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VC investment in UK fintech firms hits £1.5 billion

Investment into the UK’s technology sector has hit a record high of nearly $1.5bn during the first six months of this year, with London-based fintech at the forefront. The figures, released by London & Partners, the Mayor’s promotional company, show the capital’s technology companies scooping up the lion’s share of VC investment by securing more than 80% of the total funding and… Continue reading >>

Visa denies Fundamo shut down

Visa has denied that it is about to shut down Fundamo, the mobile payments company it bought for $110m in cash five years ago. That is contrary to what a number of sources claim, with some reporting that key senior staff have left the company in recent months to work elsewhere or start their own ventures. In answer to inquiries, Visa said… Continue reading >>

US merchant card processing fees rising

With more Americans using credit, debit and prepaid goods to pay for goods and services, the merchant card processing fees to process those cards continues to rise. General purpose and private label credit, debit, and prepaid cards generated $5.165 trillion in payments for goods and services in 2014.  Processing fees, including interchange paid by US merchants to handle that business, were… Continue reading >>

JCB begins card issuing in India

National Payments Corporation of India (NPCI), an organization established by the Reserve Bank of India and being an umbrella for all India’s payments system, and JCB International say that both parties entered into a strategic partnership for acceptance of JCB cards at all NPCI acceptance locations under the NPCI network, which has 1 million card merchants and 200,000 ATMs across India…. Continue reading >>

Safaricom sues Airtel over M-pesa

Safaricom has taken rival telecommunications company Airtel to court on claims that it is infringing on its M-Pesa trademark by including its symbols on its advertising billboards. Safaricom has filed pictures in court that it claims show evidence of Airtel Kenya’s usage of signs that are identical to two of its registered M-Pesa trademarks for the promotion and marketing of Airtel… Continue reading >>

European ACHs join forces to optimize clearing services

Six ACH members of the European Automated Clearing House Association (EACHA) have joined forces to deliver centralized and optimized processing services for SEPA transactions. For this purpose they have set up a new company called European Clearing Cooperative (ECC), registered on 23 June 2015. The objective of ECC is to strengthen interoperability and further increase efficiency in the Single Euro… Continue reading >>

Verifone signs major Payment as a Service deal

Verifone says that Westpac Banking Corporation will be the first bank in Asia Pacific to deploy its new handheld EMV and NFC-enabled terminal solution that is fully supported with payment as a service from Verifone. With more than 13 million customers, Westpac is one of the largest financial services institutions in Australia and New Zealand. The Group will provide the VX 690… Continue reading >>

Western Union remittance deal with MasterCard in Romania

Western Union, the global remittance specialist, and MasterCard have entered into a deal that will enable remittances originated from nearly anywhere across the globe to be received on Maestro and MasterCard consumer cards using ATMs across Romania, one of the largest remittance receivers in Eastern Europe. An innovative tripartite agreement between Western Union, MasterCard and Banca Transilvania (BT) will provide… Continue reading >>

Verifone to offer mPOS with payworks

Verifone, a global provider of payment and commerce enablement technology and services, has partnered with payworks to offer mPOS. The two companies provide a joint product package based on Verifone’s E Series of terminal devices, enabling acquirers and network service providers (NSPs) to offer their retail merchants an easy-to-integrate mPOS solution. This solution is available in Germany, and a roll-out… Continue reading >>

ICA Banken goes contactless with Oberthur

Oberthur Technologies, a global digital security solutions specialist, and Sweden’s ICA Banken have announced the launch of the first dual interface contactless payment cards in Sweden. ICA Banken and Oberthur will distribute 500,000 cards to ICA Banken customers in the coming months. The Swedish group will take advantage of OT’s expertise in dual interface NFC migrations and capacity to produce… Continue reading >>