A new company run by electronic-payments veteran Bipin Shah announced on Monday it has agreed to buy two merchant processors and a payroll-processing company for a total of $179 million in cash and stock. The acquisitions are part of a strategy followed by Radnor, Pa.-based Universal Business Payment Solutions Acquisition …
Read More »Mobile Payments Take a Big Jump in Popularity, Survey Finds
The subject of vast amounts of hype, mobile payments are in fact becoming reality for many consumers. New findings from IDC Financial Insights show that 33.9% of consumers have made purchase on a mobile phone, up from only 19.3% in a similar survey last year. Mobile payments will further penetrate …
Read More »App Usage Reaches a Solid Majority Among Handset Users As Wallet Apps Proliferate
With much of the nascent mobile-payments business concentrated on consumer access via streamlined applications rather than browsers, news emerged this week that handset users are rapidly adopting apps. Indeed, usage of downloaded apps crossed the 50% mark in March and stood at 51.1% in May, according to figures released this …
Read More »P2P Services Gain Popularity, But Most Providers Still Can’t Charge for Them
Person-to-person payments continue to improve technologically and attract consumers, but providers still haven’t figured out how to make money from them, according to new findings from First Annapolis Consulting Inc. Linthicum, Md.-based First Annapolis in the second quarter tested a dozen P2P services from large banks and processors down to …
Read More »Gift Card Sellers Get Half a Loaf in New Jersey As State Delays ZIP Code Rule
New Jersey has delayed implementation of the most onerous provisions of an unclaimed-property law affecting gift cards that caused American Express Co. and two major gift card distributors to pull out of the state this spring. The changes Gov. Chris Christie signed into law last week, however, don’t repeal the …
Read More »Google’s Android Shipments Among Hopeful Signs for NFC
Google Inc.’s disclosure last week that 1 million Android-powered devices are now shipping each week with near-field communication (NFC) capability has renewed industry speculation about when NFC-based mobile payments will become a mainstream service. The shipment figure, a rare disclosure from the tightlipped Web search giant, came with weekly activation …
Read More »Decoupled Debit Goes Mobile As Closed-Loop Card Processor Pushes Wallets
National Payment Card Association is out to prove the obituaries for decoupled debit were, as the saying goes, exaggerated. Not only does the company have 4,000 gas stations accepting its PIN-based debit cards, it expects a major petroleum vendor will begin accepting debit transactions through its platform on a mobile …
Read More »Late with Its ‘Roadmap,’ AmEx Could Jump into EMV Lead Among Networks
American Express Co. announced what it calls its “roadmap” for EMV and chip-based and mobile payments in the U.S., which means all four of the major U.S.-based payment card networks are now on record with plans to move beyond the magnetic-stripe payment card. Like the ones from MasterCard Inc. and …
Read More »Eye on Mobile: Revel Systems’ POS iPad Router; MasterCard Gives a Kick to Loyalty
Startup Revel Systems Inc. this week unveiled a device it is touting as a way for retailers using an Apple iPad for point-of-sale functions to run peripheral devices without an Ethernet router. The device, called the Revel Router, accesses the Internet via the iPad’s cellular connection. San Francisco-based Revel, which …
Read More »ISOs, Processors Start to Prepare for a Future of Chip Cards And Mobile Wallets
With EMV chip card payments coming and mobile wallets using near-field communication already here, merchant acquirers are beginning to roll out their own hardware and software to handle the new technologies. This week, the big merchant acquirer Chase Paymentech introduced its “Future Proof” point-of-sale terminal and earlier this month, Merchant …
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