Isis Goes Live (Nov. 14, 2013)
Three years after its initial unveiling, the Isis digital wallet has finally rolled out nationwide but Isis faces numerous competitors and a lingering uncertainty over NFC payments.
Payments
Former CFPB Official Joins Board of Bitcoin Startup (Nov. 14, 2013)
Bitcoin grabbed headlines again this week—following a flurry of other recent developments—with the news that Raj Date, former deputy director of the Consumer Financial Protection Bureau, joined the board of a company devoted to helping the virtual currency go mainstream.
A world of payment possibilities
As Ts are crossed and Is are dotted by financial institutions and corporates preparing for the Single Euro Payments Area some recent announcements point to the glittering world of opportunity beyond mundane SEPA compliance.
Viewpoint: They Mean It—They Really, Really Mean It! (November 2013)
New OCC guidance reminds financial institutions that third-party oversight is where it’s at.
Banks “turning away business” because of regulations says Aite
Compliance concerns are causing nearly one-third of banks to turn away business, according to a new report from Aite Group.
Banking is all a game in Bulgaria
Bulgaria’s DSK Bank has launched a mobile savings application called DSK Gameo, which is designed to encourage customers to save by making banking more fun, while helping the bank better understand its user-base.
Report: Most GPR Cardholders Pay Less than Half the Cost of Checking (Nov. 12, 2013)
The cost to consumers of using a reloadable prepaid card continues to decline, while direct deposit-based checking accounts on average cost more than twice that of direct deposit-based GPR cards, suggest the results from the fourth annual “Analysis of General Purpose Reloadable Card” study released today. Bretton Woods Inc. compared a broad range of checking […]
InComm’s Mobile-Optimized Shopping Cart Boosts Gift Card Sales (Nov. 12, 2013)
Prepaid product and transaction services provider InComm is giving retailers a new way to offer gift cards to their customers via mobile device.
Telecom Italia, Visa Europe Offer Mobile Wallet to 31 Million Consumers (Nov. 12, 2013)
An agreement announced today between Telecom Italia and Visa Europe will bring mobile payments capabilities to more than 31 million Telecom Italia Mobile (TIM) customers throughout Italy, enabling them to make contactless payments using certain NFC-equipped smartphones at POS terminals across Europe.
Square Scraps Monthly Pricing Option; Pogo> Hits Hong Kong (Nov. 12, 2013)
Merchants using Square for payment card transactions no longer will have the option of paying a flat monthly rate to process payments, effective Feb. 1, 2014.
CFPB Report Is Unclear on Timing for GPR Rules (Nov. 11, 2013)
It’s unclear whether the prepaid industry will have the CFPB’s proposed rules for GPR cards by Dec. 31, or if the wait will extend into 2014.
Boxer Ramirez Gets Behind New Prepaid Discover Card (Nov. 11, 2013)
Olympic boxer José Carlos Ramirez is lending his name and image to a new prepaid card from Global Payout Inc. The JC Ramirez Prepaid Discover Card has no minimum balance fees and offers instant account alerts via text message or email as well as a special security feature that enables a cardholder to turn the […]
Prepaid Key to NFC Rollout in France (Nov. 11, 2013)
Mobile network operator Orange is teaming with Visa Europe in a strategic partnership to roll out its Orange Cash NFC-based mobile payments in France in the latest example of a prepaid card-based approach to contactless payment.
Bitcoin Roundup: Federal Hearings, Another Hack—and a Milestone (Nov. 11, 2013)
Bitcoin has been making news on a regular basis recently as lawmakers and businesses around the globe deal with the virtual currency’s rapid rise. The past few days have added to the frenzy with a flurry of developments that could help shape Bitcoin’s future. Late last week, the Federal Election Commission (FEC) indicated it could […]
Orange and Visa team up on NFC payments in France
French operator group Orange has formed a strategic partnership with payment provider Visa to accelerate awareness and everyday usage of contactless payment technology in France. The operator has also launched a mobile prepayment solution called Orange Cash in the country.
Is Square Going Public in 2014? (Nov. 7, 2013)
San Francisco-based Square Inc.—one of many m-POS device providers, but the company with arguably the greatest name recognition—created buzz this week after a report that Square CEO and co-founder Jack Dorsey might take the company public.
Payroll Card Industry Could See More Static, Legal Experts Warn (Nov. 7, 2013)
Payroll card industry participants should brace for more potential negative news as lawmakers and plaintiffs’ attorneys around the U.S. continue fishing for outlier examples of payroll card abuse, observers say. The industry’s antennae shot up earlier this week when Pennsylvania lawmakers followed through on an earlier promise and proposed legislation to ban payroll cards. Separately, […]
U.S. Bank Focuses on New Contour Prepaid GPR Card (Nov. 7, 2013)
U.S. Bank, lead bank of U.S. Bancorp and one of the first big banks to roll out a prepaid GPR card, this week has launched the Visa-branded U.S. Bank Contour Card. “General purpose reloadable cards appeal to a broad demographic, from customers who have bank accounts and want to segregate certain types of spending to […]
Alipay Pact Gives UATP Access to 800 Million Chinese Travelers (Nov. 7, 2013)
The U.S. travel industry has a new inroad into the world’s top-spending travel market, now that UATP—a travel payment network owned by a consortium of airlines—is working with Chinese cross-border payment provider Alipay. The pact enables American airlines, hotels and other travel businesses to connect to the more than 800 million Chinese account holders on […]
Two New Products to Enter Canadian Wallet Arena (Nov. 7, 2013)
Canada seems poised to become the next battleground in the mobile wallet wars with a pair of new wallets joining the fray—one from a telecom provider, and the other from a team of banks.
