BBVA, in alliance with Uber, launches first banking product in Mexico that operates in third party app — BBVA — “For the first time we are offering a BBVA product that will ‘live’ in a third party’s platform. In other words, we are bringing the bank to our partner, who in turn is bringing us to their drivers and delivery partners, so they can take advantage of all the benefits that the bank has to offer, all with a single click.”
Debit card
Bank of America adds instant card issuing to mobile app
Bank of America’s 27 million mobile banking users are now able to request a new or replacement debit card via the app — and instantly receive a digital version of their new card that they can use to start making purchases straight away... More
Societe Generale lets cardholders add personalized bank cards to Apple Pay
Societe Generale brings personalized credit and debit cards to Apple Pay — Societe Generale — “Societe Generale offers over 180 personalised physical cards, but this marks the first time customers will see the exact same card as they have in their wallet in Apple Pay. ‘With Apple Pay’s personalisation mirroring our cards’ personalisation, we are demonstrating continuity between our digital and our physical products,’ said Julien Claudon, head of card and digital payment.”
Singapore’s OCBC Bank rolls out instant banking product approval via mobile
Customers of Singapore’s OCBC Bank can now make purchases via their mobile devices minutes rather than days after applying for a digital bank card... More
NatWest targets customer accessibility with new-design debit card
UK bank NatWest is introducing a debit card design for all its customers that is easier for cardholders with conditions such as visual impairment and dementia to recognise and use... More
KeyBank to roll out contactless cards in the US
KeyBank, one of the largest bank-based financial services companies in the US, has begun issuing contactless credit and debit cards to its customers... More
Coinbase launches Visa-backed cryptocurrency debit card
Spend your crypto instantly with Coinbase Card — Coinbase — “We’re excited to announce the launch of Coinbase Card, a Visa debit card that lets customers in the UK spend crypto as effortlessly as the money in their bank… Coinbase Card is currently only available in the UK, but we plan to support other European countries in the coming months.”
Wells Fargo to add contactless functionality to US credit and debit cards
Wells Fargo accelerates customer checkout experience with new tap-to-pay contactless cards — Wells Fargo — “This week, new Wells Fargo consumer credit cardholders began receiving cards with the contactless feature when opening an account, and existing Wells Fargo consumer credit cardholders will receive a new contactless card when their current credit card expires. Consumer debit cards with the contactless feature will start to become available this summer.”
German savings banks roll out NFC mobile payments to 45m debit card holders
Sparkassen launches mobile payments via smartphone — Deutscher Sparkassen- und Giroverband (translation) — “We have 45m girocards in circulation — and all of them can be used for mobile payments. This makes us a pioneer in Germany in terms of availability and distribution of a mobile payment solution,” says Helmut Schleweis, president of the German Savings Banks and Giro Association (DSGV). In Germany, around 75% of the card terminals are equipped with the corresponding interface for contactless payment, with millions of terminals available worldwide.”
Eight in ten merchants expect real-time payments to replace debit and credit cards in Europe
One in four European merchants has experienced data theft — ACI Worldwide — “80% of European merchants believe that real-time payments will replace the use of debit or credit cards over time (in the Netherlands, 100% of merchants hold this view; in Belgium 87% and Germany 84%), 76% of merchants believe that real-time payments will help to save their business money, 63% believe real-time payments will reduce their payments acceptance costs. Half of all European merchants (48%) plan to increase their investment in payments technology in 2018.”
PayPal takes its Venmo P2P service in-store with new debit card
Take your balance shopping with Venmo card — Venmo — “With the Venmo card, you can use your Venmo balance in more places… Low Venmo balance? We’ll use your linked funding source to reload your Venmo balance so you can make that card purchase… For those with Venmo notifications enabled, you’ll be notified on your phone with each swipe. And, we aim to alleviate the panic that comes with losing a card: just a few taps in the app, and boom — your card is disabled.”
Popularity of contactless payments pushes debit cards ahead of cash in the UK
Convenience of debit card payments puts cash in second place — UK Finance — “The popularity of contactless payments among UK consumers is a key driver of debit card growth. In total, across both debit and credit cards, the number of contactless payments increased by 97% during 2017 to 5.6bn. Almost two thirds (63%) of people in the UK now use contactless payments, and no age group or region falls below 50% usage.”
US financial institutions pilot dynamic CVV cards
Worldpay tests dynamic CVV cards in anticipation of broader availability — Digital Transactions — “Worldpay is testing the Motion Code-enabled credit and debit cards with two undisclosed credit unions and a bank before broader availability, expected later this year. The hope is to make online shopping more secure… A dynamic CVV means a criminal may obtain the card number, but will be unable to verify the CVV because it will have changed.”
Visa cuts transaction fees in India by up to 95%
Visa slashes fee on debit card payments, wants more small merchants on board — Economic Times — “In a note circulated among member banks recently, Visa said it would cut rates on debit card transactions by up to 95%… The largest quantum of decrease will apply to transactions under Rs 2,000 (US$29.57)… ‘Effectively, merchants and banks pay nothing for small value transactions. With this move, it should become more attractive for banks to deploy terminals at small shops and encourage debit card payments,’ said a senior banker.”
Valitor picks Dejamobile to offer mobile payments and branded mobile wallets to clients
PARTNER NEWS: Payment solutions provider Valitor is to use Dejamobile’s cloud-based payments platform to provide its clients with the ability to add mobile payments and a branded mobile wallet to their services... More
Retailers raise concerns over card networks’ plans for a single buy button
Visa, Mastercard push for one-click ordering. Retailers say ‘not so fast’ — The Wall Street Journal — “Representatives of large retailers including Walmart Inc and Home Depot Inc met with federal regulators this week to raise concerns about a new online payment initiative that Visa Inc and Mastercard Inc are preparing to roll out… Retailers’ main concern with combining the buttons is that merchants won’t be able to route their debit card transactions to lower-cost networks.”
PayPal expands into mainstream banking
PayPal makes a move toward traditional banking — Wall Street Journal — “The San Jose, Calif-based payments company has been quietly reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp insurance for their balances, a debit card that can be used to withdraw cash at ATMs and the ability to direct-deposit their paychecks.”
Walt Disney World to pilot cashless resort concept
Walt Disney World to test cashless resort concept at Animal Kingdom Lodge in February — WDW News Today — “Walt Disney World will be testing a cashless environment at Disney’s Animal Kingdom Lodge during a limited pilot program beginning February 12th, 2018. Jambo House at the Resort will be the first location to accept electronic payment only for all purchases and services… Valid forms of payments that will be accepted include MagicBands, credit cards, debit cards, Disney Gift Cards, Disney Rewards Redemption Cards and electronic payments methods such as Apple Pay, Samsung Pay or Google Pay.”
Garmin Pay adds support for Visa credit, debit and prepaid cards
Garmin and NXT-ID subsidiary FitPay expand Garmin Pay to Visa accountholders — Garmin and NXT-ID — “Garmin Pay is now available to Visa accountholders from numerous participating issuing banks including Bank of America, Capital One, and US Bank in the United States, and BonusCard, Cornér Bank, ANZ and NAB (National Australia Bank) internationally… Garmin Pay was initially launched in November 2017 for Mastercard accountholders.”
Challenger bank lets customers activate their debit card with their NFC phone
Tap to activate your debit card — Monzo — “If you use Monzo on Android (and have a device that supports NFC), you’ll now be able to activate your new Monzo debit card just by tapping it on your phone… Rather than typing in the card number, or even having to take a picture, simply tap your card and phone together to activate it immediately.”