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).
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.
It’s not just the big banks, big networks, and big retailers entering the new Apple Pay domain, it is also big credit unions. The world’s largest credit union with $60 billion in assets has thrown its hat in the ring.
San Francisco-based Revel Systems says it is Apple Pay ready by Chase, and will accept Apple Pay payments via Chase Paymentech. Apple Pay is available for preorder on the Revel iPad POS.
Texas-based ModoPayments has been issued a U.S. patent covering one time use virtual payment account numbers used for payment during merchant to consumer interactions, specifically during in-store purchase transactions.
An increasing number of U.S. issuers are bottom fishing for new cardholders with a secured credit card. The target market is not limited to the financially challenged but also includes prepaid card users.
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.
Fiserv is expanding its mobile payments solution portfolio to include tokenization capabilities via Visa Token Service (VTS) and MasterCard Digital Enablement Service (MDES). These capabilities will be available to all Fiserv-processed debit and credit issuers. Fiserv will also enable its Accel debit processing network to support tokenization for its participants.
Western Union extended its exclusive agreement with Eurogiro, with scope to allow its members greater access to the full range of Western Union Money Transfer® services including digital offerings. Eurogiro is a global payment network for national postal organisations, post banks, commercial banks and other payment service providers. Eurogiro offers the exclusive Western Union® money-in-minutes service – as part of a portfolio of cross border payment services to 35 of its members. Western Union is harnessing its system with modifications to link cash and digital transfers between retail Agent locations, mobile phones, prepaid cards, online and traditional bank accounts and ATM.