In brief

25 May 2021

Australian lender Gateway Bank has launched an eco-friendly debit card as part of its sustainability efforts.

The bank claimed that the new Eco Debit Card offering is the first of its kind from an Australian bank. The body of the card is made of bio-based and degradable polymer Polylactic Acid (PLA). However, the security features and magnetic stripe are made of other materials.

The Eco Debit Card uses 65% less energy during production compared to conventional plastic cards. It is also said to generate 68% fewer greenhouse gases. Additionally, the card will also degrade faster without damaging the environment.

In a statement, Gateway Bank said: “When the Gateway Eco Debit Card expires and it’s time to securely cut it up and throw it out, it will degrade up to 20 times faster than a traditional payment card and won’t release any toxins into the soil.”

24 May 2021

Jordan’s Investbank has partnered with digital payment and banking technology provider i2c to enhance its credit card programmes.

As agreed, i2c’s plug-and-play platform will power credit issuing and acquiring capabilities for the bank. The move will enable new Investbank credit card programmes for personal banking clients, as well as managing commercial credit card programmes across the region.

Customers will gain access to digital account management, virtual cards and contactless payments. Additionally, Investbank will be able to run loyalty programmes. The lender will also work with i2c to launch a cloud-based POS acquiring programme for business clients.

i2c MEA region general manager Aurangzaib Khan said: “We are excited to partner with Investbank and support its commitment to delivering modern banking experiences to its clients. Initiatives like this are pioneering the digital-first revolution in the Middle East.”

21 May 2021

French banking group Société Générale has turned to augmented identity technology provider Idemia to offer its first ever Visa-branded recycled plastic payment card range.

Idemia’s Greenpay cards use recycled PVC plastic procured through production scrap. This reduces consumption of natural resources, which aligns with Société Générale’s commitment to provide sustainable payment cards.

The cards will feature the Smurfs, which serve as ambassadors for the UN's 17 Sustainable Development Goals.

Société Générale's VP of retail banking, Philippe Marquetty,said: “Idemia’s Greenpay card means we can deliver on our CSR pledges and involve our customers in doing so.

“By opting for a Planet Smurf card manufactured out of recycled PVC, our customers select a green product without giving up any ground on security or reliability."

16 Apr 2021

Global fintech platform Airwallex has introduced its online card payment acceptance solution in Hong Kong.

The solution will enable local merchants to accept international online card payments using Visa and Mastercard.

The move comes as e-commerce sales in Hong Kong are expected to increase significantly this year, driving demand for payment options and fueling cross-border transactions.

Airwallex enables merchants receive payments in more than 120 currencies available on Visa and Mastercard’s network.

Airwallex Greater China CEO Kai Wu said: “Hong Kong’s pace of digital adoption is taking shape in a new era of innovation, and in an environment where there is an increasing need for efficiency and fast solutions to ensure business success.

“Our new online card payments solution means merchants in Hong Kong can now accept payments online via Visa and Mastercard, enjoy favourable currency exchange rates and make pay-outs.”

20 May 2021

FIS has agreed to support cryptocurrency exchange CEX.IO with the launch of a new line of consumer debit cards.

The fintech firm will provide card management and processing services for the crypto-based consumer cards across Europe. The launch of new cards will add traditional debit capabilities to the cryptocurrency accounts.

FIS Debit & Prepaid Platform will manage all aspects of card management and processing for the new card line. The scope of services will include purchase authorisation, risk management and regulatory compliance.

FIS payment solutions head Kelly Beatty said: “As cryptocurrencies continue to gain mainstream adoption, consumers are increasingly seeking simple, convenient payment methods for making crypto-based purchases using cards and other familiar financial products.

“We’re delighted to expand our relationship with CEX.IO to help them provide exciting new card options to their customers and support their continued growth.”

20 May 2021

Deutsche Bank has signed a global partnership with payment technology provider Silverflow to enhance its payments strategy.

The partnership includes two new payment services, which are set for a launch later this year. Deutsche Bank will enable payment service providers across Europe and the US to accept debit and credit card payments via Silverflow’s cloud-based card acquiring service.

Deutsche Bank’s Corporate Bank head of merchant solutions Kilian Thalhammer said that Silverflow’s cloud-native payment technology will enable the bank to offer high-end, best-in-class services that set new standards for bank-supported acquiring services and digital payments.

As part of the tie-up, Silverflow will offer new solutions for Deutsche Bank corporate banking customers. Silverflow’s solution will provide access to its machine-learning-based merchant chargeback API to manage disputed payments from card issuers representing a cardholder.

19 May 2021

Discover and Arab Financial Services (AFS) have entered into a strategic network alliance agreement to bolster their global acceptance footprint.

The deal will initially enable Discover, Diners Club International and network alliance cardholders use their cards on AFS Android-based POS terminals across Bahrain. Such terminals are equipped to accept contactless card payments.

The deal also provides AFS banks with capabilities to issue credit cards with access to the Discover Global Network. This will enable the cardholders conduct transactions with more than 50 million merchants on Discover network globally. Overall, the Discover Global Network includes Discover Network, Diners Club International, Pulse and around 20 alliance partner networks.

Discover international markets vice-president Matt Sloan said: “This agreement ensures we can provide regional issuers with access to the Bahrain market, while creating mutually beneficial growth opportunities for Discover and AFS.”

18 May 2021

Euronet Worldwide division epay and Revolut have partnered to offer digital gift card and prepaid products globally.

The full-service payment provider epay will now support Revolut in its worldwide expansion into 36 countries and opens up a new digital and mobile sales channel for its brand partner network. The partnership will cover these countries through an API integration into Revolut’s Consumer, Business and Junior apps.

Since April, epay has been offering Revolut customers in these countries with access to digital content, at both global and local level in categories including food, entertainment, lifestyle, gaming, health and wellness, from Twitch, Ikea, Nintendo and Spotify Premium.

This access gives Revolut customers the ability to buy, gift and be rewarded with gift cards and digital content easily.

The phase one countries include the UK and much of Europe.

17 May 2021

Stripe has announced the acquisition of Bouncer, a start-up that focuses on the development of card authentication technology.

The financial terms of the deal were not divulged.

Bouncer uses its card scanning and risk technology to help businesses reduce frauds in online transactions. The technology uses live photos of a payment card to verify its authenticity. It will block a transaction if the card is found to be stolen.

As agreed, Stripe will acquire Bouncer’s team and technology. Subsequently, it will be integrated with and into Stripe’s machine-learning-based fraud prevention tool Radar, further bolstering the latter’s capabilities.

Stripe Radar business head Simon Arscott said: “Bouncer is a great tool for modern internet businesses. It allows them to quickly identify stolen cards, while also ensuring legitimate customers can transact without being blocked.”

13 May 2021

American Express and the US National Trust for Historic Preservation have announced that 25 historic and culturally significant restaurants in the US will receive extra funding. The funding will be provided through the 'Backing Historic Small Restaurants' Grant Programme.

Each restaurant will receive $40,000 in grants funded by American Express and administered by the National Trust. The National Trust will also provide technical assistance to support the use of the grant funds.

The funding will help each restaurant enhance restaurant exteriors, build new outdoor seating areas, and upgrade online businesses to help mitigate operating costs as they work to recover from the financial impacts of the pandemic.

Jennifer Skyler, chief corporate affairs officer and chair of the American Express Foundation, said: “We are honoured to play a role in supporting these historic small restaurants that have served our communities for decades.”