Consumer prepaid card retail spending rose 6% in August followed by credit card retail spending which rose 5.8% year-on-year (Y/Y). As expected check retail spending payments continue to dwindle in the face of cards and emerging payments options.
With the advent of Apple Pay consumer organizations are asking the Consumer Financial Protection Bureau (CFPB) to issue rules so consumers can use mobile financial services without placing their privacy at risk or exposing themselves to new forms of predatory lending and other unfair practices.
Fujitsu Frontech North America front-end solutions announced today that Biyo LLC (formerly PulseWallet), the innovative Point of Sale (POS) electronic transaction provider, entered into an agreement relating to Biyo’s Digital Wallet for retail POS electronic transactions. Digital Wallets are POS systems that store a shopper’s credit cards, reward cards, coupons and loyalty discounts for access and use during an electronic transaction performed at a retail store. The Biyo system uses Fujitsu PalmSecure® biometric technology to positively identify and authenticate retail customers and connect them to their stored information as part of the payment authorization process. PalmSecure technology relies on award-winning Fujitsu palm vein biometric technology. The Fujitsu family of biometric solutions, including PalmSecure® sensors, PalmSecure for SSO (single sign-on) and the PalmEntry™ Physical Access Control system, all utilize the award-winning technology.
CardWeb’s CardExecs database today features Connie Dudley, executive vice president of TSYS. TSYS supports financial institutions, businesses and governments in more than 80 countries.
Computer Services end-to-end technology solutions now supports tokenization capabilities for all CSI debit and credit issuers. Tokenization enables CSI customers to fully participate with all leading mobile wallet providers, including the recently announced Apple Pay™ service, by creating a digital payment token to replace the consumer’s personal account number (PAN). CSI customers also can provide their cardholders with enhanced security through the tokenization of the payment credentials. CSI’s fully integrated payment and mobile banking services empower financial institutions to deliver a secure mobile commerce experience to consumers. Additional mobile card services include CSI’s Card On/Off functionality, giving consumers greater control over their cards, and mobile remote deposit capture (RDC).
Mobile payments made at the physical point of sale (POS) in Canada could reach US$13 billion by 2017. However, there are near-term challenges to widespread adoption of mobile banking and E-Wallet/P2P payments.
Visa has deposit $450 million into the litigation escrow account previously established under the Company’s retrospective responsibility plan (the “Plan”). Under the terms of the Plan, when the Company funds the litigation escrow account, the value of the Company’s Class B shares – which are held exclusively by U.S. financial institutions and their affiliates and successors – are subject to dilution through an adjustment to the conversion rate of the shares of class B common stock to shares of class A common stock.
Glen Moreno was appointed as Chairman Designate of Virgin Money and will join the Board as an Independent Non-Executive Director and Chairman Designate. Glen Moreno is presently Chairman of Pearson PLC and a Non-Executive Director of Fidelity International Limited. He has more than four decades experience in business and finance. His earlier positions include serving as Deputy Chairman of The Financial Reporting Council, Senior Independent Director at Lloyds Banking Group plc, Senior Independent Director of Man Group plc and Acting Chairman of UK Financial Investments Limited, the company set up by HM Treasury to manage the government’s shareholdings in UK banks.
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.
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.
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.
CardWeb’s CardPixes database of more than 7,000 card images today features the Multi-Currency Cash Passport MasterCard. The card is issued in seven countries by banks, credit unions and other financial service firms.