Blog: Turning Skepticism into Trust: 3 Ways to Improve Financial Services Loyalty Programs
Of any industry, the financial services sector might be the most contradictory when it comes to loyalty program effectiveness.
Payments
Breaking News – CFPB: Expand CARD Act Disclosure Requirements to Include Prepaid Card Marketing Agreements
In a recent press release, the CFPB called on financial institutions to “voluntarily” disclose to the public its financial product marketing agreements made with colleges and universities.
Viewpoint: Year-End Blizzard for Canada’s FIs
As we approach year-end, the Canadian federal government has introduced three items of significance to federally regulated financial institutions (FRFIs).
PayPal Makes Gifting Play with Startup Investment (Dec. 17, 2013)
Electronic gifting provider Loop Commerce has landed funding from PayPal Inc., with the payment giant making a Series A investment in the San Francisco-based startup.
Blackhawk Partners with Coinstar to Provide E-Gifts for Change (Dec. 17, 2013)
Blackhawk Network has inked a deal with Coinstar that will give consumers the option of receiving Blackhawk e-gifts in return for change cashed in at Coinstar’s coin-counting kiosks.
Amazon Reportedly Buying Mobile Payment Startup GoPago (Dec. 17, 2013)
Amazon may have purchased San Francisco-based GoPago Inc., a mobile payment startup whose technology enables merchants to process card payments so consumers can order and pay ahead with a smartphone, skipping lines at the checkout, according reports from several media outlets.
La Caixa to Launch M-Payments Service in Spain (Dec. 17, 2013)
La Caixa, the Barcelona, Spain-based financial institution, has announced the launch of an NFC-based mobile payments service in partnership with Telefónica, Vodafone, Orange and Visa Europe.
With Final Approval of $5.7 Billion Settlement, Interchange Case Moves to Next Phase (Dec. 16, 2013)
A years-long court battle over interchange fees has reached another milestone, but appears to be far from settled.
Blackhawk Takes iTunes to South Africa (Dec. 16, 2013)
Blackhawk Network Inc., a global prepaid payment network, last Friday announced its first commercial agreement in Africa, which will enable it to offer iTunes Gift Cards in South Africa through a partnership with Johannesburg-based distributor Opengate, a subsidiary of Value+Nettwork.
Vodafone Begins German Rollout of Mobile Wallet (Dec. 16, 2013)
Vodafone Germany last Friday began its German launch of a mobile wallet with the integrated Vodafone SmartPass Visa payment application.
Wells Fargo Joins Isis Fold (Dec. 16, 2013)
One month after going live throughout the U.S., the Isis mobile wallet has added Wells Fargo to its roster of bank partners, enabling holders of the bank’s Visa consumer credit cards to load their cards onto the NFC-based wallet.
Breaking News: MasterCard Sets New Payroll Card Standards Beginning in 2014 (Dec. 13, 2013)
Moving to improve and clarify payroll card industry practices, MasterCard today released new standards requiring all employers and payroll card providers involved in offering MasterCard-branded payroll cards to meet specific protocols for consumer choice and transparency
California Law Bans Overdraft, Credit on Benefit Prepaid Cards (Dec. 12, 2013)
A new law in California will prohibit overdraft fees and extend other protections to recipients of state unemployment and government assistance who have their benefit funds deposited onto a prepaid card.
Cachet Financial, YellowPepper Provide RDC Service to Latin America (Dec. 12, 2013)
Cachet Financial Solutions, a Minneapolis-based provider of remote deposit capture (RDC) solutions, will be providing consumers in Latin America with RDC services for YEPEX, the mobile banking network of YellowPepper Mobile Financial Network.
CFSI, Core Study: Underserved Market Worth $89 billion in 2012 (Dec. 12, 2013)
The U.S. financially underserved market was worth $89 billion last year, according to a new study from the Center for Financial Services Innovation (CFSI).
PreCash’s Evolve Money Adds Card Funding Option; Gen Y Driving Mobile Bill Pay (Dec. 12, 2013)
PreCash is expanding its Evolve Money online and mobile bill pay app by enabling customers to pay bills using debit and prepaid cards, in addition to cash.
Square Adds Talent with Two Acquisitions; Streamlines Card Reader (Dec. 12, 2013)
Square Inc. has stuffed its stocking in recent days with a few key acquisitions primed to enrich consumers’ use of the mobile payments app for everyday activities.
Shorter Holiday Shopping Season Could Mean Stronger E-Gift Card Sales
Gift cards will rule again as consumers’ top holiday gift choice in 2013, and a shortened holiday shopping season could benefit increasingly popular e-gift cards.
Companies on the Move: CPI Card Group, Center of Excellence Recognition
Littleton, Colo.-based card producer CPI Card Group has received a Center of Excellence award by the Smart Card Alliance.
Companies on the Move: Fiserv Inc., Mobile Payments Awards
Fiserv Inc., a Brookfield, Wis.-based financial services technology provider, recently announced that its Popmoney P2P payments service has taken top honors at the Mobile Money Global Awards and the Mobile Excellence Awards.
