Payment processing

A comparison between checking-account offerings from top issuers and popular reloadable prepaid debit cards suggests that in some cases the cards are a better value, new research suggests.

WASHINGTON—An effort to delay proposed debit-interchange rules continued to build momentum March 2 as bankers and lawmakers called for a more effective exemption for small financial institutions.

Merchants’ security concerns are driving the development and sales of new payment hardware at VeriFone Systems Inc., the top executive at the payment-terminal maker told analysts during a March 1 conference call to discuss fiscal first quarter earnings.

As it looks to generate more revenue and to enable issuers of its cards to better analyze their customers’ transactions, MasterCard Worldwide is exploring ways to secure more volume for its processing switch from cards carrying the network’s brand, especially outside the U.S., Chris McWilton, MasterCard president of U.S. Markets, said during a March 1 presentation.

Dwolla, a low-cost mobile-payments provider, has launched of what it is calling the first location-based payment technology, which will enable users to check in at various retailers and use their mobile phones to pay for purchases, the company. announced March 2.

Axis Bank Ltd. has begun offering a service that allows customers to make income-tax payments at its ATMs in India, becoming the country’s first private-sector bank to do so.

Heartland Payment Systems Inc.’s Steve Elefant readily admits software-based payment-acceptance products are less secure than those requiring hardware. But that did not prevent the payments processor from supporting Acculynk Inc.’s PaySecure checkout software, which enables merchants to accept PIN-debit cards online.

Fiserv Inc. announced three acquisitions this week, including its long-time partner for mobile banking.

Fifth Third Bancorp is enhancing its mobile-banking service using technology from ClairMail Inc. designed to improve customers’ ability to access and manage their accounts from smartphones, San Rafael, Calif.-based ClairMail announced Feb. 24.

Visa Inc. has completed its acquisition of the online payments company Inc., the card brand announced March 1.

Tyfone Inc. is partnering with smartphone-accessory company Dexim Inc. to offer a sleeve that attaches to Apple Inc.’s iPhone to support contactless payments worldwide using Tyfone’s SideTap microSD chip technology, the companies announced Feb. 28.

Alex W. “Pete” Hart, a former chief executive of MasterCard Worldwide and currently chairman of SVB Financial Group, has been elected to the board of directors of mobile-imaging vendor Mitek Systems Inc., Mitek announced March 1.

From the time it launched in 2008, Acculynk Inc. has maintained its PaySecure product is secure despite detractors. The company today received some more validation, as a payments processor that fell victim to a high-profile security breach in late 2008 plans to support Acculynk’s Internet PIN-debit transactions.

Fiserv Inc. has purchased Mobile Commerce Ltd., a provider of mobile banking and payments technology, the Brookfield, Wis.-based banking-technology company announced March 1.

Approximately 57% of vending-machine operators plan to add or expand their use of cashless payments this year, while only 8% likely will not add payment card acceptance to their machines, new survey data suggest.

Demonstrating a way to make money on a service many banks view as a cost, Hearst Corp. on Feb. 28 launched a beta version of its bill presentment and payment site Manilla.com.

Oberthur Technologies of America Corp. is in talks with U.S. issuers planning to migrate their debit and credit card portfolios to EMV chip-and-PIN technology “over the next couple of quarters,” an executive for the card manufacturer tells PaymentsSource.

WASHINGTON — Just a month ago, most analysts dismissed the banking industry's chances of persuading Congress to delay, alter or repeal a Dodd-Frank provision limiting interchange fees on debit cards.

Prevailing wisdom suggests that prepaid cards are an alternative or, at best, a bridge to a bank account, not an overlapping product.

Citizens of Thiruvananthapuram in the Indian state of Kerala may pay their property taxes online under an initiative launched Feb. 22