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September 12, 2008

Mobile Payments - Eventually

Glenbrook's Jacqueline Chilton shares what she heard at yesterday's panel discussion on Mobile Payments at the CTIA conference in San Francisco.

She concludes: "In a final question, the crowd voted that mobile payments would reach 5% of total retail transactions in five years – “a self-selecting audience” was the moderator’s response."

So, Where's the Sizzle with NFC on Mobile Handsets?

In his latest blog post, Dave Birch suggests that perhaps contactless payments isn't the application that consumers will find most attractive from NFC-equipped mobile handsets - saying "it seems highly unlikely that consumers will hammer down the doors of mobile phone shops to get NFC handsets to use for boring things like payments."

US Retail Sales Actually Fell in August

The US Department of Commerce's latest report on retail sales indicates a 0.3% decline in sales in August versus July. The AP reports that economists had expected a gain of 0.3 percent for August.

Revolution Money, CardinalCommerce Partner for eCommerce

Revolution Money and CardinalCommerce have announced that, beginning in October, online merchants will be able to accept RevolutionCard payment cards through Cardinal Centinel, Cardinal's platform that allows merchants to enable multiple payment brands through one installation. READ MORE »

How Consumers Fund New Accounts

Charlie Kroll, CEO of Andera, blogs about some recent statistics on how consumers are funding new accounts they're opening with financial institutions. Interestingly, two-thirds are funded using debit or credit cards with only one-third funded via ACH transfers.

Headline News - September 12, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

September 11, 2008

Revolution Money Introduces MoneyExchange Revolution Card

Revolution Money has announced the introduction of the MoneyExchange RevolutionCard, a PIN-based reloadable card that enables free online person-to-person (P2P) payments to other accountholders, ATM access and retail store purchases -- from a single account. READ MORE »

Protecting Consumers With Gift Cards When Retailers Go Bankrupt

Consumers Union has announced it has "filed a petition with the Federal Trade Commission (FTC) asking the agency to protect consumers from losing money on gift cards when retailers file for bankruptcy. The issue has come to light following recent retailer bankruptcies and millions in lost gift card dollars for consumers." READ MORE »

New Cashless Vending Research

USA Technologies has released details of vending research it has conducted "showing that vending machines equipped to accept debit and credit cards have dramatically changed consumer-purchasing habits." READ MORE »

US Financial Services Providers Adopting Mobile SMS

Clickatell has announced that "top US financial institutions and technology providers who serve the FI market including Visa, S1 Postilion, and RSA Data Security are trusting Clickatell to provide actionable financial alerts and notifications to millions of cell phones via SMS." READ MORE »

Prepaid Debit Cards on Campus

Mary Pilon writes for the Wall St. Journal that financial services companies are focusing more on prepaid debit cards on college campuses.

Headline News - September 11, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

September 10, 2008

TI Introduces Secure, Multi-Purpose Contactless Chip

Texas Instruments has announced the availability of a new secure multi-purpose contactless chip designed for the closed-loop contactless micropayment, loyalty, ID and access application markets. "TI's ISO/IEC 14443 Type B chip, called the RF-HCT-WRC5-KP221, combines processing speed, advanced radio frequency (RF) performance and industry-standard security with a flexible and configurable memory that supports up to five applications on one contactless card or token." READ MORE »

VIVOtech, NETS, SingTel and UOB Launch NFC Pilot in Singapore

ViVOtech has announced that its NFC mobile payment wallet, Over-the-Air (OTA) payment, coupon delivery and redemption technologies are being used jointly by NETS, SingTel and United Overseas Bank Ltd. (UOB) for an NFC mobile phone payment trial in Singapore. READ MORE »

Rite Aid Now Accepts MasterCard PayPass Contactless Payments

MasterCard Worldwide has announced Rite Aid Corporation is now accepting MasterCard PayPass contactless payments. MasterCard PayPass will be accepted at 3,800 of the nearly 5,000 Rite Aid stores across the country. READ MORE »

Tesco Launches Prepaid Travel Card with Altair

Altair Financial Services International Plc has announced it has launched a MasterCard prepaid travel car for Tesco Personal Finance (TPF), the banking arm of the UK’s largest and world's fourth largest retailer. The Tesco Travel Money Card will join an assortment of financial products already offered by TPF including credit cards, loans, mortgages, savings accounts and insurance. READ MORE »

