All articles by EPI editorial
EPI editorial
Generations differ on preferred banking channels in the US
US consumers still prefer to bank in branches rather than via other available channels such as the internet, telephone and ATM, reveals a survey undertaken by the American Bankers Association (ABA). When consumers were asked which banking method they use most often, the overall response was: branches (36 percent), online (23 percent), ATM (21 percent), mail (8 percent) and telephone (5 percent).However, when drilling down into the data, the ABA found that generational differences had a strong influence on how respondents answered
Tough challenges for UK’s PayForIt
Tough challneges for UK’s PayForItAlmost two years in development and the subject of a number of pilot projects since early 2007, UK mobile payments network Payforit, a joint initiative of mobile phone service providers Vodafone, T-Mobile, 3, O2 and Orange, went into full service on 1 September Payforit, which supports mobile content purchases of up to £5 ($10), enables users to charge purchases to their mobile phone accounts, a concept that has been highly successful in Asian countries such as Korea.However, speakers at a seminar hosted by UK interactive mobile services provider Dialogue Communications highlighted that if Payforit was to be a success, considerable work was required I believe Payforit will dominate m-payments for some time to come, but it is by no means the finished product and further developments need to be made, which is something all operators and APIs accredited payment intermediaries are working to achieve over the coming months, said Dialogues MD, Guillaume Peersman.One particular issue highlighted at the seminar was the low £5 maximum purchase value, a level some operators could raise to £10 within a few months
Bank of America steps up online security
Bank of America (BofA) has decided to go the extra mile in the fight against online crime with the introduction of SafePass, a two-factor authentication system that can be used by customers as an additional optional security feature in conjunction with its existing online security system, SiteKey.
US treasury to extend debit card use for social security payments
US treasury to extend debit card use for social security paymentsThe US Treasurys Financial Management Service (FMS) unit has called for applications from financial institutions to serve as a financial agent to provide debit card services nationwide to unbanked cheque recipients of federal social security (SS), disability insurance and supplemental security income (SSI) benefit payments.The FMSs call for applicants follows the piloting of a federal debit card, the Direct Express Card, by MasterCard Worldwide and US bank JPMorgan Chase to about 3,000 federal benefit recipients, primarily in the Chicago and the southern rural Illinois area
Contactless payments spring into life in Europe
Contactless payments spring into life in Europe. Near field communication (NFC) contactless payments debuted in the UK amid much publicity, including the Royal Bank of Scotlands co-sponsored Formula One team making the first contactless payment at a McDonalds restaurant in London in late August and MasterCard covering Londons Millennium Bridge in images of coins and notes. Less attention-grabbing was Telekom Austria Groups (ATG) launch in early September of contactless payments in a national roll-out the company said was the worlds largest and most comprehensive commercial package of near field communication.
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