Western Union to test debit, credit card offerings in bank push
Payments Source
MAY 5, 2021
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Credit Cards Debit Card Push-to-Card 
Wells Fargo Seeks Bidders For Private-Label Credit Card Unit
PYMNTS
NOVEMBER 12, 2020
Wells Fargo & Co is seeking to sell its private-label credit card and point-of-sale (POS) financing unit as part of an ongoing strategic review of its businesses. Selling the private-label credit card unit would be a business reversal for the financial services group. Debit card POS purchase volume hit $102.9
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BofA to reissue 4 million cards in rapid contactless push
Payments Source
JUNE 2, 2019
While major card issuers such as Chase and Wells Fargo roll out NFC-enabled credit and debit cards incrementally, Bank of America is taking much more aggressive approach.
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Wells Fargo Launches Contactless Credit, Debit Cards
PYMNTS
APRIL 2, 2019
Wells Fargo announced Tuesday (April 2) the launch of contactless consumer credit and debit cards. In a press release , Wells Fargo said the new cards will enable customers to complete transactions quickly and with a single tap at millions of merchants and transit systems that accept contactless payments.
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There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?
Stax
DECEMBER 2, 2024
In recent years, market adoption of credit card surcharging—a practice by which merchants pass on the transaction fee for accepting a credit card to the cardholder—has increased dramatically. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.
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What Is Tiered Pricing in Credit Card Processing?
Stax
OCTOBER 21, 2024
Accepting credit card payments at your business is a surefire way of increasing customer satisfaction and retention. Over 80% of American adults owned at least one credit card in 2023. Also, credit cards contributed to 27% of the spending at point-of-sale (POS) systems worldwide. Don’t believe it?
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Understanding Payment Processing Compliance When Implementing Credit Card Surcharging
Stax
JANUARY 15, 2024
Are you struggling with resource constraints caused by soaring credit card processing costs? Credit card surcharging can help offset these expenses, but it can be tricky. TL;DR Credit card surcharging involves adding a fee to transactions with credit card payments, offsetting processing costs.
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Nearly £60 Million Stolen in Card Fraud in Past 3 Years
Fintech Finance
SEPTEMBER 4, 2024
Almost £60 million has been reported stolen through card fraud over the past three years in the UK according to new research from Trustly, the global leader in open banking payments. Credit card fraud is the most costly and common type of card fraud, according to Trustly’s research.
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Banks On Notice: Fintechs Are Coming For Checking Accounts & Debit Cards
CB Insights
AUGUST 2, 2018
One of the biggest trends in fintech today is the rise of digital banking products like mobile checking accounts and new debit cards. From Square to Paypal, a host of fintechs are creating products that let consumers spend money directly out of digital accounts using a physical card. get the 86-page fintech report.
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Brazil Upgrades Real Time Payments Rails, Goes Live With PIX
PYMNTS
NOVEMBER 16, 2020
For instance, if you go to a restaurant and you have a credit card, probably you will use it because it is more convenient than picking up your phone, starting a transaction or things like that,” Kavakama said. “We Real-time payments continue to gain traction around the world. Case in point: Brazil. PIX has advantages over SITRAF.
NBK Unveils Payment Verification Service on Its Mobile Banking App
Fintech Finance
AUGUST 22, 2024
The service is available for the holders of NBK Debit Cards (Only on international spends), NBK Foreign Currency Prepaid Card, and NBK Multi-Currency Prepaid Card. To avail it, customers need to enable NBK Push Notifications.
PSCU: Credit Spend Rebounds, Offering CUs New Ways to Engage Members (Digitally)
PYMNTS
OCTOBER 20, 2020
The pandemic may still be forcing financial institutions (FIs) to confront the new digital reality — but opportunities abound for credit unions to engage with members who are, just now, growing a bit more positive about spending money again. Stepping Up On Credit . That’s the type of competitive advantage CUs should leverage, he noted.
