RBI Allows Non Banks to Control ATMs

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Reserve Bank of India (RBI) has decided to permit non-bank entities to set up, own and operate ATMs. Such ATMs will be called White Label ATM. The draft guidelines on deployment of White Label ATMs were placed on RBI website for Public Comments. Various issues related to deployment of White Label…

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RBI Relaxes Policy on Migrant Remittance

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Reserve Bank of India (RBI) has issued guidelines on “Domestic Money Transfer – Relaxations” on October 05, 2011 which are available at RBI’s website www.rbi.org.in. Banks and authorized prepaid payment issuers have been advised to report the number of transactions effected under the above scheme which are being collected from banks…

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Electronic Card Transactions Gets Boost on Consumer Spending

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The amount of money New Zealanders and visitors to the country spent with retailers using debit and credit cards rose in April, according to Statistics New Zealand. The value of transactions across all retail industries was up 0.8 percent when adjusted for seasonal effects. “Of the six retail industries, the three…

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PayMate Launches mPayments App

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Mobile payments company PayMate has launched PayPOS application, which allows small businesses to accept and process electronic transactions using credit and debit cards directly on their mobile phones at the point of sale (POS). The application has no setup fee, rentals, variable fees or minimum transaction threshold. Through this app, the…

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As More Consumers Find Jobs, Bankruptcies Ebb

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The US unemployment rate was down slightly in April, dropping from the March figure of 8.2% to 8.1%. Meanwhile, total bankruptcy filings were down 16% to 108,860 filings. This is down 11% from March figures of 122,155 total filings- which were up 17% from the 104,418 filings in February 2012- and…

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American Express Implements Isis Mobile Wallet

American Express and Isis mobile commerce JV between AT&T Mobility, T-Mobile USA and Verizon Wireless partnered to make American Express’ “OPEN” Small Business and Serve Cards available in the Isis “Mobile Wallet”. American Express Cardmembers will be able to shop, tap and pay with their mobile device equipped with Near Field Communications (NFC) technology. American Express is adding its Cards to the Isis mobile wallet to connect its merchant network with Cardmembers and create a secure shopping experience. The “Serve” platform is American Express’ new digital payments and commerce platform and its addition into the Isis Mobile Wallet opens the door to new customer segments who can benefit from the service and security of American Express.

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Leapfrog Online Featured at Net.Finance Mobile 2012

Jason Wadler, Executive Vice President of Leapfrog Online, is set present keys to mobile innovation and results at the upcoming Net.Finance 2012 Event on May 21, 2012 in Chandler, AZ. His session, “Successful Prospecting Strategies for the Mobile Consumer,” will address financial services institutions leveraging mobile strategic channels to attract valuable new customer segments. Wadler will share data about the impact of mobile in driving new customers into the pipeline, and provide insight into what top brands can do to optimize mobile as a driver of long-term revenue and customer growth. Leapfrog Online digital marketing company is based in Chicago and applies deep domain knowledge and expertise to builds targeted industry solutions.

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AmEx to Launch Pre-paid Barnes & Noble Card

American Express launched its reloadable, prepaid American Express Campus Edition Prepaid Card in more than 500 Barnes & Noble college bookstores across the United States. This will provide college students with a smart spending and budgeting tool that can be used anywhere American Express Cards are accepted. For an initial purchase of $4.95, the card can be funded with multiple loading options at the register with any dollar amount from $25 to $500. It offers “Purchase Protection” against accidental damage or theft of eligible items for 90 days from date of purchase, up to $1,000 per occurrence and up to $50,000 per Cardmember account per calendar year; Roadside Assistance which provides dispatch services including towing, battery recharge, gas delivery, locksmith service and changing a flat tire; Global Assist Hotline services provide trip planning assistance as well as emergency assistance when the Cardmember is traveling more than 100 miles from home; and American Express “Deal Center” discounts at select merchants.

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Fairmont Hotels & Resorts and Chase Kickoff New Rewards Card

Chase Card Services partnered Fairmont Hotels & Resorts to launch the Fairmont Visa Signature Card. Giving cardmembers access to exclusive amenities and rewards, Cardmembers will be eligible to receive two complimentary night stays complete with two breakfast dining certificates at any Fairmont property worldwide, after making $1000 in purchases within the first three months of obtaining the Card. They will also earn Fairmont Rewards with all of their purchases, which they can redeem for Fairmont stays worldwide while enjoying no foreign transaction fees on international purchases. The Card also automatically upgrades cardmembers to Fairmont President’s Club Premier status upon Card approval. Also, the annual fee is waived the first year for applications received by July 31, 2012.

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Valero Energy Implements Cash Management from Fiserv

Fiserv announced that Valero Retail Holdings deployed its “CorPoint: Deposit Manager” cash management solution for use in the company’s North American retail stores. This allows Valero to deploy an armored-carrier agnostic remote cash capture solution and select smart-safe hardware devices that best meet the needs of its retail stores. The “CorPoint” platform will provide Valero near real-time information delivered from smart safes in Valero retail stores to the company’s central site to ensure consistent accounting and bank reconciliation procedures are maintained.

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NetSpend and Family Dollar Announce Prepaid Visa Debit Card Agreement

NetSpend Holdings forged distribution agreements to sell the NetSpend Visa Prepaid Debit Card at Family Dollar Stores locations nationwide. Family Dollar and NetSpend plan to make the prepaid cards available in more than 7,200 locations beginning in May. NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services.

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