Viewpoint: What a New EMV Tool Means for Payments
Meant to overcome the challenges of tokenization, payment account reference (PAR) promises more complexity and cost—and will require more attention from payments providers.
PayTech
Viewpoint: How to Boost the Appeal of Mobile Wallets
Mobile wallets already offer incentives to consumers based on spending. What about offering rewards based on money management?
Swift forms task force for ISO 20022 harmonisation
Swift has formed a global market practice task force of markets infrastructures and banks to assist its ISO 20022 Harmonisation Charter. Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of high value payments systems (HVPS) providers. Swift says it is a “key component” […]
SWIFT Knew About Security Issues, Did Little about Them
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.
Report: Mobile Wallets Falling Flat on Repeat Usage
Although consumers continue to adopt and use mobile wallets such as Apple Pay, Android Pay and Samsung Pay, new evidence indicates that such wallets are largely failing to drive repeat usage. A report released Aug. 17 by Javelin Strategy and Research found that mean mobile wallet usage has declined 20 percent over the past three years—to 3.0 purchases a month in 2015 from 3.7 in 2013.
EMVCo Finally Addresses Merchant Slowdown Concerns
In light of huge merchant problems accepting EMV—something that card brand stats show 66-70 percent of merchants still can’t do—EMVCo, the organization that manages the specifications for the anti-fraud chip card technology, said on Aug. 17 that it will, for the first time, provide “formal certification for contactless mobile payment devices.”
Swift slow on strong security say execs
Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]
People on the Move: Hugh McFadden and John Leto, The Bancorp
The Bancorp has named Hugh McFadden chief operating officer of the company and the bank, pending regulatory approval. Meanwhile, John Leto has been appointed to the new role of Chief Administrative Officer of the Company and the Bank.
People on the Move: Gavin Michael, Citibank
Gavin Michael is joining Citibank as head of technology for global consumer banking, overseeing areas including branded payment cards, retail banking and fintech.
ACI Worldwide integrates Ethoca Alerts for payments gateway
ACI Worldwide will integrate Ethoca’s service, Ethoca Alerts, into its UP eCommerce Payments solution, making it available to payment service providers (PSPs) worldwide. The integration gives PSPs, acquirers, processors and their merchant customers a means to “bolster” their fraud defences with card issuer-confirmed fraud and customer dispute data. Keith Briscoe, chief marketing officer, Ethoca, says […]
The Benefits of Implementing Mobile Payments and mPOS Systems
In an age where texting has replaced email and video chat has replaced phone calls, it’s no surprise that many consumers are beginning to readily adopt new payment form factors, such as mobile wallets, for making payments in stores and on-the-go.
People on the Move: Lamont Young, Citizens Bank
Citizens Bank has appointed Lamont Young as head of digital, adding that title to his existing role as manager of the bank’s multichannel marketing, which he’s held since joining Citizens in 2012.
People on the Move: Thomas Ott, FinCEN
The Financial Crimes Enforcement Network (FinCEN) has named Thomas Ott as associate director for its enforcement division.
People on the Move: Greg Temm, FS‒ISAC
The Financial Services Information Sharing and Analysis Center (FS‒ISAC) has appointed Greg Temm to the newly created role of chief information risk officer.
People on the Move: New Board Officers, Incentive Gift Card Council
The Incentive Gift Card Council (IGCC), a strategic industry group within the Incentive Marketing Association (IMA), has elected new officers for 2016-2017. L
Company on the Move: PAI, Best Places to Work Award
Payment Alliance International (PAI), a provider of electronic payment processing solutions, has been honored for the second year in a row by Louisville Business First as a “Best Places to Work” in Greater Louisville award winner.
People on the Move: G. Padmanabhan, Qwikcilver
Indian gifting technology and prepaid provider Qwikcilver has appointed G. Padmanabhan as a strategic advisor.
People on the Move: Ronald Webb, Safaricom
Ronald Webb has joined Safaricom to head the Kenyan telecom operator’s financial services division, which includes the popular M-PESA money transfer service.
People on the Move: Heather Cox, USAA
Former Citigroup fintech head Heather Cox has signed on with San Antonio-based bank USAA.
Green Dot and Uber Expand Debit Card Payments for Drivers
Green Dot and Uber on Aug. 16 expanded the Instant Pay option that enables Uber drivers to quickly get their earnings via debit cards. The expansion builds upon the launch earlier this year of Instant Pay through Green Dot’s Pay Award-winning GoBank mobile checking account, via a special GoBank Uber debit card.
First Multi-Currency Prepaid Card Touches Down on Apple Pay
Apple Pay is getting its first multi-currency prepaid card, as the mobile payment service adds support for Mastercard’s Cash Passport card, issued by Raphaels Bank, the bank announced on Aug. 16.
UnionPay’s Mobile Wallet Debuts in North America
China-based UnionPay on Aug. 16 introduced its QuickPass mobile wallet in Canada, the technology’s North American debut.
Alibaba Buying Its Way into India, Southeast Asia
Chinese e-commerce giant Alibaba Group Holding Ltd. appears poised to continue expanding its multi-billion dollar business into India and Southeast Asia. Alibaba has been in talks with Paytm, an m-commerce platform, to acquire all of Paytm Mall or at least a large share of the company’s marketplace business, according to the Hindustan Times.
