Credit/Debit Cards

MasterCard to acquire rewards, loyalty services provider Pinpoint

MasterCard announced on Thursday plans to acquire Pinpoint, a loyalty and rewards service provider in the Asia Pacific region, before the end of the second quarter. “Becoming a part of the MasterCard family is an exciting step for our entire team as we look to build on our core business and grow our customer relationships across the... Read More...

CO-OP Financial signs EMV common debit solution agreement with Visa

CO-OP Financial Services announced an agreement with Visa on Tuesday to make the card company’s EMV common debit solution available to clients in its push for debit EMV adoption. “This is a major advance in adoption of the EMV standard for debit card transactions in the United States, providing a clearer migration path to EMV for our debit... Read More...

CMBC, AmEx launch multi-currency credit card for customers abroad

China Minsheng Bank and American Express announced last week the launch of the CMBC American Express Multi Currency Platinum credit card, the first single network card product to be offered on the AmEx network in China. The new product, which is designed for CMBC customers traveling abroad, is the second launched by CMBC following the... Read More...

MasterCard urges EU to exclude commercial cards from regulation

MasterCard called on members of European Parliament on Tuesday to exclude commercial cards from draft legislation regarding interchange, or swipe, fees ahead of a vote on the measure. Commercial cards, which were not considered in the original interchange fee proposal, are generally used to replace manual invoices and checks between businesses... Read More...

Wal-Mart files antitrust suit against Visa over interchange fees

Wal-Mart—the largest retailer in the nation—entered the interchange debate after it filed suit against Visa last week, alleging that the card company colluded with banks to fix interchange rates unreasonably high. In its 39-page complaint filed in a federal district court in Arkansas, Wal-Mart seeks to recover damages “for anticompetitive... Read More...

TSYS to provide card processing for Virgin Money’s credit card business

TSYS announced on Thursday a long-term agreement to provide consumer credit processing services and value-added capabilities for U.K.-based Virgin Money customers. Virgin Money, a retail bank that provides credit cards, mortgages, pensions and savings, plans to launch its own credit card business, following the purchase of $1.7 billion in... Read More...

Court ruling upholds Fed’s swipe fee cap, anti-exclusivity provisions

A federal appeals court dealt a blow to merchants in the swipe fee debate last week after it issued a ruling upholding the Federal Reserve cap on debit transaction processing fees. In 2011, the Federal Reserve, under the authority of the 2010 Dodd-Frank Act, issued a rule capping swipe fees—the amount a bank charges a merchant to process... Read More...

Visa, Pulse sign agreement for use of Visa’s EMV common debit solution

Visa and PULSE announced an agreement last week to allow financial institutions that issue EMV debit cards on their networks to use Visa’s common debit solution, which aims to encourage and accelerate EMV chip adoption in the U.S. “It’s important for the industry to work together, especially when it comes to the adoption of EMV chip,”... Read More...

CFPB begins testing new prepaid packaging disclosures

The CFPB is currently considering proposing new prepaid packaging disclosures that will help consumers shop by comparison. The regulator said on Tuesday it will propose a rule to standardize the disclosures after it finishes interview testing with consumers. In its second round of testing, consumers across the country will receive test versions... Read More...

American Express expands travel rewards for platinum cardholders

American Express announced on Thursday it plans to expand travel rewards, including unlimited Wi-Fi access and an application fee statement credit option for the TSA Pre-Screen program, for its consumer, business and corporate platinum cardholders. “American Express is committed to offering a variety of travel benefits and services that... Read More...

hyperWALLET, Karrot partner to launch prepaid loyalty rewards program

Payments provider hyperWALLET announced on Wednesday that Chicago-based Karrot has launched its branded prepaid card services program to allow users in the U.S. and Canada to cash in loyalty points for local currency on prepaid cards. “We are pleased to partner with hyperWALLET to directly reward our channel incentive program participants,”... Read More...

Commerce Bank offers rewards credit card to Phi Kappa Phi members

Commerce Bank and the Honor Society of Phi Kappa Phi, the oldest all-discipline collegiate honor society, recently partnered to offer members a Visa rewards credit card that offers unlimited earnings and carries no annual fee. Cardholders can redeem points for cash back as statement credits, merchandise, travel and gift cards. The card features... Read More...

JetPay debuts MAC Visa Prepaid Card for payroll clients

JetPay announced on Tuesday the rollout of the Money Access Visa Prepaid Card for employees and employers who are clients of JetPay Payroll Services, the company’s payroll processing business. “I wanted to make banking and purchasing services available equally to everyone in America,” JetPay founder and Chairman Bipin C. Shah said. “As... Read More...

Fiserv-MasterCard partner to make EMV available to Accel debit network

Financial services technology provider Fiserv announced on Wednesday an agreement with MasterCard to make the card company’s common debit EMV solution available to the Accel debit network. Under the agreement, MasterCard issuers will have the flexibility to choose and implement network relationships, and merchants and acquirers will continue... Read More...

Report: Card fee income accounts for majority of card industry revenue

A report released earlier this week by R.K. Hammer showed that card fee income as a percent of total income remained flat in 2013, though it still accounts for a majority of income for card companies. In previous years, interest income on prime and super prime cards contributed the largest portion of the card industry’s revenue. The report... Read More...

AmEx EveryDay credit card rewards members for card use

American Express announced last week the introduction of the EveryDay Credit Card, which rewards cardholders for how often they use the card instead of how much they spend. Available by April 2, the card carries no annual fees, and if used 20 times or more in a single billing period, members earn 20 percent extra rewards points on all... Read More...