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Report: Strategic Payment Investments Give FIs, FinTechs Innovative Payment Options
PYMNTS
NOVEMBER 12, 2020
Safety-minded consumers the world over can now be seen tapping contactless cards, scanning QR codes or utilizing voice ordering technologies to make purchases without potentially putting themselves or others at risk of contracting the virus. The Beyond The Card: Toward The Cardless And Contactless Future report, a PYMNTS and i2c Inc.
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Unlocking Brazil's Open Banking Potential
PYMNTS
SEPTEMBER 23, 2020
He pointed to one Zoop client, Brazilian food delivery startup iFood , which recently used Zoop technology to introduce its own debit card product for restaurants on its marketplace. "No In the journey to improve the payments experience, sometimes the best user experience (UX) is an unnoticeable one. A Better Payments Experience.
What is a Surcharge Fee? How it Helps Consumers and Businesses
Stax
DECEMBER 6, 2023
In an era defined by digital transactions and cashless payments, the process of paying for goods and services is more convenient, and increasingly reliant on credit card transactions. However, as the popularity of credit cards and digital wallet payments continues to surge, the costs associated with accepting them also do.
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Elan Brings Two-Way Fraud Alerts To Debit Cards
PYMNTS
OCTOBER 13, 2017
Payments provider Elan Financial Services announced that along with Ondot Systems , the leading provider of mobile-based card services, they have enhanced the My Mobile Money app so that it now offers two-way fraud alerts for Elan processed debit cards.
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Everything You Need To Know about Merchant Processing and How To Choose the Right Solution for Your Needs
Stax
APRIL 30, 2024
According to Onbe, 73% of consumers prefer using digital payments like cards and payment apps. TL;DR Merchant processing ensures that all entities, such as the issuing bank, the acquiring bank, and the card company, work cohesively to facilitate payments between a customer and a business.
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From Startup To Global Payments Giant: Visa Turns 60
PYMNTS
SEPTEMBER 18, 2018
18), a San Francisco startup launched by sending roughly 60,000 credit cards to consumers living in northern California. This startup was a bank, and its innovation was a single card that could be used by consumers to purchase things on credit from many different merchants. Sixty years ago today (Sept.
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Ingo Money And MoneyGram Deliver Instant P2P Payments
PYMNTS
OCTOBER 18, 2016
Ingo Money, a player in real-time push payments technology, and MoneyGram, a global provider of money transfer and payment services, announced Monday (Oct. “Our alliance with Ingo Money will enable us to deliver a whole new level of convenience, speed and choice for paying credit card bills.” retail locations.
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What is a Cash Discounting Program and How Does It Work?
Stax
SEPTEMBER 24, 2024
In addition, contactless and digital payment options, such as debit and credit cards, only increase the financial burden for businesses like yours. In 2023, card brands in the U.S. While electronic payments have been rising in popularity, you still can’t ignore cash. earned approximately $135.75
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Gift Cards Poised For Big Role In Post-Pandemic Purchasing
PYMNTS
DECEMBER 11, 2020
Mao, whose company provides solutions for payments, prepaid cards and gift cards, said the only way for merchants to go is forward, because going back isn’t an option. Mao, whose company provides solutions for payments, prepaid cards and gift cards, said the only way for merchants to go is forward, because going back isn’t an option.
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Credit Card Fraud: It’s Still a Thing (and as Big as Ever)
FICO
JANUARY 22, 2021
But despite the COVID pandemic having effected massive changes in the ways consumers transact, credit card fraud is still a “thing,” and a big, ever-changing thing at that. Exactly how big credit card fraud is depends on where you look. Credit card fraud was the FTC’s second most-reported fraud type in 2019.
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Visa Interchange Rates 2024: What You Need to Know
Stax
JANUARY 31, 2024
If your company accepts credit card payments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. cards currently in use. So it’s virtually impossible for a business to not accept Visa cards. TL;DR Interchange rates are the fees charged by credit card networks.
