Category: E-Payment

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.

RHB Bank Becomes First Bank in Malaysia to Offer BPO

Sept 18, 2013 (Wed): Bank Payments Obligation (BPO), a class of settlement solution in international supply chain finance, now is available as a trade instrument for RHB Bank’s wholesales and corporate customers to settle their payments with suppliers. According to a report by Bernama, RHB Bank is the first bank in the country to offer such a facility for its customers after received clearance and approval from Bank Negara.

The BPO will provide the benefits of a letter of credit in an automated environment, without the drawbacks of manual processing associated with the traditional letter of credit.

Over 10,000 Merchants Accepting BitCoin via BitPay

Sept 18, 2013 (Wed): BitPay Inc, a Bitcoin payments processing company has announced that the company now has more than 10,000 approved merchants in 164 countries using its service to accept Bitcoin payments.

According to BitPay, half of its merchants are located in North America, followed by 25 per cent in Europe and 25 per cent in the rest of the world. Over 90 per cent of the merchants are using the virtual currencies for e-commerce transactions.

Philippines Tax Collecting Agency Will Go Online Next Year

Sept 18, 2013 (Wed): Bureau of Internal Revenue (BIR) of Philippines is implementing electronic filing of income tax returns (ITRs) and aims to launch it by April next year, Philstar reported. The tax collecting agency is in talks with the Department of Budget and Management for the online payment system, planning to give an option for self-employed individuals to pay tax electronically or through banks.

Currently, BIR is pilot-testing other tax-related payments such as the value-added tax which will be launched the end of the year.

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