Fireman’s Fund Insurance Company has announced the introduction of what it's calling "the first coverage for retailers that experience a breach of their payment card security system." READ MORE

Donald P. Morgan, Benjamin Iverson and Matthew Botsch of the staff of the Federal Reserve Bank of New York have published a paper titled "Seismic Effects of the Bankruptcy Reform" .

We conclude that the bankruptcy abuse reform of 2005 (BAR) contributed to the rise in subprime foreclosures because it shifted risk from credit card and auto lenders to mortgage lenders. The means test under BAR gives credit card and other unsecured creditors a stronger claim on borrowers’ cash flow, and that weakens secured lenders’ (implicit) claim on that cash flow."

The obvious implication is that US credit card issuers' credit losses would be even higher at the moment if the old bankruptcy law was still in place. See also this article titled "U.S. mortgage meltdown linked to 2005 bankruptcy law" by Dan Morgolies of the Kansas City Star.

[Hat tip: Taking Charge's Twitter feed!]

MasterCard Worldwide has announced it has published a new white paper titled "Benefits of Open Payment Systems and the Role of Interchange" that the company says "dispels misperceptions about payment systems and explains the tremendous economic value that electronic payments bring to the economy as a whole and their role in advancing commerce." READ MORE

In an article titled "JPM to Drop Secured Card Despite Favorable Trends", Maria Aspan writes for the American Banker about JP Morgan Chase & Co.'s decision to shut down a secured credit card program it inherited when it acquired Washington Mutual a few months ago. Chase said that "the decision was part of JPMorgan Chase's conversion of Washington Mutual's credit card portfolio to Chase systems, policies and practices."

Tyfone has announced it has completed the Beta Testing phase of its u4ia™ Secure Memory Card (SMC) technology for secure contactless mobile payments. Tyfone also announced joint system testing with its manufacturing partner NXP, the co-inventor of NFC technology and leading vendor of NFC chips. READ MORE

Sheetz convenience stores and Wright Express have announced the launch of a multi-city trial of a new technology that enables drivers to make fuel purchases at Sheetz locations using their mobile phones. READ MORE

In a story titled "M-Pesa success stirs banks’ fury as five million subscribers enroll", Washington Gikunju writes for Business Daily Africa about the success of mobile payments service M-Pesa in Kenya - saying that "Business Daily’s extensive interviews with M-Pesa users and commercial bankers has established that the system may slowly be evolving into Kenya’s biggest retail bank by all definitions —save for its official recognition as a basic money transfer service."

First Data has announced the introduction of two new point of sale (POS) terminals, the FD300 and the FD200. "Developed based on merchant feedback, these devices offer unique capabilities that expand First Data's proprietary terminal line. The FD300 is designed for operations that have more than one business at the same location, and the FD200 is an all-in-one device that supports multiple payment types." READ MORE

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