The cashless economy at a farmers’ market is on display in this new MasterCard video. Interestingly, the video shows no actual transactions — meaning no swipes — but rather refers to them. Could that be because the merchants at this farmers’ market might be using, say, Square?
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VIDEO: Inside the Cashless Economy of a Farmers’ Market, Courtesy of MasterCard
BetterHaves Wins FinCapDev’s $50,000 Grand Prize
BetterHaves, a budgeting tool for couples, has won FinCapDev’s $50,000 grand prize, it was announced last night. The BetterHaves team, led by Ital Leibowitz, beat out 12 other teams in the competition, which kicked off in October 2012. Downpayment Saver and Thrifty Bunch were runners-up, each receiving a $20,000 prize. Honorable mentions, which carry...
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Simple and Lemon Wallet Update iPhone Apps
Simple and Lemon Wallet updated their iPhone apps yesterday. Simple provides its banking service to some 35,000 customers, and Lemon Wallet, one of the iPhone’s most downloaded apps, is a mobile wallet provider, allowing users to store digital copies of all their cards. Simple’s update includes extending its Goals platform to mobile. It was...
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VIDEO: Pay a Bill with Western Union’s WU Pay
WU Pay is part of Western Union’s strategy to catch up in payments. Customers can use WU Pay for online purchases, then fund that payment by handing over cash at one of Western Union’s 44,000 locations. Now Western Union is opening up WU Pay to online bill pay, all funded by cash paid out...
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Tracey Weber to Leave Citibank, Will Be Replaced by Melissa Stevens
Tracey Weber, Citigroup’s managing director of internet and online banking, will be leaving the bank in late June. Under her stewardship, Citibank integrated PFM into its online banking, developed a tablet app, and refocused online and mobile banking around a user-centered experience. She is the recipient of numerous awards for her groundbreaking work. Weber...
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Check Out Dwolla’s Sweet New York Digs
Dwolla, the payments network provider from the Silicon Prairie, is opening an office in the Big Apple. And not just any office – it’s the space pictured above, “32,000 sunny square feet” on posh Fifth Avenue, just a block from trendy Union Square. The space, in a landmark building designed by Stanford White of...
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Debit Card Payments Increase 532% Since 2000, But So Too Have Overdraft Fees
There’s a dark side to all the debit card growth in the US. Debit card payments have jumped 532% per US household since 2000, recent data released by the Consumer Finance Protection Bureau indicate . Especially since the credit crisis, debit card use has been advocated by everyone from Suze Orman to Marlo Thomas, the...
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Two New Security Startups Look to Network Intelligence to Fight Fraud
A financial transaction wants to takes place on a mobile device, which the bank must verify very quickly — but how? Two new startups offer solutions that use network intelligence outside the mobile phone that originated the transaction to make sure transactions are kosher. The first, XYVerify, uses geolocation data from cellphone towers to determine...
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How Credit Underwriting Can Transform Using Voice Authentication and Psychometrics
In 1956, Bill Fair and Earl Isaac founded FICO, the purveyor of credit scoring algorithms, and since then lenders have used math to make underwriting decisions. But if you want a glimpse into the future of underwriting — especially in the emerging markets — allow me to introduce you to Entrepreneurial Finance Lab and...
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2013 Innovators to Watch: 44 Executives Shaping The Future of Banking
Often, banking innovation boils down to the what: What is the future of retail banking? What will happen as payments evolve? What are the keys to a bank innovation strategy? In truth, the “who” of banking innovation might matter more. People, more than ideas, are the drivers of innovation, implementation, and strategic force. For...
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