the collaboration, announced last week at the Intel Developer Forum in Beijing, CUP will use Intel’s identity protection technology for its […]
The M-Pesa mobile money transfer service could be coming to Myanmar, thanks to a joint bid by Vodafone and China Mobile. The companies are among 12 groups being considered by the Myanmar government for one of two licenses to operate a mobile network in the Southeast Asian nation, according to a report in the Financial […]
US banks Heritage Bank and Central Valley Bank have adopted an account processing tool called DNA from financial technology provider Fiserv. Parent company Heritage Financial says the platform’s flexibility will help the banks grow.
By the standards of the rest of the financial services sector, the payments industry has always progressed at a glacial pace. For the past 10 years, the key topic at the long-running International Payments Summit has been the Single Euro Payments Area.
Senior financial executives have clashed over the extent to which mobile payments technology has failed to reach its potential – and the best way to fix it.
The emergence of alternative payments providers such as PayPal and the growth of mobile payments systems such as M-Pesa should be seen as a major opportunity for banks, not a threat, according to Ron van Wezel, global head of emerging payment streams at Deutsche Bank.
Canadian consumers will be the first in North America to be able to use MasterCard’s new MasterPass digital wallet, the company announced today. Unveiled in February at Barcelona’s Mobile World Congress, MasterPass offers users a cloud-based mobile solution for online shopping. Consumers can store up to 25 credit, debit or prepaid cards in the wallet—whether […]
Fiserv Inc. this week said it’s launching a new solution to help government agencies cut wasteful spending by improving payment accuracy. Fiserv’s new Payment Accuracy and Fraud Prevention Service, adapting the company’s private-sector fraud-mitigation tools for the public sector, is designed to help federal agencies identify incorrect, redundant and fraudulent payments across diverse channels, the […]
Lower gas prices, an earlier Easter holiday and the arrival of tax refunds, among other factors, likely counteracted any effects of increased payroll taxes as consumer spending was strong in March, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments processor. Dollar volume growth increased 6 percent last month year […]
Renewing a push to crack down on “excessive interest rates and fees,” U.S. Sen. Dick Durbin (D-Ill.) and four other senators this week reintroduced a bill to cap interest rates on all credit transactions at 36 percent. The legislation, also proposed last year, mirrors a similar bill Durbin championed in 2009, that would align interest […]
Global shipments of NFC-enabled SIM cards rose 87 percent in 2012 compared with the previous year, according to SIMalliance. The London-based nonprofit trade association, which supports the creation, deployment and management of secure mobile services and applications, this week released a report on 2012 SIM shipments based on data provided by its members, which represent […]
By Joseph DeSetto, Emerging Payments Blogger It wasn’t long ago that mobile payments apps for the current generation of smartphones were difficult and time consuming for even experienced programmers to create. Much like the early days of e-commerce, standard ways of protecting user data, providing a consistent interface and user experience that would be trusted, […]
As the February 2014 deadline for implementation of Single Euro Payment Area compatible instruments approaches, focus is moving from banks to corporates – and the increasingly clear picture is that few European corporates see any great benefit from adopting the standards involved.
A journalist, a politician and a banker walk into a bar … sounds like the beginning of a joke, doesn’t it? Feel free to submit a punchline: personally, I’m starting to think that it would be a very sour joke. With banker-bashing now an established national pastime, the press having spectacularly fouled their own nest […]
Payments company Kalixa Group has launched a set of tools including an mPOS, e-wallet and acceptance kit, which it says will disrupt the global payments market in Europe, the Americas, Asia Pacific and the Middle East.
At the beginning of March, George Osborne travelled to the English seaside town of Bournemouth to make a speech at the JP Morgan operations centre there. It wasn’t Henry V’s St Crispin’s Day speech, but it may well go down as a watershed moment in the history of the UK financial services sector. Osborne is […]
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Banks are not good at communicating industry change to their corporate clients, according to a panel of senior industry representatives speaking at the IPS conference in London today.
