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CASH & CARD TALKVenezuela to ditch Visa & Mastercard by early 2020; RT News
The central bank of Venezuela will develop an independent national payment system to get rid of international giants Visa and Mastercard in response to US sanctions, according to local media citing the regulator. (Read More) The Number of ATMs Around the World Has Fallen for the First Time; Bloomberg In the wake of the economic crisis, Paul Volcker called automated teller machines the last financial innovation that improved society. A decade later, their popularity is slipping. (Read More) Contactless card rollout could push US mobile payment users back to plastic; NFC World Familiarity with mobile payments could help to drive adoption of contactless cards in the US but could in turn move those that have already adopted mobile payments back to physical methods of payment, according to a new issue of Auriemma Research’s Mobile Pay Tracker. (Read More) Sweetgreen Will Once Again Accept Cash; Bloomberg
Starting in December 2016, fast-casual salad chain Sweetgreen stopped accepting cash at restaurants across the U.S. The move was immediately controversial, but it took more than two years for the company to reverse the decision. (Read More) Point of Sales (POS) Terminals Market to Reach a Market Size of $92.2 Billion by 2024 - KBV Research; Press Release According to a new report Global Point of Sales (POS) Terminals Market, published by KBV research, The Global Point of Sales (POS) Terminals Market size is expected to reach $92.2 billion by 2024, rising at a market growth of 7.4% CAGR during the forecast period. The increased Internet penetration and payment solutions, such as online payments, stationary telephones and mobile payments have given the POS terminal market a boost. (Read More) Brazil's Pagseguro launches instant payment feature for debit and credit card transactions; Reuters Brazilian card processor Pagseguro Digital Ltd said it will offer instant payments for merchants in debit and credit card transactions, according to a securities filing on Monday. (Read More) NJ governor signs ban on cashless retail; Mobile Payments Today
New Jersey Gov. Phil Murphy signed legislation that requires retailers and restaurants to accept cash, effectively banning merchants in the state from joining a cashless trend emerging in markets across the U.S. (Read More) Japan launches Cashless Week Campaign for Golden Week holiday; FinTech Japan will run a campaign across the 10 days called The Cashless Week, run jointly by the industry ministry and the Payments Japan Association, which consists of companies and municipalities. (Read More) Contactless card use surges as doubts ease; BBC News Two in five card payments are made using contactless technology as consumers appear to have cast aside any doubts of paying without a Pin. The number of transactions using contactless rose 31% in 2018 compared with the previous year, banking trade body UK Finance data shows. (Read More) ATMIA and the ATM Security Association Join Forces Permanently; Press Release
The ATM Security Association (ASA) and the ATM Industry Association (ATMIA) this week signed a final agreement to join forces and work together on a permanent basis. ASA will retain its name and logo and will now fall under the governance and ownership of ATMIA. (Read More) Fraud Allegations Put Wirecard’s Shy Billionaire CEO in the Spotlight; Bloomberg In his 17 years as chief executive officer of Germany’s Wirecard AG, Markus Braun has gained plenty of experience fighting off skeptics and critics. (Read More) Globalization Helped Make Stripe a $23 Billion Company. Here’s What Comes Next; Bloomberg In 2010, when Patrick Collison founded Stripe Inc. with his younger brother John, he thought the world was headed toward ever-increasing globalization, economic stability and international commerce. (Read More) Wirecard releases Visa card for Chinese tourists; Banking Technology
Wirecard and Ctrip, the online travel agent in China, are co-launching multi-currency Visa cards, which support seven currencies, eliminating the need to exchange currency abroad. (Read More) UnionPay International gives global developers access to its APIs; Press Release UnionPay International (UPI) today announced the launch of the UPI Developer, an open platform that gives global developers access to 18 of UnionPay's cross-border mobile Internet payment products and services in the first phase. Through the platform's application programming interface (API), developers can integrate UnionPay's technical services into their products efficiently and cost-effectively, thus providing UnionPay cardholders with more payment scenarios and services and enhancing their payment experience. (Read More) UK CONTACTLESS PAYMENTS OVERTAKES CASH FOR FIRST TIME; Business Cloud Last year saw a 15 per cent drop in notes and coins usage, strengthened by the growing popularity of contactless cards according to a new study. With €106.7 trillion revenue in 2017, the United Kingdom are the leading nation for cashless payments across Europe. (Read More) Galileo and Robinhood Partner on Robinhood Checking & Savings; Press Release
Galileo, a leading and trusted technology partner for fintech and payments, today announced that its technology and know-how is helping to power Robinhood Checking & Savings, unveiled this morning in a blog post from Robinhood. Galileo's highly customizable payments infrastructure has been integrated into Robinhood Checking & Savings, which earns three percent annual interest, has no fees, and offers access to over 75,000 free ATMs. (Read More) Ingo Money QuickConnect Maximizes Visa Direct Integration for Push-to-Card Payments; Press Release Instant money company Ingo Money today launched Ingo Money QuickConnect, a new turnkey solution that allows any company issuing disbursements to customers to quickly and easily begin offering push-to-card payments through Visa Direct. Designed to help merchants, corporations, banks and others accelerate the deployment of Visa Direct-powered real-time corporate disbursements, the new solution includes: bank sponsorship, user authentication and account verification tools, intelligent payment routing, and more. (Read More) Government Releases Report on Campus Prepaid Card and Deposit-Account Fees; Digital Transactions The report was prepared by the Consumer Financial Protection Bureau for the Education Department and completed in February, but not released until Friday. The release came only after former CFPB officials tipped off journalists and consumer groups of its existence, resulting in demands under the Freedom of Information Act for its release, according to U.S. PIRG, the Washington, D.C.-based federation of state public-interest research groups. (Read More) Our top 7 reasons you need to be at ATMIA US 2019! ATMIA Conferences
If you play any role in the ATM channel, the ATMIA 20th annual U.S. conference and expo is the one event that you simply must not miss! So, here are our lucky seven (of the many) reasons that you should participate (Read More) Exclusive Savings Offer for ATMIA Members; ATMIA Press Release ATMIA members receive a substantial discount on ATMIA reports. We encourage you to get your staff up to speed and purchase our new beneficial reports today. (Read More) PNC Bank to offer dynamic CVV cards to commercial customers; NFC World PNC Bank is piloting dynamic CVV cards that use an e-ink screen on the reverse of the card to display a continuously updated three-digit CVV security code. The US-based bank plans to begin offering the cards to its Treasury Management division’s commercial cardholders in early 2019. (Read More) The ATM Industry Association Launches Next Gen ATM Architecture to Inspire a New Generation of Consumers; Press Release
