Now that Visa’s EMV debit card routing has come under Federal Trade Commission investigation, eight U.S. retail trade groups are pressing the payments network to say how it will fix the problem.
Mobile commerce is on the rise—and as the busy holiday shopping season nears, now is a key time for retailers to examine how they can improve their brand’s efforts around m-commerce. Discover offers insights into how retailers can use the mobile channel to market their offerings and drive engagement and sales.
There is little doubt that there is some very innovative work being carried out in the payments world. Digital technologies, including distributed ledger and artificial intelligence, are beginning to be applied to retail and corporate payments. But in the age of digital finance, a dinosaur of payments – cheques – persist.
More than 3.6 million personal records, including card data, are stolen every day, according to the Breach Level Index, and fraudsters are hard at work to use that data to their advantage. The latest report from IDology highlights fraud trends, while InComm, Tender Armor and Intellicheck have announced initiatives to keep the fraudsters at bay.
Plastic will stand as the gift of choice for many consumers this holiday season, with 81 percent of shoppers saying that up to half their gifts this year could be gift cards, according to a new survey from Blackhawk Network, one of two recent reports that paints a picture of how consumers are likely to spend in the all-important fourth quarter.
With India’s recent abolition of some high-denomination paper currency already driving an uptick in electronic payments, Mastercard is bringing a QR code-based version of its Masterpass mobile payments service to the country. Launched in partnership with Ratnakar Bank Limited (RBL), Masterpass QR enables users to make in-store payments via scan of a QR code displayed on a smartphone.
Kathleen Campbell, quality manager for card marketing and production firm Arroweye Solutions, has passed the International Card Manufacturers Associations’ (ICMA) ACE-P certification. Campbell joins Marce Rose, Arroweye’s operations manager, who recently received both the ACE-P and ACE-M certifications.
Purchasing intelligence and marketing firm Cardlytics has named Peter Gleason as the company’s new president of international operations.
Private equity firm Finstar Financial has appointed Mark Ruddock to oversee a new corporate venture group that will look for opportunities in the fintech space.
Danielle Piro has joined the Paybefore team as business development manager.
Shazia Manus, CEO of payments processor The Members Group (TMG), has been recognized by her alma mater, Iowa State University (ISU), for her commitment to driving economic growth in the financial services industry.
Payment services provider Total Merchant Services has been named to Fortune’s Best Medium Workplaces list, taking the No. 8 spot in the rankings.
UK-based payments vendor Monitise has launched its Finkit partner programme with founding partner MasterCard to speed up collaboration in banking and payments. For the “first time”, the founding partners – which also include BehavioSec, Currencycloud, Envestnet | Yodlee, Experian, Fastacash, FICO, HID, iGeolise, LivePerson, Mypinpad, Syniverse and WorldFirst – have agreed to make their capabilities […]
Prepaid providers are no strangers to balance alerts. But new research suggests that financial institutions can go further with alerts and push notifications to strengthen relationships with customers and increase revenue.
Visa hopes to spread the use of biometrics authentication by developing a mobile app that enables the use of multiple biometrics markers. The idea behind the technology, which Visa says it’s creating with BioConnect, is that if a consumer’s default biometric fails to work for some reason, the app will allow that person to use another such marker. For instance, a person’s fingers might be too damp to allow fingerprint access into a device, so the app might then enable voice recognition.
Heeding the advice of many payments experts who say mobile wallets need to do more than enable payments, Samsung has launched a points-based rewards program for Samsung Pay. Consumers using the mobile wallet for purchases can earn points from those transactions and then use those points to buy Samsung products and vouchers, along with gift cards and value that can be transferred to the Samsung Rewards Visa prepaid card.
A group of financial services and telecom providers has banded together to launch a new mobile payment service to help increase electronic payments in Nigeria. Known as mCASH, the platform is a joint venture of the Nigeria Inter-Bank Settlement System, numerous Nigerian deposit banks and the country’s four main telecom providers: Etisalat, MTN, Airtel and Globacom.
