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Card Talk


The Pros and Cons of Avoiding Credit Cards; The New York Times

More than 60 percent of millennials undefined defined as those age 18 to 29 undefined said they did not have a single major credit card, according to a survey published this week by Bankrate.com. In contrast, 35 percent of adults over 30 said they had no cards.    (Read More)

Santander and American Express Announce Partnership to Issue Credit Cards in Mexico; Press Release

Santander and American Express today announced a partnership to launch the Santander American Express® Credit Card in Mexico. This card offers an innovative way for Card Members to quickly earn rewards on their daily purchases.  (Read More)

Consumer Financial Protection Regulations: How Do They Measure Up? Payment Cards Center of the Federal Reserve Bank of Philadelphia: Press Release

"The Payment Cards Center's September 2012 policy conference advanced the discussion of targeted design and outcome measurement as central features of public policy in the area of consumer financial protections." (Read More)

For Smarter Security, a Smarter Walmart MasterCard: Press Release 

As we head into the biggest shopping season of the year, security when paying is more important than ever. If you have a Walmart MasterCard, you can enjoy even greater security through a new chip-enabled card coming to your mailbox in the next few weeks.  (Read More)

Square Announces Powerful Analytics to Help Sellers Make Better Business Decisions; Press Release

The world's largest retailers employ armies of statisticians and analysts to help them increase sales. Today, Square levels the playing field for merchants of all sizes by adding Square Analytics to its complete Register service. The powerful reporting and analytics tool delivers sellers actionable data to increase sales and better serve their customers. Square Analytics integrates the full suite of Square Register products including Pickup, Invoices, and Appointments, making it the most robust point of sale service.  (Read More)     

Are Cardless Transactions the Future of the ATM Industry?

ATM Industry Association (ATMIA) CEO Mike Lee recently stated that "we have entered a mobile-digital age and there is no turning back."  He believes cardless ATM transactions are the way of the future.  (Read More)

Issuers – Why You Need to Plan for EMV Now; FIS Global

EMV chip card technology is a growing force in the payments industry. According to EMVco, as of Q4 2013, worldwide EMV deployment and adoption estimates are approximately 2.3 billion EMV chip cards and 37 million terminals/devices. With card adoption rates averaging 42.8% and terminal adoption rates at 86.2%, indications are that this technology shouldn’t be ignored. EMV is already making traction in the United States, and if you haven’t prepared, now is the time to do it as the October 2015 Liability Shift date is fast approaching.  (Read More)     

Issuers Will Move 70% of Credit Cards to EMV-Chip by End of 2015, Report Says. Bank Systems & Technology

Increasing fraud rates will push issuers to migrate customers to EMV-enabled cards before the October 2015 liability shift on card-present transactions, Aite Group says.   (Read More)

Suze Orman’s Approved Prepaid Debit Cards Are Quietly Discontinued; The New York Times

Starting July 1, Ms. Orman’s Approved card, a prepaid debit card aimed at budget-challenged consumers, will no longer work, according to a letter from Bancorp Bank, her partner on the product.   (Read More) 
          

WILL VISA’S NEW ACQUIRING FEES HURT OR HELP AGGREGATORS? PYMNTS.com

Visa’s controversial fixed acquirer network fee (FANF), already the bane to many in the acquiring industry, will gain even more controversy next April as the network makes changes in pricing tiers and in merchant-aggregator requirements for merchant tax IDs.  (Read More)

Target's Impact on Mobile Payments; Bank Info Security

High-profile retail breaches, such as the one suffered by Target Corp., could spur more merchants to promote increased use of mobile payments to boost security, says Thad Peterson, a new analyst at Aite Group.  (Read More)

The Prepaid Category Continues to Evolve, Convenience Store Decisions

Whether open and closed loop prepaid cards are a significant profit generator or just an important convenience customers expect to find in their c-store, virtual gift cards are changing the category for retailers.  (Read More)

EMV adoption in US faces significant hurdles; Bank Systems & Technology

It could take until 2018 for EMV-enabled cards to become ubiquitous in the U.S., according to a new report from Javelin Strategy & Research.    (Read More)

Worldwide EMV card circulation hits 2.37bn; Finextra

Official figures released by global technical body EMVCo demonstrate continued adoption of EMV chip technology: with 2.37 billion EMV payment cards in circulation and 36.9 million EMV terminals active worldwide.   (Read More)

Contactless card spending reaches record high in U.K.; BankNews

Recent data released by The U.K. Cards Association showed contactless card spending reached a record high in March, rising 200 percent year-over-year. According to the data, spending on contactless cards in the U.K. exceeded $184 million in March.  (Read More)

Donna Embry Named as one of the Most Influential Women in Payments for the Second Time; Press Release

Payment Alliance International (PAI), a leader in electronic payment processing solutions, is pleased to announce that Donna Embry, senior vice president of strategic development, has been named as one of the Most Influential Women in Payments for the second year in a row by PaymentsSource. The publication’s editors select seasoned and accomplished female payments professionals for the annual award based on significant achievement, exceptional leadership and promotion of innovation in the payments marketplace. This year’s honorees will be recognized at SourceMedia's 26th Annual Card Forum and Expo’s Women in Payments Leadership Exchange on April 22, 2014, in Orlando, Fla. Embry will speak during the Leadership Exchange as part of the “Career Paths in Payments – Women in Technology” panel.  (Read More)

Visa’s FANF Revision Could Take a High Toll on Aggregators When It Kicks in Next Year; Digital Transactions

A revised set of network fees from Visa Inc. could hit merchant aggregators hard when the revisions take effect next April, according to payments-industry sources. Depending on the size and number of aggregators’ sponsored merchants, the revisions could significantly boost actual fee payments as well as drive up programming and administrative costs.   (Read More)

This Startup Is Going To Revolutionize The Credit Card You Already Have In Your Wallet; Business Insider

About a year ago, while traveling, my bank turned off my credit card without telling me, as an anti-fraud measure. Of course, this happened right as I was trying to make a purchase.   (Read More)     

Retailers Urge Adoption of PIN-Based Credit Cards; Multichannel Merchant

The National Retail Federation told the Senate last week that it’s time for an overhaul of the nation’s fraud-prone credit and debit card system, saying banks’ insistence on cards that use a signature instead of a Personal Identification Number puts merchants and their customers at risk.   (Read More)

Cryptex’s Debit Card Aims to Widen Bitcoiners’ Spending Options; The Wall Street Journal

A new debit card-based digital currency service aims to get around one of the biggest problems faced by holders of bitcoin: the very limited number of outlets for spending or converting their digital currency.    (Read More)   
         

Visa and MasterCard cut off Russia's sanctions-hit SMP Bank; Finextra

Russia's SMP Bank says that Visa and MasterCard have stopped processing transactions for its clients after the US imposed sanctions on its major shareholders.  (Read More)

EMV Is Coming. But Is It Too Little, Too Late? InformationWeek

The Target/Neiman Marcus/Michael's Stores breach trifecta may have finally galvanized the US card payment industry. Too bad consumers are poised to change the game.   (Read More) 
          

CO-OP Hails Visa-First Data EMV Deal; Credit Union Times

The path to chip-and-PIN debit cards for U.S. credit unions got wider this week with an agreement between Visa Inc. and First Data to share Visa’s common debit solution technology for EMV adoption.  (Read More)

Retail Federation cheers JPMorgan Chase switch to chip and PIN; Finextra

The National Retail Federation has called on American banks to follow the lead of JPMorgan Chase and move to chip and PIN credit cards, rather than chip and signature.  (Read More)

Debit Cards: A historical perspective – What you need to know and why! CU Insight

In spite of all the recent publicity regarding compromises and the concerns over card security and identity theft, the use of debit and credit cards has never been more prevalent. In fact, while most of us have been using debit cards for years, we are in the midst of a cultural shift when it comes to this payment method. Why? Let’s examine the history of debit cards.  (Read More)

EMV smartcards offer security benefits even without PIN, Visa says; COMPUTERWORLD

A senior executive from Visa this week dismissed concerns over the manner in which the Europay MasterCard Visa (EMV) chip card standard is being implemented in the U.S. and insisted the technology will yield significant security benefits for retailers, consumers and banks.  (Read More)

Three reasons prepaid products will be hot in 2014; CU Insight

Even as new ways to pay bills and make purchases are springing up nearly every month, consumers continue to love their plastic. The average American consumer has several cards in his wallet where the collection is a mixture of credit and debit cards – and increasingly, reloadable prepaid cards.  (Read More)

Why is the US a decade behind Europe on 'chip and pin' cards? The Guardian

Perhaps the Target data breach involving 100m credit and debit cards will finally wake up the US on its outdated technology   (Read More)

3 Trends in EMV Adoption in the US; Bank Systems & Technology

By 2015, the U.S. will no longer be a non-EMV market and will see widespread adoption of the chip-and-PIN cards used in much of the rest of the world. Here's three reasons why:   (Read More) 
          

Debit Interchange Battle Just Getting Started; Payments Journal   

In Day 1 before the U.S. appeals judges, it appears the court is leaning towards the Federal Reserve over a group of retailers in regards to Judge Leon’s ruling in mid-2013 about debit interchange. At that point, the U.S. District Court agreed that the Federal Reserve set the cap on interchange fees higher than what the lawmakers had intended. The Federal Reserve set that cap at 21 cents per transaction.  (Read More)

As Square considers IPO, rancor from merchants is a trouble spot; Los Angeles Times

More and more merchants say they are frustrated by the lack of live customer support at mobile payment service Square. That could hurt an IPO if customers depart.  (Read More)

Retailers file interchange settlement appeal: Finextra

The National Retail Federation has filed an appeal of the $5.7 billion settlement with Visa and MasterCard over credit card swipe fees green-lighted by a judge last month.  (Read More)

Amex Proposes Surcharging to Settle Pending Anti-Trust Cases; Payments Journal

On Thursday, less than a week after Judge Gleeson approved an antitrust settlement between a class of merchants and Visa and MasterCard, American Express announced similar settlements in two separate anti-trust cases.   (Read More)

Credit cards can be a sound launching pad for EMV; CU Insight

Early stage adoption of EMV technology in the U.S. is being planned in phases between now and 2017 with a significant part of the migration starting in 2015. For credit unions, the best strategy at this juncture is to be fully aware of the plusses and minuses of EMV technology and be ready when management – and the market – are ready.   (Read More)

MasterCard Introduces Payroll Card Standards; Payments Journal

MasterCard recently released new standards designed to help employees take advantage of the benefits of having their paycheck electronically deposited onto payroll cards.  (Read More)

The Power And Potential of Government Payments; PYMNTS.com

Nearly every American household receives some form of government paymentundefinedfrom social security to tax refunds to the Supplemental Nutrition Assistance Program (SNAP) and cash assistance. This “high touch” financial interaction between the government and its citizensundefinedmany of whom are low-income and financially underservedundefinedoffers an unparalleled opportunity to shape how many consumers interact with their money.  (Read More)

A Medical Credit Card Has Surprising Costs; The New York Times

It might sound like a good idea at the time: You’re at the dentist’s office, and the receptionist offers you a way to stretch payments for an expensive procedure over many months, apparently with no interest.   (Read More)

TSYS Releases Importance of 3D Secure with EMV; Press Release

TSYS (NYSE: TSS) announced the release of a white paper titled “EMV is Not Enough: Considerations for Implementing 3D Secure.” The paper considers the impending U.S. migration to Europay, MasterCard, and Visa (EMV) chip to combat fraud, but concludes that there are additional steps issuers must consider to mitigate fraud risk.  (Read More)

MasterCard hopes to get more Chinese clients with MasterPass; Global Times

"MasterPass hopes to have new Chinese clients, and most will target cross-border business, including merchants and banks," Ling Hai, president of Greater China for MasterCard Worldwide, said in an interview with Global Times. (Read More)

Google launches physical debit card for Google Wallet; ZDNet

Google has rolled out a physical debit card linked to its digital wallet service that will allow users to buy goods at stores or withdraw cash from ATMs.  (Read More)

Study: Global Trends in Interchange Regulation; ATMmarketplace

Around the world, legislators and regulators are taking aim at interchange fees, trying to reduce or cap the amount that FIs and global card networks can charge merchants for accepting payment card transactions. A new report from Mercator Advisory Group, "Global Regulatory Trends: Interchange Regulation," examines the current state of international interchange regulation.  (Read More)

Retailers’ Interchange Brief Defends Judge's Decision; Credit Union Times

The case deciding whether FIs will have to reissue their debit cards inched closer to a conclusion Nov. 20. Merchants defending U.S. District Court Judge Richard Leon's decision overturning the Federal Reserve's Debit Interchange Regulation filed arguments defending Leon's decision before U.S. Court of Appeals for the District of Columbia Circuit. 
(Read More)    

New York's No-Surcharge Law Shelved, for Now; The Green Sheet

A federal judge in a New York district court ruled in favor of five retailers seeking the right to surcharge customers who use credit cards at checkout. The Oct. 3, 2013, preliminary injunction suspends the N.Y. statute that bans surcharging. In the Manhattan court, U.S. District Judge Jed Rakoff said the law violated retailers' constitutional right to inform customers of the cost of electronic payment acceptance.  (Read More)

InComm Research Proves Digital Gift Cards Rising in Popularity for this Holiday Season and Beyond; Press Release

InComm, a leading prepaid product and transaction services company, today released research highlighting consumer shopping trends for purchasing digital and physical gift cards from websites and mobile devices. Of the consumers surveyed, 67% have previously bought a gift card from an online website or mobile website/app, while 33% have not.  (Read More)

 

Durbin Debaters Take Sides In Washington; PYMNTS.com

On November 6, PYMNTS.com gathered experts in the fields of payments and economics in Washington, D.C. for a passionate debate of all things Durbin at an event entitled The Durbin Amendment & The Regulation of the Debit Card Industry.  (Read More)

Making Sense of the Durbin Amendment; FIS Global

When the Dodd-Frank Act passed in 2010, the changes that accompanied it rocked this country’s financial landscape. However, the Durbin Amendment, tacked on to the Dodd-Frank Act and passed in 2011, has been the subject of a recent ruling by Judge Richard Leon that might send even more tremors through Financial Institutions (FIs).  (Read More)

Incentives Survey Shows that Prepaid Cards Lead Non-cash Rewards; Payments Journal

In analyzing the latest survey by the Incentives Federation, Meetingsnet.com lists its top five takeaways, including the finding that prepaid cards, which it calls gift cards, lead employee rewards spending.  (Read More)   
         

Study: Durbin Amendment Destroyed $22 Billion Of Consumer Wealth; PYMNTS.com

When regulators slash interchange feesundefinedas they’ve done in Australia, Spain, and of course the United Statesundefineddo consumers win or lose? One camp says they win since, of course, merchants are going to pass those savings on to consumers in the form of lower prices. What’s not to love about that? Another camp says, naturally, consumers lose because their banks are forced to charge them higher fees to make up the lost revenues. Anyone who thinks merchants are going to cut prices because of the savings they received as a result of Durbin probably believes in the tooth fairy, too.  (Read More)

Why The $110B Gift Card Industry Must Die; readwrite

I am constantly fascinated by the gift card industry. It’s a case study in behavioral economics. Every year, US residents turn $110B of cash into a far-less liquid asset and pay a few percentage points in extra fees. This is all for the privilege of giving a “gift” to someone who now has reduced option value and must exert effort to redeem the alleged “gift.” (Read More)

Blackhawk Network to Acquire InteliSpend Prepaid Solutions; The Wall Street Journal

Blackhawk Network announced that it has entered into a definitive agreement to acquire InteliSpend Prepaid Solutions, a leader in the corporate incentives and consumer promotions marketplace. The transaction is expected to close no later than November 8, 2013 and is subject to customary closing conditions including regulatory approvals.   (Read More)

Study: Young Credit Card Users Are More Responsible; U.S. News

Despite the commonly held belief that young adults are less responsible with their finances, a new study finds college-aged credit card users are less likely to default than middle-age borrowers.  (Read More)

iVeri's mPress Chip & PIN Mobile Payments Solutions Approved by Visa Ready Program; Press Release

African payments provider iVeri's EMV chip-and-PIN mobile payments solution, mPress has been approved by the Visa Ready program. The approval applies for use within Visa Inc. territories.  (Read More)

Discover Recognized for New Technology That Brings Credit Card Cash Rewards to Online Shopping Experience; Press Release

Discover has been recognized as one of the country’s top technology innovators by InformationWeek for delivering convenience and choice to customers through flexible options to redeem cash rewards while shopping online. Discover ranked 77 on the 2013 InformationWeek 500 list, which is presented annually and honors leading companies for using innovative technologies to transform how their organizations do business.   (Read More)
        

MasterCard Shows Consumers 10 Ways to Pay in the Digital Age; Press Release

Stay on top of fashion, get a great price from a local merchant, and buy your hot dog and peanuts at the ball gameundefinedall from a mobile device?  MasterCard is making all this – and more – possible, brought to life at the Innovation Showcase where MasterCard displayed the many ways it is revolutionizing the consumer shopping experience. Held in conjunction with its annual Investor Day, the Innovation Showcase offered a glimpse into the products and services that transform the shopping experience and enhance convenience and security for consumers.  (Read More)

Visa to threaten IBM as most influential Dow stock; Market Watch

Changes to the Dow Jones Industrial Average announced Tuesday mean that three of the least influential stocks in the price-weighted index will be replaced by much more heavily weighted issues.  (Read More)

Russell Simmons and Prepaid Visa® RushCard Launch #RiseToThrive Crowdfunding Campaign to Help Build Prosperity in American Neighborhoods; Press Release

RushCard-- a prepaid Visa card co-founded by Russell Simmons in order to provide financial freedom and access long denied to an underserved population-- and CrowdRise, the crowdfunding site founded by Edward Norton-- today announced the #RiseToThrive Charity Challenge. The crowdfunding challenge will raise money and awareness for non-profits dedicated to building prosperous futures for people in American neighborhoods RushCard serves. Through highly engaged, incentivized fundraising, the #RiseToThrive Challenge will reward the charities who best fundraise for their cause, and offer prizes to those who donate.  (Read More)    
                                                  

The Fed Will Appeal Judge’s Decision To Overturn Its Durbin-Amendment Rule; Digital Transactions

The Federal Reserve on Wednesday said it would appeal the July 31 decision by a federal judge overturning the board’s rule implementing the Durbin Amendment, the section of 2010’s Dodd-Frank Act that regulates debit cards. (Read More)

UnionPay widens its lead over US card giants; ATM Marketplace

The number of payment cards worldwide increased by 12 percent in 2012 undefined to 10 billion, according to a new report, "Global Payment Cards Data and Forecasts 2012–2018," from research and consulting firm RBR. The report also said that, due to the rapid expansion of China's cardholder base, UnionPay has further opened its lead over other card schemes. (Read More)

Public Authority Involvement in Payment Card Markets: Various Countries; Federal Reserve Bank

A summary of regulatory developments in interchange fees and surcharges in various countries is provided. (Read More)

Credit and Debit Card Interchange Fees in the U.S.; Federal Reserve Bank

Charts show trends of U.S. credit and debit card interchange fees for several merchant categories. (Read More)

Credit and Debit Card Interchange Fees in Various Countries; Federal Reserve Bank

Levels of interchange fees for credit and debit cards are compared among countries in Europe, Oceania and North America. (Read More)

Visa and MasterCard agree US chip tech licensing deal to ease EMV migration

MasterCard and Visa have agreed to license their respective common US debit technologies to each other to help ease the migration from mag-stripe to EMV chip cards.  Visa, MasterCard, Discover and American Express have laid out a roadmap for the migration to EMV in the US, with liability switching to retailers that have not upgraded in October 2015. (Read More)

