Fintech

BOSTON – Many credit unions and vendors have built sophisticated metrics around various numbers inside credit unions, but one area not being measured well is payments, according to one person.

BOSTON – For a credit union to really grow and succeed, it must look to “the fourth option.”

The prepaid card market must undergo significant consolidation in the future because more prepaid card processors exist than are needed to serve the prepaid issuers and program managers in the U.S., new Aite Group research finds.

The major card brands have certified payment processor Total System Services Inc. for EMV chip-card processing.

By July 2008, when Apple introduced the app store as part of the new iPhone 3G, the idea of mobile payments had largely flopped. The app store gave payments companies a second chance at creating the mobile wallet — but many still stumbled along the way.

Visa has entered agreements with more than 40 Australian banks to offer customers the V.me digital wallet for online shopping — a mere three months after MasterCard debuted its MasterPass digital wallet in Australia.

Banks and payment networks are pressing state lawmakers to bar retailers from charging customers more to pay with credit cards than with debit cards or cash.

CloudPassage, a cloud infrastructure security provider, is offering to address Payment Card Industry security standard compliance for cloud-based businesses.

LOS ANGELES – Six months after introducing a program it calls “Member Benefits,” which is designed to “reward those members most invested in the success of their credit union, while asking those who are not engaged to help pay their fair share,” Los Angeles Police FCU said it has seen increased profitability and changed member behavior.

Six banks in Poland have created a joint venture to develop common mobile payment standards to comply with national regulations — a move that leaves card networks out of the equation.