In an article titled "The Check Is In The Mail - There's No Credit Crisis. Most Americans Don't Let Their Consumer Debt Get Out Of Hand", Newsweek's Jane Bryant Quinn writes that "although the overall burden of debt isn't as bad as the headlines make it sound, a small but growing minority is indeed in crisis. The banks are their enablers. Credit cards are so profitable that banks have been dealing preapproved cards to practically anyone with a heartbeat and a mailbox."

The June 2008 edition of the First Annapolis Navigator is now available (registration required). This month's feature article is "Chase Paymentech and the Acquiring Industry: A Conversation with Mike Duffy." Other articles include: "The Resurgeance of the Argentinean Credit Card Market", "Whack a Mole – Chasing Fraud in the Payments System", "Where the ISOs Are" and "Oil Prices Move Well into Record Territory".

Are you looking for new challenges? Our sister web site, www.paymentsjobs.com, has several new job postings for payments professionals:

• Financial Project Analyst, Billings and Payments at Google, Inc. (Mountain View, California)
• Director Customer Support and Implementation at Purepay (Columbus, Ohio)
• Manager-Network Technical Operations at American Express (Phoenix, Arizona)
• Customer Insights Manager - Bankcard/Co-Brand at Alliance Data (Columbus, Ohio)
• Risk Operations Manager at CyberSource (Mountain View, California)
• Sr. Product Marketing Manager at CyberSource (Mountain View, California)
• Web Marketing Manager at CyberSource (Mountain View, California)

Are you hiring? Be sure to post your openings for payments professionals on PaymentsJobs.com!

Got several jobs to post? for a package discount.

Earlier today, the US Department of Justice and Visa announced that Visa agreed to changing its operating rules to allow PIN-based debit transactions on small purchases without requiring cardholders to enter their PINs. At the end of the day, the card issuer decides whether their debit cards will support this mode - or not.

Coverage of the Visa rule change late today included an article titled "Visa Stops Requiring PIN For Debit-Card Purchases" by Robin Sidel in the Wall St. Journal and an article in Digital Transactions titled "A Visa Rule Change, Prompted by DoJ, Could Foster PINless Debit".

On Portfolio.com's Tech Observer blog, Sam Gustin writes about Revolution Money and quotes Jason Hogg, CEO of Revolution Money, as described the company as "we're PayPal meets MasterCard without the fees".

Visa Inc. has announced that it has "revised its U.S. Operating Regulations to expand the conditions under which non-Visa debit transactions can be processed without PIN validation on Visa-branded debit cards, effective July 1, 2008. The revision to the Visa USA Operating Regulations was made in response to inquiries by the Department of Justice and the Attorneys General of Washington, D.C., Ohio and New York. It will give merchants and financial institutions more processing options."

The US Department of Justice (DOJ) has announced that, as the result of a DOJ antitrust investigation, "Visa Inc. has rescinded a rule that required merchants to treat Visa-branded debit cards differently when used as a PIN-debit card (and processed via non-Visa networks) from the same cards when used as signature debit cards and processed on the Visa network. The Department said that it had been investigating whether the rule adversely affected competition in the debit card industry by restricting certain PIN debit transactions, particularly small-value and Internet transactions, and by potentially interfering with the introduction of new types of PIN debit services." READ MORE

Huntington has launched Huntington Mobile Banking, calling it "a secure, convenient and easy way for Huntington customers to access their bank accounts anytime, anywhere, using a cell phone, smart phone or any other mobile device with browser access." Mobile Banking blogger and Huntington's mobile banking product manager Brandon McGee blogs about the launch of Huntington Mobile Banking. READ MORE

The Center for Financial Services Innovation has released a new paper titled “A Fundamental Need: Small-Dollar, Short-Term Credit” by CFSI’s Michael J. Herrmann and Jennifer Tescher that explores "recent trends in small-dollar value, short-term credit, placing it within the context of the longstanding demand for these loans and the successes and failures of those who have provided them. Regulatory pressure and market changes are spurring private-sector innovation in this market niche. Herrmann and Tescher identify factors that are likely to lead to success in developing and delivering new products that are profitable for the provider and fair to the consumer."

Juniper Research has published a new analysis of the mobile payments opportunity titled "Mobile Payment Markets: Digital & Physical Goods 2008 - 2013" that forecasts that the gross transaction value of payments made via mobile phone for digital goods (such as music, tickets and games) and physical goods (typically gifts and books) will exceed $300 billion globally by 2013. READ MORE

InComm has announced that, beginning today, Seiyu shoppers can purchase a range of iTunes Cards at all 392 retail locations throughout Japan through in-store technology powered by InComm's Fastcard point-of-sale activation (POS) technology. Rolling out first with iTunes Cards, Seiyu will expand the offering at all retail locations offering a wide-variety of gift card selections over the next few years. READ MORE

Ohio Treasurer of State Richard Cordray a few weeks ago asked Ohioans to provide his office with their comments on credit card issuer practices they consider unfair. Cordray intends to forward those comments on to the federal agencies and lawmakers considering new rules concerning certain credit card practices. In a Q&A, Cordray shares what he's seeing in some of the comments his office has received.

Javelin has announced a new report titled "Credit Card Satisfaction—An Effective Acquisition and Retention Strategy Must Focus on Multiple Facets of the Relationship". The report analyzes consumer perceptions affecting selection of a credit card issuer, as well as choosing a card at the point of transaction. READ MORE

• Digital Money Forum Podcast: Philippe Dufour, Prepay Technologies
• edō Interactive Announces the Launch of Facecard Prepaid MasterCard
• Citibank ATM breach reveals PIN security problems
• Equifax Launches APPRO Account Opening Solution
• Parago to Deliver Prepaid Rewards Solution for Staples Easy Rebates
• Viewpointe Announces Internet Connectivity to Its Popular Pointe2Pointe Image Exchange Product
• Discover® Card Rewards U.S. Troops and Their Families This Independence Day Through Labor Day with Double Cashback Bonus® on Purchases Made at U.S. Military Bases Worldwide
• Leading Mobile Operators Collaborate to Enable Rich Mobile Web Services
• Discover Financial Services Completes Diners Club Acquisition