Banks must wake up to payments challenge – BCG

“Banks around the world must take forceful steps to protect their payments businesses or risk a further dent in their profits as the financial crisis continues, according to a new report by the Boston Consulting Group.”
“…global payments revenues hit $805.1 billion in 2008, up from $654.3 billion in 2006, and are forecast to reach $1.4 trillion by 2016 – their momentum is slowing. The darkest cloud over the industry is the steady decline in average revenues per transaction. For banks, BCG estimates that these revenues will fall from $0.94 to $0.88 for domestic payments and from $9.33 to $7.50 for cross-border payments from 2008 through 2016.”

Cornèrcard to add ID and access control applications to contactless credit cards

“Cornèrcard says it will use Transponder technology from Swiss chip card technology outfit Legic to convert the card to a multi-application credential-enabling access control device. This will extend the use of the credit cards beyond pure payments to incorporate access to leisure or club facilities, as an e-ticket for public transport or identification badge for car sharing.”

Citi partners MySpace on reward card

“Citi Forward by MySpace cardholders can earn “ThankYou Points” for completing socially responsible acts, such as donating to food drives, going paperless, switching to energy efficient light bulbs and volunteering.”
“The points can be used for rewards and experiences from MySpace, such as music downloads, VIP concert tickets, private concerts and trips to movie premiere screenings.”

KeyBank launches World Debit MasterCard

“World Debit MasterCard cardholders are eligible for discounts on a variety of products and services, and have access to enhanced customer service and security features. The KeyBank World Debit MasterCard will also feature MasterCard PayPass contactless payment functionality. This offers cardholders increased speed and convenience at the point of sale by allowing them to “Tap & Go”"

The Convenience of Cheques: Long May They Live
Interesting remarks on the cheques convenience. I’ll never get them right, why do people bother with them, but it is only because in Poland we’ve skipped this chapter of financial services. As almost everything after the communism fall had to be built from scratch, CEE banking systems are rather modern, and from start were created to use top solutions of their time. So we’re using payment cards, or e-banking in a greater manner. What I do miss, and frankly do not understand is the fact of small popularity of the gift cards. Oh, well maybe no one tried really hard to sell them.

Barclaycard and Orange team on contactless m-payments

“Barclaycard and Orange will work together on rolling out the technology, which they call “the biggest revolution in payments since plastic cards were introduced over 40 years ago”.”

Stimulus To The Heart – Boss writes to employees

“If any new taxes are levied on me, or my company, my reaction will be swift and simple. I fire you. I fire your co-workers. You can then plead with the government to pay for your mortgage, your 4WD and your child’s future. Frankly, it isn’t my problem anymore.”

Funny, but sad.

Visa pre-paid card load network introduced at MoneyGram locations

“MoneyGram enables consumers with any Visa ReadyLink-enabled prepaid card to add funds – in real-time – anywhere MoneyGram Money Transfer and ExpressPayment are offered. MoneyGram joins more than 8,000 participating Visa ReadyLink locations, further extending the convenience and security of reload services to Visa prepaid cardholders in more convenient, everyday shopping locations.”

Social network hi5 teams with Paymo to accept mobile payments

“Social network hi5 has struck a deal with mobile payments outfit Paymo that will enable members to use their handsets to buy the site’s virtual currency, which can then be used to pay for gifts and content.”

Bank of America ‘online mall’ targets crunched online shoppers

“Bank of America online banking customers with a credit or debit card can register for free through the Add It Up site, entitling them to earn up to 20% cash back on buys at over 270 e-tailers, including iTunes, Walmart, BestBuy and Barnes & Noble.”

Lloyds TSB Commercial Finance introduces pre-paid programme with CredEcard

“Matt Lanford, Head of Prepaid Europe at MasterCard, commented: “More companies are turning to prepaid cards as a safe and convenient alternative to inefficient and costly paper-based payments. Independent research from PSE Consulting suggests that this trend will continue in Europe, with payroll cards estimated to turn over €10.7 billion by 2015.”"

Deutsche Bank embarks on massive m-payments project; hires ABN Amro’s van Wezel

“The bank says the service will allow its GTB clients to offer millions of consumers an instant and secure payments and money transfer service from any mobile device with any network.”
“Deutsche claims it is the first major commercial bank to offer a cross-border mobile payments service to its banking and corporate customers.”

Franklin Bank and Trust chooses DCS card issuance technology

“Utilizing DCS’ technology, Franklin Bank and Trust allows new customers who open a checking account, as well as existing customers who need a replacement debit card, to simply walk into the branch and receive an unembossed personalized card in a matter of minutes. The Visa debit cards are printed and presented to the customer at the time of their visit and can be immediately used when they leave the branch.”

Dutch supermarket fingerprint payments plan shelved

“Dutch supermarket chain Albert Heijn has shelved plans to use fingerprint scanning technology as an alternative to card and cash payments at the check-out after a six month trial failed to dispel security concerns.”
“…intended to test customer reaction ahead of a wider roll out of the technology.”

Idea of convenience is obviously good (you will never forgot or lost such ‘card’ right?), but not in a such implementation. Fingerprinting disregarding privacy issues is equalized with the crime world. It is never a good idea to make your Clients feel like common criminals.

SafPay ships virtual card for online payments

“Virtucard eliminates charge-backs and guarantees all funds to the merchant while providing a safer and more private shopping experience for the consumer. Consumers can shop anonymously at Virtucard merchant stores, as if they were using cash, and prevent personally identifiable information from being disclosed. The benefits to the merchant are significant.”

APS partners Poşta Română on pre-paid card

“The launch of the Poşta Română cashplus prepaid MasterCard opens up a new market by bridging the gap between cash and credit cards in a country where a significant number of its 21 million people do not have a bank account or credit card and most payments are made in cash.”

Travelex unveils Corporate Cash Passport pre-paid MasterCard

“The Corporate Cash Passport easily transfers funds from the cards to company funds and back again any time during the 3-year life-span of the card. The card offers greater control by allowing managers to view exactly how much was spent on given days, watch over employee card funds and keep a check on total expenditure. Card accounts can even be set up with a specific hierarchical structure to better match company loading and management processes.”

Visa selects Malaysia for first commercial contactless m-payments service

“Visa has teamed with Malaysia’s Maybank, wireless carrier Maxis and handset manufacturer Nokia to launch its first commercial contactless mobile payments service.”

RushCard adds budget management tool

“RushCard members report that RushCard’s online suite of money management features is helping them save money. In a recent online survey, more than 79 percent of members agreed that money management tools helped them to stick to their budget. Over half of RushCard members reported that the money management tools already available with their RushCards have helped them save more than $300 annually. Thirty percent said they are saving more than $600 a year.”

Tuxedo launches P2P payment service for cardholders

“Tuxedo Money Solutions has launched the first Person to Person (P2P) payment service in the UK on prepaid cards enabling thousands of users to make instant payments to each other for up to £150 at a time.”

Sony launches contactless payments TV remote

“Viewers can pay online for video-on-demand services using Japan’s EDY and eLIO e-money systems by tapping their cards against the remote controls.”

Levering ATMs for Cardless Money Transfer

“To receive the money, the receiver simply goes to one of the bank’s ATM, and keys in his mobile phone number and the PIN code for the transaction. The information is then verified by the bank system, and if correct, initiates a call to the mobile phone. The customer is asked to accept the call and place the phone in proximity of the ATM’s loud speaker. The ATM then sends an encrypted signal to the mobile phone to authenticate the mobile phone.”
“The service may be proposed to non-bank customers, as even customers without a card or bank account may utilize the service. All you need is cash and a mobile phone.”

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