If there's an imperfection in the signature debit card - and in the open loop prepaid cards that basically mirror signature debit cards - it's in the area of so-called authorization holds. The basic problem is that these debit card products "ride the rails" of the original credit card system - when used as signature debit cards. As a result, some merchant locations will submit authorizations on the cards for amounts that are higher than the actual purchase amount - for example, for a gasoline purchase where the authorization must take place before the purchase can be completed. The holds result in cardholders not being able to spend all of the money that's actually in their account. I came across a credit union today who has made a good effort at explaining all of this to their debit card customers. Read on to see their approach.

Deena M. Amato-McCoy writes for Bank Systems & Technology about mobile banking In an article titled 'The Handheld Bank".

In an article titled 'Keeping Payments Relevant", Bank Systems & Technology interviews Thomas Kunz, Senior Vice President, The PNC Financial Services Group, and director of the bank's payments strategies.

Members of the Canadian payment card industry -- Interac Association, MasterCard Canada Inc., Visa Canada Association, and many of their respective card issuers and processors -- have announced their commitment to conduct a chip technology trial in Kitchener-Waterloo, Ontario. The trial will allow participants to test the infrastructure and ensure interoperability of systems and devices in a controlled manner prior to each participant's national roll-out plan.

In what it described as "a move designed to bolster competition and create greater transparency in the Single Euro Payments Area (SEPA)," MasterCard Europe has announced SEPA fall-back interchange rates for Maestro point-of-sale (POS) transactions to be effective from January 1, 2008. Full rates and accompanying information is posted on MasterCard’s website go to www.mastercard.com and click on ‘Interchange Fees Europe’.

The Smart Card Alliance has announced that it has filed comments with the US government saying that "the U.S. government should reconsider using vicinity read RFID technology for implementing the passport card program." The Alliance is urging the government to abandon the use of "vicinity read RFID technology" in favor of "more secure 'proximity' contactless smart card technology."

Pay Rent, Build Credit, Inc. has announced that "the United States Patent and Trademark Office has granted Patent Number 7,139,734 for the company's technology and method for collecting data on commonly recurring bill payments made by individuals and small businesses, and incorporating them in a credit file, credit report, and credit score. Examples of common monthly payments that go largely unreported to traditional credit bureaus include rent, private mortgages, non-prime auto loans, utilities, phone, cable, insurance premiums, pay day advances, and rental furniture and appliances."

Visa USA has announced an agreement with Blackhawk Network to introduce Visa ReadyLink, Visa’s Prepaid Load Network, to Blackhawk Network’s alliance partner stores. Safeway will be the first in Blackhawk Network’s alliance of 60,000 stores in North America to implement Visa ReadyLink. Fifth Third Bank will serve as the acquiring financial institution.

comScore Networks has released data on consumer online non-travel (retail) spending at U.S. sites during the first 31 days of the 2006 holiday season to date, which began on November 1. According to comScore, US total online retail spending reached $11.7 billion through December 1, representing a 24-percent increase versus the corresponding days in 2005.

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