Atlanta-based prepaid product and transaction services company InComm has acquired the Hong Kong prepaid distribution business of ValuAccess for an undisclosed sum, marking the company’s second international acquisition this year. In January, InComm, which operates in more than 30 countries, expanded its European footprint with its purchase of TibiDono.
As prepaid providers eagerly await the release of the CFPB’s long-gestating final rule on prepaid accounts, Consumer Reports is lauding the industry for reducing or eliminating fees and instituting consumer protections akin to those of a debit card. The improvements in prepaid products at large have led the magazine to dub prepaid cards “a smart way to pay with plastic,” in a new report and prepaid card buying guide.
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
Payments platform Payza has partnered with New RAMPgreen Technologies (NRGT) in India to launch the “first” global online wallet that can be used by Indians in their local currency. Payza says prior to this local payment service Indians were not permitted to hold any rupees in any online ewallet. It says the “only way” they […]
Less than two weeks after PayPal announced a strategic partnership with Visa, the digital payments provider is talking with Mastercard about ending a long-running dispute over transaction data, Mastercard’s CEO says. During an earnings call last week, Mastercard CEO Ajay Banga said the payments network was engaged in a “constructive dialogue” with PayPal over Mastercard’s concerns about being shut out from merchant and transaction data for sales made via “staged” digital and mobile wallets such as PayPal and Google Wallet.
Czech bank ČSOB and Italian payments firm SIA have launched the first mobile wallet for NFC payments in the Czech Republic. The new app, NaNákupy (literally “go shopping”), supports both MasterCard and Visa, and enables ČSOB’s customers to make contactless payments by smartphone. Petr Hutla, member of the ČSOB board of directors in charge of […]
Men prefer making online purchases via desktop, women are more willing to use mobile devices, and millennials tend to use debit and alternative payment methods such as PayPal, according to a new global survey report from Worldpay.
Payments processor Total Merchant Services has unveiled a new POS system targeted for use by small and midsize businesses, including those in the retail and restaurant verticals. Dubbed Groovv POS, the platform comes in two models: an all-in-one offering that includes a 13-inch touchscreen monitor, cash drawer, integrated barcode scanner and receipt printer; as well as a smaller “Flex” model, built around a detachable Samsung Galaxy tablet.
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
Years of friction could be over as PayPal is talking to MasterCard on a potential strategic alliance, according to the Financial Times. PayPal, with its network of 188 million active users, has been expanding at MasterCard’s and Visa’s expense. One example was its recent partnership with Mexican telecommunications giant América Móvil for growth in Latin […]
Accenture has acquired 100% of the shares in Amsterdam-based start-up Mobgen. Mobgen says with Accenture it can expand its “end-to-end mobile approach”. The Dutch firm will be part of Accenture Digital, but will keep the same brand, culture and operate from its offices in Amsterdam, London, and A Coruña and Malaga in Spain. It has […]
The Canadian payments space needs to have more flexible and secure systems to promote innovation, according to a public consultation carried out by Payments Canada (formerly the Canadian Payments Association, CPA), the operator of the nation’s payment clearing and settlement system. In its “Vision for the Canadian Payments Ecosystem” report, done in collaboration with more […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
UK-based start-up Monizo is planning to launch the “first” banking service targeted solely at freelancers. In an exclusive interview with Banking Technology, CEO and co-founder Samuel O’Connor says the firm caters for the particular needs of freelancers across the UK. He says: “The rules are getting more onerous for freelancers and by the end of […]
The UK’s Payment Systems Regulator (PSR) says the nation’s payments infrastructure needs to undergo reform to increase competition and to better meet consumer needs. The announcement was made as the PSR unveiled the final conclusions of its market review into the ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster […]
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
Earlier this month, reports emerged in several Saudi media outlets that SAMA had banned in-person sales of CASHU prepaid cards due to the large number of customers using the cards and the government’s inability to monitor misuse.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
Venmo also announced additional merchant partners have come on board, bringing the number of merchants now accepting Venmo payments within their mobile apps to 11.
UK-based Tide will offer a “nimble small business current account”, with a swift set-up and no monthly fees. It claims to be among the “world’s first” mobile-first banking services for SMEs. Tide’s CEO George Bevis says the company will open its virtual doors for business in autumn this year. Tide is currently in the “private alpha […]
Earlier this year a couple of surveys were released indicating that the real action in digital payments is in China. This shouldn’t be surprising: China’s economy continues to grow (despite doomsayers predicting a coming “crash” for at least a decade) and the Chinese government is investing billions into science and technology. The fruits of this […]
DH Corporation (D+H) has onboarded UK’s Lloyds Banking Group for its white-labelled Bacs payment service. Lloyds “sought to provide new payment services to enhance clients’ payables and receivables processes”, says D+H. To begin with, Lloyds will offer the vendor’s Bacs capabilities to SMEs and mid-market clients, but D+H hopes this will be subsequently scaled up […]
Elo, the “first” 100% Brazilian card brand, conducted its first international transaction in the US on the Discover Global Network. This transaction marks the official acceptance of the Elo Global Card in the US. The cards are issued by Banco do Brasil, Bradesco and Caixa Econômica Federal, and will be used for international purchases and […]
A group Texas merchants wants to take its battle against a Texas law prohibiting them from imposing a surcharge on customers paying with a credit card to the Supreme Court, arguing that the statute violates the merchants’ free speech rights.
