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October 14, 2008

A Look at Citi Obopay Mobile P2P Fees

Earlier today, Citi and Obopay announced a new mobile person-to-person mobile payments pilot. According to the fee schedule announced for the pilot, sending money has a transaction fee (paid by the sender) of $0.25 for amounts up to $50 and 1.5% of the amount for transactions above $50. So, for example, on a $500 transaction, the sender's fee would be $7.50. Note that Citi and Obopay are waiving all send money fees through the end of October.

Following Finovate 2008

Today, the Finovate 2008 conference is being held in New York City. You can follow the companies presenting over on the NetBanker blog.

Discover Settles Lawsuit Against Visa, MasterCard

David Glovin reports for Bloomberg.com that Discover Financial Services has settled its antitrust damages lawsuit against MasterCard and Visa. Visa and MasterCard have separately issued press releases - noting that the details on the settlement are still being finalized.

Citi, Obopay Launch Mobile P2P Mobile Payment Service Pilot

Citi has announced that the launch of a pilot of a new mobile person-to-person money transfer service to new and existing Citibank customers via Obopay. Beginning today, the Citi Obopay mobile payment service will be offered to all Citibank customers in the U.S., with a focus on Boston, Chicago, Maryland, Philadelphia, and New Jersey. According to Citi, "this is the first time that a real-time, person-to-person mobile money transfer service with the ability to link directly to a bank account has been offered in the U.S." READ MORE »

Citi Launches Citibank Paylink for Commercial Cards

Citi has announced the launch of Citibank Paylink for Cards - calling it "an end-to-end electronic payment solution for corporations, financial institutions and public sector clients, that combines the capabilities and benefits of a purchasing card with the control and consistency of a traditional electronic payment process." READ MORE »

Joint Statement by Treasury, Federal Reserve, and FDIC

This morning Treasury Secretary Henry M. Paulson, Jr, Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila C. Bair issued a statement on actions being taken to address the financial crisis.

Lloyds TSB Launches Mobile Banking Enhancements

Lloyds TSB says it has "become the first bank in the UK to offer a range of banking services allowing customers to monitor and manage their money on a mobile phone. The new Lloyds TSB Mobile Services are unique in giving customers the ability to move money instantly between accounts through a Mobile Banking application and receive text messages about their finances." READ MORE »

NetSpend Forms Emerging Markets Channel For US Hispanics

NetSpend Corporation has announced the formation of an Emerging Markets Channel that it says is based on a memorandum of understanding recently entered into by NetSpend and Procesa International, LLC for the acquisition by NetSpend of Procesa International's assets. READ MORE »

Elavon Rolls out BOC, Gift Card Solution at L'Occitane Retail Stores

Elavon has announced it has completed the rollout of its Electronic Check Service (ECS) solution, utilizing back-office conversion (BOC), at L’Occitane’s 166 luxury bath and body product boutiques across the United States. In addition, L’Occitane has also agreed to implement Elavon’s electronic gift card (EGC) solution just in time for the holidays for both in-boutique and online environments, offering customers the opportunity to purchase, redeem and reload cards in either environment. READ MORE »

Mobile Banking, Mobile Payments in Emerging Markets

Dave Birch's latest Digital Money Forum Podcast is with Rosemarie Wilken of Fundamo on the subject of mobile banking and mobile payments in emerging markets.

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