Western Union global payment services announced a multi-year renewal agreement with Woodforest National Bank, which will continue to offer the global Western Union Money Transfer service. Woodforest will also introduce online account-based Western Union Money Transfer transactions to account holders in 2013. Western Union moves money in minutes to consumers in more than 200 countries and territories worldwide through multiple channels, including banks, local retail stores, www.westernunion.com, and their mobile phones.
Planet Payment multi-currency payment processor can now allow eCommerce merchants to accept UnionPay cards. UnionPay is one of the largest card brands in the world, with over 3.5 billion cards issued worldwide. Since the majority of Chinese consumers carry UnionPay cards, in order to effectively sell to the widest possible pool of Chinese consumers, merchants need the ability to accept UnionPay cards on their websites. Planet Payment allows merchants to participate in UPOP — UnionPay’s program to authenticate and process UnionPay cards online and more effectively tap into what is projected to be the world’s largest eCommerce market by 2015. Planet Payment integrated the UPOP into iPay, the Company’s payment gateway, providing merchants with the option of creating a customized payment experience using Planet Payment’s API or leveraging iPay’s Hosted Payment Page for an easy-to-implement solution.
AJB Software Design integrated payment solutions launched its “FIPay Mobile” mobile payment application that allows Android and iPhone users to pay for gas purchases using their mobile phones while remaining in their car. It provides petroleum retailers the opportunity to attract new mobile-savvy consumers by deploying customized mobile applications without the need to make new investments or changes to their POS infrastructure. AJB unveiled the first mobile payment application in the Canadian Petroleum industry, through a successful pilot deployment at Hughes Car Wash, a Petroleum & C-Store retailer, based in Edmonton, Alberta. Consumers can now pay for gasoline and car washes with their mobile devices at the Hughes Car Wash flagship location in Edmonton, with plans to roll out the solution to additional locations over the next year. AJB’s “FIPay Mobile” is responsible for integrating with the PIN pad device and fuel pumps in the petroleum sector and is PCI-compliant through Cogeco, a PCI-DSS validated service provider.
FIS banking and payments completed the acquisition of mFoundry mobile banking and payment solutions for financial institutions and retailers. The resulting combination creates one of the leading mobile entities in the financial services space and enables FIS to leverage its technology assets across a broader client base.
Visa opened the Myanmar market to ATM and POS acceptance through their licensing agreements with Co-operative Bank, Kanbawza Bank, and Myanmar Overseas Bank. Now Visa and Planet Payment are working on opportunities to target the deployment of the managed service to additional developing markets in support of traditional ATM and POS acceptance as well as developing support for mobile point of sale (mPOS). As more and more merchants look to capitalize on the value of accepting electronic payments, Visa stands ready to help its client banks support growing the financial network, expand on its financial inclusion goals, and partner to develop their payments systems.
CSI Enterprises a leader in innovative financial solutions for enterprises and businesses, is set to release some important updates to its globalVCard paysystems accounts payable solution. The globaVCard paysystems will look to further cement their position on the top, with vast improvements to their web-based application. Featured prominently will be impressive changes to card and payment management. Clients will now be able to view and manage all the details of their payments from one screen. Payments will be managed in real-time, with the ability to change all attributes quickly and easily. The updated version will also include robust changes to the dashboard and communication capabilities.
EMT is launching NFC service, implementing small sticker-like tags that contain a small microchip. All customers need is to download the “EMT NFC Starter” app from Google Play. The prices for NFC-enabled phones start from €99. Currently, there are 22 different NFC-phones available at EMT. The number of NFC-enabled phones in the EMT network is approximately 20,000. EMT, in cooperation with leading Estonian banks, will also launch a NFC mobile payments project to test mobile wallet solutions and possibilities.
Banco Bilbao Vizcaya Argentaria (BBVA) is starting JCB merchant acquiring operations based on a license agreement with JCB International (JCBI) global payment brand. BBVA will start facilitating JCB acceptance at BBVA-acquired merchants throughout Spain to serve its merchants better by offering them the opportunity to capture JCB card sales along with other global payment brands as well as helping merchants give customers the opportunity to pay with their preferred card. BBVA merchant acceptance will significantly increase JCB brand coverage, which will continue to efforts on improving card acceptance.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Americans spent at the fastest pace in five months in February, with retail spending up 1.1% from January. Excluding higher gas prices, this figure is closer to 0.6%, despite the higher Social Security taxes, taking effect this year. With consumer spending driving about 70% of economic activity, with core retail sales…
Communication Federal Credit Union (CFCU) made available the Tyfone mobile financial services to its members. This offering includes the “Fiserv XP2” core integrated mobile banking with a path to enhanced strong ID authentication mobile security and NFC contactless payment technology to its members.Tyfone’s multimode mobile banking solution offers a complete range of features delivered to banking customers via App, mobile Web or SMS. Mobile banking features include checking balance, account history review, fund transfers, branch and ATM location lookup and customizable alerts. The next gen mobile banking offers additional convenient features such as “Rate Watch,” “Reg D Counter” and alerts for debit and deposit activity.
Discover Financial Services announced that its board of directors has approved a new share repurchase program authorizing the company to repurchase up to $2.4 billion of its common stock, and that it plans to increase its quarterly common stock dividend. These actions were part of the company’s capital plan, which was submitted to the Federal Reserve as part of the 2013 Capital Plan Review. The Federal Reserve notified Discover that it has no objections to the capital actions through March 31, 2014, set forth in the company’s capital plan. This replaces the prior $2 billion share repurchase program, which had approximately $600 million of remaining authorization as of March 14, 2013.
Target sold its entire consumer credit card portfolio to TD Bank Group for $5.7 billion, part of a seven-year program agreement under which TD will also underwrite, fund and own future Target Credit Card and Target Visa receivables. With the agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions. Target will maintain the current deep integration between its financial services operations and its retail operations. The agreement does not have any impact on Target’s 5% REDcard Rewards program and will have minimal impact on Target’s current cardholders.