EBA Clearing, a provider of payment infrastructure solutions owned by 53 major banks in Europe, has published the specifications for its future pan-European real-time payments solution. The new solution is set to go live in November 2017. It will comply with the SCT Inst Scheme of the European Payments Council (EPC). The document, which can […]
Ron Hynes has been on the job as the new CEO of UniRush LLC less than a month, but he’s already looking ahead. And, he’s not going to let the CFPB’s looming final prepaid rulemaking slow the company down when it comes to innovation and product development. Hynes spoke with Paybefore about what he brings to his new role and why UniRush’s cardholder settlement made him want the CEO job even more.
Mastercard on Tuesday (July 26) was granted a patent for a device that sidesteps PINs and biometrics for quick consumer payment authorization. The idea is that consumers would authenticate themselves before making the purchase, thereby enabling much faster checkout in-store.
Square Inc. reportedly wants to set up shop in the U.K. That would put the mobile payments service up against such players as PalPay and Germany-based SumUp—among many others—for the loyalties of merchants.
The wait is over. The first publication dedicated to our annual Pay Awards is here—packed with insights and inspiration from our 10th annual Pay Awards competition and the programs, companies and individual that walked away with top honors. You’ll also get an exclusive look at comments from our expert judges.
Italian payments firm SIA has invested in a 3.17% stake in technical university Politecnico di Milano (MIP). SIA is the third new partner to join in 2016 after Microsoft and Whirlpool, and says it has already been collaborating with MIP for several years on international innovation and development projects. “Being close to companies and to […]
Axis Bank has partnered with OT (Oberthur Technologies) to pilot the “first” open loop EMV contactless smart cards to be used in public transportation in Bengaluru, India. OT, a provider of security software products and services, says the cards allow people to tap and pay instead of buying a ticket each time they use transportation […]
We celebrate excellence in prepaid, retail & loyalty, and payments technology for our 10th annual Pay Awards 2016.
Telefónica Germany, in association with Fidor Bank, has launched its mobile banking offering, “O2 Banking”, in Germany. As Banking Technology reported in May, Matthias Kröner, CEO of Fidor Bank, said the collaboration offers “the best of two digital worlds” – banking services via a mobile app and additional services from an O2 mobile contract. The […]
Bancolombia and US-based First Data have formed a strategic agreement to integrate their technology platforms to “improve and diversify” services for business owners in Colombia. The companies will focus on building e-commerce and business management solutions for merchants as well as improving access to the banking system. First Data and Bancolombia say they will bring […]
Citing a lack of financing, gift card exchange GiftCardRescue.com has closed up shop. Kwame Kuadey, founder and CEO, launched the company in 2008, enabling consumers to exchange unwanted gift cards or buy new ones at a discount.
Mastercard is setting its sights on China, with plans to apply for a payment services license there and releasing a new index to track the pulse of the nation’s new economy. China began allowing foreign-based payment card providers to operate in the country in June, giving outside players the opportunity to access the country’s $8.25 trillion payments market—provided they met certain capital and security standards. Mastercard currently is studying the requirements and deciding whether to apply for a license alone or with a partner.
With nearly 40 million Americans using wearables—and that number expected to more than double by 2018, retailers are looking for ways to capitalize on wearable popularity by using these devices to push personalized offers and provide payments capabilities to improve the shopping experience.
Mobile banking is catching on in a big way in the U.K., with payments via mobile banking apps reaching £347 (about US$456 million) in 2015, up a whopping 54 percent over the previous year, according to a new study. The Way We Bank Now, a report from the British Bankers’ Association (BBA) and professional services organization EY, found that U.K. consumers used mobile banking apps—ranging from those of major banks to full-featured mobile-centric accounts—more than 4 billion times last year.
Absa has launched a MasterCard-powered digital wallet and ChatBanking for Facebook Messenger. ChatBanking will let customers conduct banking without having to leave the social media platform; and follows on from the recent introduction of Absa ChatBanking on Twitter in May. Ashley Veasey, group CIO and chief digital officer at Barclays Africa (Absa is majority owned […]
Global payments provider WorldPay says it has put an end to two weeks of turmoil which saw millions of payments affected through one of its gateways. The company had experienced a fretful fortnight which saw many customers unable to receive cash from e-commerce sites (and other non-fintech ones). This led to a boisterous backlash and […]
