MasterCard has announced the launch of MasterCard Product Graduation in the United States - a new program that enables cardholders to keep the same account number when switching between various card programs offered by an issuer, thereby avoiding the need for the cardholder to update recurring payment accounts, etc.

Following approval of its amended and restated certificate of incorporation at its 2007 Annual Meeting of Stockholders earlier this month, MasterCard has announced the details of its previously announced plan to "facilitate an accelerated and orderly conversion of Class B common stock into Class A common stock for subsequent sale to the public in 2007."

PayPal has announced the general availability of the PayPal Security Key for PayPal's customers. The PayPal Security Key is a small electronic token that generates a unique security code approximately every 30 seconds. Members can use this code, along with their user name and password, to sign into both their eBay and PayPal accounts, helping to prevent unauthorized users from accessing them.

AuctionByte's Ina Steiner reports on last night's eBay Live! keynote in Boston - including comments from PayPal CEO Rajiv Dutta such as saying "there was $2 billion in PayPal accounts ("waiting to be spent"), which he calls the PayPal money supply."

MSNBC's Bob Sullivan takes a look at rebate cards - saying that "many firms have taken to issuing debit-card-like gift cards instead of rebate checks. Known in the industry as "prepaid rebate cards," the cards do offer some benefits. But they also come laden with gotchas that can leave you with worthless plastic."

US Representative Edward J. Markey (D-MA) and Representative Barney Frank (D-MA) have written to US banking regulators (PDF) about the practice of accepting and processing unsigned or “remotely created” checks.

GE Money has announced the eBay MasterCard, calling it an expansion of its partnership with eBay. eBay MasterCard customers will benefit from a new rewards program, earning one Reward Point for every $1 spent in purchases. Reward Points are also earned with non-Internet, everyday purchases wherever MasterCard is accepted. Points are redeemable for shipping discounts and vouchers that can be used to shop on eBay or to pay eBay seller fees.

In an article titled 'The Bank of PayPal", Catherine Holahan writes for Business Week reporting that "To compete with banks, PayPal is becoming more like a bank itself. For the past year, PayPal has tested a virtual debit card enabling users to make purchases with PayPal on Web sites that do not offer it as a payment option."

Barbara Kiviat reports for Time about ING Direct's "reinvention of banking". ING Direct's CEO Arkadi Kuhlmann told Kiviat he will spell out his formula for other bankers: "We simply asked, 'What does a customer really want to pay for?'"

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