Indications continue to be positive for gift card sales this holiday season, with a recent report coming from Mercator Advisory Group predicting a bounce-back year from 2015, and research from the UK Gift Card & Voucher Association highlighting the popularity of digital gift cards, regardless of season.
The Federal Trade Commission has charged NetSpend with deceiving cardholders and denying or delaying their access to funds, but the prepaid provider says any delays stem from federal regulations and that consumers are not being deceived.
Financial services provider J.G. Wentworth Co.’s new Give Some! Play Some! Gift Card combines a $20 virtual Visa gift card with a $5 scratch-off lottery ticket—discounted to $3—included as part of the purchase.
Vantiv, which sells payment processing services and technology, said that it will pay $425 million to buy U.S.-based merchant acquirer Moneris Solutions Inc. from Moneris Solutions Corp., which is headquartered in Canada.
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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Steve Streit, CEO of Pasadena, Calif.-based Green Dot, hailed the third quarter as another strong one for the company, pointing to operating revenue, adjusted EBITDA and earnings per share improving on quarter-by-quarter and year-over-year bases. He also highlighted several Green Dot products and services.
The recent surge of bank-backed mobile wallets continues, with Citi the latest financial institution to announce it’s getting into the game. The bank on Nov. 10 unveiled its Citi Pay app, which will enable customers to make online and mobile purchases using their Citi card accounts via Mastercard’s Masterpass digital payments service.
Electronic payments providers in India are celebrating the Indian government’s abolition of the Rs 500 ($7.46) and Rs 1,000 ($14.92) currency notes, which went into effect Nov. 8, because it’s driving transactions to their platforms.
As an online retailer heading into the holidays with approximately $105 billion in sales up for grabs, competing for spend is a top priority.
PayPal is bringing its users “an early holiday present” – the integration of Siri into PayPal.
Card fulfillment and manufacturing specialist CPI Card Group has appointed Jay Arbabha as chief technology officer, responsible for leading the development of CPI’s technology strategy and IT operations.
Fifth Third Bancorp has named Aravind Immaneni as executive vice president and chief operations and technology officer.
The recently published Chambers UK 2017 legal ratings recognized several Locke Lord LLP lawyers as leading practitioners in their respective practice areas and recognized two of the firm’s U.K. practice areas for excellence.
MYPINPAD, a U.K.-based provider of multifactor authentication for touchscreen devices, has named Steve Perry to the company’s board as a non-executive director.
The U.S. Office of the Comptroller of the Currency has named Morris Morgan as the agency’s senior deputy comptroller for large bank supervision.
Ian Horsted, vice president at R&P Group, has been awarded the U.S. Recruiters Network award for Sioux Falls Area Top Producer for Q3 2016.
Square Inc. has hired Hillary Smith as the company’s general counsel.
Payment solutions provider TMG Financial Services has hired Shawna Pritchard as a collections manager and also has promoted Jennifer McGinley to the role of manager of client service.
Parth Desai, CEO and founder of Pelican, discusses why artificial intelligence (AI) is already fact not a fantasy, but cautions that we need to be realistic about what can really be achieved on the journey to true AI adoption in transaction banking and payments.
With a victory that took the pollsters by surprise, Trump’s win sent the markets plummeting overnight. Although reports suggest markets are steadying, what’s in store for the U.S. payments and financial services industry in the wake of this election?
Prison cards are under fire again, this time in Arizona. Bank of America has been named in a proposed class action lawsuit over claims the bank charged excessive fees on prepaid cards issued to former prison inmates in the state.
Fintech companies and challenger banks in the U.K. have a new tool for targeting consumers without traditional banking relationships. Prepaid card issuer Wirecard Card Solutions Ltd., a subsidiary of Wirecard AG, is working with payments processor GPS and Bottomline Technologies to support a digital banking solution called “U,” which was designed by U.K. program manager FFF Ltd.
