The time, date and location have been set for the CFPB’s field hearing on prepaid cards this week. The hearing is scheduled for 11 a.m. EST, Thursday, in the conference center at Delaware Technical Community College, 333 N. Shipley Street, Wilmington, Del. Paybefore CEO Marilyn Bochicchio will be in attendance to report on the hearing.
The current boom in mobile commerce technologies is giving small and medium businesses an array of powerful new tools with which to manage payments—and beyond.
Attendees at the 29th gathering of CARTES concluding today in Paris noticed the event’s growing emphasis on mobile payments, as well as another striking feature of the show—drawing 20,000 attendees from 140 countries—is the diversity of products and business models mobile payments support.
A group of state and national merchant associations, 44 in all, sent a letter to congressional leaders today calling for the establishment of a single, national standard for notifying American consumers when businesses suffer a breach of security involving financial data or other sensitive personal information.
As the US moves to adopt EMV chip and PIN cards and mobile payments, authentication is becoming a serious concern, particularly for customer not present transactions – evidenced by the number of Money20/20 exhibitors focusing on the topic in contrast to the blockchain focus of much of last year’s event.
The U.S. EMV migration couldn’t come at a better time, according to executives discussing chip cards on a panel at CARTES in Paris.
First Data Corp. is testing Clover Mobile, a hand-held mobile POS device, enabling small to midsize businesses to provide quicker service and sales, as well as improved customer engagement, by taking the POS terminal off the counter and bringing it to the consumer.
Apple Pay’s potential to change the game for NFC payments has been one of the dominant themes at the Money20/20 conference in Las Vegas this week. But the service—which uses the iPhone’s TouchID fingerprint sensor to validate users—also represents a major milestone for biometric authentication.
Biometric identity verification mechanisms were prominent among the raft of new product announcements at the Money20/20 event in Las Vegas, which opened this week.
Banks need to stop trying to exploit customers and start actually helping people, according to Brett King, chief executive at Moven. Instead of getting people to max out their credit card, a progressive bank should use smartphones and Big Data to help the consumer with the little things.
When one thinks of cutting-edge mobile commerce, a butcher shop in the 1980s isn’t likely the first image that comes to mind. But that was the connection made by Visa Inc. President Ryan McInerney, to illustrate what he views as one of the key ways in which mobile has the power to transform commerce—namely, by bringing personalization back to the shopping experience.
Apple Pay’s rollout was a top theme for payments executives speaking today during the kickoff conference session of CARTES in Paris.
Beginning this week, Russian customers of eBay Inc. will be able to pay for their purchases with Visa QIWI Wallet, the result of a partnership between the online auction Website and QIWI plc, a provider of payment services in Russia.
Payment processor i2c Inc., is providing the payment processing infrastructure behind a payments card geared for everyone from “cryptocurrency adopters and loyalty points junkies to the underbanked.”
True to its name, Ubiquity Global Services, a New York-based financial services and payments service company, is becoming more ubiquitous globally.
Biometrics have been getting a lot of attention as a means of payments authentication, but UniRush LLC wants to use the technology to bolster security and improve the customer self-service experience for its cardholders.
MasterCard Canada and Visa Canada are reducing interchange fees to an average net effective 1.5 percent rate for the next five years for consumer credit cards.
The Singapore challenge Singapore is an advanced economy that employs a variety of clearing and settlement systems. It needed to transform its payments infrastructure to offer instant interbank transfers. The core technology VocaLink could deliver a practical solution, Immediate Payments (IPS), and also offer practical support during the implementation and beyond. BCS could embed IPS […]
Cross-border low-value payments service provider Earthport, has opened a new payment route into China to support trade payments into the region.
Yantra Financial Technologies, an electronic payment systems developer, has integrated its latest system for risk scoring of payments with the Ripple real-time settlement protocol. The integration means that institutions using the Ripple protocol can analyse transactions in seconds, including what other payments the customer recently made and potential concerns regarding a specific transaction. Risk levels can be assigned to certain transactions based on pre-determined criteria.
After a somewhat vague notice of its next field hearing, the CFPB updated its blog to specify that “prepaid accounts” will be the topic of the hearing, scheduled for 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.—an exact location has not been given.
During a Money20/20 keynote, New York State Superintendent of Financial Services Benjamin M. Lawsky raised the possibility of a new addition in the proposed rules; licensing specially designed for virtual currency startups.
CPI Card Group launches a mobile platform that enables NFC payments using the secure element or host card emulation. The Littleton, Colo.-based card manufacturer also announced its first EMV prepaid cards in Canada.
As more aspects of life leave the physical world and enter the digital one, the majority of U.K. consumers still prefer buying and giving physical gift cards, rather than buying and sending them electronically, according to a recent survey by global gift card provider and program manager Stored Value Solutions (SVS).
Softcard announced a deal with QSR giant McDonald’s that adds 14,000 more U.S. locations to the mobile wallet’s acceptance network.
Ingo Money, known for its mobile check deposit capture technology and Good Funds Network, is planning to acquire Fuze Network, a payments technology company that enables loads to more than 1 billion bank-issued cards at thousands of retail locations.
Yesterday the CFPB posted on its Website the announcement of its next field hearing, 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.
It’s been a rough week for Merchant Customer Exchange (MCX), the retailer-led mobile payments consortium.
While more than a quarter of American households still were either unbanked or underbanked last year, as was the case in 2011, the proportion of unbanked households declined to 7.7 percent or 9.6 million households, compared with 8.2 percent in 2011, according to the latest report from the FDIC.
Ubiquity Global Services, a New York-based financial services and payments service company, will be the sole provider of dispute and chargeback services to UniRush LLC.
The hypothesis that seems to be gaining ground is that banks have a wider responsibility in society. If we believe that, then part of their responsibility must clearly be to provide banking products and services that serve the financial needs of the less affulent.
Those of us immersed in payments may have a unique perspective on Apple Pay, but what about other folks? I asked one self-proclaimed Apple “fan boy” to give the mobile wallet a test drive.
Giving consumers what they really need and want from mobile payments will require making payments as invisible as possible.
India is on the brink of a huge economic transformation and making money digital is a crucial part of the solution.
MCX sets the record straight on CurrentC, including exclusivity and data security, following Rite Aid-CVS/pharmacy showdown with Apple Pay.
More than 1 million credit cards were activated within the first three days of the Apply Pay mobile wallet’s Oct. 20 debut, Apple CEO Tim Cook told attendees at the WSJD Live Global Technology Conference this week.
Retail holiday spending in the U.S. is expected to jump 4.1 percent to $616.9 billion in 2014, marking the first increase of more than 4 percent since 2011.
Russian President Vladimir Putin last week signed a law giving Visa and MasterCard a five-month reprieve from paying a huge security deposit for operating in Russia, according to The Moscow Times.
MasterCard was one of several investors to lead a round of Series B funding that brought in $185 million for Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants.
Banks are pioneering advanced technologies in Turkey, giving the country a headstart over many of its European counterparts. In Istanbul, Garanti Bank explained how it pays for its customers to get mobile internet access – and how it is using social media to attract and keep customers.
