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In a new twist on stored-value plastic, JPMorgan Chase & Co. is issuing Visa-branded debit cards to low-income recipients of tax refunds. Working with Volunteer Income Tax Assistance offices in 16 cities, Chase expects the cards to help recipients who qualify for refunds under the Earned Income Tax Credit (EITC) …
Read More »Single-App Terminals Help Drive Financial Results for VeriFone
Sales of high-tech products such as wireless and Internet Protocol payment terminals helped VeriFone Holdings Inc. post a 21% revenue gain in its first fiscal 2006 quarter, but merchants with limited needs also helped out. In an analysts' conference call late Thursday afternoon, chairman and chief executive Douglas G. Bergeron …
Read More »Why Info Touch Sees Benefits in 40-ATM Pilot with Cardtronics
The idea of merging financial-services kiosks with ATMs will be tested this spring when Info Touch Technologies Corp., operator of the TIO kiosk network, and ATM deployer Cardtronics Inc. begin driving some 40 machines specially fitted to dispense cash withdrawals and perform kiosk functions such as bill payments. The machines …
Read More »Google’s Payments Moves Excite Comment, But May Not Threaten PayPal
Search-engine giant Google Inc. may be ramping up its electronic-payment capability for users, but it's a long way from competing with PayPal Inc. as a processor of general-purpose Internet transactions, a payments-industry researcher says. “It will take a few years for Google to even consider competing with PayPal, if they …
Read More »Metavante Appoints New Health-Payments Chief, Looks for Big Growth
Eyeing an expanding opportunity in debit card processing for health-related accounts, Metavante Corp. has appointed a president for its Healthcare Payments Solutions division. John M. Reynolds, a 20-year veteran in banking and a former executive at Wells Fargo Institutional Trust Service, takes over the unit, which was formed only last …
Read More »Cardtronics Reports Lower Net in Part on Faster Retail Deployment
Cardtronics Inc., which operates the largest network of ATMs in the U.S., reported a net loss of $900,000 for the fourth quarter of 2005 along with a full-year drop in net of $3.7 million, to $900,000. The results came on increases of 12.6% and 39.5% in revenue, respectively, for the …
Read More »Report: Transaction Kiosks Will More Than Double by 2009
The installed base of ATM-like machines that allow consumers to pay bills, cash checks, top up prepaid wireless cards, and perform other financial transactions is set to explode as retailers and banks seek ways to serve the population of unbanked and underbanked customers, a new research report says. Indeed, the …
Read More »Small-Bank Demand for Remote Capture Leads to New Hosted Service
In a sign of how fast the market for remote capture of checks is developing, one of the largest software companies serving the image-exchange market has launched a hosted product to serve small financial institutions looking to get into the business quickly. “We're seeing significant demand [from small banks] because …
Read More »Discover Unveils a Signature Debit Card, Though No Issuers Yet
Morgan Stanley's Discover Financial Services LLC today launched a signature-based debit card, dubbed Discover Debit, as the second major prong in its debit card offensive. Because signature-based debit delivers higher income to issuers than PIN debit, observers have looked for such a product from Discover ever since the Riverwoods, Ill.-based …
Read More »Motorola Looks to Start Commercial M-Wallet Service by Summer
Motorola Inc.'s new payment software for mobile phones, called M-Wallet, will begin commercial rollout within three to six months with wireless carriers, the Schaumburg, Ill.-based technology company tells Digital Transactions News. A test of M-Wallet is already in progress, officials say, though they can't give details. The company is in …
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