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American Express Co. will step up marketing of its Serve digital payment system early in the third quarter, following encouraging results from a pilot in Eugene, Ore., says David Messenger, executive vice president of online and mobile, American Express. “We’ve done a market test in Eugene and got some …
Read More »The New BofA-Wells-Chase P2P Service Courts Potential Partners
The bubbling person-to-person payments market boiled over Wednesday when mega banks Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co. announced a joint P2P service dubbed clearXchange. While currently limited to the banks’ customers, clearXchange could be integrated with other P2P systems, and possibly even become …
Read More »Visa Announces an E-Wallet for Mobile, E-Commerce, and POS Transactions
n Visa Inc. announced on Wednesday a digital wallet aimed at increasing its share of transactions in mobile payments, e-commerce, and at the point of sale. n The digital wallet will store all the payment cards in a consumer’s wallet, including non-Visa branded cards, Jim McCarthy, Visa's head of global …
Read More »Aiming to Boost Its Position with Cardholders, Discover Launches a P2P Service with PayPal
Once avoided as a money-loser, person-to-person payments are picking up momentum, with Discover Financial Services as the latest entrant. Discover’s Money Messenger service, which went live Monday, allows cardholders to send cash to anyone with a PayPal account. Recipients who aren’t PayPal customers can set up an account quickly via …
Read More »Visa Brings P2P Payments to U.S. Cards Via Fiserv And CashEdge
Visa Inc. on Wednesday said it is adding person-to-person payment capabilities to its network and cards so that all Visa-branded credit, debit, and prepaid cards from U.S. issuers would be able to receive P2P payments. The first P2P providers to walk through Visa's new door were bank processor Fiserv Inc. …
Read More »An EFT Boost Lets P2P Payments Go Real Time And Gives Banks an Edge
The payments industry’s long struggle to bring person-to-person payments to a mass market reached a new milestone in recent days with the addition of real-time settlement. Under an agreement announced late last week, the NYCE Payments Network LLC will offer CashEdge Inc.’s Popmoney person-to-person payments service to its financial-institution clients, …
Read More »Tenacious Cash Is Here for the Long Term, Report Says
Cash: It’s still everywhere electronic payments want to be. Despite decades of gains by credit and debit cards, electronic commerce, the automated clearing house, and now mobile payments, cash is hanging on and will do so for many years, according to new findings from Aite Group LLC. Consumers spent $1.20 …
Read More »A Closer Look at Fed Payments Study Unveils Some Surprises
A major Federal Reserve payments study released last week grabbed headlines for documenting a dramatic three-year increase in electronic transactions, but a closer examination this week by officials who worked on the report highlights a number of subsidiary trends in such key areas as remote deposit capture, person-to-person payments, and …
Read More »In the Early Going, P2P Leads Banks’ Mobile-Payment Services
Mobile payment is making headway among the nation’s top 100 financial institutions, according to a new study from First Annapolis Consulting Inc. The mobile offerings today, however, center on person-to-person payments, wire transfers, and remittances rather than the use of mobile devices as payment instruments at the point of sale. …
Read More »Against Stiff Competition, ZashPay Gets off to a Fast Start
With competition heating up in the market for person-to-person payments, Fiserv Inc. reports its 3-month-old ZashPay service is making headway with client financial institutions. The service now claims some 400,000 registered users, while more than 400 banks and credit unions have signed on to offer it, with 100 of those …
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