Digital Transactions Authoritative, insightful and timely information for payments professionals
By Jim Daly The Consumer Financial Protection Bureau on Thursday unveiled proposed regulations for prepaid accounts that for the first time would bring to prepaid cards many of the federal protections that currently apply only to credit and debit cards. The CFPB’s plan would limit consumers’ losses when funds are …
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Settle Into the Easy Chair To Read the CFPB’s 870 Pages of Prepaid Card Rules
If you want to print out the Consumer Financial Protection Bureau’s proposed prepaid card regulations, think again. They run 870 pages in PDF form, so you’ll need almost two reams of paper and plenty of ink. The regulations unveiled Thursday would require so-called “Know Before You Owe” disclosures and aim to …
Read More »The Fed Will Leave Its Debit Card Interchange Cap Unchanged for Now
The Federal Reserve Board on Thursday said it would leave its debit card interchange cap for large issuers unchanged despite finding that some of their important expenses either declined last year or had changed little from levels found by an earlier survey. A major retailer trade group said the findings …
Read More »Shazam, Co-Op and CU24 License Visa’s Identifier for EMV Debit Card Transactions
The Shazam Network on Wednesday reported that it had licensed Visa Inc.’s so-called common application identifier (AID), the third such announcement of a new Visa user in just over a week by a electronic funds transfer network. The additions of Shazam and credit-union networks Co-Op Financial Services and CU24 mean …
Read More »Virtual Prepaid Payment Service Pay in Private Debuts
Consumers wanting a way to make online payments with some anonymity may be able to use the new Pay in Private virtual prepaid card service available as an iPhone or Android app. n “It’s not a solution for everybody,” Klein tells Digital Transactions News. “It’s a solution for a segment …
Read More »Eye on Security: Issuer Response to Target Hack; A Rough Ride for Debit Cards in Chicago Cabs
A recent study by First Annapolis Consulting Inc. found that 22 of the nation’s 30 largest debit card issuers are actively replacing cards in the wake of retailer Target Corp.’s massive data breach. Meanwhile, a suburban Chicago bank warned customers not to use their debit cards in Chicago taxicabs and …
Read More »Cover Story: Prepaid’s Big Makeover
Prepaid card program managers and issuers are moving beyond their original customer base and ramping up offerings, producing intense competition and falling prices. By Jane Adler Shopped at Wal-Mart Stores Inc. lately? A trip past the checkout lane reveals a robust array of new prepaid card offerings. For example, Wal-Mart’s …
Read More »U.S. Treasury Seeks Bank Bidders for Its Controversial Direct Express Prepaid Card
The U.S. Treasury Department this month began soliciting bids from banks to run its Direct Express prepaid card for Social Security recipients and other beneficiaries. The card program is currently run by Dallas-based Comerica Bank and has encountered political controversy in Washington. Treasury’s Bureau of the Fiscal Service is taking …
Read More »New T-Mobile Prepaid Card Presents Opportunities and Risks for Blackhawk Network
It’s best known for its Gift Card Mall displays of retailer gift cards and other prepaid cards in grocery stores, but prepaid card services provider Blackhawk Network Holdings Inc. is a force in general-purpose reloadable (GPR) prepaid cards. It had a GPR business even before 2010, when it launched its …
Read More »PayPal, InteliSpend Deals Broaden Blackhawk Network’s Gift And Prepaid Card Reach
Prepaid and gift card provider Blackhawk Network Holdings Inc. is further broadening its reach beyond supermarket gift card malls with its deal to offer gift card services within PayPal Inc.’s digital wallet and its pending acquisition of InteliSpend Prepaid Solutions, which offers corporate incentives and consumer promotion products. Announced Wednesday, …
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