Jan. 14, 2013 MCX executives and member merchants revealed a few more details about their plans for mobile payments during a panel at the National Retail Federation’s Annual Convention & EXPO in New York City today, including that its initial mobile payments solution will be primarily barcode- and cloud-based. The coalition of merchants, which announced formation […]
Jan. 14, 2013 First Data Corp.’s CEO Jonathan J. Judge plans to step down from the company for health reasons, the company said. First Data will conduct a search for a new CEO and Judge will maintain his positions as CEO and board member until a replacement is found, but no later than March 31, […]
Jan. 14, 2013 Restricted-spend healthcare payment provider Medagate, a wholly owned subsidiary of InComm, has announced the launch of what the company calls the first dual-network healthcare spending card. The MasterCard-branded Dual Value Health Card enables employers and health plans to offer members a healthcare funding account, such as a health savings account (HSA) or […]
Jan. 14, 2013 Payelp Global, a Los Angeles-based e-commerce platform serving merchants via 300 different payment gateways worldwide, is expanding its services to include a reloadable virtual prepaid card for consumers in regions that lack broad credit and debit card penetration. The offering builds on Payelp’s existing partnership with Moscow-based Qiwi Ltd., which recently introduced […]
Jan. 14, 2013 Nearly twice as many mobile phone users by the end of 2017 will have used their devices for mobile banking, compared with this year—1 billion versus 590 million—according to a new report from U.K.-based Juniper Research. The developed markets of Far East & China, North America and Western Europe will have the […]
Jan. 14, 2013 San Francisco-based mobile direct carrier biller Boku has received an e-money license for its European payments platform. Boku said the approval from the U.K.’s Financial Services Authority will enable the company to expand its platform in Europe. Currently operating in more than 65 countries, Boku has direct billing deals with about 250 […]
January 2013 By Bill Grabarek, Senior Editor Financial institutions must combat persistent consumer indifference toward mobile banking in the United States if they want to see consumers move toward mobile commerce, according to a recent report by Javelin Strategy & Research. The research, which outlines financial services trends in 2013 as well as how […]
January 2013 Payair, a Swedish mobile commerce company, has hired Dan Åkhagen as human resources director. He will be responsible for the recruitment of new staff and the development of existing employees. Åkhagen has extensive experience with human resources issues in both public and private sectors. Before joining Payair, he was employed by game developer […]
January 2013 MasterCard Worldwide has announced three new appointments to bolster its Asia-Pacific, Middle East & Africa (APMEA) leadership teams. TV Seshadri is moving from India to Singapore as group executive, global products and solutions (GP&S) for APMEA. Seshadri will assume responsibilities for developing, driving and implementing product strategies and solutions for MasterCard to maximize the […]
As uptake of mobile banking services is predicted to reach 1 billion by 2017, banks are starting to view the mobile channel as an indispensable revenue stream, according to Nitin Bhas, senior analyst at telecoms research firm Juniper Research.
Jan. 10, 2013 European banks and prepaid card marketers are weighing their options as they await word on a European Parliament initiative to guarantee all European Union citizens access to a payment account, according to observers. The push to bring payment services to all springs from a European Commission announcement in March 2012 that laid […]
Jan. 10, 2013 Salt Lake City’s focus as a hotbed of NFC-based mobile payment intensified today as U.S. Bank announced the launch of its “Go Mobile” app enabling some of its credit card customers to convert their iPhones to an NFC payment device. Salt Lake City residents can now wave their phones to pay at […]
Jan. 10, 2013 Down-to-the-wire drama over the U.S. economy and the “fiscal cliff,” lasting effects of Hurricane Sandy and relatively modest retail discounts during the holidays are likely contributors to December having the lowest monthly dollar volume growth in three years, according to the latest SpendTrend data released by First Data Corp., an Atlanta-based payments […]
Jan. 10, 2013 NetSpend Holdings Inc. has added another partner to its growing payroll card business. The Brink’s Company, which is best known for supplying security-related logistics and transportation services, will offer a new payroll card in partnership with NetSpend, which will serve as exclusive program manager and processor. The Brink’s Money prepaid card, set […]
Jan. 10, 2013 Tupelo, Miss.-based BancorpSouth Inc. has announced the launch of a new GPR prepaid card targeted at travelers, students and online shoppers. The MasterCard-branded card can be used at retailers, online and for cash withdrawal at ATMs, and features an online account management system that enables reloads over the Web. BancorpSouth said there […]
ATM maker Diebold has developed an ATM that lets customers withdraw cash without using a card – and saves the bank money in the process.
January 2013 By Jeremy T. Rosenblum and Stefanie H. Jackman, Ballard Spahr LLP The sky is not falling—at least yet. The ability of the Consumer Financial Protection Bureau (CFPB) to supervise smaller banks (less than $10 billion in assets) and other companies providing prepaid cards to consumers is currently limited. For participants in the […]
NFC technology advocates face continued disappointment in 2013 as it is likely to be overshadowed by other developments in retail payments, according to a new report by financial research firm Celent.
