Debit cards

The Lutherville, Md.-based credit union returned $1.25 million to members in the first half of the year, on the heels of a $2M payout last year.

Finix, a startup offering tools for businesses to develop their own payments technology, has raised $17.5 million in Series A funding from investors that include Bain Capital and Visa.

The annual summer shopping bonanza will run across two days for the first time, and other retailers are following suit with offers of their own. Here’s how credit unions can capitalize on it.

BBVA has formed a partnership with Uber enabling the ride-hailing company’s drivers and delivery workers in Mexico to establish a digital BBVA debit account through Uber’s app.

Adyen has added support for Interac, enabling Canadian merchants to accept Canada’s domestic debit payment method for in-app and online purchases.

PayPal is working with Visa to enable consumers and small businesses in Canada to move funds instantly from PayPal to their bank accounts using Visa’s debit push payments service.

By creating a close tie between digital debit cards and the major third-party mobile wallets, Bank of America is doing something few banks are — and expecting a payoff in broader use of digital financial services and “top of wallet” spending.

Denmark-based payments technology developer Nets will develop new solutions for Vipps, Norway’s leading mobile payment app, under a new agreement.

As the global gig economy expands, more workers moving between the U.S. and other countries for jobs or school need ways to handle funds in different currencies.

By creating a close tie between digital debit cards and the major third-party mobile wallets, Bank of America is doing something few banks are — and expecting a payoff in broader use of digital financial services and “top of wallet” spending.

Payments Canada is proposing to allow delayed transaction authorization to enable debit cards to be used in open-loop transit — and the change could affect far more than commuters.

Target in the past 48 hours suffered a pair of unrelated point of sale outages that had at least one thing in common — they resulted in consumers scrambling for a contingency that would have been little problem as recently as four or five years ago.

The 8-BIN migration will be here sooner than many financial institutions believe. Fortunately, even for those institutions that haven’t started planning for the migration, there is enough time to limit confusion, lost revenue and customer churn, writes Member Access Processing's Carol Logan.

Mobile technology has improved the process of sending cross-border remittances, but most international money transfer services still have a long way to go before they’re streamlined and real-time.

Adyen and African fintech Cellulant are working together to expand Adyen’s global payments offering to hundreds of merchants, banks and mobile network operators in Africa.

While major card issuers such as Chase and Wells Fargo roll out NFC-enabled credit and debit cards incrementally, Bank of America is taking a much more aggressive approach.

Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit card business at the world’s largest payments network. But Visa Inc. Chief Executive Al Kelly isn’t too worried.

Wells Fargo & Co. said it expects to refund certain fees paid on debit-card accounts as it reviews disclosures that may have confused customers.

The use of digital payments offers significant savings over check cashing. Payroll cards and public-sector prepaid cards issued for the deposit of government benefits are two of the best known examples, writes Andrew Gillen, vice president for Global Public Sector Payment Solutions for Mastercard.

There are many motivations for implementing faster payments, such as paying gig economy workers after each job, sending funds overseas, or improving insurance payouts. In all of these examples, the demand comes from the payments recipient.