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The Consumer Financial Protection Bureau confirmed last week that it will extend the effective date of its planned rule governing prepaid accounts by six months, until Oct. 1, and indicated it would consider a further extension. The embattled bureau also said it would revisit “at least two substantive issues” in …
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PayPal Furthers Its In-Store Ambitions With Deals With Android Pay And Wells Fargo
When PayPal Holdings Inc. made deals last year with Visa Inc., Mastercard Inc., Citigroup Inc., and Fidelity National Information Services (FIS), one key part of the agreements was access to the card networks’ tokenization engines to reach bank-issued payment cards. On Tuesday,
Read More »As a Hostile Congress Tries to Axe Its Prepaid Rule, the CFPB Proposes a Six-Month Delay
Facing a Congressional effort to overturn its recently released prepaid rule, the Consumer Financial Protection Bureau on Wednesday issued a proposal to delay the rule’s effective date by six months. In the 16-page proposal, the agency suggests moving the effective date from Oct. 1 of this year to April 1, …
Read More »Circling the Payments Industry
Circle Internet Financial has moved beyond Bitcoin to social payments. But its ambitions don’t stop there. Bitcoin remains a financial-services buzzword. But it’s becoming more and more clear that the cryptocurrency will be relegated to back-office processes outside the consumer’s awareness. Seeing this movement, Jeremy Allaire, founder and chief executive …
Read More »Why Visa And Mastercard Are Playing Ball on Tokens
Since 2014, Visa Inc. has been tokenizing Visa-branded payment cards and Mastercard Inc. has been tokenizing Mastercard-branded cards, but neither network has had access to tokens for cards branded by the other network. Now, that’s about to change. Under an agreement announced last month by Visa and Mastercard, Visa will …
Read More »A Landmark Reciprocity Pact Lets Visa And MasterCard Access Each Other’s Tokens
Visa Inc. and MasterCard Inc. have been tokenizing their payment cards since 2014, but have not been able to access tokens for cards branded by the other network. That will change soon as the result of an agreement announced separately Thursday by Visa and MasterCard. Under the agreement, Visa will be able …
Read More »COMMENTARY: Why You Shouldn’t Count on Real-Time ACH for Retail Payments
A demand-deposit account is the anchor liquidity instrument for most consumers and businesses. For some members of the unbanked, it’s a GPR-prepaid-card account. Policymakers and commercial actors are moving to enable real-time payments between DDAs at thousands of U.S. banks. Policymakers aim to improve payment-system efficiency and enable new and …
Read More »NFC Rising: The Contactless Terminal Base Expands in North America And Globally
By Peter Lucas @DTPaymentNews By the numbers, at least, merchants appear to be paving the way for mobile and contactless payments to become mainstream in the United States. The installed base of terminals ready for near-field communication in the U.S. and Canada is projected to reach 9.2 million by year’s …
Read More »A Ponderous Prepaid Rule From the CFPB
Students of federal regulation can be forgiven if they’re not yet up to speed on the Consumer Financial Protection Bureau’s new rule governing prepaid accounts. The document runs a total of 1,689 pages, almost double the length of the draft prepaid rule the CFPB issued two years ago. Admittedly, the …
Read More »Green Dot Looks at the CFBP’s New Prepaid Card Rule and Says, ‘That’s OK’
By Jim Daly@DTPaymentNews Like a heavy Thanksgiving meal, the 1,689 pages of new prepaid account regulations from the federal Consumer Financial Protection Bureau are going to take a while to digest. The rules cover everything from fee disclosures to overdrafts, and, predictably, they are is drawing praise from consumer groups …
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