The Bank of New York Mellon (BNY) will serve as the financial agent for the Direct Express program, which provides 3.4 million Americans with a prepaid debit card to receive monthly federal benefits. The U.S. Department of the Treasury’s Bureau of the Fiscal Service said...
Mastercard and Tap Payments have partnered to introduce a Click to Pay with Payment Passkey service for eCommerce transactions. The companies plan to launch the service in the United Arab Emirates (UAE) and then expand it to other markets across Eastern Europe, the Middle East and Africa, they...
Singapore’s FOMO Pay has teamed with Mastercard to debut a tap-on-phone payment solution. FOMO SoftPOS, announced Friday (Nov. 8), lets merchants accept contactless card payments directly on their smartphones with the FOMO Pay app from the Google Play Store. The companies noted in a news...
Last week, Nacha said its Payments Innovation Alliance formed a new project team seeking to answer the question, “What is pay by bank?” Via the project, financial institutions, providers and FinTechs, will delve into identifying “operational, risk and educational issues” associated with what Nacha called...
Swift has completed a successful pilot for tokenized fund subscriptions and redemptions using its network. The project — completed in partnership with UBS Asset Management and Chainlink — would allow digital asset transactions to settle with fiat payment systems across more than 11,500 financial institutions,...
Square is expanding its card offering into the U.K. for merchants seeking quicker funding access. An executive from the company — an arm of Twitter founder Jack Dorsey’s Block — told CNBC Thursday (Oct. 31) that it had opened registration for Square Card in Great Britain. This marks the first...
Despite the growing interest in digital payment methods, the adoption of pay by bank remains surprisingly low. A PYMNTS Intelligence report, “What Consumers Need for Pay by Bank to Catch On,” done in collaboration with Trustly, looks at the barriers to adoption and what payment...
Despite the potential benefits of pay by bank as a payment method, consumer adoption remains limited. A PYMNTS Intelligence Report, What Consumers Need for Pay by Bank to Catch On, in collaboration with Trustly, indicates that many consumers remain unaware of this payment option and...
Worldline launched a new pay-by-bank payment method that caters to businesses that handle high-value transactions. The Bank Transfer by Worldline solution was launched in 10 countries across Europe in August and will be extended to four more by the end of 2024, the payments technology...