ATMIA launched the next gen API App model for ATMs which has been developed for an industry with over 3.2 million ATMs by a Consortium made up of over 180 companies across the world. (Read More) Amazon adds new Business Prime benefits, including a credit card; ZDNet Amazon on Tuesday rolled out new benefits for its Amazon Business Prime members, including access to a new credit card offered jointly with American Express. The AmazonBusiness American Express Card, for US customers, has no annual fee, and it offers businesses 5 percent back or 90-day interest-free payment terms on eligible purchases. (Read More) French bank pilots fingerprint card that removes the contactless transaction limit; NFC World Societe Generale is testing the idea of issuing bank cards that incorporate a built-in fingerprint verification sensor with the aim of using the added security the cards provide to allow customers to make contactless payments “with no limit on the amount.” (Read More) Few Hits and Many Misses From India's Cash Ban After 2 Years; Bloomberg
India’s shock move to ban high-denomination currency notes almost two years ago caused much hardship, with limited benefits. (Read More) Retailers continue fight against Visa and Mastercard even after record $6.2 billion settlement; Payments Visa and Mastercard will have to continue rolling with the punches as it becomes clear that even the record $6.2 billion settlementmade last week won’t be enough to end the long-running battle with the US’s biggest retailers. (Read More) Should cashless retail stores be banned? The Guardian Amazon and Walmart are fighting a New Jersey bill that would require stores to accept cash. But do cashless shops really make business sense? (Read More) ATMIA Webinar "Introducing Next Gen ATM Ecosystem Security & Standards to the World" Press Release
ATMIA’s CEO and chairman of the Consortium for Next Generation ATMs will moderate a panel of experts to explain how the global project will impact the industry during the next five years and beyond. (Read More) Paying by card? You're less likely to remember the amount spent; Finextra The old axiom that people tend to up their spending when paying by card rather than with cash may lie in the recall accuracy of individual consumers, according to research published by the University of Cologne and the Alpen-Adria-Universität Klagenfurt. (Read More) Kroger’s California Boycott of Visa Credit Cards Begins as the Grocer Mulls a Possible Expansion; Digital Transactions The boycott of Visa credit cards by The Kroger Co.’s Foods Co chain in central and northern California began Tuesday as planned, but the parent company still won’t say whether the boycott will be expanded to its many other units. (Read More) ATMIA Webinar: Introducing Next Gen ATM Ecosystem Security & Standards to the World; Press Release
ATMIA’s CEO and chairman of the Consortium for Next Generation ATMs will moderate a panel of experts to explain how the global project will impact the industry during the next five years and beyond. (Read More) China goes increasingly cashless, PBOC says cash payment is still alive; South China Morning Post The central bank in China, the world largest mobile payment market, is urging individuals and companies to not refuse or discriminate against cash payment. The People’s Bank of China notice on Friday to dial down what it calls an “overhype” of a cashless society comes as mobile payment volumes continue to soar to new heights. (Read More) UnionPay partners with La Banque Postale to expand card acceptance; Cards International UnionPay International has partnered with French bank La Banque Postale to expand the acceptance of its cards across the country, with focus on tourist attractions and public transportation. (Read More Are you waiting, hoping and looking for the "next big thing" in the ATM industry? It's already here – the Consortium for Next-Gen ATMs!
Building on efforts to shed the need for repetitive operating system migrations and reduce the cost of innovation, ATM acquirers and manufacturers have coalesced into a Consortium that is developing a framework for the ATM of the future. A cloud-based infrastructure will host app-based ATMs using modular components, relying on the customer’s own mobile device as the interface. ATMIA has posted a concept video to its YouTube channel page. (Read More) Wells Fargo simplifies payments pricing to compete with Square; American Banker Wells Fargo will simplify the prices it charges small businesses to accept credit and debit card transactions as the bank responds to pressure from startups such as Jack Dorsey’s Square Inc. (Read More) Mastercard Patent Would Put Credit Cards on a Public Blockchain; Coindesk Payments giant Mastercard is exploring the use of public blockchains in securely verifying payment cards at the point of sale, public documents show. (Read More) Join the Battle Against ATM "Jackpotting" and Skimming; ATMIA Press Release
SIOUX FALLS, SD, May 21, 2018. Recent data from the U.S. Secret Service shows that there have been 129 incidents of ATM jackpotting, just since May of last year. Results of the current ATMIA Annual Fraud Survey confirm as well that skimming attacks are becoming far more sophisticated and still account for the majority of ATM crime. It is time for all ATM deployers to join the battle against jackpotting and skimming. (Read More) Legalized sports gambling could be a boon for huge credit-card banks; Yahoo Finance Credit card companies may stand to benefit significantly from a Supreme Court ruling that paves the way for legalized sports betting across the U.S. “Credit card companies have generally steered clear of allowing gambling-related transactions,” wrote Matt Schulz, a senior industry analyst at CreditCards.com. “However, the sheer amount of money that this Supreme Court ruling will unleash is likely to make the big credit card banks rethink their stance.” (Read More) National Bank of Kuwait and Mastercard make GCC debut of pioneering biometric solutions; Press Release Identity Check offers an innovative authentication solution for online transactions, while biometric card features an embedded fingerprint sensor to provide an additional layer of security when making payments in-store. (Read More) Coinstar Teams with Amazon to Provide Amazon Cash Reload Sites; Press Release Coinstar announced that customers can now add cash to their Amazon Balance by using Amazon Cash at select Coinstar® kiosks across the country. "We're excited to team up with Amazon and give shoppers an easy and convenient way to add cash to their Amazon Balance," said Jim Gaherity, CEO of Coinstar, LLC. "Coinstar is proud to enable Amazon Cash at Coinstar kiosks for cash-preferring customers, who can now enjoy the same benefits of shopping online as any other customer. Best of all, there are no fees to use the service." (Read More) DETAILED REPORT ON FINAL ATMIA EMV SURVEY NOW AVAILABLE
Report reveals significant progress with ATM channel migration and also highlights post-migration challenges and strategies. (Read More) Trump Commits to Resolve State-Federal Marijuana Law Conflict; Credit Union Times Sen. Cory Gardner (R-Colo.) said Friday he received a commitment from President Donald Trump that the Department of Justice’s rescission of the Cole memo will not impact Colorado’s legal marijuana industry. (Read More) India’s ATM crisis proves that demonetization failed and cash remains king; Quartz For weeks now, ATMs across India have been displaying the “no cash” sign. The situation came to a head in the past few days, setting off a panic wave. (Read More) JCB Pilot of Japan's First Fingerprint Authentication Chip Card from IDEMIA; Press Release JCB Co. Ltd, the only international payments brand based in Japan, will conduct a pilot trial of its latest JCB Biometrics Card with fingerprint authentication. JCB Contactless's payment solution is provided by IDEMIA, a global Augmented Identity leader. Toppan Printing will also take part in the demonstration trial in respect of card personalization. ( Countdown to the Grand Launch of Next Generation ATM Architecture; Press Release
