MasterCard and PULSE reached an agreement to allow financial institutions that issue EMV debit cards that participate in both the MasterCard and PULSE networks to use MasterCard’s common debit solution on those cards. U.S. debit regulations require that each debit card provide merchants and acquirers the opportunity to route debit transactions over multiple, unaffiliated networks. This is made possible for debit EMV cards through the use of common application identifiers (AIDs). Licensing MasterCard’s common debit AID will help support EMV chip adoption in the United States by enabling issuers to deploy EMV cards in compliance with this regulatory requirement. PULSE will use MasterCard’s common AID to process domestic ATM and POS transactions on behalf of issuers that participate in both PULSE and MasterCard, including those initiated with contactless-enabled devices.
MasterCard and Habitat for Humanity officially launched the work/live initiative. WIth this, Habitat will build homes with functional living and business spaces, offering increased employment and income opportunities for low-income families. The MasterCard Center for Inclusive Growth, the arm of MasterCard focused on advancing financial inclusion, is providing a $400,000 grant to fund the construction of these work/live spaces and to increase Habitat’s capacity to replicate the model across the country.The program builds on the success of previous programs which developed the work/live model in response to community efforts related to economic development.
Visa (VS) and MasterCard (MC) debit card activity edged up in the first quarter, as Gross Dollar Volume (GDV) on U.S.-issued debit cards increased 7.0% year-on-year (Y/Y), according to CardData. In the first quarter of 2014 (1Q/2014), VS’ U.S. debit card GDV was up 6.4% Y/Y to $408 billion, while MC’s U.S. debit card GDV increased 9.0% Y/Y in 1Q/2014 to $174 billion. MasterCard debit cards have been growing above 9% Y/Y for the past four quarters.
JUSP announced it is teaming with Nokia as the first provider of a chip-and-pin mPOS solution to the Nokia Lumia smartphone. JUSP’s solution also works with Windows-based PCs as well as smartphones and tablets running Windows, iOS and Android making it an all-encompassing mPOS solution for both micro merchants and small- and medium-sized retail outlets. JUSP’s mPOS device and operating system flexibility, along with the chip-and-pin security and the all-inclusive pricing launched recently by JUSP, makes it extremely easy, convenient and secure for retailers of all sizes to charge customers using whatever means they choose.
First Data released its First Data SpendTrend analysis for April 2014 compared to the year ago period, tracking same-store POS data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks from nearly four million merchant locations serviced by First Data.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fiserv is helping its clients transition to EMV cards with an integrated, compliant and cost effective path to EMV-enabled debit and credit card issuance. With this unsurpassed experience and expertise Fiserv can guide clients through every step of the migration process “from analyzing their payment card portfolios to optimizing penetration, activation…
Giesecke & Devrient secure payment products and solutions developed and deployed an EMV solution that allows a debit card to meet Durbin Amendment requirements while supporting bank, merchant and consumer needs. As an active member of the Smart Card Alliance’s EMV Migration Forum (EMF), G&D was an integral force in these discussions. Following the EMF’s recommended solution and leveraging decades of experience in developing highly secure payment products, G&D’s EMV debit card products and services offer the most advanced payment deployment, providing extensive functionality to support all of the latest specifications from the major payment brands. A chip embedded in a card serves to provide a higher level of security when compared to present-day magnetic stripe only cards, protecting cardholder data and information stored on the chip. Unlike static magnetic stripe cards, chip cards contain an operating system and support dynamic authentication. Every transaction requires new values produced by the chip to be delivered. Utilizing chip card technology will be seamless to the customer, though they will now be able to execute EMV transactions using a debit card.
FIS banking and payments technology, consulting and outsourcing solutions, continues to provide companies innovative and robust solutions to mitigate risks across their organizations. In response to increasing regulatory demands to enhance enterprise risk management and regulatory compliance, FIS offers Early Risk Manager to financial institutions. Early Risk Manager is a turnkey, secure, cloud-based, next generation solution specifically tailored for financial institutions with a risk dashboard, pre-populated library of risks, risk scenarios, controls, risk assessment templates, metrics, key risk indicators (KRIs), key performance indicators (KPIs), issue management tools, compliance monitoring and testing, third party risk management and more.
Square introduced Square Feedback, which prompts customers to send feedback on their experience directly to the business owner through their digital receipt. Sellers can also respond directly to customers, resolve issues one on one, and protect their reputation. Customers who make purchases from a Square seller can choose to receive their receipt via email or text. With the tap of a button, a customer can answer the question “How was your experience?,” give details, and decide whether to start a conversation with the business. Square sellers receive an email alert when a customer leaves a comment and can respond directly via the Square Dashboard to ask follow-up questions and correct mistakes or misunderstandings. Sellers can manage customer feedback in their Square Dashboard and check it from anywhere in real time.
Maps Credit Union has selected ACI’s integrated online banking platform to power its online banking, mobile banking and bill payment services. Advanced online banking and mobile solutions are critical to driving customer loyalty, building market share and creating new revenue opportunities, which is why Maps selected ACI’s integrated online banking platform for credit unions, ACI Architect Banking. A single end-to-end solution, Architect Banking gives financial institutions like Maps the control, choice and the flexibility to quickly respond to ever-changing consumer and business financial needs. By also leveraging ACI’s bill payment services, Maps benefits from an industry-leading payment offering and a rich heritage of payment services that deliver reliable and accurate bill pay, seamlessly integrated within Architect Banking. ACI’s Electronic Biller Directory technology maximizes payment accuracy for both Maps and its members, resulting in faster payment delivery and minimizing the risk of payment errors.
Contactless payment card shipments accelerated globally in 2013, according to figures released today by the Smart Payment Association (SPA). The SPA reports that contactless technologies were present on 37% of all smart payment cards shipped in 2013. By far the greatest increase was experienced in the Asia Pacific region, where contactless shipments grew by a staggering 193 percent compared to 2012. Other regions around the globe experienced strong growth rates, ranging from 45 percent in the Americas to 64 percent in Western Europe. Whether in the form of a ‘tap-and-go’ credit or debit card or contactless payments via a smartphone, growing consumer and retailer hunger for the convenience and opportunities presented by contactless payment accounts for this rapid growth. In 2013 more than 450 million contactless cards were delivered by SPA members in over 30 countries worldwide, demonstrating that the full potential for consumers, providers and retailers is now being realized. More than 1.5 billion cards were shipped last year, with the highest increased once again recorded in the Asia Pacific region (up 75 percent) driven largely by China’s migration to chip based payments and the initiation of EMV in India. EMEA’s strong growth of 12 percent was in part driven by SEPA rules which enforce chip and PIN and the growth of EMV in Russia. A substantial 37 percent growth in North America reflects the completion to EMV by Canada and the escalating migration to EMV currently underway in the USA.
Xoom Corporation announced a major upgrade to its App that allows Xoom customers to sign up and send money from their mobile devices to friends and family members instantly at the outset. Now, in a few simple steps, Xoom’s new App release allows money senders to sign up and send money to someone new for the first time — in addition to any existing recipients — using iOS or Android mobile devices. To send to new recipients, users provide information about how much to send, recipient details and method of payment and then the money is on its way. Repeat Xoom customers continue to enjoy the Xoom App for best-in-class mobile money transfer. In the 12 months ending March 31, 2014, Xoom processed $1.5 billion in mobile volume and in Q1-2014, 45 percent of Xoom transactions were sent via mobile devices.