Proposed policies intended to promote competion in payments could stifle innovation and standardisation in the payments and transaction banking sectors, according to a partner in a leading law firm. Dermot Turing, partner in the international financial institutions and markets group at Clifford Chance, told delegates at the International Payments Summit in London that moves by […]
PayPal and Discover will begin the rollout of PayPal as a payment option at the point of sale, starting April 19, Don Kingsborough, PayPal’s global vice president and general manager of retail and prepaid, said yesterday. Speaking at Card Forum in Boca Raton, Fla., Kingsborough shared the stage with Discover’s Joe Hurley, senior vice president, […]
Card Forum kicked off its 25th annual conference in Boca Raton yesterday with “Prepaid Day” and not surprisingly, the Fed’s FAQs on Reg. II came up during a session on regulation. The guidance, which came out two weeks before the April 1 compliance deadline for network routing rules, appears to require PINs to be issued […]
Yum! Brands Inc.’s KFC is the latest fast-food giant to pilot a mobile payment app, launching its first such effort near London. Consumers will be able use their smartphones to place orders and pay ahead of time, then pick up their food upon arrival at the store. KFC joins Starbucks Corp., Burger King Corp., Dunkin’ […]
Orange and Vodafone customers now can use their mobile phones to pay for trips on the subway in Bucharest, Romania. The system this month is being expanded to the city’s entire 51-station metro network after testing in seven stations last year. Customers can purchase tickets by sending a text message to a special number. A […]
Students at two colleges have a new way to pay for campus meals, thanks to a pilot being launched by food service manager Chartwells Higher Education Dining Services and mobile payment and loyalty network LevelUp. The program—undergoing a test run at Buffalo State University in Buffalo, N.Y., and the Curry Student Center retail dining venue […]
The Payment Services Directive in Europe mandated next-business-day settlement – D+1 – for payment transactions between EC states from Jan 2012. But with some European countries already using faster operating standards, Neil Burton and Gareth Lodge ask: is D+1 good enough?
Swift’s Innotribe project has announced the fifteen semi-finalists for its startup challenge, which aims to help innovative new companies in financial services to get started.
Ahead of its planned IPO, Blackhawk Network Holdings Inc. has set a stock price of $20 to $22 per share, numbers that could lead to the prepaid card provider and third-party distributor raising up to $220 million. Grocery chain Safeway Inc., which owns 96 percent of Blackhawk, revealed plans last year to sell a stake […]
Aiming to capitalize on the combined strengths of two of the prepaid industry’s most potent marketing forces, Green Dot Corp. and UniRush LLC today unveiled the RushCard Live Reloadable Prepaid Visa Card, which will be rolling out later this month at thousands of Green Dot retail partner locations. Leveraging the popularity of UniRush LLC co-founder […]
A U.K. ban on merchants imposing “excessive” surcharges when consumers pay with credit or debit cards that went into effect April 6 could mean fewer surprises for consumers that previously complained about getting stung with unexpected transaction fees when paying for airline and rail tickets and other online purchases. But some observers say the new […]
With consumer directed healthcare (CDH) accounts on the rise, the use of payment cards linked to those accounts also is increasing. And Waltham, Mass.-based Alegeus Technologies, which offers healthcare benefit and payment solutions that feature healthcare spending debit cards, is seeing robust growth, the company announced today. During the three-year period from 2010 to 2013, […]
Menlo Ventures, a Menlo Park, Calif.-based venture capital investing firm, has announced that Karl Mehta has joined the company as venture partner. Mehta will focus on sourcing investments and serving as an adviser in the financial services, mobile payments, e-commerce and gaming spaces. He developed his expertise in these areas as founder and CEO of […]
The Members Group (TMG), a Des Moines, Iowa-based card processing and payment solutions provider, has promoted three of its senior-level staff members. In their new roles, Georgann Smith, Darron Dunn and Karen Postma will focus on serving TMG’s growing list of clients. Smith has moved from director of marketing and communications to vice president of marketing. She will provide […]
FIS, a Jacksonville, Fla.-based banking and payment technology provider, has named James B. Stallings Jr. to its board. Prior to his retirement in January from IBM after 23 years, Stallings served in a variety of management roles, including general manager of enterprise systems. He also has worked at GE Company and ROLM Corp.; is managing […]
Braintree Inc., a Chicago-based e-commerce payments processor, has announced that Chris Fry, senior vice president of engineering at Twitter, has joined Braintree’s board of directors. With his experience in building world-class developer platforms, Fry will advise on the continued development of Braintree’s payment platform. His expertise will support Braintree as it continues to make it […]
Allied Payment Network, a Fort Wayne, Ind.-based provider of online bill payment services to the financial industry, has announced that Gary Daniel has joined the company as executive vice president and board member, bringing more than 45 years of experience to the firm. Daniel has held management and executive positions at several companies providing data […]
Bank of America has launched a new ATM service that will allow users to have a video conversation with a human teller at the machine.
Fiserv Inc. is the latest to offer mobile deposit capture for prepaid cards, with a new program targeting prepaid card processors that includes a check-guarantee service so cardholders may receive funds immediately instead of waiting several days for checks to clear. Fiserv’s Prepaid Source Capture, based on the remote deposit capture it has offered banks […]
Payments processor Global Payments Inc. will support Visa Europe when it launches its V.me digital wallet in the U.K. this spring. The country’s third-largest card payments processor, Global Payments joins WorldPay as processing partners for the U.K. version of the wallet, which launched a pilot with bank partner RBS late last year and is expected […]