Company on the Move: Paul Hastings LLP, U.S. Innovative Lawyers Report
Paul Hastings LLP has placed second this year among the top 40 most innovative law firms in the Financial Times’ “U.S. Innovative Lawyers” report.
PayPal President Plans Consumer Marketing Push; Gives Nod to Bitcoin, Frowns on NFC (Dec. 10, 2013)
PayPal is bullish on Bitcoin, negative on NFC and ready to begin a major marketing push of the company’s buildup of mobile payment technology at the POS, according to David Marcus, PayPal president.
Payments Startup Clinkle Sheds Quarter of Staff (Dec. 10, 2013)
Clinkle Corp., the darling of investors and the media in recent months, appears to have hit some potholes on the road to launching a payment app that reportedly enables users to transfer funds between individuals and groups, and emphasizes social media.
Be Kiind: Digital Gift Card Senders Only Pay if Card is Redeemed (Dec. 10, 2013)
Digital gift card provider Kiind has found a way to make hay from the fact that about 10 percent of gift cards go unredeemed.
Fortumo Takes Mobile Billing to 4th-Largest Consumer Market (Dec. 10, 2013)
Mobile carrier billing company Fortumo today is launching mobile operator billing in Indonesia, the fourth-largest country in the world by population.
Most U.K./U.S. Consumers in the Dark about NFC, Surveys Suggest (Dec. 9, 2013)
Surveys suggest that U.S. and U.K. consumers don’t know much about NFC and don’t care.
ExxonMobil, Rite Aid Join MCX as 50-Plus Merchants Sign On (Dec. 9, 2013)
The retailer-led mobile payment consortium Merchant Customer Exchange (MCX) today announced ExxonMobil has joined its ranks, along with Rite Aid Corp., supermarket chain Giant Eagle and the convenience store chain Kum & Go.
Surveys Say: Consumers Want Small-Dollar Loans (Dec. 9, 2013)
Last week was a busy one for the payday loan industry. On Tuesday, New York’s Department of Financial Services (DFS) sent subpoenas to 16 online “lead generation” firms suspected of deceptive or misleading marketing of illegal, online payday loans in New York. On Wednesday, two new reports were released examining small-dollar lending.
Brisk Holiday Sales in U.S. and Canada (Dec. 9, 2013)
Year-over-year retail sales have been brisk between Thanksgiving and Cyber Monday in the U.S. and Canada, according to payment processors First Data Corp. and Moneris Solutions Corp.
Fed Issues Guidance on Managing Outsourcing Risk (Dec. 9, 2013)
The Federal Reserve has issued guidance on managing outsourcing risk to assist financial institutions with understanding and managing the risks associated with outsourcing bank activity to a service provider.
Breaking News: CFPB Postpones Prepaid Rules until May 2014 (Dec. 6, 2013)
The Consumer Financial Protection Bureau won’t issue its proposed rules for GPR prepaid cards until May of 2014, according to the agency’s updated rulemaking agenda.
Chase Says Cardholder Data May Have Been Exposed to Hackers (Dec. 5, 2013)
JP Morgan Chase & Co. has notified 465,000 holders of prepaid cards issued by the bank that some of their personal data may have been exposed to hackers after its systems were breached last summer.
PayPal Inks Acceptance Deal with M-POS Provider PayAnywhere (Dec. 5, 2013)
Mobile POS provider PayAnywhere has struck a deal to enable its merchant clients to accept payments via PayPal’s payment card.
Chinese Officials Ban FI Use of Bitcoin (Dec. 5, 2013)
Chinese officials today have banned financial institutions in the country from using Bitcoin as currency, asserting that bitcoins are merely virtual goods that have no status as legal tender.
Survey: Holiday Gifting Going Digital (Dec. 5, 2013)
Nearly 90 percent of consumers likely will purchase at least one gift card from a Website or mobile app this season, according to a study of consumer shopping trends conducted by InComm, a prepaid product and transaction services provider.
SVS Launches Data Center in China (Dec. 5, 2013)
Global gift card provider Stored Value Solutions (SVS) is strengthening its position in China with the launch of a new data center in Shanghai.
Better ATM Services Expands Footprint through Reseller Network (Dec. 5, 2013)
Visa prepaid gift cards and Discover multimerchant gift cards will be available in more ATMs in the Southwest this holiday through a reseller agreement between Better ATM Services and Express Teller Services announced yesterday.
Blog: Grande 140-Character Payments
If ever there was a prize for solving a first world problem, creating the ability to buy a coffee for a friend or acquaintance by sending a tweet would be Nobel- worthy. But if the goal is to keep Starbucks in the conversation around the office (and sell more coffee), this should work.
Blog: Thinking Mobile First
Consumer expectations of mobile banking and prepaid are escalating rapidly, and the industry needs to respond aggressively, and think differently. As consumers demand more from their financial services providers, putting the mobile channel first in your strategy is key.
Blackhawk Expands EMEA Network with Latest Acquisition (Dec. 3, 2013)
Blackhawk Network has acquired Germany-based gift card distribution network Retailo AG, a deal which adds more than 40,000 new locations to Blackhawk’s total EMEA retail distribution network.
