Category: E-Payment

PayPal Introduces Next-Day Settlement in US

July 9, 2014 (Wed): Starting from this month, the eligible businesses in the United States can receive money from their PayPal account to their bank account faster under a new launched pilot program, Next-Day Settlement (NDS) by PayPal.

With NDS, PayPal’s merchants can receive the fund within 24 business hours instead of the three to four business days provided they make the transfer by 5pm local U.S. time.

MasterCard Completes Acquisition of Pinpoint

July 7, 2014 (Mon): MasterCard has completed its acquisition of Pinpoint Pty. Ltd., an Australia based provider of loyalty and rewards services to financial institutions across the Asia Pacific region. In April this year, MasterCard announced that it will acquire Pinpoint without disclosed the terms of the deal.

Chris Fendley, Group Head, Loyalty Solutions, Asia/Pacific, MasterCard said, “At MasterCard, we are committed to providing cardholders and customers with topnotch innovative rewards solutions tailored to their interests and needs. With the completion of the acquisition, we will continue to focus on creating synergies to better serve our customers and cardholders. And with Pinpoint’s growing presence across Asia Pacific, we are excited for what the future holds for our issuers, merchants and cardholders.”

Walmart Launches a New Money Transfer Service

April 18, 2014 (Fri): The world’s largest retailer, Walmart has introduced a new Walmart-2-Walmart Money Transfer Service in partnership with Ria Money Transfer, a subsidiary of Euronet Worldwide Inc.

The new service allows customers to transfer up to US$50 for a US$4.50 service fee and up to US$900 for US$9.50 from more than 4,000 Walmart stores in the U.S. Walmart via its statement claims that its service fee is up to 50 percent less than similar offerings on the market. The service will be available from April 24 onwards.

JPMorgan Told To Refund US$300M to Customers

Sept 20, 2013 (Fri): The U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency yesterday ordered JPMorgan Chase & Co to refund US$309 million (RM979 million) to about 2 million customers charged for the credit-monitoring services, Reuters reported. JPMorgan charged the credit card customers monthly fees ranging from US$7.99 (RM25.29) to US$11.99 (RM37.95) for add-on services, such as identity theft protection and fraud monitoring but the bank was complained that did not perform the services.

According to the bank’s statement, they have stopped enrolling customers in that services in mid of 2012, had refunded affected customers and will discontinue the services by the end of 2013.

Bill Wallace, who heads JPMorgan operations for consumer and community banking, said that the bank is regrettable in making such mistakes and they are committed to ensuring their partners and vendors hold themselves to the same high standards that their customers expect.

Viettel Launches Mobile Payments in Vietnam

Sept 19, 2013 (Thu): In collaboration with nine banks in Vietnam, the telecom providers Viettel has introduced BankPlus service to enable its subscribers to transfer and receive money, pay telecom fee and bills and do online shopping via mobile phone, Vietnam News reported. Every transaction made through BankPlus requires the users to enter a PIN code provided during service registration and a one-off password sent to their mobile phone to complete the payment transfer.

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