By Joe DeSetto, Emerging Payments Blogger In the acclaimed television series Mad Men, an average copywriter named Harry Crane invents a role as his agency’s new Head of Television. In this fictional retro world, the old guard that runs the agency in the early 1960s has no idea of the importance of this new broadcast […]
By David Parker, Polymath Consulting The last several months have seen two very interesting pieces of M&A activity in Europe. First, we saw Wright Express’ take over CorporatePay. CorporatePay was a “pure play” program manager specializing in the corporate-loaded sector and, in particular, virtual prepaid cards used by the travel sector for supplier payments. For […]
By Joe DeSetto, Emerging Payments Blogger Siri, Apple’s voice assist for iOS devices, already is a steering wheel button on some newer model cars. BMW has an option listed next to the premium leather seating called BMW Apps. Fords now include Sync, a Microsoft technology, and released the Ford Developer Program and a new open […]
By David Parker, Polymath Consulting Are we reaching market saturation for consumer-loaded prepaid programs in the U.K.? Our latest industry research suggests the answer may be “yes.” Polymath has published The Prepaid Report since 2007, tracking the number and types of consumer-loaded prepaid cards programs in the U.K. Our latest report makes interesting reading because […]
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, […]
By Joseph DeSetto, Emerging Payments Blogger A continuous stream of posts with witty comments or pop culture references is nothing new online after years of Facebook, Twitter and various other social services. But when the same type of feed appears in social commerce app Venmo—available online and on a mobile device near you—the effect is […]
By Hunny Huria, Visa At times I’m amazed how social media has changed our lives and continues to have potential to impact it more. There are innumerable people who start the day by checking their Facebook accounts. As of December 2012, Facebook had more than half a billion daily active users, and 9 million apps […]
By Nick Holland, Javelin Strategy & Research I bought a new laptop the other day. I won’t bore you with the details of its specifications, but suffice to say, as a professional nerd, I get pretty excited about these things. In fact, I got so excited that I actually bought it as an impulse purchase […]
South Africa’s Standard Bank has introduced a new mobile banking tool called AccessBanking, which aims to reach unbanked customers in the country.
Google is launching a trio of new services that leverage the tech giant’s ubiquitous online presence to spur usage of its mobile wallet. Announced at Google’s I/O Conference in San Francisco this week, the new initiatives include a one-click payments function for Google Wallet, an instant buy feature for Android and the ability to send […]
Brazil is to gain its first ever mobile payment service this month, with the launch of a joint service provided by Spanish and South American telecom firm Telefónica and MasterCard.
Retail banking is changing through many external forces. The on-going global financial crisis has impacted the regulation surrounding the banking industry, but there are other factors changing the environment banks find themselves operating in.
Social investment network eToro is to open up shop in the UK, having won approval from new regulator the FCA this month. Founded in 2007, eToro is a social trading network that aims to revolutionise the way retail investors and high net-worth individuals connect with the market.
Best prepaid or emerging payments program launched and operated by a non-U.S. company outside the U.S. Best in Category: Power to Pay Program Power to Pay NFC tags for mobile phones were developed exclusively for IIT Bombay students and faculty and can be used at select campus outlets for day-to-day purchases via the RuPay payments […]
Milan-based financial technology firm SIA is expanding its reach to New York later this year in a move that caps the latest-phase of a three-year recovery plan for the firm. The extension of SIA’s Financial Ring to New York follows that activation of a hub in Frankfurt is the third cornerstone, after Milan and London, […]
Amazon hopes to spark interest among tablet customers in using its apps to purchase games and other items by giving certain users $5 in free digital goods.
Royal Bank of Canada (RBC) has teamed up with telecom provider Bell Canada to announce a new mobile payment system that will enable RBC customers to make purchases online and in stores using NFC-compatible smartphones on Bell’s mobile network.