Jan. 8, 2013 Atlanta-based prepaid distribution and technology provider InComm has acquired Giftango Corp., the Portland, Ore.-headquartered digital gift card fulfillment provider, in a move InComm says is meant to expand the company’s reach into high-volume, e-commerce gift card sales and distribution. “This acquisition opens doors to new and meaningful distribution channels for InComm merchants […]
Jan. 8, 2013 Customers of U.S. Bank, Minneapolis-based lead bank of U.S. Bancorp, now will be able to set up bill payments by photographing their paper bills using the camera on smartphones and tablets. Mobile Photo Bill Pay could help spur bill pay adoption by eliminating the need to manually enter biller and payment information, […]
Jan. 8, 2013 After a strong post-Thanksgiving start, in-store holiday retail sales were sluggish this season as an uncooperative calendar and a continued shift toward online shopping dragged down store visits. According to retail analytics provider RetailNext, brick-and-mortar retail traffic was down significantly in the 2012 holiday season, as the number of store visits fell […]
Jan. 8, 2013 Coinstar Inc. is introducing a new dimension to the secondary gift card market with Alula, a kiosk service it’s piloting in some supermarkets that enables consumers to immediately convert unused gift cards into cash. The service cuts out steps and speeds up the process of selling unused gift cards through various online […]
January 8, 2013 Mozido LLC, a startup that made its mark with cloud-based, white-label mobile payments services for banks and merchants, is moving into new territory with its acquisition of PagoVision Inc., which provides check-cashing services to unbanked and immigrant consumers through a network of 1,500 U.S. merchants. The move brings PagoVision’s robust array of […]
The remit of the World Bank and the Gates Foundation is to focus on flows of money to developing economies, so much of the publicity is about those and as a result, much of what we understand about remittances is about those markets. And they are not to be underestimated.
Jan. 7, 2013 Telecom network and equipment provider ZTE Corp. has been selected by Shanghai-based card network China UnionPay (CUP) to provide mobile payment services to CUP cardholders. As part of the deal, ZTE—the world’s fifth-largest maker of telecom equipment—plans to develop an NFC-based mobile phone. The firms also said they would explore the development […]
Jan. 7, 2013 Financial institutions and mobile wallet vendors will encourage consumers to use mobile payments over the next few years through hybrid solutions intended to bridge the gap between the physical, online and mobile channels, according to a recent report by Javelin Strategy & Research that outlines financial services trends in 2013, as well […]
Jan. 7, 2013 Payment processor Heartland Payment Systems has acquired Ovation Payroll, a Rochester, N.Y.-based payroll services firm. In addition to bolstering Heartland’s payroll business, the acquisition brings Ovation’s affinity partner network under Heartland’s umbrella, providing Heartland with “high quality sales leads that can be leveraged throughout the Heartland sales force,” the company said. With […]
Jan. 7, 2013 Publicity and news stories touting Gift Card Weekend on Jan. 4-6 drove more than 1 million unique visitors to its Website, suggesting a dramatic uptick in consumer interest in the second annual event, according to Kansas City, Mo.-based Gift Card Impressions, which created the concept. The event’s success has prompted Gift Card […]
Jan. 4, 2013 Customers now can purchase a Square mobile payment card reader along with their venti Caffè lattes and blueberry scones at all of Starbucks’ 7,000 company-operated stores in the United States. Square enables anyone with an iPhone, iPad or Android device to accept credit and debit cards with its card reader that plugs […]
Jan. 4, 2013 Alternative payments services such as PayPal, Bill Me Later and Checkout by Amazon are surging in growth and overall purchase volume, on track to rise 73.6 percent over the next five years as consumers embrace streamlined online payment processes, according to a new report from Javelin Strategy & Research. In its fifth […]
Jan. 4, 2013 In a bid to capitalize on the rapid growth of smartphone use in Vietnam, Singapore-based mobile banking provider Tagit is partnering with mobile switch operator Smartlink to launch a new platform that will enable Vietnamese banks to launch cost-effective smartphone-based financial services, the companies said. By partnering with Smartlink, Tagit gains access […]
Jan. 4, 2013 Mobile payment provider mPowa is starting the new year in expansion mode, as the U.K.-based company unveils plans to enter new markets, including new cities in the U.S. and India. mPowa, which offers merchants a card reader that plugs into a mobile device for payment card acceptance, is competing with Square—the market […]
Jan. 4, 2013 New York City-based startup Kurrenci has developed a virtual currency it says will help online retailers earn and retain customers by using a unique discounting method. Kurrenci’s platform is based on the company’s eponymous virtual currency, which can be purchased or earned online by users, and then exchanged for goods at participating online […]
Canada’s CIBC bank has launched a novel promotion aimed at increasing uptake of NFC technology for mobile payments.
January 2013 We wanted to start the year off with some perspective from industry thought leaders across the globe to find out what will shape prepaid and emerging payments in the new year. We asked several executives from a variety of companies as well as a few analysts to share their thoughts about what the […]
San Francisco-based startup Cardfree is taking a merchant-centric approach to mobile wallets, leveraging a leadership team that has worked on mobile programs for some big-name retailers.
Jan. 2, 2013 The CFPB has made public its proposed adjustments to a new rule on international remittances and the agency’s plan to briefly extend the effective date of the rule. The rule originally was slated to go into effect Feb. 7, 2013, but in its proposed revisions to the rule, published Dec. 31, 2012, […]
Jan. 2, 2013 Bieber Fever is spreading beyond music and fragrances to prepaid cards. Pop star Justin Bieber soon will be promoting a MasterCard-branded prepaid card offered by BillMyParents Inc. The San Diego-based provider of payment solutions targeted to teens, young adults and their parents, announced late last year that Bieber will act as “brand […]
Jan. 2, 2013 JP Morgan Chase & Co. will pay $35 million to acquire San Francisco-based daily deals startup Bloomspot Inc. in a bid to bolster the local merchant discounts the bank can offer its Chase credit card customers. Bloomspot, which competes with daily Web deals titan Groupon Inc. as well as other city-specific deals […]
Jan. 2, 2013 While 2012 drew to a close with all eyes focused on the looming “fiscal cliff,” a pair of other late-December developments out of Washington had many in the financial services industry taking notice. President Obama signed into law a bill that will eliminate the requirement that duplicative fee disclosure signs be posted […]
