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Payments round-up: 18 May 2017

Banking Tech 2

Words cut. Time saved. A round-up of key events in the payments enclave. Featuring Australian Settlements Limited, IBM, Mastercard, UnionPay International, Visa and Wirecard. Financial services provider Australian Settlements Limited (ASL) has adopted IBM Cloud for its new payments platform (NPP) implementation. ASL provides members, including building societies, credit unions and mutual banks, with settlement […]

Start-up Current enters teen market touting budgeting tools, parental controls and charitable giving

Current

Current, a start-up created by a small team of New York-based fintech entrepreneurs, has launched a prepaid card program and mobile app for kids and parents that goes beyond dispensing allowances.

US credit cards gain ground on debit, prepaid – Nilson report

Credit cards

The US purchase volume of credit, debit and prepaid cards increased 7% in 2016 compared to the previous year, according to The Nilson Report. That purchase volume hit $5.648 trillion, with the volume from American Express, Discover, Mastercard and Visa credit cards increasing 8% year-on-year to reach a combined $3.059 trillion – the first time that figure has topped $3 trillion.

Middle East and Africa the world’s fastest growing payment cards region

RBR-MEA

The Middle East and Africa (MEA) is the payment cards region increasing the quickest across the globe, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021, the number of cards in issue in MEA increased by 13% to 611 million in 2015, making it the […]

US EMV hits milestone: one billion Visa chip transactions in March 2017

visa-emv-chip-infographic

US EMV use has hit a milestone. For the first time, the number of Visa chip card transactions topped one billion last month, a 330% increase from March 2016.

Visa unveils European payments innovation initiative

visa

Visa has expanded its Everywhere Initiative innovation programme into Europe as it looks for the “next big thing” in payments. Entrants in Visa’s first-ever European Everywhere Initiative can win up to €50,000 to support a development programme with Visa, or through business partnership with Visa’s clients, and potentially have access to Visa APIs, mentors and […]

Visa brings more action to Amazon transactions

visa

Visa says it has become the first card network to give its UK commercial account holders a comprehensive view of their Amazon Business purchases. The new transaction data, available to Barclaycard, Citi, HSBC, and Lloyds Bank account holders, provides line-item details on all purchases for Amazon Business customers and integrates with reconciliation tools. Kevin Jenkins, […]

Payments innovation reigns in Spain with CaixaBank hub

spain

CaixaBank, Global Payments, Visa, Samsung and BNP Paribas’ subsidiary Arval have joined forces to set up Spain’s “first” payment innovation hub. The objective behind the hub is to “present society with the best possible user experiences in purchases and commerce, both online and offline”. The centre, which will be located in Barcelona, will specialise in […]

US Supreme Court won’t revive settlement in interchange case

The court says no

A legal battle between merchants and payment networks over interchange fees that has been raging for more than a decade will continue now that the Supreme Court of the US has declined to restore a $5.7 billion settlement agreement that was tossed out by a lower court.

Shrewd surfer dude behind Visa’s contactless payment sunglasses move

Colbert

An Australian start-up has been revealed as the key technology partner of Visa’s new contactless payment sunglasses which were launched at the South by Southwest (SXSW) Festival. Visa unveiled the WaveShades sunglasses at the festival in Austin, Texas. Behind the scenes, the bright idea came from FinTech Australia member Inamo who came up with the […]

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