Visa Sued Over Card Fees by U.K. Retailers Including Asda; Bloomberg

Visa Inc., which operates the world’s biggest electronic-payments network, was sued by Wal-Mart Stores Inc. (WMT)’s Asda unit, William Morrison Supermarkets Plc and Arcadia Group Plc over payment-processing fees.  (Read More)

Lower Interchange and Fraud Losses, Says Study; Credit Union Times

A new survey of debit issuers representing about 45% of U.S. debit traffic suggests the debit industry is living on less interchange but is also experiencing less fraud. (Read More)

PIN or PIN? Visa, MasterCard seek ban on credit card signatures; The Sydney Morning Hareld

Australian shoppers and diners will have to remember even more secret numbers if credit card companies are allowed to ban them from signing for purchases. (Read More)

Canadians Drop Antitrust Case Against Visa, MasterCard; Credit Union Journal

Canada’s Competition Tribunal on Tuesday dismissed an antitrust case against Visa and MasterCard over rules that require merchants to accept credit cards with higher fees without imposing surcharges, another in a growing list of antitrust probes against the card networks. (Read More)

Interlink Starts Growing Again And Visa Prospers Despite Legal And Regulatory Uncertainties; Digital Transactions

Visa Inc.’s Interlink PIN-debit network is recovering after a devastating year following implementation in April 2012 of the transaction-routing requirements in the Dodd-Frank Act’s Durbin Amendment. Visa reported Wednesday that Interlink transaction volume rose 25% in its third quarter of fiscal 2013 ended June 30, a sharp turnaround from the year-earlier quarter, when volume plunged 54%. Interlink continued to experience steep declines, although not quite as bad, throughout the rest of 2012 and early 2013. (Read More)

Raiffeisen Bank International selects WAY4 for processing centre upgrade

Raiffeisen Bank International (RBI), the leading corporate and investment bank in Austria and well-known retail banking brand across the EU with presence in 17 markets, has chosen OpenWay’s WAY4 platform to upgrade and enhance the issuing and acquiring services offered by its European processing centre to banks in the Raiffeisen network. The challenge was to consolidate all of Raffeisen’s card business onto a single location. (Read More)

Will That Be Chip And PIN Or Chip And Signature? Expert Forecasts EMV Confusion; Digital Transactions

Payments executives already know the coming changeover from magnetic-stripe cards to chip cards using the Europay-Visa-MasterCard (EMV) standard will be expensiveundefinedabout $11 billion, according to a new report from Aite Group LLC. But Aite notes that while likely to greatly reduce fraud at the point of sale, the big switcheroo could leave many consumers scratching their heads. (Read More)

EMV's No Silver Bullet for NFC; Finextra

NFC fanatics are anxiously awaiting the EMV liability shift in hopes the card networks’ mandates will drive NFC adoption at the point-of-sale (PoS). While many are already heralding EMV as NFC’s savior in mobile payments, it’s far too early for celebrations to ensue.  (Read More)

Ugandans Design Mobile Money Smart Card; All Africa

The card is called Imara mobile wallet. It is connected to your mobile money account. The card is based on android technology integrated on mobile payment services. (Read More)

Malaysian Economy Stimulated By Electronic Payments; totalpayments

It seems that electronic payments are having a profound effect not just upon Myanmar, but also Malaysia. According to a study conducted by Moody’s Analytics for Visa, electronic payments products like credit and debit cards have added RM13.17 billion to the nation’s GDP.  (Read More)

Visa sues Wal-Mart as interchange fight escalates; Finextra

The ongoing battle between card schemes and US merchants over interchange fees has escalated, with news that Visa is to sue the nation's largest retailer Wal-Mart over its rejection of a previously negotiated $7.2 billion class action interchange settlement. (Read More)   
         

New prepaid credit card funded by bitcoins; CoinDesk

Prepaid credit cards are not new. However, a prepaid credit card that can be funded with bitcoins is. We have just discovered TheBitcoinCard (.co.uk), which is a master card that can be funded via BTC. (Read More)

Number of opt-outs in $7.2 bln credit card settlement made public; Thompson Reuters

Nearly 8,000 merchants out of a proposed class of 8 million have opted out of a $7.2 billion class action settlement involving an alleged conspiracy to inflate credit card fees. The number of merchants, made public in a court document filed on Wednesday, represents less than one percent of potential class members and is in line with the expectations of the two main defendants, Visa Inc and MasterCard Inc. (Read More)

Walmart: Settlement ‘Worse Than Losing’; StorefrontBacktalk

In a last-minute interchange settlement objection filed on Tuesday (May 28), Walmart (NYSE:WMT) and more than 60 other retailers described the proposed settlement as worse than actually losing the case. The settlement will block future lawsuits over any Visa (NYSE:V) or MasterCard (NYSE:MA) rules, practices or actionsundefinedand that includes PCI and breach penalties. (Read More)

Why VARs Need To Care About EMV: Business Solutions

Over the past eight years EMV® (Europay, MasterCard, and Visa) has become the standard for globally interoperable, secure payments. According to EMVCo, there are over 1.55 billion EMV enabled cards worldwide and more than 21 million EMV enabled POS terminals, representing some 45 percent of total cards in circulation and 76 percent of payment terminals, respectively. Ironically, while the U.S. is typically a driver of new technologies in terms of both development and adoption, we are just now preparing for a forthcoming shift to EMV. In fact, EMV is just one of an important - and opportunistic – wave of new technologies entering the marketplace that resellers and developers need to know. Following are the top five (5) informational updates that you should understand about EMV and how it impacts your business. (Read More) 
          

Mystery Shops Show that Promoting Debit is not a Priority for Leading U.S. Banks; First Annapolis

First Annapolis recently completed an assessment of debit card product positioning at 11 leading U.S. banks to gain insight into the promotion of debit in the post-Durbin environment. This assessment was based on a thorough review of bank websites and a series of mystery shops. Our findings show that in the post-Durbin environment, banks are expending less effort promoting debit cards in marketing materials and during the sales process for new accounts. (Read More) 
           

Google Wallet Scraps Physical Card Plans; PYMNTS.com

Friday brought more bad news for the service that was once hailed as the harbinger of a payment revolution to come, when the division announced that it would shelve its plans to introduce a physical payment card, AllThingsD reported. The decision came days after Google Wallet lost its Vice President, Osama Bedier, for as-yet undisclosed reasons. (Read More)

Contactless cards: how safe is your money? The Guardian

Marks & Spencer customers complained that they unwittingly paid twice when their contactless cards were activated. How can you prevent charging errors? (Read More)

Square launches faster card swipe machine; CreditCards.com

Several months ago, my favorite coffee shop in Austin switched from using a traditional credit card reader to the free Square device that attaches to an iPhone. (Read More)

Safeway CEO has big plans for payment program that avoids bank debit card fees; San Francisco Business Times

Safeway's new CEO, Robert Edwards, said the grocer is already hearing from other retailers that want to use the technology behind its Fast Forward payment program. It uses a loyalty card linked to a shopper's checking account to avoid the the hefty fees merchants pay when they accept bank debit cards. (Read More)

Leading European processor migrates to WAY4

May 2013

  • Nets, a leading European card service provider, has migrated its issuing business to OpenWay’s WAY4 payment processing system. 
  • With the issuing volumes of 2.5 million cards, Nets is among the ten largest payment processors in Europe, and hopes to climb even higher with the help of the new infrastructure. 
  • Data migration is complete, and operation of the first bank in the project has already been launched. (Read More)  

Interview: MasterCard's Vision for a Cashless, Cardless, World; Ad Age

Last year, we broke down the major players in mobile payments. Notably absent was MasterCard – mainly because the financial services company seemed content playing a behind-the-scenes role, providing the architecture on which the flashier Google Wallet was built. (Read More)

Judge Tells Retailer Groups To Settle Their Online Feud Arising From Interchange Settlement; Digital Transactions

In one of the stranger twists arising from the controversial settlement to credit card interchange litigation, the federal judge overseeing the massive case on Thursday gave lawyers for two feuding merchant groups a week to propose changes to a Web site that urges merchants to opt out of the pending settlement. (Read More)

Discover Card Leads the Way in Customer Loyalty for the 17th Consecutive Year; Press Release

Discover card leads the credit card industry in customer brand loyalty for the 17th consecutive year, according to an annual study by the independent research firm Brand Keys, Inc. (Read More)

PayPal will soon be ubiquitous in U.S. retail stores, but just being there may not be enough; REUTERS

The online payment service will take a giant step beyond its Internet roots on April 19, when a partnership with Discover Financial Services officially kicks in. The deal means that, by the end of this year, PayPal will be accepted as a payment option in roughly 2 million retail stores that already take Discover credit cards. (Read More) 

US debit networks back Discover application for common chip spec; Finextra

Discover has won the support of ten debit networks to provide a common debit application identifier for the US migration to EMV Chip and PIN.The ten debit networks - AFFN, ATH, CO-OP Financial Services, Jeanie, Nets, Nyce, Presto!, Pulse, Shazam and Star - will license the D-Payment Application Specification (D-PAS) from Discover - as a common platform. (Read More)

American Express and Walmart Announce the Addition of FDIC Insurance and Worry-Free Check Writing to Bluebird® Press Release

American Express (NYSE: AXP) and Walmart (NYSE: WMT) today announced expanded security and funding capabilities to Bluebird, a debit and checking alternative that provides Americans with a better way to manage and control their everyday spending. (Read More)

Blackhawk Network Gives a Sneak Peak Into Its Inner Workings Ahead of Its IPO; Digital Transactions

International expansion and broader distribution in the United States are among the major initiatives on tap for gift card and prepaid card seller and program manager Blackhawk Network Holdings Inc. to grow its business, according a filing Blackhawk made this week in preparation for its planned initial public offering. (Read More)   
 
PREPAID RESOURCES PARTNERS WITH IDOLOGY TO ATTACK BENEFIT ENROLLMENT FRAUD   

BenefitsDirect™ FraudGuard™ Powered with Integrated Accountholder Pre-Screening

New York, NY; March 4, 2013 – Prepaid Resources, an established technology specialist for the prepaid debit and banking industry, today announced a partnership with IDology to incorporate advanced identity verification and pre-screening solutions within Prepaid Resources’ FraudGuard™ suite of fraud security services. FraudGuard protects against unauthorized direct deposit enrollments using Prepaid Resources’ award-winning BenefitsDirect™ ‘Direct Deposit Management’ application. IDology is a provider of real-time technology solutions that verify an individual’s identity and deter fraud anywhere in the payments value chain. (Read More


Discover Financial Services Announces International Alliance with Nigeria’s Interswitch Limited; Press Release

Discover Financial Services (DFS) and Interswitch Limited, the largest integrated payment processing service provider in Nigeria and promoter of the leading card network, Verve, today announced a strategic alliance that will allow acceptance of Discover and Diners Club International (DCI) cards at Interswitch-enabled ATM and point-of-sale (POS) terminals for purchases in Nigeria. It will also allow Verve cardholders to have access to Discover, Diners Club International and PULSE networks for international purchases and cash access outside of Nigeria. (Read More)

VeriFone CEO Douglas Bergeron to Step Down; Shares Jump; Fox News

VeriFone Systems Inc. (PAY) Chief Executive Douglas Bergeron is stepping down after a dozen years at the helm of the card-payment systems maker, and will be succeeded on an interim basis by Chairman Richard McGinn. (Read More) 
           

WorldPay acquires card payments service provider YESpay; Paymenteye

Leveraging YESpay’s technology, WorldPay will offer its UK clients a complete payment service, including merchant acquiring, card processing and payment terminals integrated with point of sale systems. The combined service will allow WorldPay and YESpay customers to fully exploit the evolving needs of omni-channel shoppers with a single payment service operating in-store, online and on mobile. (Read More)

The ATM: Disappearing Soon from a Location near You? Portals and Rails

The ATM industry in the United States is facing a set of regulatory and operating rule deadlines that might impact the industry as much as similar deadlines did during 2005–08. Back then, ATM owners were required to upgrade their terminals to support the more secure Triple Data Encryption Standard (3DES) to safeguard ATM transaction messages during transmission. (Read More)

Visa Expands U.S. Roadmap for EMV Chip Adoption to Include ATM and a Common Debit Solution; The Sacramento Bee

Visa Inc. (NYSE: V) today announced its support for a common U.S. debit solution and an expansion of Visa's previously announced roadmap for EMV (Europay MasterCard Visa) chip card adoption in the United States to include a migration path for ATM transactions. To help facilitate chip adoption and issuer compliance with U.S. debit regulations, Visa plans to provide some of its proprietary EMV chip technology to the industry. This approach will simplify EMV chip implementation for debit, reduce migration costs and increase flexibility for card issuers, acquirer processors and merchants. (Read More)   
         

Facebook worms into wallets with plastic gift card; Finextra

Facebook has launched a reusable gift card that people can buy on the social network and send to friends for use at specific retailers and restaurants. (Read More)     

First Data Reports Fourth Quarter and Full-Year 2012 Financial Results; Press Release

First Data Corporation reported its financial results for the fourth quarter ended December 31, 2012. Consolidated revenue for the fourth quarter was $2.8 billion, up $69 million, or 3%, compared to a year ago, primarily driven by a $55 million increase in debit network fees. Adjusted revenue, which excludes certain items including debit network fees, increased $18 million, or 1%, year-over-year to $1.8 billion. (Read More)

Facebook Card's Big Implications for Advertising, Shopping New gift card business could help tie online ads and offline purchases; ADWEEK

During Facebook’s earnings call on Wednesday, CFO David Ebersman said the company’s Gifts service contributed a "very small" portion of the company’s $5 million in miscellaneous revenueundefinedand the expectation is that its future contributions would remain “very small.” Then on Thursday Facebook announced a new Gifts-related service that could become very big. (Read More)

US retailers get option to add credit card surcharge; Finextra

Shoppers in 40 US states could see a surcharge of up to four per cent added to their credit card purchases from this week. (Read More)

MasterCard strengthens commitment to U.S. EMV migration; PAYMENTEYE

MasterCard has announced it is making some of the company’s proprietary technology solutions available to other U.S. debit networks. This decision was made to provide an option to support debit EMV transactions and reinforce the company’s continued support of the U.S. migration to the EMV standard. (Read More)

Green Dot Launches GoBank, a Revolutionary Mobile Bank Account for the Smartphone Generation; Press Release

Green Dot Corporation introduced GoBank, the first bank account designed from scratch to be opened and used on a mobile device. Launching in limited release, with general availability to come later this year, GoBank is fast, fair and feature-rich, allowing consumers to interact with their money in a way that’s immediate, intuitive and intimate. In addition to GoBank’s consumer-friendly pricing model of no overdraft fees or penalty fees and no minimum balance requirements, GoBank makes it easy to send and deposit money, build a budget and find an ATM, with a massive network of more than 40,000 fee-free ATMs, more than twice the size of Chase or Bank of America2. (Read More)

Visa annual cardholder expenditure exceeds €1trillion on debit cards for the first time in Europe; Press Release

Annual spend on Visa debit cards across Europe has exceeded €1trillion (€1.02 tn) for the first time. The figure represents an annual increase of 8.8%, reports payments technology company Visa Europe, which today announces its annual results for the year ending 30 September 2012. (Read More)

Commerce Bank introduces chip-enabled Visa® Signature Credit Cards; Press Release

Commerce Bank is offering Visa® Signature Credit Card holders more convenience and safety when traveling abroad with the addition of the chip-enabled Visa Signature Credit Card to its line of credit card products. (Read More)

JPMorgan Chase Reports Fourth-Quarter 2012 Net Income of $5.7 Billion, or $1.39 Per Share, on Revenue1 of $24.4 Billion; Press Release

JPMorgan Chase & Co. reported net income for the fourth-quarter of 2012 of $5.7 billion, compared with net income of $3.7 billion in the fourth quarter of 2011. Earnings per share were $1.39, compared with $0.90 in the fourth quarter of 2011. Revenue1 for the quarter was $24.4 billion, up 10% compared with the prior year. The Firm's return on tangible common equity1 for the fourth quarter of 2012 was 15%, compared with 11% in the prior year. (Read More)    
        

EMV PIN Debit Creates ‘Sense of Urgency’; ISO & AGENT

Processors are racing against time to convert PIN debit networks to EMV standards in the United States. In fact, an EMV Migration Forum committee studying that aspect of the EMV transition has “the highest level of urgency” of any of the forum’s study groups. (Read More)

VeriFone pulls back from small merchant payments; Chicago Tribune

VeriFone Systems Inc said on Thursday it will pull out of the hot business of signing up small merchants to accept credit card payments, reducing competition for start-up Square Inc and other companies that jumped into the space recently. (Read More)

ISOs May Soon Turn Away Business; ISO & AGENT

Typical acquirers including banks, processors and ISOs stand to lose up to 5% of their business next month because of problems with Internal Revenue Service 1099K reporting, a tax expert says. (Read Only)

Fuze Network Processes More Than 3.5 Million Cash-to-Card Transactions; Press Release

Fuze Network has developed the technology that enables consumers to make cash payments on virtually any card, processed more than 3.5 million transactions in 2012. (Read More)
            

U.S. retail credit card fee settlement gets preliminary OK, Reuters

A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc. (Read More)

More than 50 Financial Institutions Adopt V.me by Visa, Simplifying Online Holiday Shopping; Press Release

Visa Inc. (NYSE: V) expanded the reach of V.me by Visa, landing more than 50 additional financial institution partners. V.me, Visa's new digital wallet service, frees online shoppers from having to repeatedly enter account number, bill-to and ship-to information at checkout. This will change the way tens of millions of people shop and pay by making online checkout simple and secure. Account holders will be able to make payments online using V.me and check out simply by entering a username and password. (Read More)

Amazon could challenge Square in payments; Rethink Wireless

Retailer said to be preparing m-payments reader to go up against PayPal and Square, and tighten hold on small retailers. (Read More)

nFinanSe Agrees to Acquisition By AccountNow, Inc., Press Release

nFinanSe Inc. (Pink Sheets: NFSE) (www.nFinanSe.com) today announced that it had entered into a letter of intent to be acquired by AccountNow, Inc., a leading provider of general purpose reloadable (GPR) prepaid cards in the direct-to-consumer sales channel. (Read More)

American Express Launches Mobile App for its Bluebird Prepaid Card; netbanker

American Express released the iPhone app for its new Bluebird prepaid card which will be sold in Walmart stores and elsewhere. The app allows new customers to sign up for a Bluebird prepaid card, but in my test I was not able to get that to work. (Read More)

Apple preparing to soon accept Apple Store payment cards via Passbook; 8to5Mac

Nearly a month after launching its virtual wallet iPhone app, Passbook, Apple is preparing to put the feature to good use in its physical retail stores. (Read More)

Card fee "settlement" just start of big legal battle; CNBC

Visa, Mastercard and a group of retailers plan to ask a judge this week to approve a landmark settlement of a lawsuit over credit card fees, setting the stage for a battle with Wal-Mart and hundreds of other merchants who say it is a bad deal. (Read More)

Mobile Wallets or Fully Digital Wallets? Managing money is about more than on-the-go; eMarketer

Mobile may represent the emerging commerce battleground, but that doesn’t mean consumers will abandon their PCs anytime soon. In a multichannel environment that’s expected to persist for the foreseeable future, is a purely mobile wallet the right move? Or is the right solution one that matches consumers’ existing behavior rather than tries to anticipate and mold their future behavior? (Read More)

hyperWALLET and Valitor to Cooperate in Prepaid Card Issuance across Europe; Press Release

Vancouver-based hyperWALLET Systems Inc, a leading provider of global payment solutions, and Iceland’s Valitor, a leader in international issuing and acquiring services, have signed an agreement to issue prepaid cards across Europe. (Read More)