ATMIA announced that next generation ATM architecture will be launched at the association’s main European event “ATM & Payments Innovation Summit” which takes place on 17th-19th October, 2018 at the Eurostars Madrid Tower Hotel. (Read More) Swedish Opposition to Cash-Free Economy Gains Momentum; Pulitzer Center On the front door of a bank only a block away from Stockholm’s Central station is a sign that reads “Inga kontanter” with an English translation below: No cash available. Walk a few more blocks under the gray winter sky, and see signs hanging on the front doors of coffee shops that say “Endast kreditkort” or “Vi är en kontanantfri coffee shop” — “only credit cards” and “we are a cash-free coffee shop,” respectively. Amble through the gift shops of the ABBA Museum or Fotograsfika, a popular contemporary photography center, and signs near the register alert customers that they, too, do not accept cash. (Read More) More than 80% of Canadian small businesses want more payment options; Verdict Small businesses in Canada are ready for more payment options, according to a new Payments Canada survey. Businesses want more choice for their customers at point-of-sale and more options for their back-office payments to suppliers and vendors, such as e-transfers, e-wallets and digital currencies. (Read More) Swipe, Insert, and Tap Comes to Metal Cards With XCore's Proprietary Contactless Technology; Press Release XCore Technologies has introduced a proprietary metal card design coupled with its proprietary encapsulation process to overcome the shortcomings of earlier generations of Metal Dual Interface (DI) cards. With the current suite of competitors' metal cards, the metal interferes with the antennae making it difficult to execute contactless transactions. XCore Technologies' Metal Core and full Metal cards solve this problem. They behave just like any standard Dual Interface PVC cards allowing users to swipe, insert, or tap from any orientation. (Read More) In Nigeria you need cash for everything, the problem is actually getting hold of it; Quartz Media
Anytime Oghenefega Otitifore, an engineer living in Okearo, needs to withdraw cash, she does not bother going to the ATM. In all of Okearo, a suburb just a few kilometers outside Lagos, there are only two ATMs—one is plagued with long queues and the ever present “unable to dispense cash” message on the screens while the other rarely works. Instead, she goes to a shop to withdraw cash. This shop represents a growing brand of businesses that operate as alternatives to ATMs. (Read More) Tim Cook Wants You to Dump Cash; finews If Apple Chief Executive Tim Cook had his way, he would never use cash again. His company is eyeing deeper financial services penetration, a move that is meeting with resistance by the established financial services industry in some regions. (Read More) Consumers and U.S. ATM Industry Petition VISA to Lift Ban on Dynamic Currency Conversion Services; Press Release A public petition on behalf of consumers and the U.S. ATM industry (the "Petition"), has been formally submitted to VISA by The National ATM Council, Inc. ("NAC"), seeking elimination of current network rules prohibiting Dynamic Currency Conversion ("DCC") services for international VISA cardholders using ATMs in the U.S. (Read More) ATMIA PUBLISHES COMPILATION EBOOK COMMEMORATING THE PEOPLE BEHIND THE ATM; Press Release
The ATM Industry Association (ATMIA) has published “Meet the People Behind the ATM You Use Every Day,” to commemorate the 50th anniversary of the ATM as well as ATMIA’s 20th anniversary. The eBook is a compilation of the dynamic stories told by a variety of people and companies active in both ATMIA and the ATM industry which were published by the association throughout the year. (Read More) Visa Makes Signature Optional for EMV Merchants in North America; Press Release To continue the ongoing migration to EMV chip, and to bring increased security and convenience to the point of sale, Visa is making the signature requirement optional for all EMV contact or contactless chip-enabled merchants in North America, beginning April 2018. Simultaneously, Visa continues to invest in emerging capabilities that leverage advanced analytics and biometrics to define the future of payments security. (Read More) Visa debuts connected payment card that pushes real-time alerts, coupons; Mobile Marketer U.S. consumers have shown a reluctance to pay for things with mobile devices given the ease of using plastic debit and credit cards, which may give Visa and Dynamics an advantage in marketing Wallet Card. The IoT device comes equipped with plenty of built-in technology and, in linking together different accounts and cards for the user in one place, it could help de-clutter wallets and simplify mobile payments options. (Read More) How a cashless society is boosting the fortunes of London's homeless; The National A new company, called TAP London, employs people living on the streets to raise money for homeless charities via contactless payments. (Read More) ATMIA Calling all supporters of cash!
The Withdraw Cash Wednesday social media campaign is up and running. See the video, Facebook, Twitter and website, encouraging consumers to visit ATMs every Wednesday and spend with cash for the upcoming weekend. The ATM Industry Association (ATMIA) is pleased to welcome Cardtronics and Allpoint Network as Platinum Sponsors in support of the Withdraw Cash Wednesday campaign targeted at promoting consumer cash use throughout the upcoming holiday season. (Read More) Wirecard makes Mastercard’s Pay by Bank app available to UK merchants; Cards International Wirecard has introduced Mastercard’s fully digital payment app, Pay by Bank, to all its online merchants in the UK. Developed by Mastercard’s Vocalink unit, Pay by Bank facilitates digital debit payments through a user’s banking app and directly from their current account. (Read More) VeriFone Unloads Its Taxi Business, But Confronts a Challenging U.S. Market; Digital Transactions VeriFone Systems Inc. has finally shed its underperforming taxi business, but it still faces a North American market hampered by a three-year delay in an EMV deadline for U.S. petroleum marketers. (Read More) Another startup is attempting to make all-in-one credit cards a thing; The Verge Smart credit cards that let you toggle between multiple digitally saved credit cards haven't had a great run. Plastc, which raised more than $9 million in preorders, failed to ever ship a product and filed for bankruptcy. Coin, on the other hand, managed to ship a card, but ended its product services after Fitbit acquired the company. Still, the dream isn't dead, yet. (Read More) Will Cash Disappear? The New York Times
Cash is unlikely to go away soon. Coins and paper currency remain the most popular ways to pay for things in most countries. But longer term, cash appears to be in a losing battle with electronic payment methods. (Read More) Visa follows, or leads, AmEx and Mastercard; enterprise times In late 2016, Visa previewed B2B Connect, its offering-to-be to transform the business-to-business (B2B) payments space. Since then, it has worked at partnering with financial institutions around the world to transform the 2016 vision into a platform that can now process bank-to-bank test transactions ahead of a full commercial launch in mid-2018. (Read More) Tap to Activate Your Debit Card; monzo Whether you’re a brand new user or you’ve been with us from the start, we want to make sure it’s as simple as possible for you to signup for Monzo and start using it straight away. (Read More) PayNearMe Helps NYC Residents and Visitors Pay Parking Tickets with Cash; Press Release
