In this week’s news: progress and regression – and sometimes a little of each. The Breaking Banks podcast features some heady discussion of faster payments, AI and fraud, while Visa announces it’s working on a sticker that can transact payments (preschoolers rejoice!). Yet, even as the CU Times celebrates the benefits of instant issue cards, JPMorgan Chase has decided to pull the plug on its instant-issuance program. Finally, the Fed tells us Americans now carry more credit card debt than ever before. Everything new is old again.
Breaking Banks: Faster Payments with Fintech
In this podcast episode, host Ron Shevlin interviews Travis Dulaney, founder and CEO of Push Payments and a member of the Fed’s Faster Payments Task Force, which recently released its final report. Also on deck: Julie Conroy from Aite Group dishes on how AI will enhance faster payments and assist with fraud prevention.
How Sticky Is a Payment Sticker? Visa Aims to Find Out
Would a wearable payment sticker that would enable transactions and other tasks make a payment card, uh, stickier? Visa is trying it out. A small wearable sticker attached to the back of a user’s hand could be used to tap and pay at the register, or perform an action on a smart device such as a refrigerator.
Instant Issuance Slashes Fraud, Among Other Benefits
Instant issue cards are a benefit for members and credit unions alike. In addition to getting members their new securely-activated cards immediately, instant issuance provides credit unions with the opportunity to interact with members live, offering cross-selling suggestions and boosting revenue.
JPMorgan Chase Ends Instant Issuance of Debit Cards in Branch
Then again, some financial institutions apparently aren’t fans of instant issuance. JPMorgan Chase reportedly canceled its program that replaced lost debit cards instantly in the branch, citing concerns about fraud and efforts to cut costs. Could their loss be your gain?
Americans Hold More Credit Card Debt Than Ever: Now What?
Credit-card debt has surpassed the peak set just before the 2008 financial crisis. Outstanding revolving credit, which includes credit-card debt, rose to $1.02 trillion in June, according to a monthly report from the Fed. Are we approaching a tipping point?