Discover Financial Agrees With FDIC To Refund $200 Mln. To Cardholders; NASDAQ

Discover Financial Services (DFS) said Friday its subsidiary, Discover Bank, has agreed in principle with the Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau to settle issues related to the marketing of certain credit protection products sold by telephone. (Read More)

Can a Credit Card Scheme Save Groupon? (Probably Not); The Atlantic

Groupon has just announced a combination of hardware and software that will allow businesses to accept credit cards, but at rates far lower than what merchants are accustomed to paying. Where most merchants pay their credit card processor between 2% and 4% on every transaction, Groupon Payments only asks 1.8% plus 15 cents for each swiped transaction. There's a catch: merchants must run a daily deal with Groupon. (Read More) 

MasterCard Debuts First Single-branded Cards in China with Citibank; Press Release

MasterCard (http://newsroom.mastercard.com/), in cooperation with Citibank in China, today announced the launch of two new credit card programs – PremierMiles and Rewards.  The PremierMiles USD card, targeted at the affluent frequent travelers, will be exclusive to MasterCard. Today’s announcement marks a significant leap forward, with the availability of two new programs for Chinese cardholders that will deliver wide ranging benefits. (Read More)

Fifth Third Bank Launches EMV Chip Technology for Commercial Cards; Press Release

Fifth Third Bank has launched a Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorize transactions more efficiently while traveling abroad and help improve the security of international transactions. This new offering will help commercial card users facilitate authorizations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and Personal Identification Number (PIN) technology. (Read More)

The Interchange Settlement; Credit Slips

I've held my tongue for a while on the proposed class settlement in the multidistrict credit card interchange fee litigation (MDL 1720).  I'm weighing in on it now.  I've written up an analysis of the proposed settlement.  It's available here.  It's worthwhile noting that the settlement is not a done deal yet--at this point it is a deal between lead counsel for the proposed plaintiff class and the defendants--the settlement must still be accepted by the named plaintiffs (or at least some of them) and approved by the court. (Read More

GE Capital Retail Bank and Sam’s Club Extend Member Credit Card Program; Press Release 

GE Capital Retail Bank, a consumer lending unit of General Electric Company, and Sam’s Club, a division of Wal-Mart Stores, Inc. (NYSE: WMT) and a leading membership warehouse club, today announced their multi-year agreement to continue providing the Sam’s Club credit card program to their Advantage and Business Members. (Read More)   
         

VeriFone's CEO Calls Square 'Pets.com'undefinedYeah, Right, He Wishes; Business Insider

Verifone CEO Doug Bergeron just dissed Square, its upstart rival in the credit-card-processing market, by calling it "Pets.com." (Read More)

U.S. Banks Discover Profits in Card Rules They Sought to Kill; Bloomberg Businessweek

“If there is a silver lining to the CARD Act -- I’m not here to say the CARD Act was good for our business, so nobody misunderstand the comment -- but if there were a silver lining to it, it forced rationality,” Mark Graf, chief financial officer of Discover Financial Services (DFS) (DFS), said at an industry conference in May. (Read More)

Class Action Lawsuit Against Green Dot Corporation; Press Release

Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of purchasers of the securities of Green Dot Corporation (NASDAQ: GDOT) between January 26, 2012 and July 26, 2012 (the "Class Period"). (Read More) 

The debate on credit card surcharges; Portals & Rails

Late Friday the 13th, Visa and MasterCard announced that they, along with several major issuers, reached a $7.25 billion class-action settlement with U.S. merchants. In addition to being party to the largest monetary antitrust settlement in U.S. history, the networks agreed to permit retailers to impose a surcharge on credit transactions subject to a cap and a level playing field with other general purpose card competitors. (Read More)    

Visa, U.S. Retailers Resolve Claims in the Federal Multi-District Interchange Litigation; Press Release

Visa (NYSE: V), MasterCard and U.S. financial institution defendants have signed a memorandum of understanding to enter into a settlement agreement to resolve the Class Plaintiffs' claims in the multi-district interchange litigation (MDL). The claims originally were brought by a class of U.S. retailers in 2005. (Read More)

LevelUp Becomes First Payments Solution to Achieve 'Interchange Zero'; Press Release

Accepting credit cards costs merchants a total of $50 billion every year. In fact, payment processing fees are the single largest 'invisible tax' on businesses in the American economy. This hurts consumers, too. That $50 billion comes out of your pocket in the form of higher prices anywhere you swipe your card. (Read More)

Durbin or No, First Data Figures Show Debit Continues To Flourish; Digital Transactions

Worried about getting too far in debt and nearly oblivious to the ongoing debate in the banking and payments industries about the controversial Durbin Amendment, consumers in June continued to display their allegiance to debit cards, according to new figures from First Data Corp. The nation’s leading payment card processor reported that PIN-debit dollar volume jumped 9.5% over year-earlier levels while signature-debit volume increased 6.5%. (Read More)

Now Even Magic Johnson Is Selling His Own Prepaid Card; Business Insider

Being a member of exclusive groups is nothing new for Magic Johnson: The former Laker famously played for America's Dream Team in the Olympics, was imortalized in the basketball Hall of Fame, and has been an NBA MVP. (Read More)

Wallaby Launches the Cloud Wallet of Today Based on a Smart Universal Payment Card; pandodaily

In our zeal to disrupt the physical wallet, we seem to be in a hurry to skip to the part where cash and credit cards are forgotten instantly, relics of a bygone era. (Read More)

NetSpend to sell prepaid cards at 7-Eleven stores; Austin Business Journal

NetSpend Holdings Inc. is making its PayPal prepaid MasterCards available at 7-Eleven Inc. stores nationwide as part of its retail expansion plans. (Read More)

BII to Start JCB Platinum Credit Card Issuing in Indonesia; JCN Network 

JCB International (JCBI), the international operations subsidiary of JCB, the only global payment brand based in Japan today announced that Bank International Indonesia (BII), one of the largest commercial banks in Indonesia launched the first JCB platinum card in Indonesia, the BII-JCB Platinum Credit Card. (Read More)

An interview with a risk expert: The costs of complying with Dodd-Frank 1073; Portals and Rails

This week's post features an interview with Devon Marsh, senior vice president and treasury management risk manager at Wells Fargo Bank, N.A. We asked Devon for his thoughts on recent amendments to Regulation E as a result of Section 1073 of the Dodd-Frank Act. (Read More) 
   

Paysafe Card Launches in Turkey; Press Release

Europe’s leading prepaid payment method, paysafecard, is now available in Turkey. paysafecard group’s main product allows fast and secure payments for online games and other Internet services. Personal data, credit card or bank account details are not required. More than 3,500 online shops accept paysafecard worldwide. (Read More)

New Prepaid Disclosure Boxes Emerging; Bank Talk

More proposed iterations of a prepaid disclosure box are being put forward now that the CFPB has formally expressed an interest in hearing from the public about how they should be designed. (Read More) 
          

Local bank to release Angry Birds bankcards; The Moscow News

The immensely popular Angry Birds franchise is spreading its wings in Russia, releasing an Angry Birds bankcard in conjunction with Promsvyazbank. (Read More)

Card-Not-Present Processor Litle Reports Durbin Has Cut Debit Interchange in Half; Digital Transactions

Online merchants and other card-not-present retailers that have so-called interchange-plus agreements with their acquirers are enjoying significantly lower transaction costs thanks to the Durbin Amendment, if research from processor Litle & Co. posted on Wednesday is any indication. (Read More)

New Rules for Prepaid Debit Cards; The New York Times

The nation’s consumer financial watchdog is preparing restrictions on prepaid debit cards, a largely unregulated product that is flourishing even amid concerns about high fees and poor disclosures. (Read More)

Chase Liquid: JPMorgan Chase's New Play For Low-Income Customers; Huffington Post

JPMorgan Chase wants it all, catering to everyone from the richest customers who provide hefty returns on deposits to the poorest who are willing to pay fees for a la carte financial services. (Read More)

Fitch: U.S. Banks Answer Durbin with Prepaid Cards; Press Release

NEW YORK--(BUSINESS WIRE)--Fitch Ratings notes an increase in the offering of prepaid cards, as U.S. banks look to offset revenue reduction resulting from implementation of the Durbin Amendment. We believe Durbin could, on average, cut potential fees on debit card transactions by one-half. (Read More)

Flint taps phone cameras for card payments; finextra

US start-up Flint has unveiled an app that lets merchants accept payments by snapping cards with their iPhone cameras and raised $3 million in series a funding. (Read More)

Acculynk Announces Alaska Option Issuers Enabled with PaySecure Internet PIN Debit; Press Release

Alaska USA Latest Issuer to Make PaySecure Available to All Cardholders (Read More)     

Arroweye Solutions Announces

Largest Sales Quarter in Company History

Company contracts record number of new partnerships during first quarter

CHICAGO (May 8, 2012) – Arroweye Solutions, the only provider of fully digital on-demand card marketing and production services, today announced a record number of new client partnerships signed during the first quarter of 2012. The new partnerships represent the potential for annual sales of more than 2 million cards. (Read More)

Cracking The Credit Card Code; Geeks are Sexy

This handy infographic will tell you all about what the numbers on your credit card actually mean and how you can manually validate a credit card number with your mind. (Read More)

Key focus group findings on prepaid cards; PEW Research

The market for prepaid debit cards is large and growing fast. In 2009, $28.6 billion was placed onto reloadable prepaid cards in the United States. By 2013, that figure is expected to reach $201.9 billion. While users without bank accounts may see these cards as a safe repository for their money, many purchasers may not be aware of both the myriad fees that deplete card balances and the overall lack of consumer protections for these products. (Read More)

Pulse offers Web-based access to debit data; Press Release

PULSE, one of the nation's leading debit/ATM networks, has launched the PULSE® Debit Dashboard, a powerful new web-based tool for financial institution participants that delivers unparalleled access to their debit data. (Read More)

Some NY Gas Stations Adding $2/Gallon Credit Card Fee; The Consumerist

It's no secret that gas stations all around the country sometimes tack on the cost of credit card processing for fuel payments. And while you may be willing to pay a few cents more per gallon pumped, some stations in New York are reportedly charging credit card customers a few dollars more per gallon of gas. (Read More) 
           

Icelandic credit card pioneer turns to OpenWay

Borgun, the first issuer and acquirer of credit cards in Iceland whose business today comprises over 200.000 cards and 10,000 merchants, has turned to OpenWay’s WAY4 all-in-one software platform to manage issuing, acquiring, e-commerce and loyalty programmes for its total portfolio.  (Read More)

Giftango Releases White Paper On 2011 Holiday Gift Card Purchasing Trends

Giftango finds that eGift Cards turn slowest gift card sales days into busiest, after analyzing sales data from hundreds of retailers


Portland, OR (PRWEB) April 24, 2012 Giftango Corporation, the digital eGift Card company redefining the standards of gift cards, today has released an official white paper titled “A Case for Digital Gift Cards: eGift Cards Turn Slowest Gift Card Sales Days into Busiest for Retailers.” (Read More)

Gas Retailers Gained a $1 Billion Subsidy from Durbin Amendment, With No Evidence of Lowering Gas Prices; Press Release

New data released today, by the Electronic Payments Coalition, finds that gas retailers are saving $1 billion annually at the expense of consumers, thanks to the so-called “Durbin amendment,” a provision of the Dodd-Frank legislation which capped what retailers pay to accept debit cards beginning in October 2011. (Read More)

A Look Into Card Brand Network Enhancements; Litle & Co.

If you’ve been in the business of accepting credit and debit cards for some time now, you are likely aware that the card brands regularly implement fee changes on a bi-annual basis.  Your processor should communicate these changes as they happen so you are well prepared when they go into effect. (Read More)

Google acquires TxVia to improve Google Wallet user experience; Mobile Commerce Daily

As a provider of prepaid card platforms, TxVia has significant experience with processing payments in real-time. Such know-how could help Google improve the mobile payments experience by insuring that purchases made via Google Wallet at the point-of-sale are processed quickly and accurately. (Read More)

Discover Favors More Security for U.S. EMV Migration; Bank Technology News

Like MasterCard, Discover's new roadmap to EMV card payments in the U.S. relies on heavier security protocols, which Visa says aren't needed in a market dominated by online processing. (Read More)

PayPal to team up with Russian Post; The Moscow News

Global electronic payment system PayPal plans to extend its services in Russia by teaming up with the county’s state-run postal operator to provide prepaid cards for the system’s electronic accounts. (Read More)

Visa Says China May Open Yuan Payment Processing Market; Bloomberg

Visa Inc. (V) said China’s recent decision to let Citigroup Inc. issue credit cards may be the start of a broader market opening that will allow the world’s largest payments processor to expand in the country. (Read More)

DISCOVER IMPLEMENTS 2013 EMV MANDATE IN U.S., CANADA AND MEXICO

Riverwoods, IL – March 15, 2012 Discover (NYSE: DFS) today announced it is implementing a 2013 EMV mandate for acquirers and direct-connect merchants in the U.S., Canada and Mexico. This industry alignment will streamline certification and deployment efforts and enable a manageable transition for all parties involved, including issuers, merchants and acquirers. (Read More)

Discover Financial Services and National Payment Corporation of India Announce Strategic Alliance Enabling Increased Network Acceptance; Press Release

Discover Financial Services (DFS) and National Payments Corporation of India (NPCI) announced they have entered into a strategic alliance resulting in acceptance of Discover cards and Diners Club International (DCI) cards at NPCI ATMs and point-of-sale terminals for purchases in India. It also will allow RuPay (the national card payment network in India) cardholders to utilize the Discover, Diners Club International and PULSE networks for international purchases and cash access outside of India. (Read More)

Green Dot to Acquire Loopt; Press Release

Loopt is a pioneer in mobile user interface design, real-time location-based mobile rewards marketing, and geo-location application technology (Read More)

Credit Card Companies Should Process Payments Not Censor Content; Forbes    

Smashwords, the ebook publishing and distribution platform, recently got a smackdown from PayPal, their payment services provider. In an email at the end of February, PayPal told Smashwords to modify is policy for erotic fiction to exclude works that contain bestiality, rape-for-titillation, incest and underage erotica, and to remove any works that contravene the new policy. It’s worth reading the Smashwords press release in full, and its successor, as it goes into detail about what exactly is now out of bounds. (Read More)

 

Making Plastic Credit Cards Smarter at SXSW; The New York Times

On Friday, people at the South by Southwest Interactive festival in Austin, Tex., will be among the first who are able to test a new way to make an old form of commerce a bit smarter. (Read More)

Commercial cards offer growth opportunity for banks

There is a substantial, untapped market for commercial cards in Europe, if banks want to take advantage. This is one of the key findings of a major research study from RBR, which analyses the take-up of commercial cards to date and sizes the unexploited opportunity. (Read More) 

DRAWCARD’S SANTAM INSURANCE CLAIMS CARD LEADS CLAIMS PAYMENT REVOLUTION AND IS NAMED WINNER IN THE SIXTH ANNUAL INTERNATIONAL PAYBEFORE AWARDS


Paybefore has selected DrawCard’s Santam Insurance Claims Card as a 2012 Paybefore Awards winner in  two categories  - the Best Emergency/Insurance/Non-Government Benefits Prepaid Program as well as the Best Non-US based Prepaid Program. Paybefore Awards, now in its sixth year, is the most prestigious recognition of excellence in the worldwide prepaid and stored value card industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for the global prepaid community. (Read More) 

Researchers create on/off switch for credit cards to prevent RFID theft; Venture Beat

Researchers are working on an on/off switch for the next generation of credit cards. No, not to stop you from spending money you shouldn’t, but to help protect you from theft and fraud. (Read More) 

Processor Execs Echo Merchant Sentiment in Favor of PINs for Chip Cards; Digital Transactions

Some of the nation’s biggest merchants have been adamant for months that they prefer EMV payments with PINs, not signatures, and on Thursday they were joined in that sentiment by a panel of representatives from some of the country’s largest processors (Read More) 

Righting the Ship: How to Restart Growth in Small-Business Cards; Press Release 

Small businesses have turned away from small-business credit cards, but now is the time to win them back … using the right approach. (Read More) 

Looking to the Future: Creating the Framework for Continued Payments Innovation; MasterCard

MasterCard announces the roadmap that will help issuers, merchants and acquirers “future proof” their technology decisions, rather than potentially commit to a short-term fix that will not yield the maximum benefit them in the long run.(Read More) 

New prepaid processing platform opens International markets to card issuers; Press Release 

Contis Group, leading prepaid financial services provider and end-to-end scheme manager for household-name retail and financial brands, can now offer clients market-leading processing solutions following the launch of its dynamic processing platform. (Read More) 

EFT Networks: Next Generation Cycle; Press Release

Today's electronic funds transfer industry is rapidly evolving and the recent development of EFT networks, along with a new set of business drivers created by their corporate ownership structure, will converge to reshape the market in coming years. Overlaying this dynamic is the question of the value of PIN vs. signature debit and the interchange fee changes created by Regulation II (Durbin Amendment) which colors any analysis of debit industry stakeholders. (Read More) 

Green Dot to Launch Bank Account This Year; American Banker

Green Dot Corp. will introduce a bank account with a traditional debit card attached to it later this year, Steve Streit, the company's chief executive and founder, told American Banker in an interview on Thursday evening. (Read More) 

US EMV deadline set for 2015; SC Magazine

Visa has issued a set of best practices for implementing chip technologies used to secure debit and credit card transactions. The document offers guidance for merchants, card issuers and processors. (Read More) 

Visa on EMV in the USA: Shift to Chip Payments Must be Swift; Bank Info Security

The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa. (Read More) 

San Francisco taxicab drivers are up in arms about being forced to absorb a 5% service charge to process credit-card payments. The Wall Street Journal

Rules that went into effect last April shifted the fees from five of the largest cab companies in the city to drivers. Since then, several hundred drivers have protested at City Hall and some say they have been telling passengers they only take cash or claim their card equipment is broken. (Read More) 

Credit card technology: 2012 and beyond; IndexCreditCards

There are 10 types of people in the world: those who understand binary and those who don't. If you fall into the first group, there's a good chance that you're a tech-savvy sort of person who's quick to embrace new technologies. (Read More)
        

U.S. Commercial Cards: Complex Solutions for a Growing Market: New Research Analyzes Commercial Card Market Growth; Press Release

The commercial card market is one of the few remaining sources of profit for financial institutions. Today's stressful economic climate requires large and mid-sized corporations to streamline operations wherever possible, and commercial card solutions are taking on an enhanced role in this process. (Read More) 

i2c Experiences Strong Growth as Banks Begin Adopting Prepaid; Press Release

i2c, Inc., a provider of payment processing, loyalty and transaction settlement solutions, announced today that 11 banks have signed up to use i2c's payment processing solution since October 2011. The banks, many of which launched with i2c in under 45 days, together manage 23 different prepaid programs marketed to consumers in hundreds of locations across the United States. (Read More) 

Both the Merchants and the Fed Misread Durbin; BANK THINK

A lawsuit brought by a group of retail associations and retailers against the Board of Governors of the Federal Reserve System asks the courts to find the board's rules to implement the debit card swipe fee requirements of the Durbin amendment to be "arbitrary, capricious and an abuse of discretion." (Read More) 

Pay With Your Credit Card, Not Your Phone; Forbes

Mobile payments made by smartphone offer less protection against fraud than credit cards, a consumer advocacy group warned, advising shoppers to use traditional methods until the emerging technology matures. (Read More) 

Over 1M Merchants Now Use Mobile Payments Platform Square To Accept Credit Cards; Tech Crunch

Mobile payments startup Square has just passed a major milestoneundefinedover 1 million merchants are now using Square to accept credit cards. (Read More) 