PayNearMe®, a brand of Handle Financial, today announced a partnership with the New York City Department of Finance that enables New York City drivers to pay for parking tickets in cash at over 100 7-Eleven locations in all five boroughs, many of which are open 24/7. (Read More) Uber introduces a credit card; TechCrunch Announced in partnership with Barclays and Visa at the Money2020 conference in Las Vegas, the new card gives Uber yet another point of access to incredibly valuable customer information and marks another front in its campaign to assume a larger role in online and offline commerce. (Read More) Mastercard and Western Union Team Up on Transfers to U.S. Debit Cards; Press Release Today Mastercard and The Western Union Company announced they are working together to integrate Mastercard Send into the Western Union Money Transfer® service, allowing Western Union to deliver funds to virtually all U.S. debit cards. The alliance opens a new channel for U.S. consumers to quickly and conveniently send money via Western Union to the debit cards people use every day, including non-Mastercard cards. Western Union is the money transfer industry’s first to offer the debit card-enabled service via the Mastercard Send platform in the United States. (Read More) ATM at 50: An oddity then, but it changed consumer behavior; Boston Globe
An automated teller machine. The cash machine. In Britain, a cashpoint. ATMs, known for spitting out $20 bills (and imposing fees if you pick the wrong one), turn 50 years old this year. They’re ubiquitous — and possibly still a necessity, despite the big changes in how people pay for things. (Read More) GoCardless, a fintech that makes recurring payments easy for subscription businesses, raises $22.5M; TechCrunch Well, GoCardless co-founder and CEO Hiroki Takeuchi knows how to work a non-denial denial. When I interviewed him a few weeks ago for an extensive profile piece we ran yesterday, he wouldn’t be drawn on if the hot London fintech was raising a new round. Today — and a little earlier than was planned, thanks to an embargo broken by a London regional paper a week early! — the company is announcing new funding. (Read More) Consumers to abandon cash by 2020; Press Release More than half (54 per cent) of consumers expect to abandon using cash for shopping in the next two years, according to new research conducted by Paysafe, a leading global payments provider. The report, called Lost in Transaction, uncovered the rapid move towards a cash-free economy with nearly half (49 per cent) of people only visiting an ATM once a month or less, and one in six saying they rarely carry cash at all, with that figure rising to one in five for under 34s. With the research showing two thirds (64 per cent) of people carrying less cash than a year ago, the move away from physical notes and coins only looks set to continue. (Read More) The NRF Expects Eight in 10 Small Retailers To Have EMV Terminals by Year’s End: Digital Transactions
Smaller retailers haven’t yet closed the EMV-acceptance gap with big ones, but they are making progress on installing EMV chip card readers at the point of sale, according to findings from a recent survey for the National Retail Federation. (Read More) SEPA instant payments threaten card schemes in Europe; Cards International Real time payments are already live in some domestic markets, and from November 2017, SEPA instant payments will be available across Europe. This cross border payments facility comes as a challenge to card schemes, as it represents the creation of a pan-European alternative to cards. (Read More) Atlanta-based InComm has become the exclusive distributor of American Express U.S. prepaid cards.; Atlanta Business Chronical Amex will remain the card issuer and network for prepaid reloadable and gift card products, while InComm, a prepaid card and transaction services provider, becomes the program manager and processor. InComm also announced that it is acquiring the Serve technology platform and other assets related to the American Express Company (NYSE: AXP) prepaid reloadable and gift card products business. The Serve technology platform expands InComm’s processing capabilities. (Read More) Harborside Partners with CanPay to Launch Cashless Delivery Payments; Press Release
CanPay, the first legitimate debit payment solution for the cannabis industry, today announced a partnership with Harborside, the leading medical cannabis dispensary in the nation, to provide a cashless payment option for delivery transactions originating from both its Oakland and San Jose locations. (Read More) Eye on Networks: Mastercard’s Transactions Increase 17%; Pulse’s Pulse Quickens; Digital Transactions Mastercard Inc. reported Thursday that its switched transaction volume grew 17% in the second quarter. Meanwhile, Discover Financial Services’ Pulse debit network saw volume jump 15% after growing slightly in the first quarter following a long period of decline. (Read More) Card industry mulls payment authentication via smartphones; ITNews Merchants may be able to retire their card terminals over the next few years, and allow customers to enter personal identity numbers (PINs) for payments on their smartphones and tablets instead. (Read More) The 50th anniversary of the ATM – The truth about Cash; Payments Cards & Mobile
The 27 June, 2017 marks 50 years since the inauguration of the world’s first cash dispenser in Enfield, London. Automated Teller Machines, more commonly known as ATMs, have since changed the shape of modern banking and how people access their cash. (Read More) Samsung Pay now supports Discover cards; The Verge Discover card shoppers can finally use their credit card with Samsung Pay on their phones — two years after the credit card company announced that the card would come to the system. A customer service representative for Discover confirmed that customers can now add their cards to Samsung Pay. Samsung unveiled its mobile payment system in 2015, and Discover announced at the time that support for the card would come in early 2016. However, that functionality was delayed until now, prompting some complaints from users. (Read More) FLEETCOR Migrates Comdata Business to IBM Cloud; Press Release FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global provider of fuel cards and workforce payment solutions, today announced the successful migration of its Comdata business to IBM’s state-of-the-art cloud-based processing environment. The flexibility and advanced capabilities of this new infrastructure will allow FLEETCOR to rapidly accommodate growth while maximizing performance for customers and partners. (Read More) Square Will Replace Meters in Washington Taxis; Bloomberg
Washington, D.C., is enlisting Square Inc.’s help as its taxi commission tries to help the city’s cabbies compete with Uber drivers. By the end of August, all of the taxis in Washington have to tear out their traditional meters and start using smartphones or tablets, in what the city government has been describing as a complete reimagining of how the cab system works. On Wednesday, the Department of For-Hire Vehicles is announcing that Square will process the payments going through those mobile devices. (Read More) Grubhub Partners with Point of Sale Leaders to Create Streamlined Restaurant Management Solutions; Press Release Grubhub, the nation's leading takeout marketplace, today announced its integration with industry-leading point of sale (POS) systems, Breadcrumb POS by Upserve and Toast. Restaurants using these systems can now manage all of their orders, both in-house and takeout, from one device. The new integration will also allow restaurants to more efficiently staff, save time on menu updates, consolidate financials and free up space on the crowded delivery tablet counter. (Read More) WEX Signs Multi Country Long-Term Fuel Card Processing Deal with Chevron; Press Release WEX Card Australia Pty Ltd, a subsidiary of WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today announced that it has signed two significant agreements with Chevron International Pte. Ltd. (Read More) 'Supercard' Startup Plastc Goes Belly Up, Screwing Thousands of Backers; GIZMODO
