In a stunning announcement that surprised many observers, Fiserv Inc. said Wednesday morning it has struck a deal to acquire First Data Corp. with what the parties say will be the biggest ever such transaction in the payments and financial-technology businesses. The all-stock deal, expected to close in the third quarter, values First Data at…
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PenFed Credit Union announced Tuesday it will begin issuing contactless Visa-branded credit and debit cards this month. The move comes after a decision by Chase, a unit of JPMorgan Chase & Co., to issue dual-interface cards that will be in force this year. The cards are called dual interface because they can be dipped into…
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Mobile payment volumes to hit 20% of retail volume Mercator expects mobile payment volumes to hit 25 percent of total card throughput and 20 percent of total retail sales, or $900 billion, by 2020. That includes card on file transactions, such as those made within an Amazon account or to pay a utility bill; mobile…
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CO-OP FINANCIAL SERVICES NOVEMBER 6, 2018 Change is happening at an unprecedented rate within payments. Part of that is fueled by emerging technologies, but a lot of it has to do with the shift in consumer behavior and expectations. And while this will create a number of business challenges for credit unions – it will also…
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A new generation of bank customers is bypassing physical branches and banking via the web almost entirely in favor of completing transactions and accessing services from their mobile devices. The same goes for payments — mobile wallets, peer-to-peer payments apps and social media payments have taken the payments industry by storm. Research shows that the…
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After a flurry of high-profile universal mobile payment service introductions four years ago (Apple Pay, Google Pay, Samsung Pay), use of the services by consumers has generally softened. Should card issuers see this as just a speed bump or as the start of a disruptive customer detour? And what can issuers do to safeguard and…
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