Green Dot Corporation Announces Federal Reserve Board Approval of its Application to Acquire Bonneville Bancorp; Press Release

Green Dot Corporation (NYSE: GDOT), a leading prepaid financial services company ("Green Dot"), today announced that its application to acquire Bonneville Bancorp ("Bonneville") and thereby become a bank holding company under the Bank Holding Company Act of 1956 has been approved by the Board of Governors of the Federal Reserve System. (Read More) 

Visa, Retailers Discuss Chip Migration; NACS Online

Two upcoming PCATS and NACS events will further help c-store operators navigate what they need to know for chip technology and the arrival of NFC-based mobile payments in the United States. (Read More) 

WorldPay and Diners Club International® Expand Partnership to Increase Acceptance in Europe; Press Release

WorldPay, the largest European acquirer and Diners Club International (DCI), a business unit of Discover Financial Services, today announced the signing of a merchant acquiring agreement that will increase the acceptance of Discover and Diners Club cards in the U.K. WorldPay will build on its current relationship by adding Diners Club and Discover as standard options to its portfolio of payments processing services beginning in early 2012, in time for the summer Olympic Games in London. (Read More) 

American Express® Launches American Express for Target Prepaid Card in More Than 1,000 U.S. Target Stores; Press Release

American Express today announced the launch of the American Express for Target Card, a reloadable prepaid card with no monthly or maintenance fees, available exclusively at more than 1,000 U.S. Target stores. The launch of this Card provides millions of Americans with easy access to a consumer-friendly payment solution that is loaded with benefits, not fees. (Read More) 

The Durbin Amendment and the Payments Value Chain: A Current Look; TSYS White Paper

The financial crisis of 2008-2009 produced a widespread call for changes in the financial regulatory system. As a result, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was signed into law on July 21, 2010. The Act represents a significant change in the American financial regulatory environment affecting all Federal financial regulatory agencies and affecting almost every aspect of the nation’s financial services industry. (Read More)

USA Technologies a Strikes Small-Ticket Debit Interchange Deal With Visa; Digital Transactions


Vending machine payment-services provider USA Technologies Inc. has struck a one-year interchange deal with Visa Inc. that allows machine owners to accept debit cards without higher costs. New interchange pricing that took effect Oct. 1 had threatened to raise card-acceptance costs for USA Technologies’ clients by more than 200%. The Malvern, Pa. based company, which services 129,000 unattended locations that accept cashless payments, has not reached a similar deal with MasterCard Inc. but continues to accept that network’s debit cards. (Read More)

 

TransUnion: National Credit Card Delinquencies Increase, but Remain Near Record Low Levels; Press Release

The national credit card delinquency rate (the ratio of borrowers 90 or more days past due) increased in the third quarter for the first time since the fourth quarter of 2009, edging upward to 0.71 percent. Average credit card debt per borrower increased $63 in the quarter to $4,762, though it remains near record-low levels. (Read More) 

Oct. 1, 2011: D-Day for debit cards? The Green Sheet

When the history of the payments industry is updated, Oct. 1, 2011, is apt to stand out as D-Day. (Read More)

Big Banks Blink on New Card Fees; The wall Street Journal

A month after Bank of America got pummeled by consumers and politicians for introducing plans for new debit-card fees, most other big U.S. banks are steering clear of imposing similar charges. (Read More)

Cards, Cards and More Cards: The Evolution to Prepaid Cards; Federal Reserve Bank of St. Louis

It's almost impossible to get by today without some kind of plastic cardundefinedjust try to make a hotel reservation or rent a car without one. How did we become so dependent on plastic cards and cashless payments? A look back in time reveals the answer. (Read More) 

Angry bank customers turn to credit unions; MercuryNews.com


Credit unions are basking in the spotlight again. Whenever a big bank rolls out a controversial fee, customers start fuming about taking their business elsewhere and the attention often falls on credit unions. That happened again last week when Bank of America said it would soon start charging customers a $5 monthly fee to make debit card purchases. (Read More)

 

Debit card fees: A setback for customers and US banking; pennlive.com


Bank of America’s announcement that it will soon charge customers $5 a month to use debit cards for purchases isn’t just a setback for the bank’s customers. It’s another step backward for American banking. (Read More)

 

New swipe-fee rule raises fees on small purchases; CreditCards.com


Merchants who were paying banks 6 or 7 cents on debit-card purchases under $15 will have to pay the maximum 21 to 24 cents under the new swipe-fee reform. While the new fees will mean lower costs to merchants that ring up bigger sales, retailers that do many small transactions may consider dropping debit cards as a payment option. "That's a dramatic increase on a bag of fries," said NRF's Mallory Duncan. (Read More)

 

Making PIN Possible in More Places; Credit Union Times 

You have seen the headlines – debit transactions are continuing to grow exponentially. Consumers are shifting away from cash and checks, and plastic users are becoming more prudent with their spending, choosing debit’s “pay now” promise over credit’s “pay later.” (Read More)

Insolvency Risk in the Network-Branded Prepaid-Card Value Chain; NBPCA White Paper

The value chain for network-branded prepaid cards involves more parties than those commonly present in credit or debit card issuing arrangements: (Read More)

Ryanair's booking fee dodging Cash Passport prepaid card to carry hefty spending charges; This is Money.co.uk


From next week Ryanair’s new prepaid MasterCard will become the only free payment method when booking flights with the airline – and This is Money can reveal the terms and conditions of the card. (
Read More)

Foreign consumer spending across six Mediterranean Rim countries tops €14.4bn; Press Release

Foreign consumer spending across France, Greece, Italy, Portugal, Spain and Turkey increased 10.08% year on year between May and August 2011, according to Visa Europe transaction data. (Read More) 

Square, the iPhone Credit Card Machine, Goes Mainstream; the Atlantic

I first saw Square's product when Gizmodo's Mat Honan whipped one out at a dinner in San Francisco to help us split a check. Here's how it worked: he ran my credit card through a tiny plastic doohickey (technical term) that attached to his phone. We entered the amount I owed for the pizza, inflated by the price of a couple Belgian beers, and voila, I'd paid him with a credit card.  It was a subtly impressive demonstration of the alternative payment system's appeal to the tech-savvy. The whole thing was slick and easy, and Square's pricing -- a flat 2.75 percent of transactions -- seemed a small enough price to pay for the convenience of the service. (Read More)

VeriFone Ships 500,000th System to Swedish Partner Point Transaction Systems; Press Release

VeriFone Systems, Inc. (NYSE: PAY), announced that it has shipped its 500,000th payment systems to Swedish partner Point Transaction Systems with whom it has forged a strong sales and infrastructure relationship spanning more than 20 years. Point uses VeriFone systems and software at the overwhelming majority of its several hundred thousand merchants. (Read More)

Square Makes iOS Apps Speedier, No Longer Requires Signatures For Transactions Under $25; Tech Crunch

Square will no longer require signatures for transactions less than $25. Of course, this saves time at the cash register and a number of credit card companies already don’t require signatures for transactions under $25. (Read More)

Customers in certain states with debit cards from Wells Fargo will soon be facing a fee for every month that purchase transactions are posted. MyBankTracker

Wells Fargo (NYSE: WFC) will impose a $3 fee in every month that customers use their debit cards for purchases starting October 14, according to the notification letter sent to Chad and other customers in the following states: Georgia, New Mexico, Nevada, Oregon, and Washington. (Read More)

Bank of America to Exit International Credit Card Businesses; Press Release

Bank of America Corporation announced that it has agreed to sell its credit card business in Canada to TD Bank Group and that it will exit its credit card businesses in the U.K. and Ireland. (Read More)

European Card Market 2011 Update; Press Release

New Research Report by Mercator Adviory Group overviews the European Card Market in the context of the SEPA initiative. (Read More)

Capital One to Acquire HSBC Domestic Credit Card Business for Premium of Approximately $2.6 Billion; Press Release

$30B credit card business includes Bank Card portfolio, Co-Branded Partnership and Private Label Retail Partnership platforms and portfolios. (Read More)

Visa rolls out new fee program; Reuters

Visa Inc's quarterly profit rose by 40 percent, and the world's largest payment processor said it would introduce a new fee structure for U.S. merchants. (Read More)

Visa's New Participation Fee: Analysts View

Visa Inc. (NYSE: V) will implement a new fixed acquirer fee called the "Network Participation Fee" that will apply to both credit and debit cards, in order to help the company win routing business and maintain debit volumes. (Read More)

TransUnion: Consumers Made $72 Billion More in Credit Card Payments Than Purchases; Press Release

Analysis Contradicts Belief That Balances Have Declined Primarily Because of Charge-Offs (Read More)

Finally, a Facebook Credit Card Connection to Really Like (Thanks American Express); netbanker

Since Facebook became the de facto social operating system a year or two ago, I've been a little surprised the financial powers haven't jumped on board more aggressively (note 1). But the card companies have had their hands full dealing with the credit meltdown, so it's understandable. (Read More)

18 fun facts about credit cards; msn Money

The first general-purpose credit cards were made of paper and had a credit limit of $300. My, how things have changed. (Read More)

Federal Reserve Publishes Regulation II Exempt and Not Exempt Lists; Federal Reserve

The Federal Reserve Board has published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II. (Read More)

Fiserv Renews Debit Processing Contract with Heartland Financial; Press Release

Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that it will continue to process signature and PIN debit transactions for seven of the nine banks that make up Heartland Financial USA Inc. (NASDAQ: HTLF). (Read More)

TREVICA and OpenWay Urge Competition on Polish Cards Market

TREVICA, Polish payment processing company, whose one of main shareholders is MasterCard Europe Sprl, has successfully launched the multi-institution card issuing and acquiring platform WAY4 from OpenWay to get a jump-start on the highly-competitive Polish cards market. With WAY4 TREVICA plans to become a strong rival to well-known card processing players in providing both traditional payment processing services and advanced value-added services, such as 3-D Secure Internet payment processing and real-time risk management. (Read More)

Fed Halves Debit Card Bank Fees; The New York Times

Fees paid by retailers to banks for debit card purchases, a $20 billion annual expense that has been the subject of a furious political battle over the last year, will be cut in half after the Federal Reserve voted Wednesday to cap the charges. (Read More)

How Wal-Mart Swiped JPMorgan in $16 Billion Debit-Card Lobbying Battle; Bloomberg

Jennifer Cavallaro’s Twitter feed usually deals with matters like the free-range egg salad she serves at her Beehive Café in Bristol, Rhode Island. On May 17, 2010, she blasted a different message to her followers. (Read More)

Appeals court upholds denial in debit fee case; Forbes

A judge was correct in denying a preliminary injunction against the Federal Reserve seeking to prevent debit card transaction fee limits from taking effect, a federal appeals court ruled Wednesday. (Read More) 

Global Prepaid Markets Potential 2011 Update; Press Release

Global prepaid markets have become an increasingly hot topic especially over the past two years. As the U.S. market matures and becomes crowded, both large incumbent and small emerging players are seeking additional opportunities to maintain sustainable growth over a longer term (or for ways to expand their customer base). (Read More)

E-Commerce Merchants Prepare for Issuer Response to Durbin Legislation; Press Release

Internet PIN Debit Creates a Win-Win for E-Commerce Merchants and Debit Card Issuers. (Read More)

Banks Defeated in Senate Vote on Debit Card Fees; The New York Times

The Senate refused Wednesday to delay new rules that would sharply cut the fees that banks can charge retailers to process debit card transactions. (Read More)

TELEMUNDO BRANDED GIFT CARDS TO LAUNCH AT RETAIL THIS MONTH; Press Release

Visa and MasterCard Gift Cards in a Variety of Telemundo Inspired Designs Will Be Available at Major Retail Outlets Nationwide from InComm – Through NBC Universal Television Consumer Products Group (Read More)

What impact will users feel from plan to cut debit card fees? USA Today

The battle about a plan to slash the fees retailers pay banks every time a shopper uses a debit card has reached epic proportions, with both sides spending millions of dollars to convince lawmakers that they're looking out for average Americans. (Read More)

Recovery Seen in Rising Use of Credit Cards; The New York Times

Ever since the United States emerged from the recession, economists have been watching for signs that Americans are spending again. (Read More)

Bernanke Says Debit ‘Swipe’ Rules May Cause Bank Failures; Bloomberg

Federal Reserve Chairman Ben S. Bernanke said lawmakers should have “reason to be concerned” that an exemption for smaller lenders from U.S. caps on debit- card “swipe” fees won’t work and may cause banks to fail. (Read More)
 

Small Banks and Debit-Card Reform; The New York Times

It’s not hard to understand why large banks oppose any attempt to overhaul the financial arrangements currently surrounding credit cards and debit cards. In the duopoly run through Visa and MasterCard, big banks earn fees that far exceed their costs. (Read More)

Time For A Facebook Credit Card; Forbes

You may have heard of a company called Square, which allows anyone with an iPhone to take payments via credit cards, thanks to a small credit-card reader that attaches to your phone. (Read More) 

Durbin Regs Will Take Effect, Though Possibly a Little Late And with Caps ‘Modified’; Digital Transactions

Like them or not, the Federal Reserve Board’s controversial debit card regulations to implement the so-called Durbin Amendment will take effect, though possibly a little late, according to Capitol Hill observers speaking at the Electronic Transactions Association’s annual conference Wednesday. In the meantime, a proposed 12-cent cap on debit interchange could be “modified” upward, a former Senator who lent his name to a massive financial-reform bill told the audience. (Read More) 

Despite Exemption, Small Issuers Expect Significant Decline in Interchange Revenue After Implementation of Durbin Amendment Provisions; Pulse Study


Initial Findings from 2011 Debit Issuer Study Show Small Issuers Question Effectiveness of Interchange Cap Exemption (Read More)

 

Visa Talks Up Canadian EMV E-Commerce Trials; StoreFrontBacktalk

At Visa’s Global Security Summit in Washington, D.C., on Wednesday (April 27), Visa officials went out of their way to point to an unusual EMV/Contactless trial now going on in Canada. (Read More) 

BPC Banking Technologies Plays Key Role In The Development Of Russia's "Universal E-Card": zawya


Rotterdam, Netherlands, 26 April 2011 - BPC Banking Technologies, the leading provider of Open System e-payment solutions for the global financial industry, announced that following a competitive bid process, it had been selected to provide key infrastructure components to support the planned introduction of the Universal Electronic Card (UEC) in Russia.(Read More)

 

International Visa Cardholders Increased Tourism Spend in the U.S. by 18 Percent in 2010; Press Release

 

U.S. Visa Cardholders Increased International Travel Spend by six percent in 2010 (Read More)

CHASE CARD SERVICES BECOMES FIRST MAJOR U.S. BANK TO ISSUE CHIP-AND-SIGNATURE TECHNOLOGY; Press Release

 

New technology provides card members with simplified transactions and enhanced security for international travel. (Read More)

 

How Credit Card Companies Get Around the Card Act; Credit Slips

 

Want to do a riddle?  Try this. (Read More)

 

IndusInd to buy Deutsche Bank's credit card biz; Business Standard

 

Private sector lender IndusInd Bank will acquire the credit card business of Deutsche Bank’s Indian operations for a little more than Rs 224 crore. As part of the deal, IndusInd Bank would also get the services of around 200 professionals from the German bank's credit card division. (Read More)

 

NRF Welcomes Consumer Groups’ Support for Swipe Fee Reform; Press Release

The National Retail Federation today welcomed a letter from a coalition of consumer groups opposed to legislation that would delay swipe fee reform scheduled to go into effect this summer. (Read More)

 

Prepaid Card Market in China 2010; Press Release

 

Mercator Advisory Group research provides comprehensive and in-depth coverage of China's fast growing and lucrative prepaid card market. (Read More)

 

The New Best Credit Cards; The Wall Street Journal

After years of shrinking credit limits, rising rates and new fees, not to mention government legislation, credit card users have every reason to question the value of the plastic in their wallets. And now that the dust has settled, many may find their current credit cards aren't as good as they could be. (Read More)

Bernanke: Unable To Issue Debit Card Fee Rules By April 21; NASDAQ

 

U.S. Federal Reserve Chairman Ben Bernanke on Tuesday warned lawmakers that the Fed won't be able to meet an April 21 deadline for issuing new rules that would cap the debit card processing fees banks charge retailers. (Read More)

UnionPay network works well; China Daily

China doesn't need another interbank network for credit cards, said the board chairman of China UnionPay Co Ltd - the country's only credit card network - in response to an anti-monopoly request from the United States to the World Trade Organization (WTO). (Read More)

Are Credit Card Surcharges Out Of Control in Australia? Lifehacker

Businesses in Australia are allowed to impose surcharges for credit card users to recover fees they are charged, but recent research suggests that the charges are much higher than would be needed simply to cover those costs. (Read More)

CARD Act Conference: Key Findings; CFPB

On February 22, 2011, the Consumer Financial Protection Bureau held a conference on the credit card marketplace one year after the effective date of many of the provisions of the Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”). (Read More)

TCF Suit Turning Into a Focal Point for Fight over Durbin Amendment; Get Debit

The court dispute between TCF National Bank (NYSE: TCB) and the Board of Governors of the Federal Reserve is starting to attract attention from merchants, economists, and other financial services firms. Recently, the court granted eight groups the right to file “friend of the court” briefs in the suit. Such an unusually large number of “amicus briefs” shows how heated the issue is. (Read More)

9 Senators Seek to Delay Debit Card Fee Changes; The New York Times

A bipartisan group of senators introduced a bill on Tuesday that would delay a new federal regulation to lower the swipe fees that banks could charge merchants for processing debit card transactions. (Read More)

Wirecard Bank to Cooperate With China Union; Press Release

 

Wirecard Bank AG and China UnionPay Co., LTD, Shanghai (hereinafter referred to as UNIONPAY) have signed a license agreement for online merchant acquiring services. (Read More)

 

Retailers Say Federal Reserve Proposal to Lower Debit Card Swipe Fees Doesn’t Go Far Enough; Press Release 

The National Retail Federation told the Federal Reserve this week that a proposal to cap debit card swipe fees at 12 cents per transaction does not go far enough, and that banks should honor debit transactions at or close to face value, the same as checks. (Read More)

 

Every Major National Bank and Credit Union Trade Association Joins to Urge Fundamental Revision of Federal Reserve's Debit Card Rule; Press Release

 

Cite Reservations Expressed by Chairmen Bernanke and Bair (Read More)

 

Cumbersome Paperwork Rule Will Go Away in April for Visa Fraud Chargebacks; Digital Transactions

 

Continuing a chargeback-streamlining process that began back in 2004, Visa Inc. in April will no longer require card issuers to obtain signed paper documentation in disputes involving transactions the cardholder claims are fraudulent. Instead, issuers may submit the required documentation electronically. (Read More)

 

Payments System Issues; Reserve Bank of Australia

 

Multi-Function Cards and Related Issues (Read More)

 

Payment Card Industry Cites Savings, Efficiency from Digital On-Demand Card Production; Press Release

According to a newly-released report, payment card issuers stand to gain tremendously by moving card production and fulfillment to a digital on-demand platform. The report, issued by Arroweye Solutions, details the technology advances in card issuance and the savings and efficiencies realized with digital on-demand. (Read More)

California court rules against Williams-Sonoma; Reuters

Retail stores may not ask a customer to provide a zip code in the course of a credit card transaction, the California Supreme Court ruled on Thursday. (Read More)

Fed Draws `Broad and Deep' Bank Opposition on Durbin Debit-Card Fee Rules; Bloomberg

The Federal Reserve Board’s proposed caps on debit-card transaction fees have drawn “broad and deep opposition” from U.S. banks and payment networks and should be withdrawn, according to an industry panel. (Read More)