There are dozens of ways to pay for things, but apparently, the world was not ready for one more. Plastic, the company that promised to put all of your credit cards on one chunk of plastic, is officially dead. (Read More) Mastercard adds fingerprint sensors to payment cards; engadget Our fingerprints are quickly replacing PINs and passwords as our primary means of unlocking our phones, doors and safes. They're convenient, unique, and ultimately more secure than easily guessed or forged passwords and signatures. So it makes sense that fingerprint sensors are coming to protect our credit and debit cards. Mastercard is testing out new fingerprint sensor-enabled payment cards that, combined with the onboard chips, offer a new, convenient way to authorize your in-person transactions. Instead of signing a paper receipt or entering your PIN while struggling to cover up the number pad, you simply place your thumb on your card to prove your identity. (Read More) Shopify Announces New Free Card Reader for In-Person Selling; Press Release Shopify, the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses, today announced its new free Chip and Swipe card reader for in-person selling. With Europay, MasterCard and Visa (EMV) support, the new Chip and Swipe reader lets any Shopify merchant in the United States sell offline in a fast and secure way. The card reader was launched at Unite, Shopify’s annual partner and developer conference. (Read More) Wells Fargo Card Requests Drop by Most Since Scandal Erupted; Bloomberg
Wells Fargo & Co. said credit-card applications dropped 55 percent in February from a year earlier, the biggest decline since a scandal involving fake accounts erupted in September. (Read More) Wells Fargo to add NFC mobile withdrawals to ATMs later this year; NFC World Customers of US bank Wells Fargo will be able to withdraw cash from ATMs using an NFC-based mobile payments service such as Apple Pay, Android Pay and Samsung Pay when the bank rolls out an upgrade across the US “later this year”. (Read More) Industry Veterans Form New Card Company, Fair Square Financial; Press Release A team of former executives and experts from leading credit card issuers announced today the market launch of new consumer credit cards under the brand "Ollo". The newly-formed company, Fair Square Financial Holdings, ("Fair Square Financial" or "the Company"), has received a substantial equity commitment to finance card issuance from Pine Brook, an investment firm focused on building financial services businesses. (Read More) Ingenico Readies Its POS App Marketplace for U.S. Merchants And Acquirers; Digital Transactions
Point-of-sale terminal maker Ingenico Group is bringing its POS app store based on its Telium Tetra operating system to the United States this year, company officials tell Digital Transactions News. (Read More) Caring for Smart Chip Cards; The New York Times When I tried to use the smart chip in my credit card at my drugstore’s self-service kiosk, the machine gave me a malfunction error and wouldn’t process the payment. What causes that error and how fragile are these new cards? (Read More) PayPal buys TIO Networks for $233 million; TechCrunch PayPal has agreed to buy bill payment management company TIO Networks for $233 million in cash. The deal will allow PayPal to gain access to a market of customers who pay their utility and cable bills at kiosks in locations like Rite Aid. (Read More) Introducing Square for Retail: A New Point-of-Sale App and Complete Set of Tools for Retail Businesses; Press Release As we know from our millions of sellers, retailers — like all businesses — come in different shapes and sizes. Some only need a card reader and a mobile device to run a successful pop-up shop. Others need a full retail point-of-sale solution built to manage thousands of items and multiple employees on top of integrated payments, hardware, and financial and marketing services. (Read More) Link ATMs: 8,000 in UK could start charging for withdrawals; The Guardian
More than one in seven free-to-use cash machines across the UK could start charging or be shut down if the simmering row about the Link network cannot be resolved, an industry lobby group has warned. (Read More) ATMIA launches Top 20 Speaking Tips for Speakers at ATMIA’s 2017 Events; Press Release ATMIA today published a presentation called “Top 20 Speaking Tips for ATMIA Events” aimed at providing a professional refresher course for all ATMIA speakers in 2017. The course is available online exclusively to all ATMIA speakers. (Read More) Citigroup adds credit card scanning feature to mobile app; Cards International American banking major Citigroup has incorporated credit card scanning functionality into its Citi Mobile App. The new ability will allow US Citi credit cardholders to scan their cards using their mobile device’s in-built camera when activating in the mobile app after which the card account number will populate within the registration. (Read More) London fintech startup pairs mobile wallet with MasterCard powered Curve Card; TechCrunch The mobile wallet lets you sync your debit and credit cards into a single app and to the accompanying Curve card powered by MasterCard. You then simply select which card you want the Curve cards to act as a conduit for any payments you make offline or online, meaning you only need to carry a single physical card with you. (Read More) Brazil to Crack Down on 476% Annual Credit Card Rates, Again; Bloomberg
Triple-digit credit card interest rates are enough to ensure many consumers keep their wallets in their pockets, even at this time of year. But now the government of President Michel Temer has signaled that it wants to tackle the staggeringly large spread between Brazil’s benchmark Selic rate - currently 13.75 percent - and the average annual interest on credit cards, which is somewhere north of 450 percent. (Read More) Walmart leverages its MoneyCard app to help customers save; Mobile Commerce Daily Retail giant Walmart is partnering with Green Dot to debut a new prize-based savings incentive program run through the former’s MoneyCard service. (Read More) InComm to Launch PlayStation™Network Prepaid Products into Indonesia 7-Eleven Stores; Press Release InComm, a leading prepaid product and transaction services company, announced that, together with MOL Global, Inc., the two companies are launching PlayStation™Network prepaid products to be distributed through 7-Eleven stores in Indonesia. MOL Global is a leading e-payment enabler for online goods and services in emerging and developed markets. (Read More) Winners and Losers From India's Cash Ban; Bloomberg
While India's war on cash may have hurt some, there have been at least two winners - Visa and MasterCard. Analysts predict that the world's largest payment networks will see a surge in transactions. Bloomberg's Harsha Subramaniam reports on "Bloomberg Markets." (Read More) Visa Chip Card Update; Press Release Of the 388.8M Visa chip cards circulating in the U.S., 180.6M are credit cards and 208.3M are debit cards. More than 1.7M merchants are now accepting chip cards, a 191% increase in the last year. (Read More) Visa’s EMV Debit Routing Practices Attract the Attention of the FTC And the Fed; Digital Transactions The Federal Trade Commission is investigating Visa Inc.’s practices involving EMV debit card transaction routing, Visa disclosed Tuesday. And the Federal Reserve earlier this month posted guidance about EMV debit routing that, according to retailer trade groups, was issued in response to their objections to Visa’s practices at the point of sale. (Read More) Visa Direct Expands Its Reach With Real-Time, Card-Based P2P and Funds Disbursements Services; Press Release
