Payment technology

Mobile P2P payments replacing traditional payment forms for millenials

New peer-to-peer (P2P) payment technologies are gradually replacing traditional payment forms among millennial consumers, according to a recent report from Nielsen. Mobile users age 18-34 account for the largest share of mobile payment users—55 percent indicated that they use mobile payment services. Thirty-five percent of mobile payment... Read More...

Square releases updated free money transfer app

Square recently released an updated version of Cash, a free app to request and make cash transfers via mobile phone number or email address. According to the company, users will be able to send and request money--even if the recipient does not have the app—from up to 25 people at one time, streamlining payment collection for large events and... Read More...

Money20/20 event, hackathon to be held in Las Vegas this fall

The Money20/20 conference, which explores trends in payments and innovations within the financial services industry, will be held this fall in Las Vegas and will include participation by more than 2,250 companies. The event, which will be held Nov. 2-6 at the ARIA Resort and Casino, will feature more than 300,000 square feet of showcasing and... Read More...

Ingenico and partners release PCI-certified P2PE, EMV payment solution

Ingenico recently partnered with FreedomPay and ScanSource to release the first PCI-certified point-to-point encryption (P2PE) and EMV payment solution in North America. The new solution, which combines Ingenico’s On-Guard and FreedomPay Commerce platforms, covers EMV and NFC electronic payments, as well as those made with magnetic stripe... Read More...

VeriFone expands taxi payment services to partners in Turkey, Mexico

VeriFone announced on Wednesday plans to expand its in-taxi payments service to include the Turkish capital of Istanbul and Mexico’s Mayan Riviera. According to VeriFone, its full suite of taxi payment services, which include Way2Ride—the company’s award-winning mobile taxi app—will be available to more than 20,000 taxis in the two... Read More...

Heartland Payment Systems acquirers mobile tablet POS platform Leaf

Heartland Payment Systems, the fifth largest payment processor in the U.S., announced on Thursday that it has acquired mobile tablet creator Leaf for an undisclosed amount. According to Heartland, the acquisition demonstrates the company’s commitment to providing a POS platform that simplifies operations for small businesses. Leaf will... Read More...

EMV migration gains footing in U.S.

More than 575 million payment cards in the U.S. will feature EMV chip technology by the end of 2015, according to the Payments Security Task Force (PST), a trade body established to track the EMV migration. “These numbers reflect the significant momentum behind the adoption of EMV chip in the United States,” Ryan McInerney, the president of... Read More...

Western Union expands footprint to Ivory Coast with MTN partnership

Western Union announced on Monday that it has partnered with MTN Group, a mobile telecommunications company operating in Africa, Europe and the Middle East, to launch a new mobile money transfer service in Ivory Coast. Consumers in the country who use MTN’s Mobile Money service will be able to receive a Western Union money transfer... Read More...

Payments Council: Britain leads world in mobile payments industry

A recent report that compared worldwide person-to-person (P2P) mobile payment services showed Britain leads the world market in infrastructure, ownership, speed and customer experience. The report, compiled by the U.K. Payments Council, found Britain’s top spot in the mobile payments market is due in large part to the P2P Paym payments... Read More...

FTC report finds mobile shopping app disclosures inadequate

A new staff report released by the Federal Trade Commission found many consumer disclosures for mobile apps designed to be used in online shopping do not provide shoppers with adequate information. The report—which examined 121 of the most popular apps, including in-store shopping apps and “deal” apps, as well as comparison shopping... Read More...

AmEx, PBZ partner to launch NFC payments pilot in Croatia

American Express recently announced that it has partnered with Croatia’s Privredna Banka Zagreb (PBZ), the second largest bank in the country, to launch a test pilot of an NFC payments system using host card emulation technology. “American Express recognizes that consumers around the world are paying in new and different ways,” Mike... Read More...

Central Bank of Russia to create own national payment system

Russia’s central bank recently said that it would create a national payment card system to compete with Visa and MasterCard without the use of existing infrastructure. The Central Bank of Russia’s press office said the new system is expected to be up and running in 2015, and the first system-branded cards are expected to be issued within a... Read More...

PayByPhone mobile parking payment app available on Amazon products

PayByPhone—an enterprise of PayPoint—recently announced the availability of its mobile parking payment app for Amazon Fire, Kindle Fire and Appstore users. The Fire phone’s NFC capabilities work with PayByPhone’s parking meter stickers in San Francisco and Seattle—the stickers contain electronic chips that store information like the... Read More...

U.S. Bank releases suite of business traveler payment enhancements

U.S. Bank recently announced a new suite of tools aimed at securing, enhancing and streamlining payments made by business travelers. The new capabilities, which will be introduced during the Global Business Travel Association’s annual conference this week, include U.S. Bank Travel VirtualPay, real-time credit limit change capabilities and... Read More...

Visa announces new secure payments offerings for internet devices

Visa announced last week a new suite of offerings aimed at securing payments across a number of internet-connected devices and wearables. Visa Digital Solutions offerings will fall into two categories: support for new methods of payment and technology to protect consumers and facilitate innovation, according to a Visa press release. “Visa... Read More...

MasterCard launches MasterPass technology in Poland

MasterCard extended its global reach even further last week with the introduction of its MasterPass digital wallet technology in Poland. uPaid will be among the first to use the MasterPass platform to power its uPaid wallet. uPaid will switch its current MasterCard Mobile users to the wallet, according to a Mastercard press release. “In... Read More...