The Bancorp Bank, Obopay Introduce Prepaid Payment Card

The Bancorp Bank has announced it has been selected by Obopay to issue prepaid payment cards linked to Obopay mobile payment accounts. The bank says "the new cards are available now and are accepted anywhere MasterCard debit cards are accepted and at more than one million ATM locations worldwide. The cards are linked to Obopay mobile money accounts, which users can access through any mobile phone using Obopay’s downloadable mobile application, text messaging, or mobile Web." READ MORE »

Moneybookers, Clickatell Partner for Mobile Banking

Moneybookers and Clickatell have announced a partnership to offer mobile SMS alerts on transactions to over 5 million Moneybookers eWallet customers. According to the companies, "Moneybookers customers can now receive text notifications directly to their cell phone anytime, anywhere, when purchases are completed, goods are mailed or money transfers are wired. This brings an advantage in terms of security, as customers always have an overview of the transfers on the account and can cancel unwanted transactions immediately." READ MORE »

Juniper Forecasts 700 MM Mobile Phone Users with NFC in 5 Years

A new analysis of the NFC mobile payments opportunity by Juniper Research forecasts that "700m mobile subscribers globally will have phones equipped with NFC contactless technology by 2013. NFC will enable users to make payments with their mobile phones for relatively low value purchases (such as refreshments, tickets and food)." READ MORE »

mFoundry Launches iPhone Mobile Banking Solution

mFoundry has announced the availability of its iPhone mobile banking product. mFoundry’s financial services platform offers a cross-platform, cross-carrier solution for mobile banking, mobile payments and mobile wallets. READ MORE »

Headline News - September 10, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

September 09, 2008

Vesdia Selected by SunTrust For Customer Reward Programs

Vesdia has announced it has been selected by SunTrust Banks to help enhance the bank’s debit and credit card loyalty programs through Vesdia’s merchant network and partnership marketing services. READ MORE »

CashEdge Launches OpenNow/FundNow Express

CashEdge has announced "the launch of OpenNow/FundNow Express, an online account opening and funding solution designed specifically to enable small/mid-sized banks and credit unions to offer the same advanced online opening and funding account capabilities available at larger financial institutions." READ MORE »

Fiserv Survey Finds Increased Consumer Interest in Mobile Banking

Consumer interest in mobile banking and payments services offered by their financial institution has increased significantly in the past two years, according to new findings from a consumer research study released by Fiserv, Inc. "Research revealed that 75 percent of those surveyed say they would consider using mobile banking services if offered. That’s up dramatically from the 49 percent who expressed a willingness to try mobile banking services in a similar survey conducted in March 2006." READ MORE »

Fiserv Partners with M-Com for Mobile Money Offering

Fiserv has announced Fiserv Mobile Money - calling it "the industry’s most complete mobile banking and payments solution, because it supports consumers on all three mobile access modes - short messaging service, (SMS), wireless application protocol, (WAP), and downloaded mobile applications, offers online and offline enrollment capabilities and integrates with core banking, online banking and electronic payments systems." READ MORE »

September 08, 2008

Fed Reports Consumer Credit Outstanding Grew in June

The Federal Reserve's latest G.19 Consumer Credit report is now available showing that revolving consumer credit outstanding grew at a 6.8 percent annualized rate in June to a total of $968.4 billion.

Viewpointe Acquires PaymentsNation

Viewpointe and PaymentsNation have jointly announced that "Viewpointe has agreed to purchase the assets of PaymentsNation. The announcement follows the successful vote by the overwhelming majority of PaymentsNations’ members to approve the transaction. Terms of the deal were not disclosed. Both organizations are working diligently to complete the conditions of closing in the near future. When closing conditions are met and the deal is completed, the company will become a wholly owned subsidiary of Viewpointe, LLC." READ MORE »

In the UK - Contactless Isn't Just a London Thing Anymore

Jo Best writes for Silicon.com about Barclays efforts in contactless cards in the UK - quoting the head of contactless card development as saying they'll have over a million contactless cards in the market soon. Over 5 million contactless cards in total are expected to have been issued in the UK by the end of this year. Contactless POS rollouts are continuing - moving beyond just the London area.

Save the Dates - NACHA PAYMENTS 2009 - April 5-9 - Orlando

NACHA has announced that its PAYMENTS 2009 annual conference will be held April 5 - 9, 2009, at the Orlando World Center Marriott in Orlando, Fla.

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