Visa (NYSE:V) announced that Visa Direct continues to gain momentum as a faster payments solution through key partnerships with FIS and Jack Henry & Associates, Inc. (NASDAQ: JKHY) for person-to-person (P2P) payments, and Stripe, Hyperwallet and Ingo Money for faster business and government disbursements. (Read More) Supporting New Mastercard 2-series BINs; Braintree Mastercard is introducing a new 2-series to their Bank Identification Numbers (BINs). A BIN refers to the first 6 digits of a credit card number and can be used to identify the card issuing institution. Up until now, Mastercard BINs have only been in the 5-series range, which begin with a 5. (Read More) Fifth Third Bank Launches Comprehensive Electronic Card Payables Solution for Commercial Clients; Press Releaase As a leader in commercial payments, Fifth Third Bank (NASDAQ: FITB) has launched Fifth Third ePay, an upgraded electronic accounts payable (EAP) solution for commercial card clients using virtual card numbers for payment. Fifth Third ePay enables clients to take advantage of electronic accounts payables and meets evolving client needs. Fifth Third ePay provides clients with multiple options for supplier payments, visibility into account and payment status, and program controls for fraud and risk mitigation. (Read More) This Beautiful Copper Coin Could Transform How We Spend Money; fastcodesign.com
It hurts to spend cash. Literally. And in a way, that’s a good thing. Because we’re living in a time where most people have less than $1,000 in their bank accounts, and almost $5,000 in credit card debt. Yet it’s unfair to simply blame the middle class’s financial woes on some lack of self-control, because in the age of smartphone payments, Amazon's Subscribe & Save, and good old credit card swipes, who earnestly considers their monthly budget every time they buy a coffee? (Read More) Mastercard Teams Up with Stripe to Make Getting Paid Faster and Easier in Today’s Shareconomy; Press Release Mastercard and Stripe announced that Mastercard Send is speeding payments for U.S. sellers on Stripe marketplaces using the instant payouts feature from Stripe. Getting paid as a caregiver, dog walker or hairstylist just became a lot faster and more convenient. Mastercard Send is a first-of-its-kind service that enables people and businesses to send and receive funds quickly and securely. (Read More) New York Fed: Credit-Card Use Increasing Among People with Low Credit Scores; The Wall Street Journal
The credit card is coming back, even among people with the lowest credit scores. In the second quarter, total household debt increased by $35 billion to $12.3 trillion, according to the New York Fed’s latest quarterly report on household debt. That increase was driven by two categories: auto loans and credit cards. (Read More) No cash allowed: Stores refusing to accept money; Boston Globe At Amsterdam Falafelshop in Kenmore Square, you can choose hummus or tahini for your $7 sandwich. And you can pick from a dozen toppings, from pickled cauliflower to fresh feta and olives. What you can’t do is pay with cash. (Read More) US Payments Forum Publishes Update to Payment Networks Minimum Requirements for US EMV Chip Deployment; Press Release As U.S. issuers, merchants, acquirers and processors continue their migrations to EMV chip technology for more secure payments, many stakeholders may ask: “What is the least complex way to deploy chip for my organization?” To help merchants and acquirers develop their strategies for implementation, payment network members of the U.S. Payments Forum (formerly the EMV Migration Forum) have updated the guide outlining their minimum requirements for chip deployment, including changes to incorporate requirements for the recently announced faster EMV solutions from American Express, Discover, MasterCard and Visa. (Read More) FIS and Payment Alliance International Bring Cardless Cash to Consumers at Retail Locations Nationwide; Press Release
FIS Cardless Cash®, the market-leading mobile solution that avoids using a plastic card at the ATM to withdraw funds, will expand across the United States thanks to a new partnership between FIS™ (NYSE:FIS), a global leader in financial services technology, and Payment Alliance International (PAI), the nation’s largest, privately-held provider of ATM processing and maintenance services, ATM equipment sales and support. (Read More) Mobile money giant M-Pesa is getting its own debit card to compete with banks; QUARTZ Safaricom, parent of the M-Pesa mobile money platform, is eying a piece of the $13.5 billion in annual transactions in Kenya’s payment cards industry with a new debit card. In its pilot stage, the new card, which is largely expected to challenge commercial banks for card commissions, is linked to its Lipa na M-Pesa (pay with M-Pesa) service, which enables traders and individuals to settle bills at different points of sale across the country. (Read More) UBA and Mastercard Announce Pan African Partnership; payments afrika United Bank Africa (UBA) and Mastercard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership which came into effect in the second quarter of 2016 will see UBA issue Mastercard credit, debit and prepaid cards across these markets. (Read More) The Experience Matters: 3 Takeaways From Consumer Card Spending Featured; Retail TouchPoints It’s been no secret that traditional retailers have had a difficult time in 2016, as consumers opt to spend where they can do more than just buy physical products. They want experiences. (Read More) Switch to Visa Cards Should Save Costco Millions, Analysts Say; TheStreet
Costco Wholesale will switch to Visa credit cards, marking the end of its 17-year alliance with American Express (AXP). This means American Express cards will no longer be accepted at Costco. (Read More) Wells Fargo’s new credit card comes with mobile-enabled tracking; Mobile Commerce Daily Wells Fargo has launched a new Visa credit card that focuses on cash rewards and includes a mobile-enabled online banking feature for on-the-go account management, driving purchases and credit card use. (Read More) Florida bank issues first US credit card for use in Cuba; AP A small Florida bank will issue the first U.S. credit card intended for use in Cuba and make it easier for Americans to travel and work on an island largely cut off from the U.S. financial system, the bank announced Tuesday. (Read More) VocaLink signs deal with UnionPay International; Press Release
VocaLink, the international payment systems provider, today announces a five year deal with UnionPay International, which will enable UnionPay cardholders to access ATMs in the UK and continental Europe. UnionPay is one of the world’s largest bankcard schemes, with over 5.4 billion cards issued. (Read More) UnionPay International’s promotion of overseas card issuance welcomed by inbound tourists; Press Release With UnionPay’s rapid expansion overseas, and especially the progress of its localization strategy, UnionPay cards are frequently used by an increasing number of overseas cardholders. By the end of the first quarter of this year, the transaction volume of overseas-issued UnionPay cards accounted for about half of UnionPay’s total international business; this figure by the end of 2013 was only 27%. The transaction number of overseas-issued UnionPay cards in the Chinese mainland increased by over 30% year on year. (Read More) Consumers Struggle When Using EMV Cards for the First Time; eMarketer Adoption of EMV cards, a global standard for credit and debit card payments sometimes referred to as chip-and-PIN, has a ways to go. March 2016 research found that consumers are still struggling when using these cards for the first time. (Read More) Facebook Could Blow Up Credit Cards and Make Loans to Billions; Newsweek