Green Dot Walmart Outage Cost More Than $4.4 Million, Impacted 58,500 Customers
A series of technical glitches during Green Dot Corp.’s processing conversion to MasterCard Payment Transaction Services for Walmart’s MoneyCard in May set Green Dot and Mastercard back more than $4.4 million, which includes letting customers keep money that was incorrectly credited to them.
As U.S. Credit Card Debt Increases, Millennials Appear to Turn Away from the Payment Method
U.S. credit card debt increased by $17 billion to $729 billion in the second quarter, according to the Federal Reserve Bank of New York, even as there are indications that millennial consumers are turning away from that payment option.
Tesco’s PayQwik Expands to More Stores
After a successful trial run, UK retail chain Tesco will roll out its PayQwiq mobile payment service in all of its stores by the end of 2016. The QR code-based app is available for Android and iOS and enables shoppers to connect any payment card with American Express, Mastercard or Visa branding.
Reports: China Will Legalize Payments via QR Codes
Chinese consumers could soon make legal payments in that country via their smartphones and QR codes, media reports indicate. Shoppers with such online services as Alipay and Tenpay already use the codes, but they exist “in a regulatory gray zone, banned by the government, yet still continue operating,” according Ecns.cn.
Two’s the Charm: FinCEN Trying for a Cross-Border Reporting Rule Again
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
Can Mobile Ordering Apps Handle Payments?
As mobile app operators try to make lunch easier for workers by enabling them to reserve seats and place lunch orders before arriving at restaurants, questions are being raised about how efficiently those fledgling apps handle payments.
CVS Pay Aims to Eliminate Checkout Pain
The company’s new CVS Pay offers payments, loyalty and prescription management within the CVS Pharmacy mobile app. The service currently is available in some CVS locations in select markets, including New York, New Jersey, Pennsylvania and Delaware, with a nationwide rollout expected to begin later this year, CVS said.
Payza Prepaid Card Broadens Its Horizons
The online payments technology platform provider launched the Mastercard-branded GPR prepaid card late last year in the U.S. and Canada as part of a test before taking the product globally, according to the company.
Payments round-up: 11 August 2016
They said it. We read it. We edit. Here’s a round-up of events in the payments space to save you time. Payments platform Payza has expanded the availability of its Payza Prepaid Card to the majority of its account holders worldwide. It was initially launched to a “limited group” in December 2015, but Firoz Patel, […]
How Consumers Are Driving Mobile Integration across Retail Channels
In 2016, mobile payment sales are projected to reach $27 billion and users are expected to spend an average of $720, up from $8.7 billion and $376, respectively, in 2015. But exploding mobile adoption is just one of a handful of customer behaviors that are making streamlined, integrated payments a must-have for many retailers.
Study: EMV Existence Much More Widespread Than Its Use
Despite the accelerating rollout of EMV debit, the actual use of chip cards at chip-enabled POS terminals has been held back by the “slower-than-anticipated” pace of merchant EMV adoption, with just 4 percent of all debit card transactions with a chip card happening at a chip-enabled terminal, according to the 2016 Debit Issuer Study from Discover Financial Service’s PULSE network, released on Aug. 9.
Apple Pay Vending Machines Are Coming
Mobile payments are coming to more vending machines in the U.S. and Canada, thanks to partnerships between vending operators in both countries with automated retail payments provider PayRange.
Alibaba’s Financial Services Affliate Expands in Europe with Ingenico Deal
An affiliate of China-based e-commerce giant Alibaba will expand its payments prowess in Europe via a deal with Ingenico Group, according to a report. The deal calls for the France-based payments provider to enable customers of Ant Financial Services—an affiliate of Alibaba—to access European offline merchants that are part of the Ingenico network, according to an Aug. 9 report in the Wall Street Journal.
BlueSnap, Visa Checkout Grease Online Shopping Cart Wheels
BlueSnap, a payments technology provider, has partnered with Visa Checkout to help online merchants fight checkout abandonment by providing consumers with an easier checkout process and higher payment conversion rates.
Naspers Gobbles Up India’s Citrus Payments
Naspers, a South-African-based media and Internet company and parent of online payment service provider PayU, is acquiring Mumbai, India-based online payments company Citrus Payments Solutions in a cash deal valued between Rs 1,000 crore and Rs 1,200 crore (US$150 million to $180 million), according to The Times of India.
Cambodia’s Prasac launches remote banking with Compass Plus
Prasac, the largest microfinance institution (MFI) in Cambodia, has launched internet and mobile banking services using the TranzWare multi-card processing solution from Compass Plus. Its customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their internet […]
POS Security Woes: MICROS Hacked, Researchers Claim Chip Card Flaw
A pair of developments on the cybersecurity front are giving retailers more reasons to worry—as if they didn’t have enough already. Cyberthieves have compromised a customer support portal for Oracle Corp.’s MICROS POS system, which is used by more than 330,000 retail and hospitality providers worldwide. Meanwhile, payments technology company NCR claimed to have found a flaw in EMV chip technology that could enable criminals to bypass a chip’s transaction encryption.
