China UnionPay (CUP) is on a path to dwarf all other global payment systems combined and on a trajectory to cross the US$10 trillion in annual transaction value milestone in mid-2016 and may reach US$18 trillion by end-of-year (EOY) 2019. CUP racked up US$6.5 trillion in transaction value last year, according to CardData. Forecaster RAM Research’s CAGR Corner computes CUP compound annual growth rate (CAGR) at 23.44% .
Since its founding in 2002, the China UnionPay (CUP) network has emerged as a force to be reckoned with globally. Over the past five years the annual transaction value has soared by 2.5 times and last year grew more than 27% year-on-year (YOY), according to CardData.
Travelex and Austin, TX-based Rev Worldwide have unveiled the launch of The Travelex NiHao Card, a reloadable prepaid travel card in association with UnionPay International. The Nihao Card launch in Hong Kong marks the first Rev processed UnionPay card.
SelectCore, Canada’s Leading Payments Organization, is pleased to announce that it has entered into an agreement with MasterCard International Incorporated.
Under the terms of the agreement, SelectCore will provide program management services for instant-issue MasterCard promotional card programs in the Canada region.
In conjunction with Datacard, Chase customers can get debit cards on the spot in 2,000 branches in select regions by year-end and allowed to get a personalized Chase debit card when they open a new checking account or lose or damage their existing card. Chase will install instant-issue technology in 800 additional branches across the United States during 2013 and plans to offer the same convenience for customers with Chase-branded credit cards and the Chase Liquid reloadable card. In conjunction, the bank launched @ChaseSupport, its first customer service Twitter handle and continues to pilot new branch technologies, including self-service banking kiosks that let customers handle many transactions quickly on their own.
3V Transaction Services payment technology launched their “Moneybutton” white label mobile money service and now is offering a full service solution to mobile operators and other verticals intending to bring mobile financial services to market quickly. Moneybutton is an instant-issue virtual Visa or MasterCard account created after in-app (Apple, Android, Blackberry or Windows) or online registration. The Visa or MasterCard debit account can be funded by bank transfer, payment cards, cash at over 350,000 retail locations, or by charging to a customer’s mobile bill. Money can also be sent to anyone in the world in real time; if the recipient does not already have a Moneybutton account one will be created for them instantly and their balance credited.
FIS, the world’s largest provider of banking and payments technology, announced its launch of the FIS Travel EMV Card. The EMV chip card is the first-of-its-kind offering, providing consumers with the latest in secure payments technology in a convenient prepaid card. Focusing on the increasing demand for secure, convenient methods of payment for consumers, FIS…
InsurCard, the industry leader in prepaid card programs for Workers Compensation payments, recently announced the introduction of the InsurCard Virtual Card, their ‘no-cost’ program for insurers and TPAs who pay workers compensation benefits directly to healthcare service providers. The InsurCard Virtual Card program provides electronic delivery of payments to providers, at no cost to the…
Credit Union 24 credit union-owned ATM & POS network appointed James Gukeisen Relationship Manager. Gukeisen served as Senior Card Services Manager and was responsible for the day-to-day operations of all non-credit card products, including debit cards, instant-issue cards, single-load gift cards and Suncoast’s 200 ATMs. Gukeisen also served as ATM manager and check-card manager, and was previously a project manager responsible for introducing new card products, developing rewards programs and assisting with fraud and risk management. Gukeisen is a Certified Credit Union Executive, a Certified Financial Management Specialist and a Certified Financial Services Professional.
The InsurCard Visa Prepaid Card for Workers Compensation payments is circumventing the slowing postal service. Workers compensation claimants who get their payments on an InsurCard Visa Prepaid Card are assured of on-time payments. Workers compensation payments are electronically deposited onto the card and the funds are available immediately to the claimant who can use the card at ATMs, banks or merchants; wherever Visa debit cards are accepted. The InsurCard Visa Prepaid Card is a complete program designed for the payment of Workers Compensation claims. The reloadable InsurCard Visa Prepaid Card for Workers Compensation reduces Insurers’ check issuance and post-issuance costs by up to 85%.
Reportedly, debit is the preferred consumer payment type while checks are largely a thing of the past in most point-of-sale locations and cash is the primary fall-back tender type chosen by those respondents who indicated they would reduce or completely stop using their debit cards if they were charged fees. This from TSYS, which released its “TSYS & Mercator Advisory Group Debit Survey 2011,” the first in a two-part research effort focusing on consumer use and preferences for debit relative to other payment types to identify current and potential future consumer payment preferences. The second phase of the research will include four in-person focus groups conducted in two cities. These focus groups will provide an additional layer of validation as well as help understand why consumers make certain decisions.
Datacard Group secure ID and card personalization solutions’ “CardWizard” software version 5.3.2 is now fully integrated with the Datacard “FP65i” financial card printer, providing financial institutions a cost-effective way to instantly issue payment cards at the branch level. The “CardWizard” platform can support card printers, embossers, PIN entry devices and encoders using a centralized server component while the FP65i financial card printer is among many hardware devices with which it is compatible. Financial institutions can now deploy highly-secure yet cost-effective instant card issuance programs that can easily adapt to their growing needs, minimize deployment costs and maximize efficiency in their card programs.