Blog: The $800MM Braintree Acquisition and PayPal’s Pursuit of the Emerging Digital Marketplace (November 2013)
PayPal’s pending acquisition of Braintree will broaden its scope of innovative digital commerce solutions, support its developer platform overhaul and bring P2P competitor Venmo into the fold.
Volante rolls out SEPA Accelerator as February deadline looms large
Data specialists Volante have launched their SEPA Accelerator, a tool designed to help companies comply with the upcoming Single Euro Payments Area, which takes effect on 1 February 2014.
Skrill goes global with mobile
Mobile payments company Skrill has launched a mobile app that it says can send money to anyone, anywhere in the world at any time. The app has several uses, including cross-border remittance payments to various countries in eastern Europe and around the world.
Viewpoint: HSAs Build Long-Term Wealth with Tax-Favored Savings (November 2013)
Issuers or program managers that focus marketing efforts on the savings that can be achieved through HSAs could increase account take-up and improve the profitability for those accounts at the same time.
Mobile, Big Data and Credit Steal Show in Vegas (November 2013)
Las Vegas hosted the 21st Annual ATM, Debit & Prepaid Forum last month, where industry stakeholders were abuzz about monetizing mobile and big data and, surprisingly, credit.
Barclays loses High Court battle on remittance closures
The UK High Court has ruled against Barclays in a case brought by remittance provider Dahabshiil, granting an injunction preventing the bank from closing Dahabshiil’s account.
MasterCard allies with EMP to sponsor Egyptian card issuers
MasterCard has formed a deal with electronic payments processing company Emerging Markets Payments to sponsor issuers in Egypt and other African markets, in a move intended to help small issuers reach the region’s unbanked population.
Blackboard Tests NFC Phone-based Payments at Two Campuses (Nov. 5, 2013)
Could college campuses serve as labs for U.S. NFC payment adoption? The answer may depend on the results of pilots launched last month at two midsize universities.
m-POS Options Bubbling with Square-Staples Promo, Sprint-Vantiv Venture (Nov. 5, 2013)
Square Inc. is turning up the heat in the m-POS race with a major promotion with Staples to drive sales of its Square Stand POS solution to smaller brick-and-mortar merchants.
Report Guides Lawmakers on Payday Loan Regulation (Nov. 5, 2013)
Borrowers of short-term and payday loans use up to an average of 36 percent of their periodic wages to pay back those loans—far more than they typically can afford, according to a new report from The Pew Charitable Trusts, which calls on regulators to make such loans safer and more transparent. “Payday Lending in America: […]
Brazilian Shoppers Growing More Comfortable with Mobile (Nov. 5, 2013)
Mobile payments are spreading fast in Brazil, with nearly half of the country’s consumers having made a purchase on a tablet device between May and June 2013, while almost 30 percent did so via a mobile phone, according to a new study. The research, conducted by Mobi.life on behalf of Brazilian mobile payments company Pagtel, […]
FinCEN Offers Guidance on Information Sharing for FIs in an AML Fight (Nov. 5, 2013)
The Financial Crimes Enforcement Network (FinCEN) late last week issued a fact sheet on Section 314(b) of the USA PATRIOT Act, offering guidance to help financial institutions understand permissible use of information sharing related to AML and counter-terrorist financing efforts. The fact sheet highlights the benefits of sharing information, which organizations are eligible to participate […]
SIA’s Andrea Galeazzi takes up chairmanship at Emmecom
Andrea Galeazzi, director of network services at Italian payments and technology infrastructure company SIA, has taken up a new role as chairman at Italian telecoms firm Emmecom. The move is part of SIA’s acquisition of the smaller firm, which took place in July and forms a key part of its European expansion plans.
Citi launches NFC mobile wallet collaboration with 3 Hong Kong
Citibank and mobile operator 3 Hong Kong have co-launched an NFC mobile wallet in the form of a sticker for iPhone and mobile app for Android.
Mercator Forecast: Potential Regs, Sluggish Economy Puts Brakes on Double-Digit Growth for Prepaid (November 2013)
The high double-digit growth numbers in prepaid fall to single digits as the industry faces regulatory uncertainty and a sluggish economic recovery.
Walmart Bolsters Prepaid Offerings with 6 New Cards (Nov. 4, 2013)
Just over a year since launching the Bluebird prepaid card with American Express, retail giant Walmart is expanding its suite of prepaid products, adding six new cards to its Paybefore Award-winning line of GPR cards—all issued by Green Dot Corp.’s Green Dot Bank. Four of the new cards will be under Walmart’s own MoneyCard brand. The […]
Pa. Lawmakers Propose Payroll Card Ban; New Class-Action Suit Alleges Payroll Card Abuse (Nov. 4, 2013)
Payroll cards are coming under fire again, after lawmakers in Pennsylvania last week proposed a ban on all payroll cards and a new lawsuit filed in federal court in California alleges payroll card abuses by a major U.S. apparel maker. The moves suggest more challenges ahead for payroll card companies, which came under attack earlier […]
Citibank-Backed Mobile Wallet Launches in Hong Kong (Nov. 4, 2013)
Citibank Hong Kong and 3 Hong Kong, the mobile operation of Hutchison Telecommunications Hong Kong Holdings Ltd., have launched 3 Citi Wallet for mobile subscribers of 3 Hong Kong and Citibank Visa cardholders.
Google Wallet Pulls End-Run Around Telecoms (Nov. 4, 2013)
Google’s latest Android mobile operating system includes a new feature that could enable Google Wallet to cut out telecom providers as middlemen for NFC applications.
People on the Move: Jon Sarvis, TMG Financial Services (November 2013)
Jon Sarvis has been named CEO of TMG Financial Services (TMGFS), a Des Moines, Iowa-based payments solutions provider.
