MasterCard App Reveals Nearby Contactless Payment Merchants

[November 13th, 2014] A new app from MasterCard is capitalizing on the popularity of Apple Pay, the new service that lets people pay for goods and services with their smartphones. MasterCard Nearby tells people where to find stores that will take their MasterCard via contactless payments. There are over 220,000 retailers across the United States that can accept Apple Pay and MasterCard PayPass, the contactless payment system that lets people hold their cards or phones near a register and pay without swiping a card. Merchants that accept contactless payments include Subway, Toys R Us, Walgreens, Whole Foods Market, and the Apple Store. How to make a contactless payment Here’s how it works: when you hold your contactless-enabled smartphone or credit card near the contactless payment reader, your information goes to the retailer automatically. It’s encrypted for security, so there are no worries about identity theft or fraud. If customers are using Apple Pay on their iPhone 6 or iPhone 6 Plus, they then put their finger on the Touch ID or enter their secret code to authenticate their purchase. Apple Pay works by loading credit and debit card information onto your phone. Bank of America, Capital One, Citi, and Wells Fargo are all participating in Apple Pay, allowing their customers to load their card information to mobile devices and make payments anywhere that accepts Apple Pay and other contactless payments. What happens with the money? If you use a linked debit card with Apple Pay, money is transferred from your account in minutes, just as it would be if you used your debit card the regular way by swiping it. It’s the same with your credit card. A charge will appear on your account as soon as you pay using Apple Pay. The payment is the same; it’s just a different method. The MasterCard app aims to help consumers who may be confused about exactly where they can use their new Apple Pay enabled smartphone. Changing from the traditional methods of payment can be hard—like teaching an old dog new tricks. But an app to help you locate merchants that can accept your contactless payments takes one piece of the guesswork out of this new technology. The MasterCard Nearby app is free at the iTunes App Store. It also tells users where they can reload MasterCard prepaid cards, get cash back, and find an ATM.

Credit Education Program Reaches Over 30,000 People

[October 26th, 2014] In its first year, the National Foundation for Credit Counseling (NFCC)helped more than 30,000 people take control of their debts and move toward their goals of financial success and stability. In September 2013, the NFCC launched Sharpen Your Financial Focus, in partnership with Bank of America, Chase, Synchrony Financial and Wells Fargo. The program was designed to reach consumers in financial distress and give them resources to begin to deal with debts, learn financially sound practices, and improve their financial situations. The program operates in three steps: a financial “stress test,” called “My Money Checkup,” to assess where people are in their financial lives, a review with an NFCC-approved financial professional, and an educational plan specially designed for their circumstances. Average participants were single women NFCC data showed that the average Sharpen Your Financial Focus client was an unmarried, white female in her forties. Most of them came from small households, and about two-thirds of them had some education beyond high school. The common denominator for all the program participants was that they were in some level of financial distress. Many of them had no savings, and their debts outweighed their assets. The average person in the program was trying to pay down debt, could not regularly contribute to savings, and did not make or stick to budgets. Retirement savings and income were main concerns Many of the participants in the program did not have retirement savings sufficient to allow them to stop working at regular retirement age, and some had no retirement savings at all. Others had seen their income decline, usually because of job loss. Sixty-nine percent of participants reported that reduced income was driving their financial distress. Another 30% said that their expenses were up because of medical debts or high interest rates. Program effectiveness Initial surveys showed that two-thirds of participating households said that the program had helped them manage their money more effectively. Two-thirds also said that they felt more confident about their finances, and their ability to set goals around their money. And almost 75% said they were making payments on debts in a more consistent manner since completing the program. The senior director of financial education programs at the NFCC, Rhonda Ashburn, said that the program had a successful first year. “Personal finance can be challenging, particularly if life has presented you with a financial curve ball," said Ashburn. Click here to read more News