Low-income households pump money into retailer wallets

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A new research paper by three economists predicts that the little guy will shell out more money as FIs seek relief from the revenue-slashing effects of the interchange cap.

FEATURES


PayToo bridges mobile and ATM worlds with cardless cash access for the unbanked

The company's mobile wallet, which combines telecom and payment services, is crossing over to the ATM market to provide card-free cash access at PayToo-enabled Genmega ATMs.

The ATM isn't dying, it's being transformed

'Kicked the bucket? Shuffled off the mortal coil? Joined the choir invisible?' Not the essential, adaptable ATM. 

Debate: Is cash an impediment to the world economy?

“There needs to be a move beyond cash in order for the vast majority of the people in the world to become full working participants in, and beneficiaries of, the economic system,” said Leland Englebardt, group head, global network products...

Are we exploiting the unbanked once they enter the system?

An ex-employee sued McDonald's claiming that its policy of paying unbanked employees' wages via prepaid  meant that her income was eaten up by card fees. A panel of payments experts tackles this difficult issue at the ATM & Mobile Executive Summit in Washington, D.C.

Amex Bluebird evolves into a 'virtual bank'

Now offering FDIC insurance and paper checks, the prepaid is looking like an online bank with ATM branches.

The underbanked: embracing the prepaid phenomenon

As the underbanked increasingly choose prepaids for their money management needs, new opportunities arise for the ATM industry.

India's ATM industry is banking on the unbanked

The up-and-coming nation has ambitious plans for improving its current ATM-to-citizen ratio of 1:13,333.

Emerging economies embrace banking innovations

ATMs, mobiles and kiosks play nicely together, enabling financial inclusion in developing countries.

CFPB announces proposed rulemaking for prepaid reloadable cards

Watchdog bureau will seek public comment on consumer safeguards.

ATMs and the unbanked: an emerging convergence

Un- and underbanked Americans pay $45 billion a year in fees; the ATM industry is figuring out how to claim its share.

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NEWS


Global Payout bids to acquire prepaid-based mobile banking provider

Global Payout will purchase 100 percent of Maxie Mobile, a company that enables payments and ATM withdrawals from a prepaid mobile account.

Research: 'Card malls' should be part of prepaid distribution strategy

The total dollar volume loaded through card malls grew 19 percent in 2013, and new research says growth will continue.

FNB, NCR take home award for ‘Best ATM and Kiosk Project in Africa’

FNB won the award for its successful implementation of the NCR SelfServ 4 slim line kiosk, using a custom platform that supports the FI's inclusion banking strategy.

Genmega, PAI, Paytoo partnership brings cardless ATM access to the unbanked

The concept is now being tested in a 90-day pilot, after which the partners are prepared to roll out a nationwide deployment of several thousand machines.

Nigeria prepares to enact final phase of cashless policy on July 1

Following a one-year waiver period, cash withdrawals via teller or ATM will be subject to a fee of up to 5 percent as the Nigerian government carries out its plan to retool the nation's cash-based economy.

Banco de Credito del Peru, Diebold will install 1,000 ATMs to better serve Peru's unbanked

In an effort to reach the three-quarters of Peruvian adults who are currently unbanked, the country's principal FI is embarking on an ambitious plan to install more than 1,000 new ATMs.

Amex adds 4K Walmart stores to Serve prepaid network

American Express this week announced that its full-service reloadable prepaid account, Serve, is now available through 4,100 Walmart stores nationwide. Serve customers can add cash to their account for free at 19,500 Walmart, CVS and participating 7-ELEVEN locations in the...

Euronet, Walmart venture promises lower-cost money transfer

Walmart and Ria, the money transfer service owned by Euronet, have announced the Walmart-2-Walmart Money Transfer Service. Beginning April 24, customers will be able to transfer money between Walmart stores nationwide for up to half the cost of other providers,...

ATMIA launches US Underbanked Forum

The ATM Industry Association has created a new U.S. Underbanked Forum whose goal is to foster the development and deployment of ATM solutions that respond to the needs of the un- and under-banked. Dramatic growth in the smartphone and mobile...

India working to turn ATMs, mobile phones into P2P payment system

The Reserve Bank of India wants to make it possible for anyone to send money to another party, regardless of whether that party has a bank account. All the users would have to have is a mobile phone. According to a report from LiveMint, a government intermediary will be set up to facilitate the transactions.

T-Mobile offers low cost banking with prepaid Visa card

T-Mobile U.S. is offering a raft of cheap banking services with its new reloadable T-Mobile Visa prepaid card, issued by The Bancorp Bank. The T-Mobile prepaid card comes with the Mobile Money by T-Mobile smartphone app, and has no charges for card activation, monthly maintenance, in-network ATM withdrawals or for replacing lost or stolen cards.

'Intelligent-powered' ATMs take banking where it's never been

India has 600,000 villages, most of them rural, and only 12 percent of them banked. Further, the country has 400,000 citizens — also mostly rural and unbanked — without access to electricity, which makes it plain to see how the...

Prepaid Discover card can now be loaded at 60k Green Dot sites

Global Payout Inc. is now offering cash loading of their MoneyTrac Prepaid Discover Cards at 60,000 Green Dot retail locations nationwide.

Tata Comm to install 1K ATMs in underserved Karnataka State

Tata Communications Payment Solutions Ltd. has said it will install about 1,000 white-label Indicash-branded ATMs in the state of Karnataka in southwest India.

ANZ Bank connects with un-, underbanked via Fiserv Mobiliti Reach

Australia and New Zealand Banking Group ($642.12 billion in assets) has launched goMoney mobile banking and payments in several nations in the Pacific. Powered by the Fiserv Mobiliti Reach solution for emerging markets, goMoney offers mobile financial services to un-...

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