At the end of last year, I predicted that we would not see many debit issuers issue contactless debit cards in 2019. There still aren’t THAT many financial institutions who have taken steps to go down that path, but they are the big ones. This week Bloomberg announced that Wells Fargo will be issuing contactless…
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A First Data Corp. shareholder filed a proposed class-action lawsuit Wednesday challenging the proposed acquisition of payment processor First Data Corp. by Fiserv Inc. The $22 billion all-stock merger benefits First Data’s controlling shareholder, the investment firm Kohlberg Kravis Roberts & Co., “to the detriment of the company’s noninsider stockholders,” says the complaint, according to…
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We’ve come to expect certain levels of safety, security, and convenience when it comes to payments. Today, consumers are using their phones, watches, and even their cars to pay for various goods and services. Recently, the Mercedes-Benz Stadium, home of the NFL’s Atlanta Falcons and MLS’ Atlanta United, switched to only accepting credit and debit…
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Wells Fargo announced Tuesday (March 2) the launch of contactless consumer credit and debit cards. In a press release, Wells Fargo said the new cards will enable customers to complete transactions quickly and with a single tap at millions of merchants and transit systems that accept contactless payments. Customers can still insert or swipe their…
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The U.K. prepaid gift card market is experiencing strong growth among consumers who buy them as gifts and for self-use, as well as among businesses that purchase them for customer loyalty programs and as employee incentives. The U.K. gift card market is expected to reach US$13.1 billion (about £10 billion) in transaction volume by 2020,…
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Metal cards have caught the eye of consumers in recent years. A certain segment of cardholder craves the feelings of exclusivity, luxury, and sophistication that metal cards provide. Attracted by the prospect of adding new, affluent cardholders, along with the promise of strong retention, many financial institutions are looking to add metal card options to their…
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Mastercard Inc. announced contactless-payment capability will go live in 20 U.S. cities “within the next few years,” starting with subway and bus systems later this year in New York City, where the company is working with transit-technology firm Cubic Transportation Systems. Bitmo, a startup that offers mobile gift cards that allow users to split and…
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1. Added security Almost one-third of consumers and business owners agree that new technology will lead to safer payments with 31% of business owners admitting they feel safer using new payment tech, as it means they have less cash on their premises. “To the consumer, the main demands of any payment process are that it…
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The convergence of two significant consumer trends is impacting the world of payments: cardholders’ need for immediate card delivery and their desire for the versatility and convenience of contactless transactions. For small- and mid-sized financial institutions, these trends present both challenge and opportunity. In an age of instant gratification, cardholders will no longer wait to…
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Observers of the U.S. payments market who have been expecting a surge in conversions to dual-interface cards may have been disappointed Wednesday morning as CPI Card Group Inc., one of the nation’s biggest card manufacturers, said it expects “dual interface to grow gradually as a proportion of the U.S. market” in 2019. The prediction, which…
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