Facebook seems ready to radically reimagine credit cards—minus the “card” part, of course. It’s already a foregone conclusion that by next decade carrying a plastic card to buy stuff will be as anachronistic as hauling around a boom box to listen to music. (Read More) No purchase is too tiny for today’s debit-card users — right, millennials? The Seattle Times Do you roll your eyes in the checkout line when someone pulls out a card to pay for a candy bar or pack of gum? Get used to the feeling. (Read More) Chip Cards Cause Headaches at Stores Across America; Bloomberg A majority of credit cards in the U.S. now contain a chip designed to add more security -- yet most payment terminals at retailers can’t read the new technology. And the situation isn’t going to improve anytime soon. (Read More) Episode 695: Put A Chip On It; Planet Money Credit cards and debit cards have tons of safety features. The extra security code on the back. Sometimes your picture. Your signature. That little hologram of a bird that nobody looks at. (Read More) Wells Fargo Introduces Go FarTM Rewards; Press Release
Wells Fargo & Company announced Go FarTM Rewards, its enhanced credit card rewards program available to all customers with a rewards-based credit card from Wells Fargo. Through the program, customers can redeem their rewards at any Wells Fargo ATM, use rewards toward their qualifying Wells Fargo checking or savings account or apply toward the principal balance of a qualifying Wells Fargo line or loan. (Read More) Poll: Pay with cash or card for $5 purchase? CreditCards.com Whether it’s picking up a cup of coffee on the way to work or a magazine at the airport, more consumers are using their cards instead of cash to pay for small transactions, according to a new CreditCards.com survey. (Read More) Chip-Card Payment System Delays Frustrate Retailers; The New York Times Avi Kaner, a co-owner of the Morton Williams supermarket chain in New York, has spent about $700,000 to update the payment terminals at his stores. Trouble is, he cannot turn them on. (Read More) Coming Soon To The Person In Line, In Front Of You: The Horror Of The EMV User Experience Fail; medium.com
On October 1st, 2015 a quite unnoticeable line will have been crossed for payment acceptance in the US, a mandate from Visa, MasterCard American Express and Discover will begin to take effect at every retail merchant that accepts payment cards. (Read More) Using your chip card at some stores and not at others? Here’s why; The Washington Post If you’re like many shoppers, you’ve had a momentary blip of confusion — or maybe several of them — at a checkout counter lately. That’s because some stores have outfitted themselves with payment terminals that use your credit card’s new, more secure chip technology. Some stores haven’t. And at still more retailers, you can see they have the chip readers installed, but they don’t want you to use them yet. The result? You’re having an internal “to swipe or to dip?” debate every time you go shopping. (Read More) UnionPay transactions surge in Spring Festival spree; Xinhuanet China UnionPay transactions soared to yet another record high in the Spring Festival, the operator revealed Sunday. (Read More) Cash still king for many consumers; Chain Store Age
That’s according to a survey of over 1,000 consumers by Cardtronics. It shows that in spite of people having access to and using a greater variety of payment methods, cash remains widely used and frequently selected for making all sorts of payments. (Read More) Battle Between Signature & PIN Rages On; The Members Group There continues to be discussion within the payments industry as to the merits of signature vs. PIN authentication— specifically on EMV credit cards—in an EMV environment. However, the debate misses a crucial point: Recent mass data breaches, arguably the largest threat facing the card industry today, have not been tied to any particular verification method or lack thereof. (Read More) AmEx reinstates rule prohibiting merchant steering; MarketWatch
After receiving a favorable court ruling last week, American Express Co. is reinstating its longtime policy that prohibits merchants from steering customers to cheaper forms of payment. (Read More) If you’re not reading this, you may be out buying gift cards; Bangor Daily News The Portland-based digital gift card processor CashStar said its annual survey of online shoppers revealed most gift cards are likely to fly out the door as close to the Christmas holiday as humanly possible. (Read More) Visa Inc. to Acquire Visa Europe; Press Release
Visa Inc. (NYSE: V) and Visa Europe Ltd. today announced a definitive agreement for Visa Inc. to acquire Visa Europe, creating a single global company. The transaction consists of upfront consideration of €16.5 billion with the potential for an additional earn-out of up to €4.7 billion payable following the fourth anniversary of closing, for a total value of up to €21.2 billion. The upfront consideration comprises €11.5 billion of cash and preferred stock convertible into Visa Inc. class A common stock valued at €5 billion.1 Both companies’ boards were unanimous in their support of the transaction. The transaction is subject to regulatory approvals and is expected to close in Visa Inc.’s fiscal third quarter of 2016. (Read More) Amazon Shutting Down Its ‘Register’ Credit Card Processor; The New York Times Amazon, the online retailing giant, quietly killed its credit card reader service for small and medium-size businesses, a move that seems to scale back the company’s ambitions of going after micromerchant processing services. The credit card reader, called Amazon Register, debuted to much fanfare little more than a year ago. (Read More) Interchange Evidence? Credit Slips
Both sides in the interchange fee debate have pointed to a recent Richmond Fed study as evidence supporting their position (here and here). Frankly, it's hard to tell without agreeing on a baseline for analysis: pre-Durbin interchange fees or what the fees would have been but for Durbin or the anticipated post-Durbin drop in fees? (Read More) Sources: Square to file for IPO in the next two weeks; Fortune Payments startup Square plans to file an S-1 document for its initial public offering within the next two weeks, according to multiple sources familiar with the situation. (Read More) Shopify Announces New EMV Credit Card Reader That Accepts Chip and Pin, and Apple Pay; Press Release Shopify Inc. a leading cloud-based multichannel commerce platform, today announced the launch of its new credit card reader that will allow Shopify merchants in the U.S. to securely accept chip and pin, tap, and swipe credit and debit cards as well as contactless payment technologies like Apple Pay. (Read More) Visa Checkout Expands Global Availability with New Merchants and Issuers; Press Release
Visa Inc. (NYSE:V) today announced continued global success of Visa Checkout, the online check out service that allows shoppers to pay with their cards online and on any device, with just a few clicks. In recent months, no less than thirty-three new merchants, ranging from Best Buy and Under Armour to Barnes & Noble and Taco Bell, have signed on to offer Visa Checkout. (Read More) Green Dot Announces Opening of Wholly-Owned Subsidiary in Shanghai, China; Press Release