MasterCard expands footprint in Africa with entrance into new markets

MasterCard announced on Tuesday its entrance into seven new markets in Central and West Africa, including Chad, the Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and Gambia. The credit card company’s entrance into the markets expands its presence to 48 of the 55 markets on the African continent. “Africa’s... Read More...

Prepaid industry receives grade of “A-” for quality

A report released by the Center for Financial Services Innovation earlier this week gave the prepaid industry an overall grade of “A-“ for quality. The scorecard evaluated 18 prepaid cards—comprising 90 percent of the marketplaces—against the CSFI’s recommendations outlined in its Compass Guide to Prepaid and its Compass... Read More...

CFSI releases guiding principles for development of small-dollar credit

The Center for Financial Services Innovation recently released a manual outlining guiding principles for financial institutions and other lenders seeking to develop or implement small-dollar credit lending programs. According to the CFSI, in 2012, consumers spent $41.2 billion on small-dollar credit products such as payday loans, overdraft... Read More...

Visa develops database to help detect, prevent prepaid fraud schemes

Visa announced on Thursday the completion of a centralized database that will allow financial institutions, processors and program managers to detect and prevent fraud schemes aimed at prepaid cards. The Visa Prepaid Clearinghouse Service allows banks, payments processors and other participants to share prepaid card data, including enrollments,... Read More...

First Data to use Visa’s common EMV debit solution

Visa and First Data’s STAR Network announced an agreement on Wednesday to share Visa’s common EMV debit solution, which will help encourage the development of EMV solutions using a common application identifier. STAR Network will use PIN and no CVM functionality on the common AID to facilitate various debit transaction types on its network,... Read More...

Minnesota Twins, retailers sue Visa, MasterCard over swipe fees

The Minnesota Twins and a group of Minnesota retailers recently filed suit against Visa and MasterCard, alleging that the credit card companies broke antitrust laws by fixing swipe fees. The suit alleges that Visa and MasterCard colluded with banks to fix interchange fees unreasonably high and to keep information on them from consumers. The... Read More...

JPMorgan adopts new prepaid disclosure for Chase Liquid

JPMorgan announced on Wednesday the adoption a new disclosure model for its Chase Liquid prepaid card put forth by the Pew Charitable Trusts. The new disclosure box provides customers with a description of fees and deposit availability schedule in an easy-to-follow format. “Our customers appreciate that we use clear language when we... Read More...

AmEx, MatchMove launch prepaid virtual product for online purchases

American Express and Singapore-based MatchMove announced on Thursday the launch of a prepaid virtual product that will allow customers to use funds in their MatchMove Wallet to make purchases on the AmEx network. MatchMove American Express Virtual Pay provides a number of security features, such as a one-time password, and allows customers to... Read More...

Visa to allow mobile payments on secure cloud-based platform

Visa announced on Wednesday it will offer clients new cloud-based options to deploy mobile payments programs as part of an effort to expand its support for mobile payments around the world. For the first time, clients will have an option to host Visa payWave-enabled accounts in a virtual cloud. The company’s support for cloud-based payments... Read More...

Orange Cash MasterCard-branded prepaid card launches in Spain

Orange announced on Wednesday the launch of MasterCard-branded reloadable prepaid card Orange Cash in Spain. The card allows consumers to make online payments, transfer funds to other users’ phones and cash withdrawal at MasterCard ATMs. No bank account is required to use the card, and the card is compatible with all telephone numbers for all... Read More...

MasterCard to use host card emulation to allow NFC mobile payments

MasterCard announced on Wednesday that it will use host card emulation—or HCE—to allow cardholders to use their cards on NFC-enabled mobile phones to make contactless payments. HCE allows for the delivery of payments and other NFC services, such as loyalty programs, transit passes and building access passes, without the use of a secure... Read More...

MasterCard to offer enhanced reward options with Points International

MasterCard announced on Tuesday enhanced reward options for its cardholders through a partnership with Points International that is expected to drive engagement and provide value to rewards programs offered by issuing banks. “Consumers have said loudly and clearly that they want increased flexibility with their rewards,” Nandan Mer, the... Read More...

GAO report highlights concerns in college debit, prepaid market

A GAO report released last week highlighted areas for concern regarding college debit cards, which the GAO found were provided by 11 percent of U.S. colleges and universities in 2013. The data showed that most debit or prepaid college card offerings provided students the ability to receive their federal student aid and other payments on the... Read More...

Fitch Ratings: Prepaid cards likely to become more popular

Fitch Ratings said the strong growth seen in the U.S. prepaid market will likely continue as consumers opt for the cards to better manage their finances. Recent data provided by the Federal Reserve showed general purpose prepaid card payments have remained the fastest-growing noncash form of payment for the past several years. The number of... Read More...

U.S. Bank pilots voice biometric-enabled account management software

U.S. Bank announced last week that its employees are currently piloting software that uses voice biometrics, allowing customers to speak a simple passphrase to access their credit card accounts on a mobile device. The solution, developed by Nuance Communications, addresses security shortfalls in passwords and security questions. Voice... Read More...

Survey: European consumers expect interchange regulation to complicate paying by card

A recent survey conducted by IPSOS on behalf of MasterCard showed a majority of European consumers fear interchange legislation proposed in the EU will make the process of paying by credit card more expensive and complicated. According to the poll, which examined consumer views on proposals under consideration by the European Commission to cap... Read More...

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