Fiserv, Inc. announced that its Popmoney(R) person-to-person (P2P) payments service has taken top honors at both the Mobile Money Global Awards and the Mobile Excellence Awards. Both awards recognized the potential of Popmoney to transform personal payment habits as consumers move away from paper-based cash and check payments toward electronic payments initiated via email or text, as well as the service’s powerful delivery model via a network of 2,000 U.S. banks and credit unions and Popmoney.com.
The Consumer Financial Protection Bureau took its first enforcement action against a payday lender by ordering Cash America International, Inc. to refund consumers for robo-signing court documents in debt collection lawsuits. The CFPB also found that Cash America – one of the largest short-term, small-dollar lenders in the country – violated the Military Lending Act by illegally overcharging servicemembers and their families. Cash America will pay up to $14 million in refunds to consumers and it will pay a $5 million fine for these violations and for destroying records in advance of the Bureau’s examination.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] With the total outstanding revolving US consumer credit up 5.25% in September from last year to an adjusted $846B from 842.5B, and total nonfarm payroll employment up 148,000 in September, revolving credit outstanding is down by 8.8%. With total credit flow up 9.3% from the year ago figures, outstanding consumer credit…
Clear2Pay’s “OSCar Acquirer Test Suite” has been validated in application of the certification process defined by the Open Standard for Cards (OSCar) Consortium. The certification process was executed by PayCert on behalf of the OSCar Consortium. OSCar is the international initiative that aims to facilitate and speed up the implementation of the SEPA Cards Standards in the point-of-sale terminal-to-acquirer domain, based on SEPA FAST and EPAS. More specifically, the consortium’s main objectives are to ensure that point-of-sale devices and acquirer systems work together seamlessly. Clear2Pay’s Oscar Acquirer Test Solution enables acquiring banks in the SEPA zone to verify whether their implementations are conform to the functional SEPA standards.
As the nation emerges from the recession, which groups of Americans are faring the best when it comes to credit and debt and who is faring the worst? Experian’s Fourth Annual State of Credit study shows that Millennials are facing the biggest challenges when it comes to credit and how they are managing their debt. With the lowest number of bankcards (1.57) of all of the generations and a low total debt of $2,682 on those cards compared with other generations, one would assume that they are managing their debt wisely, but with high utilization1 as compared to their individual credit card limits, average debt2 of $23,332 and high incidences of late payments, it seems this generation is not entering this phase of life with positive credit behavior, which attributes to their low average credit score of 628.
Positive retail sales numbers in the month of October point to a good holiday sales season ahead. According to the National Retail Federation October retail sales, excluding automobiles, gas stations and restaurants, increased 2.5 percent seasonally adjusted over September, and 4.2 percent unadjusted from 2012. In October, NRF released its holiday sales forecast, which indicated a 3.9 percent increase in sales over 2012. NRF believes that holiday sales will reach $602.1 billion this year.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] With the total outstanding revolving US consumer credit up 5.25% in September from last year to an adjusted $846B from 842.5B, the continued defenestration of positive momentum continues in 2013. Continuing to grow, the September revolving credit outstanding is still not as high as the 2008 figure of $1trillion and is…
VeriFone Systems has been awarded a comprehensive managed payment services contract by Réseau Clubs Bouygues Telecom, the consumer retail affiliate of Bouygues Telecom, one of France’s largest fixed-mobile operators. VeriFone will provide its managed services software”PAYware Wynid”as well as helpdesk support, gateway services and VX 820 advanced PIN acceptance devices that support all types of electronic transactions. VeriFone’s VX 820 PIN pads will help Réseau Clubs Bouygues Telecom engage customers and drive revenues by delivering targeted promotional and branding messages to customers during checkout through the devices’ color touch screen. PAYware Wynid will consolidate and route all electronic payments made at each of Réseau Clubs Bouygues Telecom’s 400 retail stores through a single gateway that utilizes VeriFone’s encryption and tokenization services and is hosted in a PCI DSS validated hosting center.
Picture Pay mobile photo bill payment app has seen 17 percent month over month increase in active end-users and 13 percent monthly growth in the number of items processed since its launch in November 2012. The product’s creators Mitek, Allied Payment Network and Malauzai Software Inc. also reported that 5 percent of active mobile banking users employed the feature in the first 90 days after its launch. That is above the usage figure of 3.5 percent for standard bill pay on the mobile device. Picture Pay allows users to complete a payment by taking a photo of the bill statement, confirm the amount to be paid and submit the payment to the financial institution.
Morpho (Safran) announced that it will be the EMV* card supplier to Metrobank Card Corporation (MCC), one of the largest credit card issuers in the Philippines. Morpho will deliver nearly half a million EMV MasterCard- and VISA-branded credit cards to MCC. Morpho will provide the contact modules for its highly secure, global platform-compliant EMV product with a Java operating system, JMV Pro. The solution enables card issuers such as MCC to migrate their magnetic stripe cards to the more secure EMV chip card.
American Express launched a new Use Points for Charges feature available in the American Express mobile app that gives eligible Card Members the option to redeem Membership Rewards® points for practically any purchase, from gas and groceries to clothing and manicures, all on their smartphones. Unlike rewards programs that only allow customers to redeem from a pre-selected list of options, Card Members now have the power to design their own rewards program and treat themselves by redeeming points for almost any purchase with an eligible American Express Card.
hyperWALLET Systems global payment solutions is integrating its payment services with the PayNearMe electronic cash-transaction network. PayNearMe allows consumers to use cash to buy goods online, pay utility bills, make rent payments and repay loans, all via convenient printable or mobile barcode technology. PayNearMe’s innovative cash-payment option is processed at nearly 10,000 participating 7-Eleven® and ACE Cash Express® stores across the US. The integration with PayNearMe will enable hyperWALLET, whose global payment solutions and brandable prepaid-card products are utilized by over 150 corporations worldwide, to offer cash as a payment acceptance option for the first time. This new cash-payment acceptance capability will be available to hyperWALLET’s customers in early 2014.