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« July 26, 2006 | Main | July 28, 2006 »

July 27, 2006

Visa Changes CISP/PCI Merchant Definitions

Tags » Data Security, Merchants, PCI Compliance, Visa

Evan Schuman reports for eWeek on changes by Visa USA effective July 18th to the merchant levels for its Cardholder Information Security Program. The article reports that Visa has changed the definition of Level 2 so that it applies to all merchants not just ecommerce merchants. Level 2 is defined as any merchant processing 1,000,000 to 6,000,000 Visa transactions per year. Level 1 continues to apply to all merchants regardless of acceptance channel while Levels 3 and 4 continue to apply only to ecommerce merchants. According to the table on the Visa web site, merchants newly included in the Level 2 definition will have until Sept. 30, 2007 to be validated as complying with the PCI Data Security Standard.

New Papers From The Philadelphia Fed Payment Cards Center

Tags » Card Issuers, Consumer Debt, Credit Cards, Financial Regulators, Prepaid Cards and Stored Value Cards

The Payments Card Center of the Federal Reserve Bank of Philadelphia has announced that three new papers have been added to its website.   » Continue Reading

SmartPay and CMBC Form China Mobile Payment Partnership

Tags » China, Mobile Payments, Smartpay

SmartPay Jieyin Ltd has announced a China mobile payments partnership with China Minsheng Banking Corp., Ltd.   » Continue Reading

Citigroup Taps Lending Unit To Win Bank Branch Customers

Tags » Banking Industry

Clint Riley reports for the Wall St. Journal on efforts by Citigroup to use some its CitiFinancial offices as "gateway branches" for opening new Citibank checking or savings accounts.

Online Bill Payments Get More Convenient

Tags » Bill Payment

Luladey Tadesse reports for the Gannett News Service that "consumers fed up with writing checks and the hassle of buying stamps increasingly are switching to paying bills online." She reports that about 35 percent of bills were paid online last year by Americans, up from 25 percent in 2004, according to the online market research firm Harris Interactive Inc.

Americans Ready for Mobile Payments: Visa

Tags » Mobile Payments, Visa

Maria Bruno-Britz reports for Bank Systems & Technology that Americans are ready to use their mobile phones for payments. Accroding to a recent survey of 800 consumers conducted by Visa USA in which "61 percent of participants between 25 to 34 years of age said they were interested in making purchases with their mobile phone." Bruno-Britz reports on comments Michele Janes, director of the product innovation and coordination team at Visa who says "over the past six to 12 months, we've seen a drastic increase in interest among [card] issuers in mobile payments. Several of our issuers are asking about this."

Koreans Hold 2nd Largest Number of Cards After US

Tags » Credit Cards, Debit Cards

Lee Hyo-sik reports for the Korea Times that, according to the Bank of Korea, "Korean consumers had an average of 3.35 credit and debit cards each as card companies issued about 161 million cards in 2004 when the country’s population stood at about 47 million." This compares with an average of 5.15 cards issued per person in the US,3.05 cards per person in Japan, Singapore with 2.39 and Britain with 2.36.

Wachovia Returns To Credit Cards

Tags » Card Issuers, Wachovia

Binyamin Appelbaum reports for the Charlotte Observer on Wachovia's plans to return to the credit card business on Monday, replacing its earlier deal where MBNA issued cards on its behalf. Following the acquisition of MBNA by Bank of America earlier this year, Wachovia exercised its option to pull the card issuing away from MBNA, receiving a $100 MM breakup fee from MBNA in the process. Appelbaum reports that company executives say that Wachovia's "new Visa cards will feature relatively lenient rules and penalties, including absolution for one late payment every 12 months." "We're choosing to play the game differently," said Steve Boehm, Wachovia's head of credit cards.

Retailers Say Visa and MasterCard Violate Antitrust Laws

Tags » Interchange Fees, Merchants Payments Coalition

AccountingWEB.com reports on last week's testimony by attorney W. Stephen Cannon, representing the Merchants Payments Coalition, to the Senate Judiciary committee accusing Visa and MasterCard of violating federal antitrust laws through their practice of setting the interchange rates charged by banks to complete consumer transactions.

Headline News - July 27, 2006

Tags » Payments News - Headline News

Note: Throughout the day, as Payments News happens, this post is updated.

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