Chargebacks Create Business Headaches; The Wall Street Journal

Small-business owner Dean Thompson recently took a routine look at his company's bank account expecting to see an increase from the last time he'd checked it. Instead, he saw the balance had dropped by more than $3,000. (Read More)

House Panel Sets Hearing on Debit Card Fees; The Wall Street Journal

For weeks, lobbyists for banks both large and small have been pounding the hallways of the Capitol to complain about a plan to limit the debit card transaction fees banks can charge retailers. They want lawmakers to repeal the provision in the financial law that directed the Fed to write the rule in the first place. (Read More)

The Bancorp to be new issuing bank for NetSpend; Press Release

To start issuing prepaid cards with Bancorp in April '11 (Read More)

Acquirers Will Benefit from Durbin, But Gain Could be Short-Lived; Digital Transactions

In the wake of the Federal Reserve Board’s proposed interchange caps for debit cards, as well as Visa Inc.’s decision to introduce dual interchange tables for debit, much discussion has focused on the impact of radically reduced interchange income on issuing banks (Read  More)

US Bancorp To Raise Checking Pricing Earlier Than Expected; The Wall Street Journal

U.S. Bancorp (USB) plans to introduce new pricing on checking accounts and remove rewards before the middle of the year, Chief Executive Richard Davis said Wednesday, saying the bank was speeding its plans in response to regulations on what banks can charge for debit card swipes. (Read More)

MasterCard and Gemalto Partner on Global Card Replacement Services; Press Release

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today announced that it has entered into an agreement to be MasterCard’s preferred emergency card replacement vendor worldwide.  The service enables premium cardholders to receive their new card in 24 hours or less, even when on the move, anywhere in the world. (Read More)

Tax refunds on prepaid cards coming; CNNMoney


Thousands of Americans will get tax refunds on a prepaid card instead of a paper check as the government looks to cut costs and give people without bank accounts an easier way to get their money. (Read More)

 

Visa Commits to a Two-Tier Debit Card Interchange Structure; Digital Transactions

In an apparent effort to calm its smaller debit card issuers, Visa Inc. says it will develop a two-tier interchange schedule, one with regulated rates arising from the Dodd-Frank financial-reform law and the other with unregulated rates applicable to banks and credit unions with fewer than $10 billion in assets. (Read More)

nFinanSe Launches $3 Visa® Reloadable Prepaid Debit Cards at Fred’s Hometown Discount Stores

 

TAMPA, Fla. – January 6, 2011 – nFinanSe Inc. (OTC: NFSE –www.nFinanSe.com) today announced the launch of it’s $3 Visa Reloadable Prepaid Debit Cards at Fred’s Hometown Discount Stores (NASDAQ: FRED – www.FredsInc.com), a leading regional chain of variety stores located in the Southeast and Midwest United States. (Read More)

 

Debit Card Interchange Fee Rule Favors Merchants; getdebit

The Federal Reserve Board published its proposed rule on debit card interchange fees and routing. The rules go much further than many expected, and have a strong pro-merchant bias. Comments on the rule must be submitted by February 22, 2011. (Read More)

Banks Pin Revenue Hopes on Prepaid Cards ; The Wall Street Journal

 

Big banks may soon start pushing a different type of plastic to their customers. (Read More)

 

Fed Proposes Rules to Cut Debit Card Fees; The New York Times

The Federal Reserve, fulfilling a Congressional order to examine whether merchants were being charged excessive fees to process debit card transactions, proposed new rules on Thursday that analysts said could cut those fees as much as 90 percent. (Read More)

Rising credit card fees raise merchants' ire; globeandmail.com

Canadian Federation of Independent Business to encourage consumers to use cash or debit instead (Read More)

American Express to Eliminate Foreign Currency Transaction Fees on U.S. Platinum and Centurion Cards; Press Release

 

American Express said today that it will eliminate foreign currency transaction fees for U.S. consumer and small business Cardmembers who make international purchases with their Platinum Cards® or Centurion® Cards. The company expects the new benefit to be effective towards the end of the first quarter of 2011. (Read More)

 

SCL DELIVERS 30 MILLIONTH PREPAID CARD & ANNOUNCES GLOBAL GROWTH & SUCCESS  
British software company leads the way in prepaid cards and travel money automation resulting in  solid growth and global success

Brighton, UK, 14th December 2010 As it activates its 30 millionth prepaid card, independent software vendor SCL is celebrating a year of outstanding growth with announcements of new contracts in Latin America and Australia as well as an office expansion in the New Year. (Read More)

nFinanSe Launches $3 Visa® Reloadable Prepaid Debit Cards at Dollar General

TAMPA, Fla. – December 14, 2010 – nFinanSe (OTC: NFSE – www.nFinanSe.com), a leading provider of prepaid cards, today announced that it had launched its industry leading Visa® Reloadable Prepaid Debit Cards at approximately 9,000 Dollar General stores nationwide. (Read More)

 

nFinanSe Launches $3 Visa® and $3 Discover® Reloadable Prepaid Debit Cards at Kwik Trip; NEWS RELEASE

 

TAMPA, Fla. – December 8, 2010 – nFinanSe (OTC: NFSE – www.nFinanSe.com) today announced the launch of its $3 Visa® and $3 Discover® Reloadable Prepaid Debit Cards at Kwik Trip Convenience Stores throughout the Midwest. (Read More)

 

nFinanSe Launches Prepaid Card Industry’s Most Comprehensive Mobile Customer Service App; NEWS RELEASE

 

TAMPA, Fla. – December 7, 2010 – nFinanSe Inc. (OTC: NFSE – www.nFinanSe.com) today announced the successful development, certification and release of the most comprehensive mobile Customer Service Application for the General Purpose Reloadable Prepaid Card Industry. (Read More)

 

China UnionPay expands services in Switzerland; China Knowledge

China UnionPay, China's largest bank card organization, has formed an alliance with SIX Multipay, the largest bank card payment company in Switzerland, to further expand business in the Central European country, sources reported. (Read More)

UPDATE 1-EU set to accept Visa Europe antitrust offer; REUTERS

EU regulators will next month accept Visa Europe's pledge to cut its debit card fees and drop antitrust charges that could have brought a fine to the payments network, two sources familiar with the case said on Thursday. (Read More)

Retailers See Gift Cards Boom As They Stress Reloadability; DIGITAL TRANSACTIONS

Closed-loop prepaid cards are growing more slowly than their newer, open-loop cousins, but recent numbers from big payment card processor First Data Corp. show the closed-loop sector still has plenty of life. (Read More)

US-BASED SHIFT4 BECOMES FIRST HOSTED GATEWAY CERTIFIED FOR CANADIAN EMV (Chip and PIN); Press Release

While Canadian merchants and processors scramble to prepare for the March 31, 2011, conversion deadline for EMV (Chip and PIN) debit, Shift4 Corporation's Canadian customers are breathing a sigh of relief because most of the work is already done for them. (Read More)

Consumers Union Report Shows nFinanSe Is The Low-Cost Leader In Prepaid Card Market, Lower Than Walmart

 

10.19.2010– TAMPA, Fla. – A new report, ‘Consumers Union Report: Prepaid Cards Come With Long List of Fees and Weak Consumer Protections’ written by Michelle Jun, was released September 15, 2010. The Report is about the growth of prepaid cards and positions nFinanSe (OTC Bulletin Board: NFSE – www.nFinanSe.com) as the low-cost leader in the prepaid card industry. nFinanSe surpassed the 18 competing prepaid cards reviewed with the most consumer-friendly fees, terms and conditions on the market. (Read More)

 

Co-Branded Consumer Credit Cards 2010: Mature Products Ripe For Change; Mercator Report

This report provides an analysis of a very mature product: the U.S. co-branded card. Defined as a network-branded (American Express, Discover, MasterCard, or Visa) credit card issued by or for a commercial firm (other than a bank) under that firm's brand name, these products have become ubiquitous in the U.S. credit card marketplace. (Read More)

China to stop issue of magnetic cards after 2015, IC cards to replace, Unionpay; iStockAnalyst

China will no longer issue magnetic bank cards after 2015, and will replace the magnetic cards with IC (integrated circulated) cards, said Xu Luode, president of China Unionpay. (Read More)

Federal Reserve Proposes Amendments to Regulation Z to Clarify Rules Pertaining to Credit Cards; Press Release

The Federal Reserve Board on Tuesday proposed a rule amending Regulation Z (Truth in Lending) to clarify aspects of the Board's rules protecting consumers who use credit cards. The proposal is intended to enhance protections for consumers and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations. (Read More) 

Checks Unlimited Launches Rewards Debit Card on Tempo Platform; Press Release

Tempo announced today that Direct Checks Unlimited, the nation's largest direct-to-consumer check provider, is using Tempo's affinity debit card platform to provide a nationwide debit rewards card through its Checks Unlimited® brand. (Read More)

 

China Credit Card Market Poised to Explode; CreditCardGuide

While the U.S. credit card industry is still getting back on its feet after the double punch from the credit crisis and the curbs on revenues resulting from the Credit CARD Act, the card market in China continues to shoot full speed ahead. (Read More)

 

New Lafferty Report on Global Credit Rankings of the Top 500 Issuers; Press Release

The global credit card market was not immune to the effects of the financial crisis but now, after a few years of declining growth rates, the market is on the rebound. But who are the players who have emerged from the crisis in the best shape for the upturn? And which markets look poised for runaway growth over the coming decade? (Read More)

 

Discover Financial reaches pact with payment processor to expand card acceptance in Canada; CB Online

 

Discover Financial Services said Tuesday it reached an agreement with electronic payments processor Moneris Solutions that will expand merchant acceptance of Discover credit cards in Canada. (Press Release)

 

Credit Cards Soon to Get a Makeover; The Wall Street Journal

The simple credit card is about to get a makeover. (Read More)

 

NetSpend Holdings Raises $204 Million in IPO After Delay; Shares Advance; Bloomberg

 

NetSpend Holdings Inc., the provider of reloadable prepaid debit cards that delayed its initial public offering last week, raised $204 million after pricing its IPO at the middle of the forecast range. The shares climbed. (Read More

 

MasterCard Hiring Underlines Tech Emphasis; American Banker

MasterCard Inc. expects to rely heavily on technology to seek an edge in the expanding global commercial payments market, it signaled with a pair of recent announcements, including the hiring of a payments technology veteran to head its global card operations. (Read More)

Visa settles antitrust case with DOJ; The Wall Street Journal

Visa Inc. said Monday that it settled antitrust investigations by the U.S. Department of Justice and attorneys general in seven states that focused on the company's merchant acceptance rules in the U.S. (Read More)

Why Has Debit Grown So Quickly? PYMNTS

A heated debate is underway amongst our PYMNTS University scholars: What is principal factor driving consumer adoption of debit? (Read More)

ATMIA Applauds Department of Justice for Countering Network Antitrust Practices in the Card Industry; Press Release

 

The global non-profit ATM Industry Association today applauded the recent actions taken by the US Justice Department and seven states (Connecticut, Iowa, Maryland, Michigan, Missouri, Ohio and Texas) in suing American Express, MasterCard and Visa for anticompetitive practices relating to credit or charge cards. The lawsuit was filed on October 4, 2010 in the U.S. District Court for the Eastern District of New York.

 

The Justice Department, followed by the seven states, alleged in the lawsuit that American Express, MasterCard and Visa were “attempting to insulate themselves from competition” and that “each has suppressed competition with rival networks”, all in violation of Section 1 of the Sherman (anti-trust) Act.  The government argued that these practices have led to increased costs for the affected merchants, resulting in higher prices for the consumer. (Read More)

 

nFinanSe Launches $3 Reloadable Prepaid Debit Cards at Stripes Convenience Stores Throughout Southwest

 

TAMPA, Fla. – October 6, 2010 – nFinanSe Inc. (OTC: NFSE – www.nFinanSe.com) today announced the launch of its $3 Visa® and Discover® Reloadable Prepaid Debit Cards at Stripes LLC convenience store locations throughout the Southwestern United States. (Read More)

 

Visa Gears up for a Post-Dodd-Frank Debit World; Digital Transactions

With the coming of debit card interchange regulation and more merchant freedom from payment card network operating rules, Visa Inc. has established what it calls “strategy teams” to develop alternatives and respond once the Federal Reserve issues new rules next year. That’s the word from Visa chief financial officer Byron H. Pollitt Jr., who at a Tuesday investor conference addressed implications of the Dodd-Frank financial reform legislation that President Obama signed July 21. (Read More)

MasterCard Targets Debit Business; Yahoo Finance

According to Reuters, MasterCard Incorporated is planning to take hold of the debit processing business of its rival Visa Inc. on the feared impact of the financial reform law. (Read More)

Consumers Union Report: Prepaid Cards Come With Long List of Fees and Weak Consumer Protections

 

(September 15, 2010) SAN FRANCISCO, CA – Prepaid cards continue to grow in popularity but this new form of plastic payment comes with high fees and weaker protections than those offered by traditional debit or credit cards, according to a new report by Consumers Union, the nonprofit publisher of Consumer Re­ports. Prepaid cards are reloadable cards that can be used to make payments similar to debit cards and are becoming the foundation of a second tier banking system used by a growing number of low income consumers. (Read More)

nFinanSe Launches $3 Reloadable Prepaid Cards at Fred’s Hometown Discount Stores; Press Release

 

nFinanSe Inc. (OTC: NFSE – www.nFinanSe.com) today announced the launch of it’s $3 Reloadable Prepaid Discover® Cards at Fred’s Hometown Discount Stores (NASDAQ: FRED – www.FredsInc.com), a leading regional chain of variety stores located in the Southeast and Midwest United States.  (Read More)

 

SCL Helps TUI UK Smash Sales Targets For Travel Money Cards; press Release

 

Brighton, UK, 13th September 2010 – A year after their launch, TUI UK & Ireland (TUI UK) is reporting outstanding sales success for its Thomson and First Choice branded Travel Money Cards, which are sold and managed using SCL’s leading UltraPoS software platform.  First year sales exceeded 100,000 cards, doubling the company’s original forecast and confirming the growing popularity of prepaid cards with UK travellers.  (Read More

 

Mastercard Sees Surge In China Credit-Card Use: The Wall Street Journal

SHANGHAIundefinedMastercard Inc. on Friday said it expects China to overtake the U.S. as the world's largest credit-card market by number of cards by 2020 because of the country's fast urbanization.  (Read More)

Cash or Credit? More Consumers Turn to Debit Cards; CNBC

Wary of the economy, shoppers are increasingly shying away from credit cards, opting to use cash, checks or debit cards rather than to "pay later" on a credit card. (Read More)

Credit card usage hits all-time low; CVBT

 

The pain of the recession has produced a risk-adverse, cash-hoarding “cautious consumer” that is dropping credit cards and opting for “pay-now” payment alternatives such as cash, checks, debit, prepaid and gift cards at a higher rate than ever before, according to a new report Wednesday from Javelin Strategy & Research, a San Francisco research firm. (Read More)

nFinanSe Launches $3 Reloadable Prepaid Debit Cards at Cumberland Farms Convenience Stores; Press Release


TAMPA, Fla.   September 14, 2010 – nFinanSe (OTC: NFSE – www.nFinanSe.com) today announced the launch of its $3 Visa® and $3 Discover® Reloadable Prepaid Debit Cards at Cumberland Farms convenience store locations in New England, the mid-Atlantic and Florida.  (Read More)

Fraud is always going to be present, but debit cards remain safest way to carry out transactions; Victoria Advocate

Fraud is ever-present, but debit cards are safe way to carry out transactions. (Read More)

Blackhawk Network Expands Prepaid Reload Network; Press Release

Allows Consumers A Safe and Convenient Way to Load Funds to their Prepaid Cards with the Reloadit Pack. (Read More)

Beware That New Credit-Card Offer; The Wall Street Journal

Amid all the junk mail pouring into your house in recent months, you might have noticed a solicitation or two for a "professional card," otherwise known as a small-business or corporate credit card. (Read More)

Discover Card Acceptance Hits New Record; Credit Card Guide

Discover credit cards have long had an uphill battle in winning over consumers, despite pioneering one of the most attractive cash back programs in the industry. (Read More)

Korean retailers increase acceptance of China cards; JoongAng Daily

Guo Ming, a Peking University student, was recently looking for cosmetics her friends had asked her to buy during her trip to Seoul. (Read More)

Seventh Annual Open Loop Prepaid Market Assessment; Mercator Advisory Group Report

The Open-Loop prepaid card market is bigger than anyone thought and still growing despite the recession that continues to grip the country. In its Seventh Annual Open-Loop Benchmark Report, Mercator Advisory Group has revised its market size numbers upward, particularly in its cash access segments, to reflect newly available data and increased reporting by the industry. In addition this year's report has found that several segments it tracks have continued to grow in the face of a poor economy. (Read More)

Prepaid Preconceptions; Digital Money Blog

“I've been involved in a few discussions about prepaid cards over the last couple of weeks. One of those discussions was about whether some prepaid products would remain viable under stricter regulatory conditions. Why would regulators want to increase the regulatory burden, and therefore cost, of products aimed at the unbanked? Well, in the US, prepaid cards are the focus on attention because of their supposed criminal use.” David Birch (Read More)

Fed delays gift card rules: Bankrate.com

Yesterday the Federal Reserve Board issued an interim final rule that postpones certain aspects of the gift card rules required under the Credit CARD Act to take effect on Aug. 22, 2010. (Read More)

Lower Income Consumers Use Debit Cards Markedly More, MasterCard Says: Credit Union Times

More evidence has come to light that suggests credit unions with more lower income members may take a deeper hit from the upcoming cap on debit card interchange than CUs with fewer lower income members. (Read More)

Divulging Details of China's Debit-Dominated Ecosystem: PYMNTS.com

In this exclusive NEXTcast interview, David S. Evans is joined by Jing Yang, Director of Corporate Strategy at TSYS. Jing has had numerous roles since joining TSYS in 2001, most notable was her role in the establishment of CUP Data, TSYS' joint venture with China Union Pay. (Read More)

Banks and credit unions bottom feeding on debit card overdrafters? CreditCards.com

 

If you've had problems managing your debit cards in the past, racking up those $30 or $35 overdraft fees every time you overdrew your account, you might be getting a call from your bank or credit union in the next week or so. That is, if they haven't already called you. (Read More)

 

Payments Trends in South Korea: Out with the Old, In with the New; Report Published by Celent

In recent years, South Korea has seen the ascendance of new methods that are redefining its payments market. In 2009, a record-breaking 53.4% of private consumption was paid for with a card of some type. (Read More)

MasterCard Teams with Acculynk to Give Issuers Option to Use PaySecure for Enhanced Debit E-Commerce Authentication; Source: Acculynk

PaySecure provides consumers the option to use PIN debit on the Internet with a secure, software-only service that requires no enrollment or redirection. (Read More)

SCL Supports Co-op’s Launch of Channel Islands’ First Prepaid Currency Card

To broaden Jersey’s travel money options, the Channel Islands Co-operative Society (CICS) has launched the Travelmaker Card – the first ever prepaid currency card available in the Channel Islands.    The new service is supported by UltraPoS software from SCL, who also provided expert consultancy and programme planning to make the new platform a success. (Read more

First Data Study Reveals Banks Missing Out on Major Opportunity to Improve Profitability of Their Debit Programs; Source: First Data

Opportunities Can Be Found by Applying “Credit” Strategies to Debit Programs; Fraud and Increased Regulation Seen as Threats to Growth; Innovation Greatest in Emerging Markets. (Read More)

Visa Launches Campaign Promoting Prepaid Card Benefits for Financially Underserved Consumers; Source: VISA

Integrated marketing campaign to raise consumer awareness, drive usage and support growth of Visa partner programs. (Read More)

