By John Stewart Nearly a year after its launch, a service at U.S. Bank that lets customers enter biller details and pay bills by snapping photos of the bills with a smart phone is helping the banking giant make big gains with mobile users, a critical demographic group, a U.S. …
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Capital One Buys Into Big Banks’ clearXchange P2P Payment Service
Card issuer and bank Capital One Financial Corp. has bought into the clearXchange person-to-person payment company, becoming the fourth owner. Founded in 2011, clearXchange was started by Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co., with the idea of leveraging a consumer’s existing relationship …
Read More »Retailer-Backed MCX Picks a Banker As CEO To Guide the Mobile-Payments Network
Nearly a year after announcing itself, Merchant Customer Exchange (MCX) took another step toward achieving its goal of developing a cutting-edge mobile-payments system with the appointment of Dekkers L. Davidson as chief executive. Thursday’s announcement of Davidson, former managing director at credit card issuer Barclaycard U.S., as CEO comes hard …
Read More »Through The Clearing House, Major Banks Prepare a ‘Secure Cloud’ to Mask Payments Data
Fearing that security worries could hinder mobile payments and other digital-payments channels, a handful of major banks are building a server-based switch that will mask consumers’ banking information when they perform transactions. Tentatively called Secure Cloud, the so-called thin switch is under construction at The Clearing House Payments Co. LLC, …
Read More »Banks’ ‘Shift in Priorities’ Leaves Secure Vault Payments in the Lurch
n n n n n n n n n n n n n n n Merchant pricing is 0.9% of the sale plus 30 cents, which Gonthier says is only about one-third the cost of a credit card or PayPal Inc. transaction.
Read More »Banks’ Bill-Pay Sites Poised To Grow as Consumers Make More Online and Mobile Payments
Consumers are paying fewer bills than they were in 2009, but paying more of them online and through mobile devices. Between 2009 and 2011 total consumer bill payments fell from 16.6 billion to 16.1 billion, according to a report released this week by Boston-based Aite Group LLC. The decline …
Read More »Eye on Volumes: American Express, Chase Paymentech, Bank of America, U.S. Bank
Some of the biggest payments companies and debit card issuers this week reported their latest volumes and related data along with their fourth-quarter financials. • American Express Co. late Thursday reported that U.S. card-billed business grew 7% to $155.5 billion from $145.5 billion in 2011’s last quarter. International volume increased …
Read More »U.S. Bank Pairs a Rewards Card With iPhone-Based NFC Payments in Two Test Cities
U.S. Bancorp is joining the ranks of banks and tech companies testing near-field communication (NFC) technology by pairing a rewards credit card account with Apple Inc.’s iPhone in Salt Lake City, Utah, and Portland, Ore. The Minneapolis-based banking company is offering new holders of its FlexPerks Travel Rewards Visa …
Read More »The FDIC Urges Banks To Ride Herd on Their Mobile-Payments Partners
Mobile payments are the all the rage in the banking, retailing, and software industries, but the Federal Deposit Insurance Corp. is cautioning banks to keep a short leash on their mobile-payments vendors. The FDIC also warned in a recent report that banks’ role in mobile payments could be reduced as …
Read More »By Launching a Branded Cash-Funding Product, PayPal Turns up Heat on Banks
PayPal Inc. on Thursday took a step closer to providing bank-like account access with its introduction of a branded prepaid card that can be used to fund PayPal accounts. The PayPal My Cash Card, which is the first PayPal-branded prepaid card in the 14-year-old company’s history, allows consumers who lack …
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