The Merchants Payments Coalition has announced that it has "delivered to members of the House Judiciary Committee's Antitrust Task Force a detailed report responding to questions about Visa and MasterCard's hidden credit card interchange fees raised by Representative Ric Keller, R-Fla., at a recent hearing."   » Continue Reading

The Department of the Treasury and the Board of Governors of the Federal Reserve System have announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act. The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.   » Continue Reading

"An Economic Assessment of Regulating Credit Card Fees and Interest Rates" , a new study sponsored by the American Bankers Association by economists Jonathan Orszag and Susan Manning, concludes that "placing further legislative restrictions on credit card interest rates and fees is likely to harm the vast majority of consumers, most of whom manage credit cards successfully."   » Continue Reading

Citigroup this morning announced that its third quarter financial results would be impacted by "dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment". With respect to its global consumer business, Citi said it estimates "an increase in credit costs of approximately $2.6 billion pre-tax versus the prior-year quarter due to continued deterioration in the credit environment, organic portfolio growth, and acquisitions."

In an article titled 'Paying without Plastic', Don Davis writes for Internet Retailer about alternative payment options for ecommerce retailers - including PayPal, Bill Me Later, eBillMe, and PaidByCash.

In an article titled 'At Starbucks, Songs of Instant Gratification', Matt Richtel writes for the New York Times about today's launch in some Starbucks stores of the in-store music purchase option for customer's listening to their Apple iPhones or iPod touch devices. Richtel says the service is an example of what businesses are doing to "enhance the impulse buy so consumers can purchase their temptations whenever they want, wherever they are, before the urge passes."

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