Uganda: Why Plastic Money Should Be Popularized; Source: allAfrica.com

Kampala undefined Last week Commonwealth Financial Solutions (U) Ltd unveiled its Zipp card, a plastic debit card that will allow users to hold, transfer cash and transact at designated places. (Read More)

Discover Financial Services Announces International Alliance with Serbia's DinaCard; Source: Discover

Agreement Will Boost Transaction Volume on the Discover, Diners Club International(R) and PULSE Networks (Read More

How Is the Credit Card Industry Making Money? By Peter Atwater, Minyanville

Some would have you believe it's skills, but for American Express, Citigroup, and others it's sheer luck. (Read More)

Look What Congress Just Did to the Debit Card Market; By Morgan Housel, The Motley Fool

Like most of us, I want to see Congress pass a strong financial reform bill. I want it to have teeth. End too big to fail. Curtail systemic risk. Restrain leverage. I want to let Wall Street know that it is, as one Fool put it, sunset for the sociopaths. (Read More)

Fitch sees 10 percent yield cut from card rules; Source: Bloomberg Businessweek

New restrictions on credit card fees will likely cut about 10 percent from the amount that U.S. issuers earn on their card portfolios in the second half of this year, Fitch Ratings said on Wednesday. (Read More)

Big Win for Small Banks in Overhaul; BY ROBIN SIDEL, The Wall Street Journal

Some of the smallest U.S. banks are heading toward a big boost from financial-overhaul legislation. (Read More) 

BofA, Wells Fargo Face Biggest Hit From Debit Cap, Moody’s Says; By Craig Trudell and Peter Eichenbaum, Bloomber Businessweek

Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co., the three biggest U.S. debit-card issuers, may face $1.38 billion in annual lost revenue from a proposed cap on “swipe” fees, said Moody’s Investors Service. (Read More)

FTC Obtains Court Order Halting International Scheme Responsible For More Than $10 Million In Unauthorized Charges On Consumers' Credit and Debit Cards; Federal Trade Commission

At the request of the Federal Trade Commission, a federal court has halted an elaborate international scheme that used identity theft to place more than $10 million in bogus charges on consumers’ credit and debit cards, pending a trial. More than a million consumers were hit with one-time charges of $10 or less, and their payments were routed through dummy corporations in the United States to bank accounts in Eastern Europe and Central Asia. (Read More)

How Russell Simmons Out-Lobbied Big Banks; By Robert Schmidt and Patrick O'Connor, Bloomberg Businessweek

The hip-hop superstar also sells debit cardsundefinedand won a fee exemption for his UniRush card. (Read More)

FinCEN Proposed Rule Seeks Greater Transparency for Prepaid Access to Help Curb Money Laundering, Terrorist Financing. Plan Seeks Balance of Innovation with Protection (Read More)

 

New Research Provides Detailed Overview of Complex Prepaid Card Regulatory Landscape

Understanding Prepaid Regulation: A Framework for Asking the Right Questions (Read More)

Consumers to Pay More for Merchants’ Debit Card Benefits; Source: MasterCard

MasterCard said today that it is disappointed that the Financial Regulatory Reform Conference Committee has chosen to shift debit card acceptance costs from retailers to consumers. (Read more)

MasterCard Partners in Prepaid Set to Drive Global Innovation and Growth; Source: MasterCard

MasterCard Worldwide today launched MasterCard Partners in Prepaid – a new initiative to stimulate MasterCard’s collaboration with partners and customers around the world and drive growth in prepaid. (Read more)

 

S.D.: Preserve bank fees; By Anna Bahney and  Ledyard King, ArgusLeader

Crackdown could curtail credit card services, governor and senators say. (Read More)

Consumer 10.0: A kerfuffle over 'fee creep'; By Jeff Gelles, The Philadelphia Inquirer

Those are just three of the overheated attacks from a single e-mail denouncing a provision in the Senate's financial-reform bill: an amendment, proposed by Sen. Dick Durbin (D., Ill.), reining in debit card fees. (Read More)

Debit-card fee debate could cost consumers By Jennifer Waters , The Wall Street Journal

Most shoppers don't realize they are in the middle of a heated debate over the fees merchants pay to banks on debit-card transactions, but the outcome may bring steeper costs and fewer rewards for consumers. (Read More)

Durbin Cedes Ground on Debit Caps as Support Erodes By Peter Eichenbaum and Patrick O’Connor, Bloomberg

U.S. Senator Richard Durbin, faced with growing opposition and slipping support for his proposal to cap debit-card “swipe” fees, said he is working to exempt prepaid cards governments use to distribute benefits. (Read More)

Durbin Vows to Win Debit-Fee Cap, Calls Objections `Manageable';  By Peter Eichenbaum, Bloomberg

U.S. Senator Richard Durbin, the majority whip, said objections to his proposed cap on debit-card transaction fees are “manageable” and that the card industry fomented opposition by intimidating small banks. (Read More)

Behind Wal-Mart’s Stake in Its Prepaid Card Partner, Green Dot; Source: Digital Transactions

(June 17, 2010) Utter the name “Wal-Mart” and heads turn in the payments industry. That happened yet again with the revelation this week that Wal-Mart Stores Inc., the world’s largest retailer that tried and failed to get into the banking business, had taken an equity interest in Green Dot Corp., a major player in the prepaid card industry and a key partner in offering prepaid card services to Wal-Mart’s customers. Green Dot is planning an initial public offering and just happens to be in the process of buying a bank.  (Read More)

Interchange Travels Up Main Street to Federal Government; Source: NACS Online

Not even the government is exempt from negotiating fair and reasonable interchange rates; NACS retail member sheds the light on how swipe fees impact small businesses. (Read More)

June 15, 2010

Retailers urge ministers to stop 'excessive' card charges; By James Thompson, The Independent

Retailers have called on the UK Government to keep to its word on cracking down on "irresponsible banking " by cutting the excessive charges imposed for processing plastic card transactions. (Read More)

June 15, 2010

Savings Account + Prepaid Debit Cards = Great Banking Alternative; Source: getdebit.com

Prepaid debit cards just took a giant step closer to replacing traditional bank accounts. MPower Labs and its portfolio company Mango Financial, Inc. today announced that they will be offering a high interest savings account option for holders of the MangoMoney prepaid MasterCard.

June 15, 2010 Press Release

Digital Currency "The Future of Government Payments" Source: VISA

Speakers at THE HILL Briefing in Washington, D.C. Discuss Benefits of Electronic Payments – Citing Security, Convenience and Hundreds of Millions in Taxpayer Savings by Migrating from Paper (Read More)

June 15, 2010

Walmart Canada Bank launches Walmart Rewards MasterCard; Source: Social Media Release

New credit card allows cardholders to earn Walmart Rewards on everyday spending to redeem on everyday needs and wants. (Read More)

June 15, 2010

 

Visa generates $1-trillion credit card transactions; Source: The Philippine

 

Visa Inc. has reported a $1 trillion in total volume generated on all cards across Asia Pacific end March 2010, an increase of 13.2 percent over the same period last year. (Read More)

 

June 14, 2010 Press Release

Overwhelming Majority of Americans Reject Anti-Consumer Debit Amendment Hidden in Wall Street Reform Bill; Source: VISA

Eighty-three Percent of Americans Oppose a Provision of Financial Reform Legislation that Passes Costs of Card Acceptance onto the backs of Consumers (Read More)

June 14, 2010 Press Release

Citi Sells Canadian MasterCard Business; Source: Citi





Citi today announced that it has signed a definitive agreement to sell its Canadian MasterCard business to the Canadian Imperial Bank of Commerce.  (Read More)

June 10, 2010

MasterCard’s Banga Says Card Proposals May Survive (Update1); By Peter Eichenbaum’ Bloomberg Businessweek

MasterCard Inc.’s Ajay Banga, who takes over next month as head of the payments network, said Congress probably will adopt some of the proposed rules for debit and credit cards in its financial industry overhaul. (Read More)

June 10, 2010 Press Release

CEOs Make First-Ever Joint Appearance to Express Opposition to Debit Amendment; Source: PRNewswire

CUNA CEO Dan Mica, ICBA CEO Camden Fine, and NAFCU CEO Fred Becker Expressed Opposition to Debit Fee Amendment that Will Cripple Small Financial Institutions, Consumers. (Read More)

June 10, 2010

Credit Card Issuers Used Profiling, Fed Says; By Bill Hardekop, The Street

A Federal Reserve study has revealed that a handful of credit card issuers have used transaction-profiling in making decisions about credit limits and interest rates of cardholders. (Read More)

June 9, 2010

Durbin’s Curb on Debit Fees Draws Fire for Hurting Consumers; By Peter Eichenbaum, Bloomberg Businessweek

U.S. Representative Debbie Wasserman Schultz, a member of the House majority’s leadership team, said a Senate proposal to limit fees banks collect with each swipe of a debit card will enrich merchants at the expense of consumers. (Read More)

 June 9, 2010

Seeking ‘Stickiness,’ MasterCard Rolls out Online Bill Pay for Prepaid; Source: Digital Transactions

MasterCard Inc. this week rolled out a service that lets users of MasterCard-branded prepaid cards pay bills at the card issuer’s Web site or by phone. Aimed squarely at the underbanked population, the service relies on the MasterCard RPPS network for links to biller accounting systems and Aliaswire Inc., a 5-year-old Cambridge, Mass., payment-gateway provider, for integration into issuer and program-manager sites. The new service allows cardholders to schedule and make bill payments, monitor payments, view posted payments, and set reminders.  (Read More)

June 8, 2010 Press Release

The Durbin Amendment: Impact Analysis; Source: Mercator Advisory Group

In-depth study on Durbin's Card Swipe Fee Amendment necessary to prevent unintended consequences and significant disruption of payment eco-system. (Read More)

June 7, 2010

The Fates and Faces of the Affected; Source: The Wall Street Journal

As the System Gets Its Biggest Overhaul in 80 Years, the Impact Runs From Wall Street to Main (Read More)

June 7, 2010

UnionPay goes to war with Visa; Source: Inside Retailing

Chinese card issuer UnionPay hit out at Visa on Friday after the US giant told banks to stop using the Chinese firm's system to process overseas transactions on cards bearing both firms' logos.  (Read More)

 

June 7, 2010

THE INFLUENCE GAME: Dueling over debit card fees; By JIM KUHNHENN, The Associated Press

Swipe your debit card at the supermarket and you've placed yourself at the heart of a contentious congressional debate. (Read More)

June 7, 2010

Target gloomy on storecards; By Jonathan Birchall, Financial Times

Target, the US discount retailer, says it expects the outstanding balances on its customers’ store-branded credit cards to drop to levels not seen since 2005, highlighting the rapid fall in the supply of consumer credit in the wake of the financial crisis. (Read More)

June 3, 2010

Credit Card Mail Solicitations Increase 29%; By Bill Hardekopf, Forbes

As the economy recovers, households are receiving substantially more credit card offers in the mail. (Read More)

June 3, 2010

Visa to Let China Holders Use UnionPay in Hong Kong, 21st Says; Bloomberg Businessweek

Visa Inc. will allow Chinese holders of dual-currency credit cards that include both its and China UnionPay Data Co.’s pay services to use either service in Hong Kong and Macau, the 21st Century Business Herald reported on its website late yesterday, citing an unidentifed spokesperson based in Hong Kong. (Read More)

June 2, 2010

Durbin regulations are aimed at your wallet. They'll cost us all money and convenience; By Todd J. Zywicki, Washington Times

Late in the Senate's proceedings on the financial regulatory reform bill, the Senate adopted - with no hearings and minimal debate - a controversial provision proposed by Sen. Richard Durbin, Illinois Democrat, that imposes price controls on interchange fees for debit and prepaid cards. The amendment also allows merchants to override several rules of payment card networks that currently protect consumers from abusive practices by merchants. While big-box merchants and convenience stores are declaring this a victory against the financial services industry, if the amendment survives in conference committee, consumers and small banks will be the real losers. (Read More)

June 1, 2010

Visa Slaps Chinese Firm With Ban; BY DINNY MCMAHON, The Wall Street Journal

Visa Inc. said Thursday it is introducing a ban on banks using China UnionPay Co.'s network to process international transactions with credit cards bearing the Visa and UnionPay symbols. (Read More)

May 28, 2010 Press Release

Understanding Restricted Authorization Networks: Cards Between Closed and Open Loop; Source: Mercator Advisory Group

New research looks at game changing technology blurring the lines between open- and closed-loop prepaid cards and turning the industry upside down. (Read More)

May 28, 2010

Consumers keep on flashing the plastic: Source: guardian.co.uk

Spending on credit and debit cards increasing all over Europe despite crunch (Read More)

May 28, 2010

EU to market test Visa Europe's debit fee cut offer; Source: REUTERS

European Union antitrust regulators are seeking third party views regarding Visa Europe's (V.N) offer to cut its debit card fees to stave off a possible fine before deciding whether to accept the proposals. (Read More)

 

May 27, 2010

Credit-Card Bill Becomes Law in Green Mountain State; Source: CSP

Vermont governor would not sign, but did not veto (Read More)

May 25, 2010

Large banking interests create a Web page against interchange finreg; By Mike Konczal, The Washington Post

You want to know how I can tell that the interchange reform in the Senate bill was a surprise story? Because the last-minute lobbying campaign against it is so obviously a thrown-together, half-baked effort by the biggest banks. (Read More)

May 25, 2010

Pelosi Urged to Ensure Passage of Debit-Card Limits (Update2); By Peter Eichenbaum and Phil Mattingly, Bloomberg Newsweek

The U.S. House of Representatives should support a Senate amendment to the financial overhaul bill that limits “swipe” fees charged to retailers who accept debit cards, a group of lawmakers told Speaker Nancy Pelosi. (Read More)

May 20, 2010

Senate preserves unlimited card rates; Source: delawareonline

Delaware banking law avoids being undercut by consumer protections. (Read More)

May 20, 2010 Press Release

MasterCard Urges House and Senate Conferees to Consider Severe Consequences of Durbin Amendment for American Consumers; Source: MasterCard Worldwide

Now that the Senate has approved The Financial Regulatory Reform Bill, MasterCard urges House and Senate conferees to reject the amendment tacked on by Senator Dick Durbin, which will hurt the people and businesses it is supposed to protect. Consumers, community banks and credit unions will all pay if this thinly-veiled attempt by merchants to increase their profitability at their customers’ expense becomes law. (Read More)

Wed May 19, 2010

VISA CEO highlights "negative consequences" of amendment; By Maria Aspan, Reuters

Visa Inc. Chief Executive Officer Joseph Saunders visited lawmakers in Washington, DC, on Wednesday in an attempt to forestall legislation that would restrict debit card fees. (Read More)

May 19, 2010

Beware the coming credit card hit on Canadian families; By Neil Reynolds, The Globe Investor

Households have doubled their personal debt in the past decade to $1.4-trillion (Read More)

May 18, 2010

Cielo, Redecard Fall as Brazil to Cap Credit Card Fee (Update2); By Iuri Dantas, Bloomberg.com

Cielo SA and Redecard SA tumbled more than 10 percent after Brazilian Justice Minister Luiz Paulo Barreto said the government will ask the card-payment processors to reduce fees charged to retailers. (Read More)

May 17, 2010 Press Release

Global Prepaid Card Market Potential Ranking 2010; Source: Mercator Advisory Group

Breakthrough research from Mercator Advisory Group provides comprehensive overview of the top international prepaid card markets (Read More)

May 17, 2010

Senate OKs Swipe Amendment; Source: CSPNET

By a bipartisan of 64 to 33, the U.S. Senate approved an amendment (S. Amdt 3989) late last week to the Restoring American Financial Stability Act of 2010 introduced by Assistant Senate Majority Leader Dick Durbin (D-Ill.) to help reduce the "swipe fees" that small businesses pay on every debit-card sale. (Read More)

May 14, 2010

Debit Fee Cut Is a Rare Loss for Big Banks; By BINYAMIN APPELBAUM, The New York Times

Retailers have begged Congress for years, in vain, to limit the fees they must pay to banks when customers swipe credit or debit cards. Bills never reached a vote. Amendments were left on the table. The Senate did not even grant the courtesy of a committee hearing. (Read More)

May 13, 2010

Durbin wins battle to pass 'interchange fee' legislation, 64-33; By Silla Brush, The Hill

The Senate on Thursday passed controversial legislation clamping down on fees that card issuers charge merchants, handing Senate Majority Whip Dick Durbin (D-Ill.) a major victory. (Read More)

May 13, 2010 Press Release

 

Global Payments Asia Pacific Introduces ‘Global HomeCurrencyPay™’ in the Philippines; Source: Global Payments

 

New Service Provides International Cardholders with the Convenience of Paying in Their Own Currency (Read More)

 

May 12, 2010 Press Release

nFinanSeMusic.com Releases Volume 2 of Free Music Downloads; Artist with No. 1 hit in Germany, Van Risseghem, heads list of eight cutting-edge acts; Source: nFinanSe

TAMPA, Fla. – nFinanSe Inc. (OTC Bulletin Board: NFSE), a leading reloadable prepaid card provider, in conjunction with its entertainment partner, Inspire, today released Volume 2 on its online music site, www.nFinanSeMusic.com, which provides free downloads by new artists and is intended to appeal to young adults ages 18 to 25. (Read More)

May 10, 2010

Credit Card Fee Takes 10% Bite Out of Purchase; By Odysseas Papadimitriou, The Street

Odysseas Papadimitriou is founder and chief executive officer of Evolution Finance, the parent company of Wallet Blog and Card Hub, an online marketplace for credit-card offers. (Read More)

May 6, 2010 Press Release

Sagem Orga do Brasil Selects Cryptomathic's CardInk; Source: Cryptomathic

Sagem Orga do Brasil, the leading Latin American smart card manufacturer, has appointed Cryptomathic to deliver its data preparation solution, CardInk.  The system will be integral to Sagem Orga do Brasil’s issuance of EMV debit and credit cards. (Read More)

May 5, 2010

Vt. sets tough new rules on credit card fees; By LISA RATHKE, Bennington Banner

The Vermont Legislature has passed a bill cracking down on fees and other costs that credit card companies charge merchants, offering protections to small mom-and-pop stores who say the fees stand to threaten their livelihood. (Read More)

May 4, 2010

MasterCard Aims for Faster Authorizations, More Message Data; Source: Digital Transactions

While Visa Inc. and MasterCard Inc. are shelling out big bucks for the loyalties of card issuers and merchants (Digital Transactions News, April 29), they’re also adding technological muscle to attract more transaction volume to their networks. In the latest example, MasterCard on Monday announced a host of upgrades to its worldwide processing network that includes global enhancements as well as improvements in specific regions. (Read More)

May 3, 2010

Canadian Government Issues Revised Credit, Debit Card Industry Code of Conduct; Source: NACS Online

The Canadian Convenience Stores Association still has concerns about the way the credit card companies operate. (Read More)

April 30, 2010

Will we see EMV in the U.S.? Source: CIO

EMV continues to be a hotly contested topic for card-based payments in the U.S. market. (Read More)

April 28, 2010 Press Release

TSYS Partners With Serverside Group for Digital Card Solution; Source: TSYS

TSYS announced a partnership agreement with Serverside Group to launch TSYS Card Shop, a digital card fulfillment and marketing solution that combines ‘on-demand’ manufacturing processes with industry-leading card management and customization capabilities. (
Read More)

April 27, 2010

Consumers Urge Congress To ‘Stop Unfair Credit Card Swipe Fees’; NACS Online

NACS is delivering 2 million customer signatures to the U.S. Senate today, urging action on unfair credit and debit card swipe fees. (Read More)