Green Dot Corporation (NYSE:GDOT) today announced the official opening of Green Dot Shanghai Software Technology Co. Ltd. “Green Dot Shanghai” is a new wholly-owned subsidiary of Green Dot Corporation that is located in the Zhangjiang Hi Technology Park in the Pudong district of Shanghai. The 24,000 square foot facility will employ Shanghai’s finest technology leaders and engineers with the goal of further increasing Green Dot’s ability to quickly, expertly and efficiently bring cutting-edge technology solutions to Green Dot’s large-scale branchless banking platform in the United States. (Read More) Payment Alliance International Offers CardFlight EMV Mobile POS; Press Release Payment Alliance International (PAI), a leader in electronic payment processing solutions, and CardFlight, a top mobile point of sale (POS) technology provider, today jointly announced they have entered into a partnership agreement for EMV mobile POS (mPOS). PAI will offer CardFlight’s EMV mPOS acceptance solutions to its market partner distribution network and merchant customers nationwide. CardFlight’s flagship SwipeSimple mPOS product will be offered under the name PAImobile® Plus which will be PAI’s preferred mPOS solution for merchants wanting to accept mobile payments and manage their businesses via smartphones and tablets. (Read More) The sale of Visa Europe: a potential setback for merchants in the fight against fees; Treasury Insider
With reports that Visa Inc. is in talks to buy its counterpart, Visa Europe, significant changes could be on the cards for Europe’s merchant community. (Read More) Worldpay extends global payment acceptance capabilities to India; Press Release
Worldpay, the global leader in payments has partnered with IndusInd Bank Limited to offer domestic acquiring services in India. The association will assist both companies in processing customers’ payments and marks the first step for Worldpay in entering the Indian market – a result of the growth in eCommerce across the country. (Read More) High Credit Card Fees Put a Dent in Car Tune-ups for Memorial Day Trips; Press Release Memorial Day weekend starts the summertime travel season. According to AAA Travel around 33 million happy vacationers will be driving to their Memorial Day getaways. Millions will be tuning-up the engines, checking oil levels and filling up gas tanks to prepare for the first vacation. Banks and credit card companies will be busy as well, pocketing a big chunk of every auto repair bill paid with a credit or debit card. (Read More) China to open bank card clearing market to foreign firms from June; Reuters
China has announced it will open up its market for clearing domestic bank card transactions, a move that should allow foreign players such as Visa Inc and MasterCard Inc direct access to a market valued at $6.84 trillion last year. (Read More) Finding the Right Credit Card, No Matter How Much You Travel; The New York Times To rack up frequent-flier miles and loyalty points quickly and easily, you need the right credit cards. And now is a terrific time to sign up for one (or more), thanks to increased competition among issuers, resulting in some of the best offers in years. (Read More) VISA ReadyLink Users Can Now Add Funds to Their Cards at Walmart; Press Release
InComm, a leading provider of integrated point-of-sale (POS) technology solutions to retailers, announced that they have integrated VISA ReadyLink into Walmart's Rapid Reload network of prepaid card programs. Now Visa reloadable prepaid cardholders can add funds to their general purpose reloadable (GPR) cards at participating Walmart stores and continue to enjoy a cost-effective reload solution that is simple, safe and secure. (Read More) WEX to receive Australian MasterCard® Issuing Licence under new regulatory framework; Press Release WEX Inc. (NYSE: WEX), a leading provider of corporate payments solutions, today announced its subsidiary, WEX Finance Inc., has received a MasterCard issuing licence in Australia. (Read More) CardLinx Launches Global Forums to Promote Interoperability Collaboration in the Payments and Digital Advertising Industries; Press Release
The CardLinx Association, the leading global organization promoting card-linked interoperability and standards, will launch The 2015 CardLinx Forum Series on February 24 in San Francisco. Executives from payments, mobile advertising, and digital commerce companies will address innovation and collaboration in card-linking—the rapidly growing advertising channel that delivers a reward or discount to a consumer’s payment card for automatic paperless redemption, without any codes or coupons. (Read More) THE J.G. WENTWORTH COMPANY™ HAS JOINED FORCES WITH VISA INC. TO ENTER INTO THE PREPAID CATEGORY; Press Release The J.G. Wentworth Company™ (“J.G. Wentworth” or the “Company”) (NYSE:JGW) announced today that it will enter the prepaid card category and expand the Company’s product offerings to new and existing customers through an agreement with Visa Inc. (Read More) Payments Business Will Bypass Banks, Says Adyen Boss; Wall Street Journal Digits
While tech giants such as Apple Inc., Google Inc. and Amazon.com Inc. jostle to dominate the digital payments market, a Dutch tech company expects to benefit no matter who wins. (Read More) Chip & PIN for Americans: Too Difficult, Or Too Costly? Association For Financial Prof Chip-and-PIN technology for credit cards has been used in most of the developed world for over a decade. In Europe, Canada and Australia, chip-and-PIN is the standard. The United States, however, has lagged behind in this department, opting only to require PIN with debit cards (and even that is optional). (Read More) Challenged by Upstarts, Lenders Try New Strategy: Cooperation; DealBook Employees at MasterCard thought they saw a drop-off in credit card volume last spring at one of their merchants, a legal services provider. Checking further, they found they had a new competitor, Behalf, a start-up small-business lender backed by two venture capital firms that makes credit decisions in just a few seconds. (Read More POS Software Trend Report 2015; Hospitality Technology
Each year, Hospitality Technology puts a spotlight on point-of-sale technology to find out what’s trending in POS for the year ahead. (Read More) EMV Chip Technology Is the Future of U.S. Payments: Get the Facts in New EMV Migration Forum Infographic; Yahoo Finance The new year will bring a new way to pay in-store for many U.S. consumers, with 600 millioni new EMV chip cards expected to reach their wallets and increasing acceptance of the cards at retail stores. The EMV Migration Forum explains what you need to know about the changes that are coming with this secure payment technology in the new infographic "EMV Chip Cards: The Future of Payments." (Read More) Developers Can Now Use Google’s Cloud Platform To Handle Credit Card Information; TechCrunch Google today announced that its Cloud Platform is now in compliance with the Payment Card Industry (PCI) Data Security Standards (DSS). This means developers can now hold, process and exchange credit card information from branded credit cards on Google’s cloud computing platform without running afoul of existing regulations. (Read More) Preparing for Chip-and-PIN Cards in the United States; The New York Times On a recent morning, eager shoppers swarmed around Covent Garden, a 350-year-old former open-air vegetable market in central London whose glass-fronted stores now include popular American companies like Apple and Shake Shack. (Read More) MasterCard Seeks 'Level Playing Field' for Bitcoin Regulation; CoinDesk MasterCard has spoken out against bitcoin's perceived risks and called for regulators to create a "level playing field" for payments systems. (Read More) |
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