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Mobile and Emerging Payments

06.20.17

Eight Fledgling Fintech Providers Win Capital with CFSI Awards

Eight fledgling fintech companies have won $250,000 each from the Center for Financial Services Innovation. Each FinLab winner in this third annual competition from the CFSI receives $250,000 in capital, along with resources to test, enhance and scale their products, in part via the expertise of JPMorgan Chase, a founding lab partner.

06.19.17

Instant Payments Set to Displace Cards in Europe, Report Says

More than $809 billion is set to switch to the fledgling instant payments system in Europe by 2027, representing a significant threat to cards, according to a new report from Ovum, a London-based consultancy. Instant, or real-time, payments enable account-to-account bank transfers in seconds instead of days.

06.14.17

Q&A with Andrew Buckley, Mastercard

When the self-described skeptic took over as global head of prepaid for Mastercard earlier this year, Andrew Buckley wasn’t quite convinced that the opportunities ahead were worthy of all the hype. Five months later and he’s among the converted, preaching the gospel of democratization—not just of payments but of innovation.

06.13.17

Mastercard, Oxford Plan Helps Banks Breathe Life into Biometrics

With increasing global smartphone penetration and a willing consumer base, financial institutions recognize the potential of biometrics to offer more convenience and security to their customers—but a lack of familiarity with the still-new technology among top banking brass remains a significant barrier to adoption, a new report from Mastercard and Oxford University found.

06.13.17

Walmart Pay Offers Instant Credit Access

Can a mobile payment service gain users by offering instant access to credit card accounts? Walmart is about to find out. The retail giant has launched a program that enables Walmart Pay customers to spend via their credit lines immediately upon approval instead of waiting for plastic cards to arrive.

06.13.17

Fiserv Sets Sights on M-Payments Tech Vendor Monitise

Fiserv Inc., a Brookfield, Wis.-based global financial services technology provider, has offered to buy Monitise. The cash offer values the U.K.-based m-payments solutions provider at approximately £70 million (US$89.1 million). The transaction is subject to certain conditions, including Monitise shareholder approval, and is expected to close during the third quarter of this year.

06.08.17

Australia Post Taps i2c for Digital Payments Push

Australia Post is partnering with processor i2c Inc. to “expand and modernize” its digital payments offerings. Under the pact, the Australian postal service will use i2c’s Agile Processing platform to roll out enhanced digital functionality for its payments products, including the Load&Go GPR Visa card, along with gift, multicurrency travel and corporate incentive cards. The i2c platform also will underpin future financial services products from Australia Post.

06.08.17

Philip Morris Test Promotes Blockchain Payments in Poland

Moving incentives to virtual prepaid cards is an important trend, but Philip Morris International is taking its incentives a step further with blockchain. The cigarette company and fintech firm Billon Group reportedly have completed a test replacing prepaid cards with the distributed ledger technology, enabling digital and mobile payments.

06.06.17

Green Dot Aids Apple’s Bid to Bite into P2P

Apple has made a bold foray into the P2P money transfer market—and Green Dot is helping the tech giant in its bid to unseat Venmo and other established players in the increasingly crowded space.

06.05.17

GPS Captures Contactless Lightning in a Bottle

You’ve heard of wearables—now meet “drinkables.” Global Processing Services (GPS) is helping support a new energy drink marketing campaign featuring special bottles equipped with contactless chips, each preloaded with a credit for a trip on the London Underground. The campaign for the Lucozade Energy brand launched last week, with bottles distributed free at major London train stations and commuter hubs.