PSPs Commit to PayPass Wallet

Ten payment service providers have now committed to MasterCard “PayPass,” part of PayPass Wallet Services, to subsequently up the number of merchants able to accept wallet payments online and on mobile. The payment service providers, including CQR, CreditCall, DataCash, MoPowered, Optimal Payments, Pensio, Sage Pay, SecureTrading, The Logic Group and WorldPay, agreed to integrate with the scheme, which enables more online and multi-channel retailers to have the tools available in order to capitalise on the growing online and mobile commerce market. Integrating PayPass Online into eCommerce sites allows merchants to speed the checkout process, helping to reduce the number of abandoned shopping carts, and shoppers can easily access all their payment and shipping information.

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GlobalPlatform Streamlines NFC Security Certification

GlobalPlatform advanced its Composition Model, which streamlines the security evaluation of NFC contactless mobile applications. A composite product consists of an open platform (such as a secure element [SEs]), with one or more secure applications (known as sensitive applications), and optionally one or more basic applications (which does not need to comply with stringent security requirements to operate). As SEs in mobile devices begin to host multiple applications, it is important that all applications perform as intended and do not interfere with the other services being delivered. Evaluating the security of applications pre and post issuance is therefore vital, but needs to be cost and time effective for all market stakeholders.

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Young EMV Migration Forum Already Hits Milestone

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The EMV Migration Forum has already hit a milestone since its inception 4 months ago, growing to 100 members from the payments industry. Membership now includes global payment brands, financial institutions, merchants, processors, acquirers, regional debit networks, device manufacturers and industry associations. The Forum, an independent organization created by the Smart…

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TSYS Partners New Bank, Inks Payments Agreement

TSYS signed a long-term agreement with Merrick Bank, a subsidiary of CardWorks, for undisclosed financial terms. This will provide flexible solutions for Merrick’s independent sales organization (ISO) partners, including point-of-sale (POS) solutions, authorization, settlement, reporting, managed services and risk mitigation solutions. TSYS supports financial institutions, businesses and governments in more than 80 countries, offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip and healthcare.

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Fuze Network Processes Over 3.5mm Transactions

Fuze Network now lets consumers make cash payments on virtually any card and processed more than 3.5 million transactions in 2012. The Fuze “reCHARGE” Network has provided consumers with a simple way to send funds to credit cards as payments, to debit cards as deposits and to prepaid cards as loads. This Network routes transactions to more than 14,000 financial institution card issuers and is directly promoted to cardholders by many of those, including Citi Bank, First Premier Bank and Merrick Bank. The reCHARGE Network expands the number of retail locations in which a consumer can make a payment or load a card; increasing card usage. There are currently 150,000 integrated retail endpoints with access to the Fuze reCHARGE Network, including Pay-O-Matic, ACE Cash Express, Fidelity Express and additional partners planned to launch in 2013.

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CardinalCommerce Partners Virtual Piggy for eCommerce Access

Virtual Piggy has announced its partnership with CardinalCommerce to integrate its youth payment technology into their Centinel Universal Merchant Platform. Virtual Piggy allows parents to set up a monthly allowance for their children and promotes financial management while empowering U21s to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by their parents. Cardinal facilitates authenticated payments, secure transactions and alternative payment brands both for eCommerce and mCommerce.

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First Data Inks Outsourcing Deal for SK Bank

First Data Corporation, a global leader in electronic commerce and payment processing, announced that it has signed an agreement with SK bank, a leading cooperative bank. With this First Data will provide a full range of outsourced issuing and payment processing services for SK bank’s debit, credit and prepaid card portfolios. First Data will also enable the bank to access card payment data on a 24/7 basis. Another key aspect of the agreement will be the implementation of Proactive Risk Manager, a fraud transaction monitoring system provided by First Data.

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MasterCard Meets Many Annual Milestones

MasterCard Europe announced the 2012 milestones for MasterCard PayPass, showing that consumers are embracing the Tap&Go payment experience in 26 countries across Europe (8 new countries in 2012). PayPass is an innovative contactless payment feature that provides consumers and merchants with a fast and convenient alternative to cash for everyday purchases. PayPass can be added to any MasterCard® or Maestro® debit, credit or prepaid card. This will position MasterCard as a partner of choice for consumers and merchants alike. PayPass cardholders cardholders continue to enjoy the simplicity and convenience linked to contactless payments and consequently contribute to the displacement of cash around Europe.

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GlobalPlatform Announces Latest Member

GlobalPlatform announced Proxama as its latest Observer Member, an NFC mobile wallet and mobile marketing technology provider. Its membership with GlobalPlatform will focus on the efforts of the association’s Mobile Task Force, which works to understand the business requirements of the secure mobile services ecosystem to establish an agreed infrastructure. This comes after GlobalPlatform recently surpassed 100 members.

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Banco do Brasil Implements i2c Prepaid Processing

i2c payment processing and emerging commerce solutions has signed an agreement with Banco do Brasil Americas to provide processing services for reloadable prepaid products. The first collaboration between i2c and Banco do Brasil Americas will be a prepaid card program allowing Brazilian students living in the United States and other countries to receive scholarship benefit disbursements conveniently on a prepaid card. i2c’s global payments platform will enable scholarship providers to load funds to prepaid cards that students can use to make purchases in their local currencies.

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Card APR Averages Steady for Shopping Season

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs have held the course for the shopping season at a steady 14.96% average. After hitting the exact average measured the year ago period, the average credit card APR has settled just below 15% after experiencing a nearly 0.50% drop last month since September 2011, plummeting back to…

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Central Bancshares Implements Fiserv Sales Automation

Fiserv announced Central Bancshares, a $2 billion financial services organization, has implemented its “EnAct” solution to support transparent, relationship-centric approach to business development across all enterprises. The “EnAct” sales automation and management solution from Fiserv can be tailored to meet the specific needs of financial institutions of all types, leverages Microsoft’s powerful Dynamics CRM platform to address the specialized CRM needs of commercial banking, retail banking and wealth management. Using EnAct, Central Bancshares will now have an integrated, adaptable sales management solution that helps bring structure and focus to sales activities as well as increased transparency to sales results. In addition, the bank will have access to the data it needs to help drive significant and sustainable customer acquisition, retention and cross-sales across their enterprise.

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