April 26, 2010

The great Aussie switch to debit cards from credit cards; By Alex Tilbury and Karina Barrymore, News Limited newspapers

AUSTRALIANS' love affair with credit cards is waning as people switch to using cash and debit cards. (Read More)

April 23, 2010

Credit cards losing ground to mobile technology and the Internet; By Gillian Shaw, Vancouver Sun

Mobile phones as payment devices and virtual online currency are among the changes Canadians will see as the credit card industry transforms after increased losses and stepped-up government regulation, according to a report released by Deloitte Thursday. (Read More)

April 20, 2010

Target Snubs Visa in Shift to Store-Branded Cards; By Peter Eichenbaum, Bloomberg.com

Target Corp., the second-largest U.S. discount chain, will stop issuing Visa Inc. credit cards to new applicants and spur use of its own plastic. (Read More)

April 19, 2010 Press Release

InCard Technologies Unveils $2.95 Security Card Token; Source: InCard Technologies

The ICard, a new product family from the world’s leader in one-time passcode (OTP) card technology, is priced to disrupt the $500 million OTP token market. (Read More)

April 16, 2010 Press Release

Media Statement - Visa Statement Regarding the Canadian Code of Conduct, Source: Visa Inc., Yahoo Finance

Visa supports the Canadian government's goal to encourage transparency and merchant choice within the payments marketplace - two important pillars on which Visa has built its business domestically and internationally. (Read More)

April 16, 2010

Credit card delinquency rates fell last month at most major U.S. lenders, with the exception of Citigroup Inc, in the latest sign that Americans are starting to climb out of the recession. Source: Reuters

On the downside, credit losses from uncollectable loans were still high, and worsened for JPMorgan Chase & Co, Capital One Financial Corp, Citigroup and American Express Co, according to regulatory filings by the companies on Thursday. And credit losses for many lenders were up from a year earlier. (Read More)

April 15, 2010

Research Explores New Developments in Credit Card Account Origination; Source: Mercator Advisory Group

Credit Account Origination Systems Vendor Review: Beyond Cards (Read More)

April 14, 2010 Press Release

Absa Card Introduces Planet Payment's Pay in Your Currency Service in South Africa; Source: The Wall Street Journal

The Pay in Your Currency service will provide Absa merchants with the ability to present the international consumer with a choice of paying in Rand, or completing the purchase in any one of the 30 supported foreign currencies. (Read More)

April 7, 2010 Press Release

SpendingPulse March Report: Most U.S. Retail Industry Sectors Continue a Trend of Positive Year-on-Year Gains, Although Still Off From 2008 Spending Levels; Source: MasterCard Advisors

MasterCard Advisors' SpendingPulse, a macro-economic report tracking national retail and service sales, today provided summary results for performance of specific U.S. retail industries in March, 2010. Most retail sectors continued to demonstrate solid year-over-year gains in March as easy year-over-year comparisons helped produce positive growth rates, albeit sales levels in several sectors are still off from the highs of 24 months ago. From a geographic point of view spending was positive across most regions of the country, the Pacific Coast being the exception. (Read More)

April 7, 2010 Press Release

Acculynk Announces ISO Program for Internet Card Not Present Processing; Source: Acculynk

Complete card acceptance program plus Acculynk’s Internet PIN debit solution provides unique opportunity for ISOs. (Read More)

April 7, 2010

DIY, credit card style: Issuers roll out 'do it yourself' cards; By Tony Mecia, CreditCards.com

Looking for a do-it-yourself project that doesn't involve repainting a bedroom or landscaping your yard? How about building your own credit card? (Read More)

April 5, 2010 Press Release

IRS Awards Multi-Year E-Payment Contract to RBS WorldPay; Source: payUSAtax

The Internal Revenue Service Awards RBS WorldPay a Multi-Year Contract to Process Individual and Business Tax Payments Using a Credit Card or Debit Card Beginning in January 2010. (Read More)

April 2, 2010

Consumers to Fed: Stop debit card overdraft opt-in 'scare' tactics; By Connie Prater, creditcard.com

Consumer groups are sounding the alarm that banks desperate to get debit card users to opt in to overdraft fees may use deception to dupe cardholders into agreeing to the controversial fees. (Read More)

April 1, 2010

MasterCard, Visa, and the Card Sharks By Jessica Silver-Greenberg, BusinessWeek

There are some things money can buy, and one of them is a license to issue credit cards from MasterCard and Visa. Some questionable banks do just that, gaining credibility from the brands (Read More)

April 1, 2010

Chase Expects Credit Card Law to Mean $750M Cut; By EILEEN AJ CONNELLY AP; Source: ABC NEWS

JPMorgan Chase & Co. expects its credit card income to drop by up to $750 million because of recent regulations undefined and a lot of customers will get cut off as a result. (Read More)

April 1. 2010

Maine lawmakers OK bill barring debit surcharges; Source: BusinessWeek

The bill sponsored by Rep. Sharon Treat of Hallowell would prohibit merchants from placing surcharges on debit card purchases. The Federal Reserve Board says debit cards are now used more often than credit cards. (Read More)

April 1, 2010

Woolworths reduces Visa Debit card use in Australia; Source: heraldsun.com.au

VISA is "extremely disappointed'' with a decision by Woolworths to remove the credit option when paying with a Visa Debit card in it stores. Visa says the supermarket giant is to route all debit transactions via the EFTPOS network to save costs and this will reduce competition. (Read More)

April 1, 2010

Retail Associations Applaud Vermont for Interchange Legislation; Convenience Store News

Small business and retail associations saw victory in Vermont recently as the state Senate unanimously passed a law to rein in credit card interchange fees. (
Read More)

April 1, 2010

Bank of America begins to offer consumer-like protections to small business cardholders; Source: Yahoo Finance

Small businesses are starting to receive some of the protections given to consumers when strict credit card regulations kicked in. But in a twist, they're being offered voluntarily by banks. (Read More)

March 31, 2010

Stores endure new card rules despite hurt profits; Source: REUTERS

Top retailers have sounded the alarm about the U.S. government's recently enacted credit card reforms, warning investors the new rules will hit their bottom lines to the tune of millions of dollars just as consumer spending is beginning to bounce. (Read More)

March 30, 2010

California jobless payments going plastic; Source: Los Angeles Times

The beleaguered state agency that administers unemployment benefits aims to have an electronic system operating within months. (Read More)

March 29, 2010

Does Credit Card Debt Settlement Really Work? By Mark Huffman ConsumerAffairs.Com

The ads for credit card debt settlement companies make it sound pretty easy. If you have $10,000 or more credit card debt, these firms say they can negotiate with your lender so that you can walk away from all but a small percentage of the money you owe. (Read More)

March 26, 2010

Zynga Officially Partners With InComm For Prepaid Cards; Source: Virtual Worlds News

Today the social game developer Zynga officially announced that InComm would be providing the company with a line of prepaid virtual currency cards for its top social games, confirming a well-sourced rumor from late last year. The cards are currently available at over 12,800 7-Eleven, Best Buy, Target, and GameStop locations nationwide. Cards are available for Zynga's FarmVille, Mafia Wars, and YoVille games.  (Read More)

March 25, 2010

China’s Credit-Card Curbs Said to Be Weighed by U.S. (Update2); By Jennifer M. Freedman, Mark Drajem and Peter Eichenbaum, BusinessWeek

Visa Inc., American Express Co. and MasterCard Inc. have talked with U.S. trade officials about taking action against China for shutting the companies out of its $723 billion payment-processing market, people briefed on the issue said. (Read More)

March 25, 2010

Beefed Up PIN-Steering; By Red Gillen, Celent

Some recent shopping trips demonstrated to me that the payment card interchange battle between merchants and card issuers/payment brands is taking a more aggressive turn.  This intensified battle is not limited to the halls of Congress; it is also taking place on the front lines, in retail stores.  (Read More)

March 25, 2010

Alan Siegel's credit card agreement redesign; Source: TEDBlog

In his 2010 TEDTalk, Alan Siegel called for a simple, sensible redesign of legal paperwork -- to make it intelligible to the rest of us. Here's one of the redesigned documents he showed: a sample credit card agreement which is easy to understand and, dare we say, pretty? (Read More)

March 24, 2010

Global Card Issuers Undergoing Deleveraging; By Park Sang-soon, The Korea Times

This is the fifth in a 12-part series of “The Korea Times , the Boston Consulting Group (BCG) Joint Project” designed to identify new realities in the post-crisis world and provide winning strategies for leading Korean firms in 11 key industries. In cooperation with BCG, The Korea Times will look into a wide variety of issues both in the global economy and major industries. (Read More)

 

March 22, 2010

It’s Coming: a True Credit Builder for Prepaid Debit Cards; Source: getdebit

This is the final article in a three part series about credit builder features and prepaid debit cards. In the previous two articles, the author discusses problems with existing credit reporting features for prepaid debit products. In this article, the author describes a new prepaid debit card credit building feature that will be launched this year. (Read More)

March 19,2010

The Impact of the New Credit CARD Act on Young Adults; getdebit.com

This is part two of a series of articles about prepaid debit cards and credit scoring. In this article, the author takes a look at how the Credit Card Accountability Responsibility and Disclosure Act of 2009, which went into effect in February of 2010 will impact young adults. In particular, the author discusses how the Card Act will reduce the ability of young Americans to establish and build credit histories, and how prepaid debit cards may be able to fill the need. (Read More)

March 18, 2010

Fed seeks public comments on proposed credit card reforms; By Michelle Singletary, The Washington Post

In what feels like never-ending regulatory fiddling with the Credit Card Accountability Responsibility and Disclosure Act of 2009, the Federal Reserve wants to know what consumers think about certain fees that lenders charge as penalties for late payments or other issues.  (Read More)

March 18, 2010

Robert Selander, Master Of Credit Card Growth; By SCOTT S. SMITH, INVESTOR'S BUSINESS DAILY

When Robert Selander was named CEO of MasterCard (MA) in 1997, the firm was an association of banks that didn't want it to make a profit. (Read More)

March 17, 2010

Discover's Hybrid Growth Strategy Boosts Network Volumes; Source: Digital Transactions

Discover Financial Services now has more than 100 bank card merchant acquirers booking small to medium-sized merchants for its network, the company reported today at an investor presentation in New York City. Discover predicts that those acquirers will enable Discover acceptance in 97% of their new merchant sales in 2010’s fourth quarter, up from 90% in 2008’s second quarter and 77% in the second quarter of 2006, when Discover’s third-party acquirer program was just starting. (Read More)

March 15, 2010

Capital One Charge-Offs Fall in February; By Laurie Kulikowski , TheStreet.com

 Capital One's (COF) credit card charge-off rate fell in February for the first time in at least five months. (Read More)

March 15, 2010

Capital One Unveils Venture, New Rewards Card with Double Miles for Every Purchase and No Restrictions; Source: CapitalOne

Capital One Financial Corporation (NYSE: COF) today announced the launch of Venturesm (www.capitaloneventure.com), a premium travel rewards credit card offering double miles on every purchase, without the restrictions commonly found in rewards programs. There are no limits on when, where or how you earn double miles, no retailer specifications or spending categories, no separate rewards enrollment or re-enrollment requirements, and no limit on the number of miles cardholders can accumulate. What's more, cardholders enjoy easy redemption by booking on any airline at any time, with no blackout dates, no advance booking required, and no expiration. Rewards can be redeemed for any travel related expense, such as airline, hotel, cruise line and rental car transactions. And of course, as with all other Capital One cards, there are no foreign transaction fees. (Read More)

March 11, 2010

Discover Financial Services Announces Actions to Further Enhance Loan Loss Reserve; Source: Discover Financial Services

Discover Financial Services (NYSE:DFS) today announced that the company will record an increase in reserves of $305 million pre-tax in the first quarter 2010, which brings its reserve coverage to approximately twelve months of losses. This reserve addition results from a new analytical process that enhances management's ability to estimate incurred losses on non-delinquent accounts. (Read More)

March 10, 2010

In Prepaid, Issuers And Networks Will See Fastest Revenue Growth; Source: Digital Transactions

The continuing boom in general-purpose prepaid cards will lift all providers’ boats, but some industry players will see revenues grow faster than others, according to new report from Aite Group LLC. The Boston-based research firm estimates that the total revenue pie of the so-called network-branded prepaid card industry will grow from $1.63 billion in 2008 to $5.91 billion by 2014, an increase of 263%.

March 10, 2010 Press Release

nFinanSe Announces Fee Reductions for ATM Withdrawals and Bill Pay Transactions; Source: The Wall Street Journal

nFinanSe, a leading reloadable prepaid card provider, today announced that it is significantly reducing its fees to cardholders for ATM withdrawals and also for electronic bill pay transactions. The Company believes that these reductions will encourage greater trial and usage of its Visa(R) and Discover(R) Reloadable Prepaid Cards and promote greater retention among cardholders.  (Read More)

March 8, 2010

Scott Galit Joins i2c Inc. as President; Source: i2c Inc.

i2c Inc., an innovative provider of payment solutions, announced that Scott Galit has joined the company as president.

Scott comes to i2c with extensive background in the financial services and prepaid industries, focusing especially on emerging payments. Most recently, as executive vice president at Meta Payment Systems, Scott served on the executive committee of MetaBank and led all payments business lines, including credit, prepaid/debit, ACH, loyalty, agent bank and ATMs. (
Read More)

March 2, 21010

A New Report From Aite Group: The Branded Prepaid Market in 2010 and Beyond

While the branded prepaid card market is experiencing substantial growth, it remains a market fraught with challenges. (Read More)

March 2, 2010

American Express, Capital One Lift Card Rates; By Bill Hardekopf, TheStreet.com

American Express(AXP Quote), Capital One Financial(COF Quote) and Citigroup(C Quote) raised the interest rates of some popular credit cards before the Credit Card Accountability, Responsibility and Disclosure (CARD) Act took effect on Feb. 22. (Read More)

February 26, 2010

Green Dot Corp files for $150 million IPO; Source: Reuters

Prepaid debit card seller Green Dot Corp filed for an initial public offering of up to $150 million on Friday. (Read More)

February 26, 2010

Credit card foreign transaction fees going up as Takeovers and fee hikes hit travelers -- and even those who stay home; By Tamara E. Holmes, CreditCards.com

If you're planning a foreign trip, double-check with your credit card issuers to find out how much using your credit and debit cards will cost you: Many have increased their foreign exchange fees. (Read More)

February 25, 2010 Press Release

Visa Inc. Announces Investor Day; Source: Visa Inc.

Visa Inc. (NYSE: V) today announced that it will host an Investor Day on Thursday, March 11, 2010, in San Francisco. Members of Visa's executive management team will present the company's strategic goals, product initiatives, and key milestones, as well as review the company's financials. (Read More)

February 25, 2010 Press Release

Tempo Affinity Debit Platform Selected for Best Open Source Solution Category 

Tempo announced that it has been selected as a finalist for the 2010 Software & Information Industry Association (SIIA) CODiE Awards in the “Best Open Source Solution” category. (Read More)

February 25, 2010

House’s Frank Won’t Push to Regulate Card-Swipe Fees (Update1), By Peter Eichenbaum and Alison Vekshin, Bloomberg; Source: Business Week

U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said he won’t seek to regulate in 2010 the interchange fees that are charged to merchants with each swipe of a credit card. (Read More)

February 25, 2010  Press Release

Visa premium cardholders can now enjoy exclusive access to perks at a selection of the world’s most prestigious properties; Source: Visa Inc.

Visa Inc. (NYSE: V) today announced the launch of the Visa Signature Luxury Hotel Collection (VSLHC), a new premium travel offering enabling Visa Signature cardholders to find, book and enjoy unique benefits at a hand-selected group of prestigious properties throughout the world. (Read More)

February 24, 2010 Press Release

Plastic Cash International, LLC Partners with MasterCard Worldwide to Offer MYPLASH Prepaid Cards; Source: MasterCard Worldwide

Plastic Cash International, LLC and MasterCard Worldwide, two of the prepaid industry's most prominent players, today announced a brand-exclusive partnership to offer MYPLASH open-loop prepaid gift cards and reloadable prepaid gift cards starting summer 2010. MYPLASH prepaid cards, Plastic Cash International's teen prepaid brand, were previously Visa-branded and are the world's largest teen branded prepaid product. As part of the launch this summer, MYPLASH will also be expanding its existing roster of the hottest music artists, action sports athletes and lifestyle brands to include pop culture icon Paul Frank, action sports sensation TapouT, legendary surfing brand Rip Curl and dozens more. (Read More)

Feb 23, 2010 Press Release

Western Union Wins Two Prepaid Card Industry Awards; Source: Western Union

Company Recognized as 'Best Network Branded Gift Program' and 'Outstanding New Entrant' at 2010 Prepaid Expo (Read More)

February 23, 2010

Customers tell the Nova Scotia Government to "Bring Back Our Mall Gift Cards!" Source: CNW Group

Greenwood Mall, Mic Mac Mall and Halifax Shopping Centre announced today that the response to their new website www.bringbackourmallgiftcards.com, has been overwhelming. (Read More)

February 22, 2010 Press Release

Acculynk and EFT Networks Form Internet PIN Debit Advisory Council, Council will serve as the governance body and expert group on Internet PIN debit; Source: Acculynk

Acculynk has formally announced the establishment of the Internet PIN Debit Advisory Council with partner EFT networks. Acculynk is the first company to introduce a software-only service for PIN debit payments on the Internet, PaySecure®, which has been adopted by multiple EFT networks, merchant acquirers, E-commerce merchants and issuers. (Read More)

February 22, 2010

Building credit when you're young is getting tougher, By Liz Pulliam Weston, The Los Angeles Times

Dear Liz: I am 20 and trying to build my credit. I rented an apartment for a year, and I bought a car last year but needed a cosigner to get the loan. It seems like none of this is factoring into my credit score, because I can't get a credit card! I applied for one through my credit union and was denied. (Read More)

February 22, 2010

It's a New Day for Credit Cards, By JENNIFER WATERS, The Wall Street Journal

For the first time in three years, credit-card issuers are ramping up their mailbox solicitations. But don't expect to see your father's credit-card appeals. Variable interest rates, higher annual fees and a host of new charges will be hidden in the fine print of these offers. (Read More)

February 22, 2010

Credit Card usage is up in China; Shoppers find plastic fantastic, Source: Shanghai Daily

Bank-card transactions on the mainland topped 56 9 billion yuan US$8 3 billion in the seven-day holiday by Friday The figures were provided by China UnionPay Co the country s sole bank-card transaction-clearing operator. (Read More)

February 19, 2010

Citigroup Boosts Credit Card Fees, By Bill Hardekopf, TheStreet.com

Citigroup(C Quote) is adding annual fees to many popular credit cards a week before the CARD Act goes into effect.  Some Citigroup cardholders are receiving letters about a $60 annual fee that is being attached to their account effective April 1. If consumers make $2,400 in purchases during the year, the annual fee will be credited to their account. Only about 20% of credit cards in the U.S. have annual fees, according to data compiled by LowCards.com. (Read More)

February 18, 2010 Press Release

 

OCC Reaches Agreement with Capital One on Unfair Credit Card Account Closing Practices

 

The Office of the Comptroller of the Currency (OCC) announced today that it has entered into a Formal Agreement with Capital One Bank (USA), N.A., Glen Allen, VA ("Capital One"), directing Capital One to reimburse consumers harmed by Capital One’s credit card account closing practices. The practices in question occurred from 2004 to 2006, before the Bank became a national bank subject to the OCC’s supervision. (Read More)

 

February 11, 2010

The Bancorp Bank and InsurCard® Team Up to Deliver Prepaid Solution for North American Risk Services, Inc. This InsurCard Visa® Prepaid Card allows North American Risk Services, Inc. to Make Funds Immediately Available to Claimants; Source: Bancorp Bank

The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), has joined with InsurCard to offer an instant issue prepaid card program to North American Risk Services, Inc (“NARS”), for property and workers compensation claims. (Read More)

February 10, 2010

Credit vs. Debit: The New Wallet; Source: getdebit.com

Wallets aren’t what they used to be. For anyone who’s taken a peek inside the wallet of a Generation Y spender recently, you’d be forgiven for thinking that the age of cash and credit is officially over. I grew up and survived college carefully writing checks so as not to overtake my bank balance. I paid in cash whenever I could. Today, I look in my teenagers’ wallets and see a prepaid American Express card, along with cards toward Gamestop, the Gap and Subway. The times, they are a changin’. (Read More)

February 10, 2010

Card Issuers Raise Marketing– To Most Creditworthy; Mailboxes, beware: After a hiatus of several months, credit-card offers are making a comeback; By APARAJITA SAHA-BUBNA, The Wall Street Journal

Credit-card companies mailed 398.5 million solicitations in the fourth quarter of 2009, a 46% jump from the third quarter and the first quarterly increase since 2007, according to new data from Synovate, a market research firm. Although a far cry from the 1.5 billion credit-card solicitations mailed in the fourth quarter of 2006, the quarterly increase underscores a potential turning point in an industry slammed by losses from souring card loans and restrictive legislation. (Read More)

February 9, 2010 Press Release

Payroll Cards 100% Electronic Payments 80% of the Time - Crossing the Market Finish Line; Source: Mercator Advisory Group

New Research Evaluates Best Practices, Trends, and Solution Vendors in Fast Growing Prepaid Segment

Boston, MA -- February 9, 2010 –Payroll cards are one of the fastest growing prepaid card segments and the products are posed for further growth as companies attempt to reduce operational expenses by moving from traditional paper-based payroll systems to electronic distribution methods. (Read More)

February 9, 2010 Press Release

 

SelectCore launches Iridium MasterCard. Canada`s first reloadable prepaid card sold at retail.

