Monday , October 22, 2018

Issuing/Originating

Revolution Money Aims for 1 Million Merchants, Cardholders by Year End

Nine months after its official launch, Revolution Money Inc.'s PIN-secured credit card is being accepted at 150,000 merchants, a number a top executive at the St. Petersburg, Fla.-based alternative-payments provider says will reach 1 million by year's end. David Cautin, senior vice president and general manager for online business at …

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How Tyfone Looks to Free Banks from Carriers in Mobile Payments

A provider of mobile-banking and ?payments software has begun promoting a memory card for cell phones that it says could allow financial institutions to move forward with contactless mobile payments without the need to work with wireless carriers. Portland Ore.-based Tyfone Inc., founded four years ago, is testing its Secure …

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How U.S. Bank Hopes To Catch a Wave in Contactless Payments

Riding the swelling wave of issuer interest in contactless payment cards, Minneapolis-based U.S. Bancorp this week launched a program to issue Visa Inc.'s payWave contactless cards on debit accounts in California, Colorado, Missouri, and Utah. The bank didn't say how many cards it plans to issue. Customers who already have …

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New Electronic Benefit Options Score High in Michigan on First Day

The state of Michigan has joined a trend, developing for the past couple of years, toward replacing paper benefit checks with electronic payment. The state on Tuesday announced it has started offering debit cards and direct-deposit options to citizens eligible to receive unemployment benefits. Michigan's Unemployment Insurance Agency (UIA), which …

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Researcher Sees Issuers’ Service Providers as PCI ‘Hot Spots’

Six specialty types of vendors, processors, and other service providers that card issuers use lack specific guidelines on how to protect cardholder data under the Payment Card Industry data-security standard, or PCI, according to a recent report from research firm TowerGroup Inc. These service providers thus represent “hot spots” that …

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Visa Extends Fraud-Recovery Process to PIN-Debit Transactions

Visa Inc. is extending to PIN debit cards a process for reporting and recovering fraud losses from data breaches. In effect for credit cards and the Visa check cards since October 2006, the process, dubbed Account Data Compromise Recovery, will apply to Visa's Interlink point-of-sale debit and Plus ATM networks …

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Robust for Years, Debit Growth Expected to Weaken, Study Says

Perhaps the hottest payment product going for the past several years, debit cards are showing signs of cooling off. “It's almost become a broken record that debit transactions are growing at double-digit rates, but we're seeing a slowing in that rate,” Tony Hayes, a partner at research and consulting firm …

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WaMu’s Contactless Plunge Could Win over Skeptical Merchants

Washington Mutual Inc.'s announcement this week that it plans to issue 12 million to 15 million debit cards with MasterCard Inc.'s PayPass contactless functionality this year may do more than make the $328 billion bank the No. 1 PayPass issuer. It just might give the nascent contactless market enough critical …

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After BOC’s First Year, Ex-Banker Laments Slow Start for E-Check

One year after its launch, an option that lets merchants deposit checks electronically in centralized locations by converting the paper items into automated clearing house debits is growing more slowly than expected, according to a payments executive who led the effort to write the rules for the new option. Back-office …

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Wal-Mart Exec Happy with MoneyCard, But Stays Mum on Details

Jane Thompson, the head of Wal-Mart Stores Inc.'s Financial Services unit, revealed some interesting tidbits on Tuesday about the No. 1 retailer's payment services, but she didn't answer one question many in her audience of 2,200 was asking regarding the widely watched Wal-Mart MoneyCard: how many of the prepaid cards …

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