Visa Token Service has been launched. The new service replaces sensitive payment account information found on plastic cards with a digital account number or “token”. Because “tokens” do not carry a consumer’s payment account details, such as the 16-digit account number, they can be safely stored by online merchants or on mobile devices to facilitate e-commerce and mobile payments.
The payments industry and retail industry have chimed in with their excitement with the new Apple Pay mobile payments. Apple Pay will work with the newly announced iPhone 6, iPhone Plus and Apple Watch as well as the iPhone 5, iPhone 5c and iPhone 5s.
Fitch Ratings does not view the unveiling of Apple Pay as a watershed moment for the nascent mobile payments industry, but the financial information services firm say it recognize Apple Pay’s potential to disrupt the payments landscape longer term.
Millicom international telecommunications and media company announced its Tigo operation in Tanzania has launched the world’s first mobile money service which offers users the opportunity to automatically earn a return on their balance direct to their wallet without the need for a separate registration. The service in Tanzania is called Tigo Wekeza (“Tigo Invests”), and will allow over 3.5 million Tigo Pesa users to benefit from quarterly payments based on the balance held in their account. Tigo Pesa users in Tanzania will also have the option to nominate a non-profit beneficiary, in line with their personal cultural belief.
Peer to peer lender Harmoney launched its online lending marketplace with $100m lending capital, bringing the world’s fastest growing form of lending to the Kiwi public. Peer to peer lending is an established form of investment, currently growing at more than 200% per annum, and has been described as “banking without the banks.” It is an increasingly popular form of crowd funding that is changing the way that people borrow and invest. In the United Kingdom, the UK Government is the largest funder of P2P loans. Harmoney’s fully compliant online platform automates the process of investing and borrowing. The system is fast, easy to use and offers a marketplace in which to transact with Bank Grade Security. A lower cost structure means that savings can be passed on to borrowers and investors.
WorldRemit online money transfer service customers can now send remittances to Zantel EzyPesa accounts. The addition of EzyPesa means that WorldRemit now offers transfers to two of Tanzania’s four Mobile Money services. Customers can also send money to friends and family using Tigo Pesa. Tanzania is one of nine countries in the world where Mobile Money accounts outnumber bank accounts. WorldRemit already sends 25x more transfers to Mobile Money in Tanzania than to banks, even before the launch of EzyPeza.
Online money transfer company Optimal Payments Plc said it expects to beat its forecast for the full-year after robust sales at its high-margin Neteller e-wallet business drove first-half pretax profit up 78 percent. The company’s shares rose as much as 7.8 percent to 510 pence in early trade on the London Stock Exchange on Wednesday. Pretax profit jumped to $27.5 million for the six months ended June 30, from $15.5 million a year ago.
CA-based MyECheck continues to gain traction in the charitable and political donation arena. The Company recently signed the FL-based St Augustine School Alumni International public charity
Combating card-not-present (CNP) fraud is no easy task requiring sophisticated fraud detection strategies. The benchmark industry standard CNP fraud loss currently averages 8.3 basis points (bps).
CardWeb’s CardExecs database today features Luella Chavez D’Angelo, Chief Communications Officer of Western Union. Western Union offers Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services.
Phnom Penh-based ACLEDA Bank has inked a License Agreement with JCBI to issue a JCB card. As part of the agreement ACLEDA and JCBI will establish a basis framework for further collaboration and cooperation and offer high-quality payment, travel, and entertainment services to merchants and cardholders.
Contactless is going 3D, not with technology but with art. Visa Europe crafted an immersive 3D art installation at Waterloo station to mark the occasion which will be unveiled on September 16.