Money2020: PayPal Cracks QR Codes (Oct. 10, 2013)
PayPal added another key piece to its POS strategy this week with the introduction of Payment Code, a QR code-based approach enabling consumers to pay by scanning the PayPal mobile app at checkout.
News
MasterCard to Acquire Turkish Processor Provus (Oct. 10, 2013)
Turkey’s large unbanked population, relatively industry-friendly regulatory environment and growing popularity of payment cards, including prepaid and contactless, has made it an attractive and expanding market.
Suze Orman Approves i2c for Prepaid Processing (Oct. 10. 2013)
Prepaid processor i2c Inc. has been chosen to provide processing services for The Approved Card from Suze Orman MasterCard. Redwood City, Calif.-based i2c will bolster the card with new features, including an integrated communications engine that responds in real-time to cardholders’ behavior with personalized messages to help them better manage their finances. “Of the platforms […]
Amazon Charts Course into Online Payments (Oct. 10, 2013)
Online retail titan Amazon is making a major foray into electronic payments, unveiling a new service that enables e-commerce merchants to let customers pay with the cards saved in their Amazon accounts. Dubbed Login and Pay with Amazon, the feature gives participating retailers access to Amazon’s 215 million active account holders, who can make purchases […]
U.K. to Create New Payments Regulator (Oct. 10, 2013)
The U.K. government has decided to create a new regulatory body for retail payment systems that will be charged with ensuring a level playing field in the noncash payments market by promoting modernization, innovation and meeting the needs of consumers—all of which might otherwise be stifled by a lack of competition, according to Her Majesty’s […]
PayPal points to global reach
Don Kingsborough, vice president of retail and prepaid products at PayPal, had a clear message for Money2020 delegates in Las Vegas yesterday: “The future is actually now.”
American Express aims to serve unbanked and underbanked
Amex, home of that object of envy, the Black Card, is expanding in an unexpected direction – to provide services to the unbanked and underbanked.
US consumers reject mobile wallets, survey says
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
Telefónica appoints MasterCard chief to head financial services team
Operator group Telefónica has appointed a financial services veteran to lead up its Digital Financial Services unit. Pilar Aurrecoechea has been in the financial services sector for 25 years and will join the operator group’s innovation arm, Telefónica Digital, reporting into Vivek Dev, CEO of Digital Services. Aurrecoechea joins Telefónica from MasterCard where she was general manager for Spain and Portugal.
Lack of EMV means US leads the world in card fraud
The US leads the world in card fraud, at least in part because it has lagged in the adoption of the EMV (Europay, MasterCard and Visa) Chip & PIN standard, and continues to use signatures for verification. One result, said Carolyn Balfany, group head for US product delivery at MasterCard Worldwide, during Money2020 in Las […]
Viewpoint: Payroll: Proof of Prepaid Power in Numbers
A group of like-minded companies came together this summer to address the recent melee in payroll cards. The work is far from over, but their activity points to the power of pooling resources and relationships for real progress and impact.
Bitcoin is the future, Money2020 delegates told
Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas.
Money 2020: Innovation, Mobile-Centric Money Take Center Stage (Oct. 8, 2013)
Innovative and mobile-centric financial services are taking center stage this week at Money2020, which has drawn more than 4,500 attendees to Las Vegas.
Amex Relaunches Serve with Free Cash Reloads through InComm (Oct. 8, 2013)
American Express today announced a relaunch of its Serve prepaid account, packing the card with a raft of new features and benefits, including free cash-reload services at CVS and 7-Eleven stores nationwide, plus online bill payment and money management tools, for $1 a month.
Big Names among Group Aiming to Bolster Card-Linked Offers (Oct. 8, 2013)
Some of the heaviest hitters in e-commerce, banking and tech have joined together to enhance customers’ experience with card-linked offers. The newly formed CardLinx Association counts among its ranks a number of big names, including Bank of America Merrill Lynch, Discover, Facebook, First Data Corp., LivingSocial, MasterCard and Microsoft Corp. Announced this week at the […]
MasterCard Report Outlines Global Shift Away from Cash (Oct. 8, 2013)
Economies around the world are making the move away from cash, and the shift largely is being driven by new technologies, government initiative and consumer preference, according to a new report by MasterCard Advisors. Among the countries the report describes as the most “cashless” are: Belgium, where 93 percent of total consumer spending in 2011 […]
MasterCard and Visa Launch Prepaid Cards in Myanmar and Ghana (Oct. 8, 2013)
MasterCard and Visa separately have launched prepaid cards this week in Myanmar and Ghana, respectively. CB Bank is rolling out a prepaid travel card for citizens of the Southeast Asian country called the CB Bank EASI Travel Prepaid MasterCard card. The financial institution says the reloadable prepaid card is the first of its kind in […]
Markit masses support for open messaging service
Financial information services company Markit is aiming to create the largest financial markets messaging community and remove barriers to cross-market communication through its open messaging initiative and supporting technology, Markit Collaboration Services.
