Monday , December 11, 2023

Prepaid Cards

Magex Acquires OPT, Plans Major Stored-Value Expansion in the U.S.

Magex Ltd., a London-based e-commerce and person-to-person transaction processor, has acquired Open Payment Technologies Inc., a provider of stored-value card systems to restaurants, supermarkets, and other merchants. A price was not disclosed. Phoenix-based OPT will become a division of Magex, and Dave Ingwersen, OPT's president, is assuming the title of …

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Consumer Groups Call on Fed to Extend Reg E to Payroll Cards

The rapid growth of the market for stored-value cards issued to employees in lieu of paychecks has prompted a wide array of consumer and labor groups to petition the Federal Reserve Board to extend to payroll cards the consumer protections of the Electronic Funds Transfer Act. In a letter sent …

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UniRush Launches Bill Payment for its Growing Card Base

UniRush Financial Services, a unit of UniRush LLC, New York, today announced an agreement with Milwaukee-based processor Metavante Corp. that allows holders of its prepaid Rush Visa card to use cash accounts linked to the card to make electronic bill payments. The service went live Friday, UniRush says, and is …

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Coinstar Moves into Electronic Transactions with its CellCards Deal

With its acquisition of CellCards of Illinois LLC, Bellevue, Wash.-based Coinstar Inc. is making a play that takes advantage of two key trends in the electronic transactions market: rising sales of prepaid value products and the increasing importance of the so-called unbanked consumer market. With a network of some 11,000 …

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Prepaid Plastic Zeroes in on the Payroll Market

With gift cards accounting for more than $17 billion in retail sales, or about 8% of merchants' total take, during the recent holiday shopping spree, according to the National Retail Federation, the plastic has become a star in the electronic transaction firmament. But while gift cards are stealing the headlines, …

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Gift Cards Gain Popularity

A new survey indicates sharply higher popularity for gift cards. According to the survey, an estimated 97 million Americans, or 45% of the adult population, bought a gift card in the last 12 months, twice the number who bought one in 2002. The 2003 survey, which was conducted in August …

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Another Micropayment System Gets Ready for Rollout

The rising number of online content providers is provoking a steady stream of startups looking to facilitate payment of small fees for everything from ringtones to comics to newsletter items and songs. One of the latest is Palo Alto, Calif.-based Bitpass, which is in it the beta stage of attracting …

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Digital Transactions