By Jai Holtz, Sears Financial Services (Member of MCX) There’s no denying that years of hype around mobile payments is beginning to translate into real interest and action from retailers, but the trend has a lot less to do with the actual act of paying than is widely assumed. There are numerous benefits to being […]
Think Finance, a Fort Worth, Texas-based developer of financial products for underbanked consumers, has named Martin Wong as the company’s first chief integrity officer. He will oversee the company’s compliance with all state and federal laws and will be responsible for ensuring Think Finance offers clear, transparent and fair products in the industry. Wong joins […]
Square Inc., a San Francisco-based mobile payments company, has hired Alex Petrov as vice president of partnerships. His extensive background in retail, consumer products and payments will help drive strategic business development and customer acquisition, according to the company. He has served as vice president of consumer brands at Safeway, and as vice president of […]
Alan Safahi, founder and CEO of ZipZap Inc., a San Francisco-based cash payment network for online financial services and e-commerce transactions, has been named to the advisory board of OpenCoin, creator of the open-source currency platform Ripple. With nearly 30 years of hands-on experience in the IT, telecommunications and financial services industries, Safahi has created […]
Braintree Inc., a Chicago-based e-commerce payments processor, has announced that Rob von Behren has joined the company as lead engineer for its San Francisco office. He will help to advance Braintree’s position in mobile commerce, including its one-touch mobile payment solution Venmo. A long-time systems engineer, von Behren has deep experience in distributed computation, high-performance […]
Momentum continues to build for U.S. merchant consortium MCX, which today announced another batch of diverse merchants joining its mobile commerce effort. Southwest Airlines and Chili’s Grill & Bar are the latest to join MCX, along with other recently added companies, including DICK’S Sporting Goods, Hobby Lobby Stores Inc., Meijer and convenience store chains QuikTrip […]
Google Inc.’s vice president of payments and wallet has left the company to pursue outside interests, Google confirms. Osama Bedier, who joined Google in 2011 after eight years at PayPal, played a key role in Google Wallet’s recent milestones as well as announcing Google’s purchase of TxVia about a year ago. “We can confirm that Osama […]
Over the past two years, the mobile retail payments landscape has been marked by collaboration across diverse industry players, increased channel and technological convergence, market entry by nonbank entities, and technological innovation and experimentation. Those were among the findings of a new white paper issued by the Federal Reserve Banks of Atlanta and Boston, which […]
By Nick Holland, Javelin Strategy & Research I bought a new laptop the other day. I won’t bore you with the details of its specifications, but suffice to say, as a professional nerd, I get pretty excited about these things. In fact, I got so excited that I actually bought it as an impulse purchase […]
The Consumer Financial Protection Bureau (CFPB) recently published a final determination regarding whether the unclaimed property laws of Maine and Tennessee relating to unredeemed gift cards are inconsistent with and preempted by the gift card provisions of the Electronic Fund Transfer Act and Regulation E. In its ruling, the CFPB determined that Maine’s unclaimed property […]
NFC is gradually beginning to overcome the obstacles that have held back development. Banks should prepare for the coming upswing in usage, according to a new report by financial research firm Celent.
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
May 7, 2013 Wendy’s is the latest quick-serve restaurant to pilot mobile payments by adding a feature to its mobile app. The pilot, involving 88 Wendy’s locations in Oregon, Washington, Texas and New Mexico, enables consumers that have linked a credit card or Wendy’s gift card to the app to pay for their orders at […]
May 7, 2013 U.K. retailer Marks & Spencer (M&S) has completed a rollout of contactless payment technology in 644 of its stores and now is processing 230,000 contactless payments a week. Piloted last summer in 25 of its London stores, M&S’s contactless program uses technology from Visa Europe that enables customers to pay for purchases […]
PayToo Corp. has joined forces with Mobilepaid Ltd. and AnywhereCommerce to offer PayTooSwipe, a mobile payment acceptance solution it is rolling out globally. The concept, building on PayToo’s global wallet targeting unbanked consumers and mobile payment platform, enables any smartphone or tablet to accept payment from all types of cards including magnetic stripe, EMV chip […]
A bid by a group of big-name retailers to invalidate patents related to prepaid cards has failed in federal court, leaving the merchants subject to future legal action by the holder of the patents. The case dates back to 2010, when patent holder Alexsam Inc. sued retailers, including Best Buy, JC Penney, Barnes & Noble, […]
Mobile point of sale (MPOS) technology, with its quick enrollment process, low-cost hardware and apps that enable mobile devices to accept card payments, is disrupting the payments landscape as it transitions from a niche solution for small merchants to a revenue generator for large retailers, according to a white paper from Mobey Forum. “Little more […]
Mobile transaction services company BYNDL Inc. has teamed up with Sprout Retail, a vending-focused consumer marketing firm, to deliver mobile payments, stored value, digital coupons and surveys to vending customers via mobile devices. Seattle-based startup BYNDL offers a “vending cloud,” which enables vending technology providers to offer their vending operator clients digital services to sell […]
Rabobank’s Inneke Bussemaker talks about The Brave New World of Payments session she chaired at IPS 2013, taking a critical look at the future of how payments work in a world where corporates will have to adapt to a consumer-driven agenda.
Google made two moves to expand its role in financial services this week, investing in a P2P lending company and rolling out a contactless transit card in Kenya. Google acquired a minority stake in Lending Club, an online financial community that matches creditworthy borrowers with investors, providing an alternative to traditional banking with competitive loan […]
Financial institutions have owned the commercial payment space for centuries, but are now seeing a threat to their incumbency from new technologies that have opened up the industry to other business sectors. Mobile transactions in particular are shaking-up banking.
Galitt, a French payments and electronic transactions consultancy, has appointed Mike Delagrange senior vice president and general manager of Galitt’s U.S. operations. He will be responsible for positioning Galitt’s success in selling EMV, NFC and TSM consulting services throughout Europe to major companies in the U.S. Delagrange has more than 20 years of conventional and […]
Joseph Hurley has been with Discover since 1985 when the then-small company with the big idea—cash-back rewards—got started. He has held positions in marketing, product management, government relations, and network products and services. From 2008-2010, Hurley was deputy president of Diners Club International, and from 2003-2008 he served as head of global client relations and vice president […]
