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September 05, 2006

MasterCard Announces US Interchange Initiatives

Tags » Interchange Fees, MasterCard  » Comments (0)

MasterCard Worldwide has announced that it will "soon implement significant interchange initiatives aimed at addressing concerns that have been raised by the merchant community, and helping them maximize the benefits and value of accepting MasterCard cards." Among the initiatives announced by MasterCard are plans to publish its US Interchange Rate Schedule by November 1 and a new cap on its interchange fees on fuel purchases of more than $50 at petroleum retailers,

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Welcome Enhances Contactless Cards With Marketing Features

Tags » Contactless Payments, Loyalty Programs  » Comments (0)

Welcome has announced that its XLS payment software is now available for contactless cards - with the company saying that it brings "substantial new features to the basic off-the-shelf card products currently being deployed by banks."

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The Value Of Corporate Payment Cards

Tags » Card Payments, Commercial Cards, Commercial Payments  » Comments (0)

Aberdeen Group has announced findings from companies that participated in a recent study of payment card usage reporting significant benefits in three primary areas with their payment card program. A recently published report that benchmarks payment card usage within the enterprise found that over 60% of companies still allow personal credit cards to be used for company purchases, in spite of the compelling benefits achieved by best in class users of corporate payment card programs.

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Wells Fargo Expands Blogging With "Student LoanDown" Site

Tags » Consumer Lending, Payments Blogs, Wells Fargo  » Comments (0)

Following up on its launch earlier this year of Guided by History, a blog now focused on general disaster preparedness in the US, Wells Fargo Bank is launching a new blog called "The Student LoanDown". Wells Fargo is the first major financial services company to launch a blog that's devoted to financing college and managing student debt - and which takes advantage of the bank's almost 40 years of experience in education financing.

Mobile Payments - Reducing Churn for Wireless Carriers

Tags » Mobile Payments, NTT DoCoMo  » Comments (0)

In an in-depth article, Alex Ritman writes for ITP Technology about NTT DoCoMo's experiences with mobile payments in Japan - and looks at mobile payments initiatives in Kuwait by MTC-Vodafone and the National Bank of Kuwait - where the bank says that 30-40% of its customers have signed up for the service. In the article, Ritman quotes Ghassan Hasbani, principal of Booz Allen Hamilton's communications and technology practice, who says that “M-payments by itself is not a major source of revenue generation - m-payments make up just around 2% of NTT DoCoMo's overall revenue. However, when you introduce mobile payments, it could reduce churn by up to 15%. This is what was experienced by NTT DoCoMo.” [Note: Read more about mobile payments in the Payments News Mobile Commerce Archive.]

An Online Business for $3,000

Tags » ECommerce Payments, Internet Retail  » Comments (0)

Karen E. Klein writes for Business Week's Smart Answers column about what it takes these days to set up your own online business. She says that, "with barriers to entry falling dramatically over the past decade, becoming an online retailer or service provider has become an attractive option. Startup costs can be as low as $3,000, and the business can be set up in a home office and attended to at nights and on weekends, allowing new entrepreneurs to keep their day jobs."

Your Money On Your Wrist!

Tags » Contactless Payments, MasterCard  » Comments (0)

MasterCard Worldwide has announced the first trial of its latest form factor in contactless payment technology, the MasterCard PayPass wristband.

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Quote of the Day

Tags » ACH, Banking Industry, Interchange Fees  » Comments (0)

"The irony of the story is that, in many respects, banks are responsible for the challenges they face. Banks are pushing for more ACH transactions, new ACH items, without necessarily building up new economics, such as applying interchange fees." - from Gwenn Bezard, research director with the Boston-based Aite Group, as reported in an article by Kenneth Cline in Payments Strategies titled "Can Banks Profit From Payments’ Transition?".

What's A Bank Debit Card Issuer To Do?

Tags » Card Payments, Debit Cards  » Comments (0)

David Stewart of Global Concepts writes for Payments Strategies about what bankers need to be doing to insure their debit card programs remain competitive in the face of a number of risk factors including "pending litigation around interchange fees, customer adoption of less profitable payment alternatives such as ACH and the expense of reward programs."

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Can ACH And Image Convergence Succeed?

Tags » ACH, Check Conversion, Check Imaging  » Comments (0)

Steve Mott writes for Payments Strategies on the efforts by some in the banking industry to "smash together" check imaging at the point of acceptance with ACH for delivery to the check writer's financial institution. According to Mott, "the stakes are enormous as "checking" goes to the very core of every financial institution's primary customer relationships."

QUALCOMM Leads $7 MM Obopay Financing Round

Tags » Mobile Payments, Obopay  » Comments (0)

Mobile payments provider Obopay has announced a $7 million strategic investment round led by wireless technologies innovator QUALCOMM. Other participants in this round include investors Redpoint Ventures, ONSET Ventures and Richmond Management, which all contributed to the series A round of $10 million last February.

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BankServ Acquires Magex P2P, Mobile-to-Mobile Phone Payments Business

Tags » BankServ, Mobile Payments, p2p - Person to Person Payments, Zopa  » Comments (0)

BankServ has announced that, as part of its strategy to enter the growing field of electronic person-to-person payments, it has acquired Magex Managed Payments Platform, a division of financial technology developer Magex Holdings Ltd. The Magex Managed Payments Platform division is the producer of P2P systems that let consumers exchange money over the Internet or using their mobile phones.

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A Look At Debit Card Fraud And Implications For Growth

Tags » Debit Cards  » Comments (0)

Laurie Giesen writes for BAI's Payments Strategies about debit card fraud and looks at whether recent publicity about these cases could affect debit's on-going appeal to consumers. “The media attention on these recent events could potentially harm banks’ reputation as being a safe place for customers to put their money. This harm to the banks’ reputation could be much more serious than the cost of covering the losses,” says Gwenn Bezard, research director for Boston-based Aite Group LLC.

Contactless and the Dawn of a New Payment Era

Tags » Contactless Payments  » Comments (0)

According to a new Celent report, "Contactless and the Dawn of a New Payment Era", the number of contactless payment devices has nearly doubled in the last year and will capture 15% of the prime market by 2011.

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Who's News - Payments Professionals Management Changes

Tags » Announce Yourself!  » Comments (0)

We have received news of the following recent management changes:

  • David Durick has been named Director of Business Development at Smart Payment Solutions, a payment processing company.
  • Harry B. Blankenship has been named director of payments, compliance, and risk in North America at LogicaCMG. Blankenship has held senior positions with Unisys, IBM Global Services, KPMG Peat Marwick, and Electronic Data Systems and served as vice president for payment systems and access strategies at Bank of America.
  • Mobile payments provider Obopay has announced three new vice presidents: Christian Delay as vice president of business development for mobile, Ramy Mora as vice president of consumer marketing and Sam Shawki as vice president of customer operations. Delay joins Obopay from Yahoo! where he led mobile business development initiatives including Yahoo! Go Mobile. Mora's experience includes consumer marketing experience at Clorox, Microsoft, and Yahoo!. Shawki's experience includes Siebel and Netscape.
  • Saket Sood has been named Chief Operating Officer at Nochex Limited. Phone: +44 (0)113 344 3991.
Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it.

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