Money2020: MetaBank, TSYS Execs Say Third-Party Oversight, Compliance Key (Oct. 7, 2013)
The explosion of innovation in financial service products is driving a growing reliance on third parties to help process and distribute products that, in turn, is making third-party oversight a key priority integrated with daily operations, according to top prepaid card industry experts at preliminary sessions during Money2020 in Las Vegas on Oct. 6. Because […]
Card News: Bancorp to Issue TFG Payroll; InComm Partners with Jackson Hewitt on GPR Card (Oct. 7, 2013)
GPR and payroll cards—two of the fastest-growing segments in prepaid—continue to expand as a new GPR program and a new payroll card partnership were unveiled today. In separate announcements, InComm and tax preparer Jackson Hewitt said they’re working together on a new GPR program, while The Bancorp Inc. said it will issue payroll cards to TFG Card Solutions’ […]
Sprint’s NFC Answer to Isis (Oct. 7, 2013)
When Isis, backed by AT&T Mobility, T-Mobile and Verizon, was announced nearly three years ago, Sprint was notably missing from the group of top U.S. telcos involved in the mobile wallet project.
Payments and the Government Shutdown (Oct. 7, 2013)
As the federal government shutdown drags on, the payments industry could begin to feel some impacts of the inaction, according to industry observers. And while those effects currently are relatively limited, the coming Congressional battle over the debt ceiling could have serious implications—especially for recipients of Social Security benefits via the Treasury Department’s Direct Express […]
Contact Solutions Unveils New Customer Service Platform (Oct. 7, 2013)
Contact Solutions LLC today announced a new mobile platform to help cardholders access customer service when they want it and easily switch between self-service and a live agent.
PayPal’s path to success paved with “good ideas and lots of hard work”
PayPal is belatedly paying some attention to design: in its early days, the company didn’t have designers, so the Pay with PayPal button wasn’t very consistent – sellers could tinker with it and even modify the colour. That’s changing, John Muller, vice president and general counsel, told Money 2020.
Money2020: Cybercrime threat will demand application of new defences
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
Making ‘social’ communication pay
Social media may be a dirty word to most banks’ CFOs. But when 28 hours of a 40-hour week are lost to emails and searching for information, there has to be a better way, according to Tony Zingale, chief executive at Jive Software, which has just launched in Europe.
CFPB: CARD Act Saved Consumers Billions, But Some Concerns Remain (Oct. 3, 2013)
The credit card industry has largely cleaned up its act in the four years since sweeping new federal rules took effect, though some concerns remain, the Consumer Financial Protection Bureau concluded this week. The CFPB’s 102-page report on the impact of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) passed in 2009 found […]
MasterCard Unveils Parking-Based Couponing Platform (Oct. 3, 2013)
MasterCard and parking services provider Parkeon have announced the launch of a couponing platform that delivers offers from local retailers to consumers as they’re paying for parking. The system is being billed as the first of its kind and will be launched as a pilot next week in Rockville Center, N.Y., with a full-scale rollout […]
European Commission Considers Ways to Support Crowdfunding (Oct. 3, 2013)
Crowdfunding—a term used for a group of people pooling their money, typically through Websites, to support projects—is being used to help finance everything from films to NFC-enabled jewelry.
Australian Debit Card System Taps FIS for New Payments Hub (Oct. 3, 2013)
Australian debit card system eftpos has contracted Jacksonville, Fla.-based FIS to build out a new centralized payments hub.
Bloomberg rolls out ‘actionable’ FX news service
Bloomberg has launched a new information service called First Word Foreign Exchange, which is designed to give FX traders ‘actionable’ news insight that they can quickly process and feed into their trading decisions.
MasterCard: Prepaid Opportunity in Europe Is Huge; Education Gap Persists
Opportunities are significant for B2B, government and consumer applications, particularly around mobile money, but the industry must work harder to overcome education gaps at the consumer and regulatory level.
Blurred Lines: Younger Consumers Demanding an ‘Omnichannel’ Experience (October 2013)
Millennial consumers present a wealth of opportunities for mobile payment providers and merchants, but the demographic is a demanding one, with several expectations that must be met by companies looking to gain a foothold with the segment.
People on the Move: Paul Galant, VeriFone Systems Inc. (October 2013)
VeriFone Systems Inc., a San Jose, Calif.-based payment solutions provider, announced that its board of directors has appointed Paul Galant CEO and member of the board of directors.
People on the Move: Frédéric Vasnier, SIMalliance (October 2013)
SIMalliance, a London-based nonprofit trade association supporting the creation, deployment and management of secure mobile services and applications, announced that Frédéric Vasnier has been reelected to serve a one-year term as chairman.
People on the Move: Paula Hunter, The NFC Forum (October 2013)
The NFC Forum, a nonprofit industry association supporting the use of near field communication technology, announced that Paula Hunter has been named executive director.
People on the Move: Brad Hanson, Glen Herrick, Ira Frericks, Ron Butterfield and Troy Moore, Meta Financial Group Inc. (October 2013)
Meta Financial Group Inc., the holding company of MetaBank, has recently appointed Brad Hanson as president, Glen Herrick as executive vice president and chief financial officer, Ira Frericks as executive vice president and chief operating officer, and Ron Butterfield as executive vice president and chief administrative officer. Troy Moore will be taking on a new role as executive vice president of retail bank sales and operations.
People on the Move: Michael Bergman, Peter Johnsmeyer and Karen Yetter, Mercator Advisory Group (October 2013)
Mercator Advisory Group recently announced several additions to the company.
People on the Move: Michael De Jongh, judo payments (October 2013)
judo payments, a U.K.-based provider of card payment technology for mobile apps, appointed Michael De Jongh vice president of sales and marketing.
Companies on the Move: InComm, CVS Caremark Supplier Partner Award (October 2013)
InComm has been named the 2012 CVS Caremark Supplier Partner Award winner in the general merchandise category for its prepaid and payments products and services.
