Feb. 12, 2013 United Arab Emirates-based RAKBANK, also known as the National Bank of Ras Al-Khaimah, recently launched a reloadable prepaid MasterCard for Filipinos who live and work in the UAE, featuring an extra card for remittance funds-recipients back home. Each new RAKBANK Bayani Prepaid MasterCard comes with two cards—one for personal use and another […]
Feb. 12, 2013 Money transfer provider MoneyGram has launched a mobile version of its online transfer service, which enables users to send cash via smartphones using a mobile-optimized version of moneygram.com. The service is part of Dallas-based MoneyGram’s efforts to tap into what the company claims is a $50 billion cross-border remittance industry—much of which […]
While card payments continue to grow – up by 10% in 2011 – the use of cash is still growing “at a more than healthy pace”, says the latest edition of the European Payment Cards Yearbook. The use of cards to withdraw cash at automated teller machines was also up – with 17.3% more ATMs issuing 2% more cash during the year.
OTC derivatives trade processing service MarketSERV and banking technology provider Misys have partnered to create a service for CCP clearing of FX derivatives trades.
Feb. 11, 2013 Two prepaid card-related bills being considered by the New Jersey State Assembly took steps forward last week, earning approval by the Assembly’s Appropriations Committee. The first bill, A-3561, permits New Jersey’s Treasury Department to issue state income tax refunds onto prepaid cards, while the second, A-3562, enables state and local governments to […]
Feb. 11, 2013 Monitise plc today announced the launch of a mobile payments pilot in Indonesia harnessing BlackBerry smartphones. The new service will enable BlackBerry users to access a mobile money account on their smartphones and transfer funds among bank accounts and to other BlackBerry customers who are also signed up for the service, as […]
Feb. 11, 2013 Italian software provider TAS Group and Payair South Europe S.A., a Swedish mobile commerce company, have agreed to launch a mobile commerce platform that incorporates Payair’s commerce platform and a customization solution supplied by TAS. The platform will support large-scale retailers that require advanced automation of their purchase and payment processes, according […]
Germany’s Commerzbank has adopted a visual transaction signing tool from British security firm Cronto for its online banking customers, designed to protect against Trojan malware.
Wal-Mart Stores Inc. is among merchants worried they will miss the October 2015 U.S. EMV liability-shift deadline, in part because the debit networks have not yet determined which technology path they will take to route chip-based debit transactions under the Durbin Amendment network non-exclusivity rules.
Feb. 7, 2013 Consumers are responding positively to merchant offers in the Isis Mobile Wallet test, according to early data since the pilot launched in late October in Salt Lake City and Austin, Texas, according to Jim Stapleton, Isis chief sales officer. “What we are seeing is once they leave the store, about two-thirds [of consumers […]
Feb. 7, 2013 The Utah Transit Authority (UTA), which has been at the forefront of U.S. transit system mobile payment development since introducing an open-loop, contactless payment system for city buses and trains in Salt Lake City beginning in 2009, this fall plans to add a contactless, closed-loop prepaid card to its consumer payment options. […]
Feb. 7, 2013 Do GPR cards pose significant money laundering threats? That’s the question the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta explores in recently published paper. Among the paper’s findings is that, as GPR prepaid cards have grown in popularity and come under increased scrutiny by regulators, significant regulatory measures […]
Feb. 7, 2013 Online retail giant Amazon is looking to beef up its app offerings, and to help with the goal, the company is turning to virtual currency. Set to be released in May, Amazon Coins can be used to buy apps from the Amazon Appstore and to make in-app purchases via Amazon’s Kindle Fire […]
Feb. 7, 2013 Kuwait International Bank (KIB) has launched a new Visa-branded prepaid card, adding a third prepaid product to the bank’s offerings. The card’s release was timed to coincide with the country’s National & Liberation Day. “The national celebrations are an important aspect of Kuwait’s society, and Kuwait International Bank is taking part in […]
February 2013 By Adam Perrotta, Assistant Editor Recent months have seen the release of a spate of payment products targeted for use by Brazilians, whose country is rapidly emerging as a hotbed of financial services development. More than half of the country’s population of more than 200 million is underbanked, according to a MasterCard […]
Weve, the advertising and commerce joint venture between mobile network operators Vodafone, O2 and EE, has hired payments industry veteran David Sear as its permanent chief executive.
