NEWSThe Federal Reserve Board approved an extension to the date by which gift card issuers and retailers must comply with gift card disclosure requirements of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The rule pushes the deadline from Aug. 22, 2010, to Jan. 31, 2011.
International prepaid card processor FNDS3000 Corp. reported that its microfinance program offered through micro-lending institutions in South Africa is experiencing brisk growth. Citing the trade association MicroFinance South Africa, FNDS3000 said microfinance contributes the equivalent of over $2 billion per year to the country's financial services sector.
The Prepaid International Forum, a global trade organization for the prepaid card industry, said its India chapter celebrated its first anniversary. PIF India, launched in August 2009 with the patronage of U.S.-based processor Total Systems Services Inc., said its membership base is rapidly expanding.
WePay, an online payment service that allows groups and organizations to collect and manage money through the WePay Prepaid Visa Card program, raised $7.5 million in its latest round of venture capital funding. Additionally, rewards and loyalty platform provider Cardlytics and online gaming payment provider PlaySpan Inc. each secured $18 million in equity from investors.
ANNOUNCEMENTSBank Freedom, a subsidiary of Prepaid Card Holdings Inc., joined the MoneyPass ATM network to offer its prepaid cardholders surcharge-free ATM access. Bank Freedom cardholders will therefore save between $1 and $3.50 per ATM transaction by using MoneyPass ATMs, the company said.
Las Vegas-based eCommLink Inc. signed a five-year agreement with AllCom to process its GenieCard. The agreement coincides with AllCom's plans to increase the distribution of GenieCard to its existing client base, as well as expand its retail distribution network in the United States and Canada.
Payment platform provider iPayStation Network launched Nucleus to enable merchants to provide customers with integrated customer relationship management and rewards solutions utilizing credit, debit and gift cards.
MoneyGram International signed a multiyear contract extension with the U.K.'s Post Office. The postal service, which has been a MoneyGram agent since 1997, reportedly offers MoneyGram's money transfer services in 12,000 branches throughout the United Kingdom. MoneyGram said over 93 percent of the U.K. population live within one mile of a post office.
Online game publisher Sanrio Digital tapped PlaySpan to monetize the digital content of Hello Kitty Online. With UltimatePay, PlaySpan's patent-pending, in-game digital goods commerce and micropayment platform, gamers will be able to pay for digital content in the upcoming Hello Kitty Online with various payment methods, including via PlaySpan's Ultimate Game Card prepaid card.
To celebrate the enrollment of over 10 million debit cardholders in India, Punjab National Bank launched its prepaid product, the MasterCard Worldwide-branded PNB World Travel Card. The travel card, designed for residents of India traveling abroad, can be used with the U.S. dollar, the euro and the British pound, PNB said.
Sears and Kmart, both Sears Brands LLC stores, announced the return of the Christmas Club card. The stores said they reinstated the card to help consumers budget and save for the 2010 holiday season.
PARTNERSHIPSFifth Third Processing Solutions LLC and edo Interactive Inc. entered a partnership to offer Fifth Third's financial institution customers access to edo's Interactive Preward loyalty and rewards programs. The edo Preward Platform enables merchants to deliver digital offers directly to a targeted consumer base of active cardholders that have registered to receive Prewards, edo said.
Mobile commerce platform provider Mocapay Inc. struck a deal with contactless and stored-value card processor eNational Payments to offer merchants a way to reach consumers with real-time, mobile marketing.
APPOINTMENTSGift card mall operator Blackhawk Network promoted Don Kingsborough and William Y. Tauscher. Kingsborough, founder and CEO at Blackhawk, assumes the role of the company's Executive Chairman of the Board of Directors. Tauscher, formerly Blackhawk's Executive Chairman, becomes CEO.
Former Travelex executive Richard Knight joined paysafecard group subsidiary Prepaid Services Co. Ltd. as a Director. Knight will bring his expertise in compliance and risk management to the U.K.-based subsidiary.
Concurrent with Cardlytics having raised $18 million in equity from its investment partners, the loyalty and rewards marketer appointed Campbell B. Lanier to its Board of Directors. Lanier is a Director at ITC Holdings and Kinetic Ventures, investment partners of Cardlytics.
Payment veteran Andrew Rowe joined the Retail Gift Card Association as President and Executive Director. Rowe will be responsible for the day-to-day management of the association, building membership and monitoring legislative issues that affect the gift card industry, RGCA said.
Prepaid mobile phone provider Spot Mobile International Ltd. named Larry Turel Vice President, Corporate Development and Investor Relations. Turel, a former investment banker, will be responsible for Spot Mobile's investor relations and corporate communications initiatives, the company said.
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