SelectCore Ltd. (TSX-V: SCG), a provider of prepaid telecom and prepaid financial services, is pleased to announce the launch of Iridium MasterCard – Canada’s first prepaid reloadable card sold to consumers through retail locations. (
Read More)

 

February 8, 2010

 

Credit-card system puts health-care payments on the front end of service; By Chris Killian, Kalamazoo News

Prior to reserving a rental car or a room at a hotel, most customers have to secure their purchase with a credit card. Now at some area doctor’s offices, they’ll have to slide their card prior to receiving medical care. (Read More)

February 8, 2010

 

Built on Plastic; Credit cards may be the only source of financing these days for many start-ups. But they may not be the firmest foundation; By ROB JOHNSON, The Wall Street Journal

 

ROANOKE, Va.undefinedThe gift boutique that Donna Bollinger opened here in the shadow of the Blue Ridge Mountains in November 2008 is her first entrepreneurial effort, already profitableundefinedand financed on plastic. (Read More)

 

February 4, 2010

FCAC Updates its Credit Card Selector Tool; Agency recommends that consumers ask about low introductory interest rates; Source: Financial Consumer Agency of Canada

 

The Financial Consumer Agency of Canada (FCAC) has completely updated its credit card selector tool. This objective, user-friendly Web resource helps consumers compare the costs, advantages and rewards of most credit cards available in Canada.(Read More)

 

February 3, 2010

Discover CEO: New rules don't help those with best credit; By Lesley Mitchell, The Salt Lake Tribune

People with the best credit used to be able to count on the lowest credit card rates. But that's no longer necessarily going to be the case with the passage of the nation's new law on credit cards, said David Nelms, CEO of Discover Financial Services. (Read More)

February 3, 2010

 

Visa, MasterCard Ready to Charge Ahead; By KELLY EVANS, The Wall Street  Journal

 

For two companies battered by a nationwide credit crunch and consumer-spending squeeze, Visa and MasterCard have emerged surprisingly well. (Read More)

 

February 1, 2010

 

Gift Card Mall(TM) Partners With Microsoft to Launch Xbox LIVE Prepaid Cards; Source: EarthTimes.org

Blackhawk Network, a market leader in card-based financial solutions and the largest provider of third-party gift cards in the United States and Canada, today announced a partnership with Microsoft Corporation for its Xbox LIVE service on the Xbox 360. Customers will now have the ability to purchase Xbox LIVE Gold Subscription and Microsoft Points Cards from Blackhawk Network's Gift Card Mall™. In addition to accessing online multi-player gaming, consumers will also have the ability to download gaming and entertainment content using these cards. Created and operated by Microsoft Corporation, Xbox LIVE is one of the largest online multiplayer gaming and digital media delivery services with over 20 million members (Read More)

February 1, 2010

 

The CARD Act Was No Gift; Source: getdebit.com

 

The Federal Reserve is required under the CARD Act to publish final regulations for gift cards before February 22, 2010. The effective date for the rules will be six months later, August 22, 2010. The comment period on the proposed rules published in November 2009 closed at the end of December. (Read More)

 

February 1, 2010 Press Release

 

ANZ Bank is targeting the student market and will issue more than 50,000 Visa prepaid cards to university students in Sydney; Source: ANZ Bank

 

It follows a two-month trial with 2000 students late last year and a release of the prepaid cards to users of the social networking site MySpace. (Read More)

 

January 29, 2010 Press Release

Credit card direct mail back on the rise; Card issuers increase direct marketing as economy levels out; Source: Mintel

It wasn’t just holiday cards and catalogs filling your mailbox last month. Mintel Comperemedia, a service that provides direct marketing competitive intelligence, reports that in Q4 2009undefinedfor the first time in three yearsundefinedcredit card direct mail volume increased from the previous quarter. (Read More)

January 28, 2010 Press Release

Equifax Offers Unique Ability-to-Pay Products for Credit Card Act Compliance: Industry's Only Set of Solutions based on Actual Income and Wealth Data

Equifax Inc. (NYSE: EFX) today announced the availability of an industry-unique suite of "ability-to-pay" assessment tools to help credit card issuers comply with the amendments to Regulation Z of the Credit Card Act that go into effect February 22, 2010. The Federal Reserve Board (FRB) released its rules for compliance on January 12. (Read More)

January 28,2010

 

Visa to challenge regulation of bank card payment; Source: Budapest Business Journal

 

Visa Europe plans to turn to Hungary's Constitutional Court over the regulation of the prices that can be charged for bank card payments, Visa Europe regional head Mark Antipof told the business daily Napi Gazdaság, the paper said on Thursday. (Read More)

 

January 27, 2010

 

Calif. officials probe credit card interchange fees; BY CHRIS RIZO, LegalNewsline.com

 

California officials, under the leadership of a Democrat running for state attorney general, are probing rising credit card interchange fees. (Read More)

 

January 27, 2010

 

 Review of Rushcard Prepaid Credit Cards; Source: DoughRoller

 

With credit card companies charging more and more fees, the number of transactions with debit and prepaid cards has increase significantly. The result has been a rush of new prepaid cards hitting the market, including prepaid credit cards with no fees or low fees. This means good news for consumers as banks and prepaid card issuers lower fees and add features to compete for your business. One of the more popular prepaid cards is the Rushcard. (Read More)

 

January 26, 2010

Store-Card Regulations Not as Tough as Feared.  By Maria Aspan, American Banker

 

The Federal Reserve Board's latest round of credit card rules require retailers and their issuing partners to consider some additional information about customers who apply for private-label or cobranded cards at the cash register, including their income and existing obligations. (Read More)

 

January 25, 2010

 

Is a charge card same as a credit card? Leslie McFadden

 

The terms "charge cards" and "credit cards" are sometimes used interchangeably, but these two payment cards have distinct features and impact credit scores in different ways. (Read More)

 

January 25, 2010

 

New Research on Prepaid Cards in the Middle East Eneritz Corral, Marketing Executive at VRL Financial News

 

One of the key challenges facing any new supplier or issuer in a market, is understanding the customer. This is particularly important in a new and growing industry such as prepaid payment cards.  Recognizing this VRL, commissioned an exclusive research on: “understanding of the prepaid concept and payment cards and propensity to purchase specific prepaid products” in the UAE, KSA and Egypt.  (Read More)

 

January 21, 2010 Press Release

 

Consumers cutting credit card usage and debt on eve of reform, First Command reports. Source: FirstCommand Financial Services

 

FORT WORTH, Texas – With credit card reform legislation taking effect in February, middle-class Americans are already making important changes in the ways they use their cards with a focus on reducing debt, according to the latest results of the First Command Financial Behaviors Index™.  (Read More)

 

January 19, 2010

 

Credit card charge-offs slip at most U.S. companies. Source: REUTERS

 

U.S. credit card data for December showed some signs that fewer consumers were falling seriously behind in their payments. (Read More)

 

January 18, 2010

 

Debit card debate heats up. Source: Canoe/Money

 

Credit-card companies are going head-to-head with business groups in the fight to influence Ottawa’s plan to regulate the debit-card market in Canada. (Read More)

 

January 17, 2010

 

Divisions over credit, debit card code of conduct. By Tara Perkins, The Globe and Mail

 

Ottawa's decision to adopt a code of conduct governing credit and debit cards has pitted major players such as Visa Canada against a number of business groups. (Read More)

 

January 15, 2010 Press Release

 

AMERICAN EXPRESS COMPLETES ACQUISITION OF REVOLUTION MONEY

American Express Company today announced that it has completed the acquisition of Revolution Money Inc., a next-generation payments platform launched by Revolution LLC in 2007. American Express paid approximately $300 million cash for the acquisition. (
Read More)

 

January 14, 2010

 

Santander to Launch Brazil Card Venture, Source: REUTERS

 

The Brazilian unit of Banco Santander (SANB11.SA)(SANB3.SA), the country's largest foreign lender, will launch a venture to process credit card transactions as the government seeks to break a duopoly in the industry and trim fees, a source with direct knowledge of the plan told Reuters on Thursday. (Read More)

 

January 14, 2010


SunTrust Selects MasterCard for Debit Cards SunTrust Banks, Inc. (NYSE: STI) and MasterCard Incorporated (NYSE: MA) today announced that SunTrust will convert the company’s debit card programs to MasterCard. (Read More)

 

January 12, 2010

 

The Federal Reserve has approved a final Amending Regulation Z.

 

The Federal Reserve Board on Tuesday approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22. (Read More)

 

January 12, 2010

 

The Future of Plastic: 5 Credit Trends for 2010, Source: Smart Money

The CARD
Act goes into effect on Feb. 22 and with it come stronger consumer protections. Banks will no longer be able to raise interest rates during the first 12 months after opening an account – or hike rates on pre-existing balances altogether. Credit-card payments, if exceeding the minimum, will be allocated to the higher-rate balances first. Monthly statements will become easier to understand and the ability to issue credit cards to college students will be severely restricted. (Read More)

 

January 11, 2010

 

InComm and Medagate to Launch Government Backed Medicare Products. Source: PRWeb

 

InComm, the leader in sales and marketing of prepaid products and innovator of transaction processing, announced today that it has entered into an agreement with San Francisco based Medagate Corp to develop a new payment gateway leveraging InComm’s patented point-of-sale card activation network and Medagate’s card-issuing platform. The gateway will connect the issuing platform to InComm’s network of 150,000 retail locations, thus allowing Retailers and Program Managers to work together to create their own acceptance networks and turnkey prepaid card programs. (Read More)

 

December 29, 2009 (Press Release)

First Data’s 2009 Holiday Gift Card Report

First Data, the global payments processing company, has been tracking gift card sales during the 2009 holiday shopping season, and publishing the compiled results in their “2009 Holiday Gift Card Performance Report”. The Report provides insights “based on aggregated transaction data generated by First Data’s merchant branded gift card processing business and our observations of the marketplace.” As a result, the compiled information should accurately reflect real sales. According to First Data, sales are up as compared to 2008. (Get Reports)

 

December 21, 2009

 

Heartland Payment Systems® Agrees to Settle Cardholder Class Actions

 

Heartland Payment Systems, Inc. (NYSE: HPY), one of the nation’s largest payments processors, has entered into an agreement to settle the consumer cardholder class actions consolidated in the United States District Court for the Southern District of Texas. These actions relate to claims arising from the criminal breach of Heartland’s payment system announced on January 20, 2009. (Read More)

 

December 21, 2009

 

Prepaid vs. Checking: Fairer Fight?

By Maria Aspan American Banker  

 

If the checking account's loss has been the prepaid card's gain, new overdraft regulations could kick that trend into overdrive. (Read More)

 

December 16, 2009 Press Release

 

The Bancorp Bank and InsurCard Team Up to Issue The InsurCard Visa® Prepaid Card for The New Jersey Insurance Underwriting Association

 

WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), today announced that Bancorp, in collaboration with InsurCard, have joined with the New Jersey Insurance Underwriting Association (NJIUA) to offer a program to provide immediate cash payments to New Jersey policyholders in the event of a catastrophe. The NJIUA is an association created by the state of New Jersey in 1968 to provide essential property insurance to any person unable to obtain insurance coverage.

 

Read More

 

December 15, 2009

 

Capital One credit card charge offs up in November

Source: Reuters

 

NEW YORK, Dec 15 (Reuters) - Capital One Financial Corp's (COF.N) U.S. credit-card charge offs and delinquencies rose in November, in a sign that consumers remain under stress.

 

Read More

 

December 15, 2009 Press Release

 

Dynamic Card Solutions’ CardWizard® Selected by Busey Bank to Instantly Issue Unembossed Debit Cards

 

ENGLEWOOD, Colo.undefined(Dec. 15, 2009)undefined Dynamic Card Solutions (DCS), the leading provider of instant issuance and PIN selection solutions for banks, credit unions and retailers that issue magnetic stripe, EMV and contactless cards, today announced that Busey Bank has implemented DCS’ patented CardWizard® software and FCP 20/20 flat card printers to instantly issue unembossed MasterCard® debit cards at the branch level. 

 

Read More

 

December 15, 2009 Press Release

 

World Emergency Relief Introduces Affinity Debit Card Powered By Tempo

 

 SAN MATEO, CA – Dec. 15, 2009 – Tempo announced today that the World Emergency Relief (WER), the non-profit organization that provides food, medical supplies and support to victims of natural and man-made disasters, is offering members and contributors an affinity debit card powered by Tempo.

 

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December 14, 2009 Press Release

 

UniRush Renews TSYS Agreement

 

Alpharetta, Ga., December 14, 2009 undefined UniRush and TSYS announced today an agreement to renew their longstanding relationship to continue offering prepaid payment and processing services. The RushCardTM, a prepaid Visa® debit card, provides cardholders instant access to basic financial services and empowers them to achieve their financial goals.

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December 7, 2009

 

C-Stores Prepare New Anti-Interchange Petition Drive

Source: Digital Transactions

 

Retailers fighting what they say are high payment-card acceptance costs are not letting the heated debates about health care or President Obama’s planned troop surge in Afghanistan push interchange off the political stage. The NACSundefinedThe Association for Convenience and Petroleum Retailing, next week will launch what it calls Phase 2 of a petition drive to keep the interchange issue before Congress.

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December 1, 2009

 

The Latest Forecast Is Especially Sunny for Prepaid Cards

Source: Digital Transactions

 

Credit card charge volumes have fallen this year and debit card volumes, while still in positive territory, are running far below the growth rates they enjoyed before the recession hit. But prepaid cards remain the one bright spot, according to a new market analysis from Mercator Advisory Group Inc. Maynard, Mass.-based Mercator’s latest annual forecast, for 2009-12, predicts that combined load volume on closed-loop and general-purpose, or open-loop, prepaid cards will hit $525.8 billion in 2012, up 112% from $247.6 billion last year.

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November 27 2009

Should the US Reform Interchange Fees on Credit Cards?

Last week, the Government Accounting Office issued a report on interchange fees, with the summary right there in the title: "Rising Interchange Fees Have Increased Costs for Merchants, but Options for Reducing Fees Pose Challenges." (links: full document, 1 page summary) Before we get to the big findings, what is an interchange fee, anyway? Source: theAtlanic by Mike Konczal (Read More)

 

November 27, 2009

Salvation Army kettles can now accept credit cards

Not having cash won't be an excuse to pass by the Salvation Army red kettles this holiday season. Bell ringers in about 200 cities now accept credit cards. By Jessica Leving, USA TODAY (Read More)

 

November 24, 2009

Frontline's “ The Card Game”

Investigating the massive consumer loan industry and what's ahead for consumers and banks -- a FRONTLINE-New York Times co-production. PBS aired the Frontline documentary "The Card Game " about credit cards, credit card debt, fees and consumer loans in the US. The PBS website has an online version that can be watched along with additional interviews , background , analysis , press reaction and a discussion area .

 

November 24, 2009

U.S. Looks to Australia on Credit Card Fees

SYDNEY undefined When Steve Franklin bought four plane tickets on Qantas last June, he faced an unexpected expense: a surcharge of 7.70 Australian dollars on each of the 136.70 dollar ($126) tickets undefined just for using his visa credit card. by KEITH BRADSHER, The New York Times (Read More)

 

November 24, 2009 Press Release

Citi Sells Diners Club North America Business






New York – Citi today announced that it has signed a definitive agreement to sell its Diners Club North America card business to BMO Financial Group (BMO). The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada. 

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November 10, 2009 Press Release

nFinanSe Announces Launch of Visa® Prepaid Debit Card

TAMPA, Fla. – November 10, 2009 – nFinanSe Inc. (OTC Bulletin Board: NFSE –www.nfinanse.com) today announced it will be launching its new Visa® Reloadable Prepaid Debit Card in Winn-Dixie Supermarkets in December 2009.

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November 2, 2009 Press Release

Univision Partners with MasterCard to Deliver Prepaid Financial Services
Companies Provide Financial Empowerment Tools

NEW YORK, November 02, 2009 - Univision Communications Inc., the nation’s leading Spanish-language media company, today announced a strategic alliance with MasterCard Worldwide to introduce two new prepaid financial services, the Univision Prepaid MasterCard Card® (Tarjeta Univision MasterCard Prepagada®) and the Univision MasterCard Gift Card® (Tarjeta de Regalo Univision®). These prepaid cards will be available nationally in 2010 and are being developed to provide Hispanic consumers with access to relevant, flexible and valuable financial tools that can be used anywhere Debit MasterCard is accepted.

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October 28, 2009

Congress has passed sweeping new legislation aimed at making credit cards safer and more transparent. In July 2009, the Pew Health Group began a new study to evaluate how widespread these practices were and to identify trends since their last review in December of 2008. The research included an examination of nearly 400 credit cards, including all consumer credit cards offered online by the largest 12 bank issuers in America. These banks control more than 90 percent of outstanding credit card debt nationwide. Source:  Pew Health Group’s Safe Credit Cards Project; STILL WAITING: “Unfair or Deceptive” Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect

 

 

October 29, 2009

First Data's Star network introduces pre-paid reloads

Global electronic commerce and payments processing leader First Data today announced that its Star Network is the first electronic funds transfer network (EFT) to launch load and reload support for Star-branded general purpose prepaid cards. Source: Finextra.com; First Data's Star network introduces pre-paid reloads

 

October 2009

TransCard Receives 2009 Best of Chattanooga Award

TransCard (www.transcard.com)undefineda leading provider of electronic payment and prepaid debit card solutions branded with MasterCard®, Discover®, STAR and PULSE associationsundefinedhas been selected for the 2009 Best of Chattanooga Award in the Prepaid Financial Services category by the U.S. Commerce Association (USCA). Source: Business Wire; U.S. Commerce Association’s Award Plaque Honors the Achievement



 

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