February 2013 By Krish Mantripragada, First Data The busy holiday season may be over, but the work is just beginning for many merchants. The first few months of the year are a critical time for retailers to reflect on lessons learned and plan for 2013—and beyond. According to First Data’s SpendTrend holiday reports, consumer […]
February 2013 By Kate Fitzgerald, Emerging Payments Editor The retailer-led mobile payment venture Merchant Customer Exchange (MCX) has disclosed little about the shape of its developing payment platform since it formed six months ago, but the few details emerging so far are fueling fresh waves of industry buzz. At a panel during the National […]
Feb. 5, 2013 Visa Inc. has taken two more steps forward in the U.S. transition toward EMV by setting new deadlines and liability shift dates for third-party ATM acquirers and announcing that it would provide some of its proprietary EMV chip technology to debit card issuers free of charge to facilitate chip adoption industry-wide and to […]
Feb. 5, 2013 U.K.-based mobile payments provider mPowa has inked a white-label deal with Portugal Telecom Group that will enable the carrier to offer small businesses a card reader-based mobile payments service. Financial terms of the deal were not disclosed, but TechCrunch reports it was a multimillion-dollar pact with a seven-year term. The partnership opens […]
Feb. 5, 2013 Experian, an information services company and major credit bureau, has announced it will provide Cardplatforms LLC with its international authentication services to help the prepaid card services provider roll out prepaid cards worldwide. Cardplatforms will incorporate its prepaid card issuance network with Experian’s verification services, Prove-ID and AutoDoc-ID, to launch a payroll […]
Feb. 5, 2013 International not-for-profit trade association Prepaid International Forum (PIF) is launching a regional chapter for the Middle East. Executives from PIF’s regional Chapter Patron, TSYS, have been working with the association’s central body to coordinate the chapter launch, which will include an inaugural meeting on Feb. 18 in Dubai. Invited organizations will consider […]
Feb. 5, 2012 As of Feb. 1, Urban Trust Bank (UTB), a federally chartered community bank, is no longer offering overdraft protection on its Visa Prepaid Debit Cards. The decision comes after a “careful and thorough evaluation of the prepaid cards’ features in an effort to streamline the cards’ offerings and to best serve the […]
Feb. 4, 2013 Prepaid issuer and program manager Green Dot Corp. said its revenue jumped 15 percent in the fourth quarter of 2012 compared to the previous year, with the growth largely due to upswings in card activation and consumer spending. The Pasadena, Calif.-based company took in $137.3 million in last year’s final three months, […]
Feb. 4, 2013 Facebook is expanding its brick-and-mortar gifting program with the launch of its own branded gift card. The Facebook Card began rolling out last week, the social network said in a blog post, with availability “gradually” expanding to more U.S. users. The preloaded card can be purchased within the Gift Cards & Digital […]
Feb. 4, 2013 New Jersey lawmakers in late January passed a bill designed to drive the state’s payroll system away from paper within 18 months by requiring all state employees to receive compensation by direct deposit beginning July 1, 2014. The bill, which passed the New Jersey Assembly by a vote of 74-0, also enables […]
Feb. 4, 2013 U.K.-based program manager Prepaid Financial Services Ltd. (PFS) and Deutsche Card Services (DeuCS), a Frankfurt-based acquirer and subsidiary of Deutsche Bank, have signed a strategic partnership to develop and deliver prepaid card solutions across Europe for corporate clients. PFS will provide the technology and support to enable DeuCS to offer new payment […]
Feb. 4, 2013 Senate Republicans have made it clear their opposition to the re-nomination of CFPB Director Richard Cordray, or any nominee, will not wane until their concerns about the agency are addressed. In a letter to President Barack Obama written by Sens. Mitch McConnell (R-Ky.) and Mike Crapo (R-Idaho) and signed by 43 Republican […]
Feb. 4, 2013 U.K. mobile wallet venture Weve this week announced it has completed the integration of Vodafone, its third mobile network operator, into its mobile advertising and commerce platform and a total of 15 million consumers, or 25 percent of the U.K. population, have opted in to the service. Weve, a joint venture of […]
As the global payments markets changes, Western Union has plans to change with it. Massimiliano Alvisini, regional director UK, Ireland & Nordics explains how and why.
New research from Experian shows that “only 65% of euro transactions have fully accurate destination routing data and 12% of electronic payments made to and from businesses in euros currently contain data errors”.
February 2013 VocaLink, a London-based international payment provider, recently announced three senior hires. Nick Millar joins as strategy and customer insight director, Jim Wadsworth as product development director and Phil Harrison as commercial director, alternative payments. They report to Paul Stoddart, managing director of strategy and business development. Millar joins VocaLink from Visa Europe, where […]
February 2013 Visa Inc. recently announced that the company’s board of directors has elected Robert W. Matschullat as Visa’s nonexecutive, independent chair. The appointment is effective April 1, following the retirement of executive chair Joseph W. Saunders. Matschullat has been a Visa director since October 2007. He has served as chairman and interim CEO of […]
February 2013 SelectCore Ltd., a Toronto-based prepaid solutions provider, recently announced a strategic restructuring of its executive management team to better position the company to fully capitalize on new contracts and significant growth opportunities that are expected to develop in the near term. Kevin Taylor, director of the corporation, assumes the role of CEO. Keith […]
February 2013 Prosper, a San Francisco-based peer-to-peer financing platform to invest and borrow money, has appointed Stephan Vermut CEO and member of the board of directors. The former founder and managing partner of Merlin Securities, Vermut also has more than 25 years of experience in financial services with Wells Fargo, where he led the bank’s […]
February 2013 Payza, an online payment platform, has promoted Mohammad Hashemi to the newly created position of vice president of strategy. He will be responsible for implementing Payza’s overall business strategy and global expansion by spearheading its partner acquisition efforts. As Payza’s director of product strategy, Hashemi managed the life cycle of the company’s products, […]
February 2013 Austria-based paysafecard group has appointed Gerhard Falb as chief marketing officer. He is responsible for the management of all marketing activities, nationally and internationally. Falb has extensive experience in leadership and marketing, which he gained at mobile operator ONE (now Orange), bwin and Michelin Austria, among others. Before joining the company, Falb worked […]
February 2013 Mozido LLC, a startup that focuses on cloud-based, white-label mobile payments services for banks and merchants, has appointed Steve Bacastow and Charlie Wiggs to its management team. As senior vice president of operations, Bacastow is responsible for leading all company operations functions with a focus on maximizing growth and profitability and meeting compliance […]
February 2013 First Data Corp., an Atlanta-based payments processor, announced that its board of directors has named Ed Labry interim CEO while it conducts a selection process. In early January, the company announced that Jon Judge planned to retire as CEO for health reasons and would serve until a transition was effected. Labry has spent […]
February 2013 Diebold Inc.’s board of directors has elected Henry D.G. Wallace as chairman of the board. He has been a member of the Diebold board since 2003. Wallace is a former group vice president and chief financial officer at Ford Motor Co. During his 30-year career at Ford, he held numerous positions in finance […]