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A List of Digital Banks in Asia
Fintech News
MARCH 6, 2024
Most critically, the vast majority of individuals feel that micro, small and medium enterprises (MSMEs) within the region face a struggle to secure credit through the traditional banking system. Are digital first banks in Asia poised to lead a disruptive charge against well-entrenched, established commercial banks?
Payment Processing 2024 Market Statistics in Canada
Clearly Payments
JANUARY 25, 2024
Digital Only Banks or Neobanks The emergence of digital-only banks injects competition, propelling the use of debit cards and credit cards, impacting the overall payment processing market. Digital banks, sometimes called Neobanks, push consumers into digital banking and digital payments.
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Inside The Fight For Digital Driver’s Licenses
PYMNTS
FEBRUARY 10, 2020
In the February Digital Identity Tracker , PYMNTS explores the latest developments in the world of digital IDs, including digital driver’s license initiatives around the country, biometric solutions for credit cards and the growing danger of fake profiles on social media. Developments From Around The World Of Digital ID.
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Uber Will Offer Drivers In Mexico A Debit Card
PYMNTS
JULY 2, 2019
Uber is teaming up with Mastercard and financial institution BBVA to offer a debit card to drivers in Mexico, according to a report by Reuters. . There will be no commissions for using the card, said Carlos Lopez-Moctezuma, head of open banking at BBVA. The company wants to promote banking in what is mostly a cash country.
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Making Digital Card Features Stick – And Sticky
PYMNTS
SEPTEMBER 23, 2020
That left FIs scrambling to “rapidly figure out how to get that same emotional and engagement outcome when the possibility of face-to-face is virtually nonexistent,” Randy Piatt , head of product solutions at card technology firm Ondot Systems , told PYMNTS in a recent conversation. Simple: Start with the cards.
BankDhofar Selects Entrust to Enable Cardholders Across Different Banking Offerings With Digital Card and In-App Payment Capabilities
Fintech Finance
AUGUST 28, 2024
To enhance its conventional and Islamic banking applications with digital payment capabilities, BankDhofar has implemented the Entrust Digital Card Solution for Tap to Pay services and tokenization enablement – making BankDhofar one of the first banks in Oman to enable Tap to Pay services to its customers.
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The Push And Pull Of Real-Time Payments
PYMNTS
OCTOBER 10, 2019
That includes the discussion of push payments (in which the account holder sends the money) and pull payments (in which the recipient is authorized to take money from the account). With push payments, the consumer is always in control of a transaction,” LaFleche said. That’s a huge benefit.”. Pull Payment Trends.
The Clearing House On The Race for Real-Time Payments In The US
PYMNTS
AUGUST 10, 2020
These efforts include TCH’s efforts to connect financial institutions’ (FIs’) core banking systems to the company’s Real-Time Payments (RTP) network, along with what card networks and FinTechs are doing to enable real-time push payments to receiver bank accounts. Real time is getting ever closer to prime time.
Corporate Card Innovators Showcase Value-Added Versatility
PYMNTS
SEPTEMBER 2, 2020
From flexible repayment plans for cash flow management to sustainability programs that offset carbon emissions from fleet vehicles, the commercial card is versatile in this week's innovation roundup. American Express is expanding its Pay Over Time offering on credit card bills to business cardholders in the U.S.,
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FinTech-As-A-Service Eyes Global Payments Simplification Makeover
PYMNTS
FEBRUARY 19, 2019
billion people across the globe who do not transact using traditional conduits of credit or debit cards. To streamline FinTech, and to help consumers and businesses transact in the ways they desire, firms must move beyond the silo approach. Total funding raised for Rapyd now stands at about $60 million, according to reports.
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Debit and Credit Usage Stage Friendly Battle For Holiday Spend
PYMNTS
DECEMBER 3, 2020
Some things Piatt sees: ‘Tis The Season For Debit Shopping So Far, But Will It Stick? . Stay-at-home orders that shuttered businesses and prompted layoffs sent consumers running from credit products and toward a strong preference for debit. Plus, he noted that debit still faces many hurdles in a highly digitized environment.