NAC issues guidance on EMV migration for ATM operators

The National ATM Council (NAC) issued guidance last week for the U.S. ATM industry on EMV migration, urging operators to ensure that new machines purchased have EMV hardware and software functionality. “EMV is one of the most crucial issues facing the US Independent ATM industry today, and NAC felt a real need to help provide clarification... Read More...

MasterPass digital payments technology goes live in South Africa

MasterCard announced on Tuesday the launch of its MasterPass service in South Africa, which will be the 10th country to gain access to the company’s digital wallet technology. Standard Bank will be the first local bank to offer a digital wallet powered by MasterPass—the app will be available for download for Apple, Android and Blackberry... Read More...

Allied Wallet recognized by Acquisition International for payments

Online payment processor and merchant services provider Allied Wallet was recently named the “Customized Payment Solutions Provider of the Year” in the U.S. by Acquisition International for its small-business online payment solution. Acquisition identifies and recognizes success, innovation and ethics in awarding the title, which is one of... Read More...

BofA Merrill Lynch offers cross-currency payments through online portal

Bank of America Merrill Lynch recently announced that corporate and government clients now have access to low-value, cross-currency payments through the company’s CashPro Online banking portal. “We’re pleased to add this new capability to CashPro Payments and extend the available options that clients have to initiate their cross-border... Read More...

Creditcall CTO offers tips to simplify migration to EMV

Jeremy Gumbley, the chief technology officer at payment service provider Creditcall, recently offered tips to participants in the payment industry to help ease the transition to EMV ahead of the October 2015 liability shift. Gumbley said one of the first steps in migrating to EMV involves the selection of a PIN pad. In order to choose the... Read More...

Medvedev: Russia must cooperate with U.S. card processors

Russian Prime Minister Dmitry Medvedev said earlier this week the Russian government must cooperate with card companies Visa and MasterCard in building the country’s national payment system. "To do this, we have taken a number of steps, including changes in the law on the national payment system... which caused heated discussion,”... Read More...

JetPay Payment Services receives Data Integrity Compliance award

JetPay Payment Services was recently awarded the 2013 Data Integrity Compliance award, which recognizes processors with the highest compliance percentage, by MasterCard International. “JetPay Payment Services has a 15-year record of delivering superior quality service to our business partners,” Trent Voigt, the founder and CEO of JetPay’s... Read More...

Oink to be integrated into Woozworld social network for teens

Virtual Piggy, the provider of family/teen wallet solution Oink, announced an agreement last week that will bring payments to the popular social network Woozworld for teens. Woozworld has more than 25 million registered users; it allows users to gather to socialize and play games with friends. “We’re thrilled to add the Oink technology... Read More...

MasterCard’s MasterPass goes live in Singapore

MasterCard announced on Monday the introduction of its MasterPass digital wallet in Singapore, which will allow the country’s consumers to store payment card information, address books and shipping information for future purchases. “Singapore is already an evolved market for digital payments, and we continue to see great potential for... Read More...

Virtual Piggy partners with Global Collect

Virtual Piggy, the provider of the Oink digital piggy bank for families and teens, announced on Thursday a partnership with international payment service provider GlobalCollect. "GlobalCollect has built an extensive network of industry partners, and we're thrilled to work with them to expand international processing acceptance and... Read More...

iPayment, VeriFone partner to offer tablet POS solution for merchants

California-based iPayment, which provides credit and debit payment processing services to more than 150,000 merchants in the U.S., and VeriFone announced on Monday a new tablet, app-based point-of-sale solution for merchants. “VeriFone is impressed with the innovative technology and tools iPayment provides to small and medium sized merchants;... Read More...

Chase ties for top spot in mobile banking functionality among U.S. banks

Chase was ranked the top bank in the U.S. for mobile banking functionality in a report released on Monday by Forrester Research. Chase earned 69 out of 100 points and tied with another bank for the top spot overall, marking the third consecutive year the bank has earned the position in Forrester’s report. The research and advisory firm... Read More...

Intuit to acquire Check for $360 million

TurboTax developer Intuit announced on Monday that it plans to purchase California-based mobile bill pay provider Check in a $360 million acquisition intended to expand and build the company's presence in the mobile market. According to a report from Aite Group released in September, American consumers spent an estimated $3.8 trillion paying... Read More...

Mobile wallet functionality to double by 2018

New data from U.K.-based Juniper Research released last week showed that mobile wallet functionality will double over the next four years, with one in five phones expected to have mobile wallet capabilities by 2018. According to the data, growth will be driven by two distinct models—stored value accounts, which are similar to prepaid cards... Read More...

MasterCard, Bank of Punjab launch program to push financial inclusion

MasterCard and Pakistan’s Bank of Punjab announced on Tuesday the launch of a Social Security program aimed at streamlining government disbursement, subsidy and assistance programs as part of an effort to encourage financial inclusion in the country. Under the terms of the agreement, the Bank of Punjab will issue payment cards to millions of... Read More...

AECU first in Missouri to launch NCR-branded ITM virtual teller

American Eagle Credit Union (AECU) recently became the first credit union in Missouri to deploy a remote, interactive video ATM machine produced by transaction technology provider NCR to provide personalized teller services to members. NCR-branded ATMs are now available at AECU, a division of the Anheuser-Busch Employees’ Credit Union,... Read More...

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