Apple Pay is a huge catalyst, not only for Apple but also for Android and host card emulation (HCE), First Annapolis’ Lee Manfred said during a keynote at the Smart Card Alliance Payments Summit. He urged issuers and merchants to view Apple Pay as a tool to build their own customized mobile strategies.
MasterCard continued its expansion in India today, with the official opening of the payment network’s new Technology Hub in the city of Pune.
The U.S. migration to EMV is well underway in advance of the October 2015 EMV network liability shift, with EMV card manufacturers shipping 185 million EMV cards last year, up more than 500 percent from 30 million in 2013, the Europe-based cross-industry Smart Payment Association announced today.
Green Dot is considering expanding the financial services it provides to include what Chairman and CEO Steve Streit describes as “modern credit,” with an eye toward using transactional data for underwriting.
The value of all cryptocurrency transactions will more than half this year, falling from $71 billion in 2014 to just over $30 billion. The decline was attributable to the combined impact of exchange collapses, Bitcoin theft and regulatory concerns.
The U.S. payments card industry is on a “critical path” to EMV card migration over the next eight months but several challenges remain, Kimberly Lawrence, Visa’s senior vice president, global corporate initiatives, said today during the kickoff presentation at the Smart Card Alliance’s Payments Summit in Salt Lake City.
A new report from Ingo Money offers evidence to support what many industry observers have long maintained: Offering cardholders robust reload capability is key to driving loads and retention.
New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.
Miami-based YellowPepper has closed a $19 million round of Series C funding to expand its mobile wallet in Latin America, where mobile money services are growing by 53 percent.
Italian banks are preparing for T2S, as Europe seeks to reform its cross-border trading infrastructure and bring down barriers between EU countries. The preparations are driving smaller regional banks to make deals with larger global banks as they prepare for implementation in June.
Bolstered by a nationwide rollout in U.S. Walmart stores, Green Dot Corp.’s GoBank mobile bank account showed strong gains during Q4 2014, with monthly deposits up 600 percent and total debit card spend growing nearly tenfold, according to Green Dot’s latest earnings report.
Google this month extended its Gmail-based money transfer feature to the U.K., marking the search giant’s first P2P foray outside the U.S. If successful, the move could help Google expand awareness of Google Wallet internationally before Apple Pay makes its expected move into the U.K. and other global markets, observers say. Apple Inc. CEO Tim […]
The NBPCA has hired Brad Fauss as its executive vice president and general counsel and promoted Brian Tate to vice president, government relations.
In a Jan. 27 letter to U.S. Rep. Sean P. Duffy (R-Wis.) and several other members of Congress, CFPB Director Richard Cordray said the agency would give the lawmakers’ request for a 60-day extension to the comment period for its prepaid NPRM “serious consideration.” But the rest of the letter suggests that the agency feels 130 days since the proposal went up on its Website will be adequate for stakeholders to comment.
Critics of the DOJ’s controversial Operation Choke Point, which encourages financial institutions to scrutinize clients that operate certain types of businesses, such as payday lenders and firearms sales, may welcome the latest news from the FDIC.
The blazing sales rate of Apple Inc.’s new iPhones during the final quarter of 2014 shattered the company’s own expectations, and Apple Pay’s rollout was “extremely positive,” helping drive historic revenues, Apple’s CEO Tim Cook told analysts this week.
China-based e-commerce retailers have a new way to accept online payments.
BNY Mellon and State Street have announced a collaboration with Eurex Clearing, the subsidiary of Deutsche Börse Group, to enhance the Eurex service to meet the needs of beneficial owners, and explore expanding its geographic reach into the US.
Coming off a strong holiday season, retailers have their sights set on data security and the shopping experience. First Data’s Jerry McNerney talks about how the payments industry can help.
In 2014, payroll cards took a beating in the general press, fueling the fire in some state legislatures to impose onerous restrictions and potentially category-killer requirements. Now, CFSI, working in consultation with industry participants and consumer advocates, has created best practices for what it calls “high-quality payroll card products” that promote choice, safety, affordability, transparency and convenience (and discourage outliers).
Mozido, a cloud platform mobile payments and retail engagement solutions provider, this week announced it has named Ron Hynes, as president global markets.
Debit/ATM network PULSE has unveiled a new corporate logo and acceptance mark.
The CFPB has announced three new additions to its senior leadership team.
eBay Inc. has announced the appointments of Perry Traquina and Frank Yeary to its board of directors.
U.S. Rep. Patrick McHenry (R-N.C.) has been named by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) to serve as the vice chairman of the full committee for the newly seated 114th Congress.
Marc Winitz has joined payment card processor i2c Inc. as the company’s chief marketing officer.
Mercury Payment Systems, a Vantiv company that provides payments technology and services for small and midsize businesses, has received two awards for its customer service.
paysafecard, a global provider of prepaid online payment methods and member of the international Skrill Group, has hired Jan Marc Külper as the company’s vice president of business development.
Payments services and processing provider PreCash Inc. has promoted Blair Jeffrey to chief operating officer.
Senate Banking Committee Chairman Richard Shelby (R-Ala.) has announced the incoming chairs of the Senate Banking Committee’s subcommittees.
John Walsh, CEO of risk management and AML advisory firm SightSpan Inc. and Cyrus R. Vance Jr., the District Attorney of New York County, will present on topics related to financial crime risk management, including corporate security and counter-terrorist financing, at this year’s ACFCS Conference in New York City in April 2015.
D. Reed Freeman Jr. has joined law firm WilmerHale as a partner and co-chair of the firm’s cybersecurity, privacy and communications practice.
Vantiv Inc., a provider of payment processing services and related technology solutions for merchants and financial institutions, has announced that Kim Martin will join the company as chief human resources officer.
A new bank-run mobile payment service is set to launch in Poland next month, following collaborative efforts between six Polish banks. The new service will allow customers to make payments in stores and online, withdraw cash and send P2P transfers, all using their mobile phone.
Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.
The Chinese renminbi has become one of the world’s top five payments currencies, according to new figures released by Swift. The currency, first introduced to foreign investors in 2007, overtook the Canadian dollar and the Australian dollar in the last two months of 2014 to reach the top five.
Apple Pay clearly has awakened consumer curiosity about mobile payments, but the surprise is it’s also generating unprecedented retailer interest in adding NFC acceptance at the POS, according to payments industry panelists speaking yesterday at the Mobile Payment Leadership Summit in Phoenix.
The Center for Financial Services Innovation (CFSI) has expanded its Compass Guide series with today’s release of its Compass Guide to Payroll Cards, which it says defines best practices and product features for high-quality payroll cards.
M&A activity and global expansion of prepaid continue this week with Toronto-based gift card processor Givex announcing plans to acquire Chase Paymentech’s gift card business and open an office in Dallas. Meanwhile, U.K.-based Tuxedo Money Solutions is partnering with Silicon Valley-based processor i2c Inc. for international expansion of its prepaid business, including entering the U.S. market.
The Federal Reserve this week issued a new report, “Strategies for Improving the U.S. Payment System,” outlining a plan to enhance the overall speed, safety and efficiency of the nation’s payment system with collaboration from payment industry participants including businesses, payment card networks, processors, payment technology firms, consumers and financial institutions.
