Fintech

Police in the of Jakarta have ordered banks operating in Indonesia’s capital city to beef up their ATM security, a spokesperson for the department tells PaymentsSource.

A limited numbers of Bangkok commuters this spring will begin testing the use of a single, contactless smart card to access the city’s two train networks, an official at the Bangkok Mass Transit System Co. Ltd. tells PaymentsSource.

As payments executives debate which approach to mobile payments will win out, Bank of America Corp. is showing greater commitment to a system based on Visa Inc.’s specifications.

In a management shuffle announced Jan. 11, Obopay Inc. promoted its president to chief executive, and its previous CEO assumed the role of executive chairman.

Just as prepaid cards helped sell banklike services to the underbanked, an investment manager is planning to use similar cards to sell its products to the underinvested.

WASHINGTON – The banking lobby is rejecting Visa Inc.’s proposal for a dual system on debit card interchange, saying such a system would only force merchants to migrate to lower-cost cards as mandated for the biggest issuers.

PARCHMENT, Mich. – First Community FCU has applied to state regulators to acquire Michigan Services CU in Southfield, its second merger of the past six months.

LENEXA, Kan. – Mainstreet CU, the product of three recent mergers, said it completed its fifth deal with the combination of Wyandotte CU, a $13 million Kansas City credit union.

Mobile payments startup Square Inc. has raised $27.5 million in venture capital, a spokesperson confirmed Jan. 11.

The now-defunct Kardashian Kard might have put the prepaid debit card industry in a bad position in the few weeks it was available.