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Radius Bank: Virtual Debit, Mobile Tools Help Banks Fight Debit Fraud
PYMNTS
JANUARY 19, 2021
Studies showed that many consumers in the United States have begun tapping their debit cards more often for payments, for example, with one report finding that debit use rose about 6 percent year over year. Around The Next-Gen Debit World. Another study indicated that debit-related fraud is on the rise across the U.S.
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An Overview of the Payments Ecosystem in 2024
Clearly Payments
FEBRUARY 14, 2024
From independent sales organizations (ISOs) and payment facilitators (PayFacs) to acquirers, card associations, and beyond, each entity plays a unique role in shaping the payment industry. Amidst this intricate dance of forces, competition reigns supreme, driving innovation and pushing the boundaries of convenience and accessibility.
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What is ACH Credit and ACH Debit and How Do They Work?
Stax
NOVEMBER 13, 2024
ACH credit payments differ from ACH debit payments and both are distinct from credit and debit card payments. ACH credit payments are best for sending one-time payments whereas ACH debit payments are more suited for making regular payments, such as for monthly utility bills.
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Can the Future Really be Cashless, as Greggs & Sainsbury’s Unable to Take Card Payments
The Fintech Times
MARCH 20, 2024
After years of pushing to a fully digital payments landscape that will in theory see a cashless economy in the (reasonably) near future, it could all come tumbling down after a series of technical issues that has seen major retailers unable to process card or contactless payments and once again relying on notes and coins.
The Next Big Thing Is … Debit
PYMNTS
JULY 7, 2020
Using credit cards (aka spending the bank’s money instead of your own) seemed so cool — until it suddenly wasn’t nearly as cool anymore. It’s unheard of and makes dependable debit the belle of the ball once again as people consider the upcoming winter. This trend is significant — one financial services company expects U.S.
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‘One can’t just live in the deposit and debit space, Gen Z will need access to credit at some point in their lives’: Mastercard’s Bunita Sawhney on Gen Z’s debit-to-credit transition
Tearsheet
MARCH 21, 2024
As Gen Z, influenced by their digital upbringing, pushes for modernization at large, financial firms are faced with the challenge of creating and upgrading products that engage and retain this group’s interest, all while effectively addressing their concerns. It’s not that they [Gen Z] don’t want credit,” Sawhney pointed out.
From Paper To Digital To Money On Demand: Who’ll Lead The Way?
PYMNTS
JULY 27, 2020
Banks missed out on the first big wave of digital payments, but they don’t have to miss out on the next, Ingo Money CEO Drew Edwards told Karen Webster in a recent conversation. The entire [digital payments] industry ends up being created outside the banks on products that should have been developed by them,” Edwards said.
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How Radius Bank Is Tapping Mobile, Digital Card Issuance To Keep Debit Transactions Secure
PYMNTS
JANUARY 20, 2021
The ongoing pandemic has pushed more consumers online to carry out their shopping and banking, with fraudsters following suit. Bad actors have moved to take advantage of the rush to digital payments — particularly those made with debit cards — leaving banks and financial institutions (FIs) racing to keep them off their platforms.
Walmart Taps Fiserv to Offer Pay by Bank
Finovate
SEPTEMBER 20, 2024
Consumers may face challenges like added friction and lost credit card rewards, but early pilot results have exceeded Walmart’s expectations for pay-by-bank adoption. Walmart is partnering with Fiserv to enable pay-by-bank payments for online purchases starting in 2025. FedNow and RTP, they don’t necessarily talk to one another.
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Tap to Pay: What It Is and How It Works
Stax
NOVEMBER 13, 2023
Since the first plastic credit card was issued by American Express in 1959 , payment tech progress has been growing exponentially. EMV chip card technology had a good two decades or so, beginning in the mid-’90s. Most modern card readers and payment terminals are NFC-equipped.
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