Technology

MoneyGram is working with PicomoPay to enable U.S.-based Facebook users to send funds to MoneyGram agent locations in 200 countries using PicomoPay's Facebook app.

Fleet card provider WEX plans to release an app that tells motorists where the most cost-effective gas station is based on their location rather than just showing the price of gas.

Biometric authentication company NXT-ID will soon roll out a wallet that is designed to digitally store payment cards without a mobile phone.

As independent sales organizations (ISOs) offer new payment technology and other services to improve merchant relationships, the ISOs have to decide whether to charge a fee—a difficult decision that can differ from one merchant to another.

After previous tests resulted in mobile phone payments taking a little longer to complete a transaction than a contactless Oyster card, Transport for London is again trying Near Field Communication-enabled phones for payment on its rail network and Tube underground rails.

Swift, the financial messaging service, has launched a new version of its Bankers World Online directory, which includes added information to aid international payments.

Starbucks may soon make the tools behind its successful m-commerce strategy available to other retailers.

To improve the chances that consumers will value a particular issuer's card out of the many in their wallets, that issuer must use all of the data at its disposal to make the card experience personal, bankers say.

Facebook knows that if it misuses consumer data, it will scare its users off. But the social network also knows that by keeping consumers aware of what it is doing and giving them a chance to opt out, it can fundamentally change the way advertisers such as card issuers do business.

According to the Millennial Disruption Index, millennials believe payments innovation will come from outside their bank, with nearly half showing more confidence in what startups and technology companies add to payments than what their banks do. This presents a challenge and an opportunity for financial institutions moving forward.