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In an article titled "Prepaid, but Not Prepared for Debit Card Fees" in Tuesday's New York Times, Andrew Martin takes a look at the prepaid card industry - noting that "the reloadable cards [are] among the consumer banking industry’s fastest-growing products. But their convenience comes with a catch: fees, often hidden in the fine print."
An Adeptra survey of US consumers has found that "the majority of US consumers want their credit card issuer to call them on their cell phones to alert them of possible suspicious transactions. When asked if they had more faith in their card issuers' abilities to prevent fraud or resolve fraud should it happen to them, consumers favored slightly towards the ability to prevent fraud, with 6% stating they had a greater confidence in fraud prevention over fraud resolution." READ MORE »
If you're in the San Francisco Bay Area on the evening of Tuesday, October 20th, you may want to attend the MIT/Stanford Venture Lab discussion on the topic of "Mobile Wallet: Can your phone replace your wallet?" being held at Stanford University.
Panelists for the discussion, to be moderated by Scott Ellison - Vice President/Mobile and Wireless, IDC, include:
Visa has announced new global industry best practices for data field encryption, also known as end-to-end encryption. According to Visa, "the best practices are designed to further the payment industry's efforts to develop a common, open standard while providing guidance to encryption vendors and early adopters. Data field encryption protects card information from the swipe to the acquirer processor with no need for the merchant to process or transmit card data in the "clear."" The best practices document is available for download. READ MORE »
QSecure has announced it has received $10 Million in Series D funding from Worldview Technology Partners, Allegis Capital, UMC Capital, and Société Générale to continue development of its powered payment card technologies.
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Amazon Payments LLC, an Amazon.com company, has announced the availability of the Amazon Mobile Payments Service (Amazon MPS) - saying it provides "developers, merchants and distributors of mobile applications an easy way to process payments from mobile devices and extend Amazon’s 1-Click checkout experience to their customers. Amazon MPS enables tens of millions of Amazon customers to use the existing payment and shipping information in their Amazon.com accounts to make purchases from their mobile devices. To get started using the Amazon Mobile Payments Service, visit http://amazonpayments.com/mps."
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TransUnion and ID Analytics have announced that TransUnion will include ID Analytics' collections, credit, and identity risk solutions in TransUnion's portfolio of service offerings. According to the two firms, "ID Analytics' scores provide TransUnion customers with unique, real-time insight into consumers' fraud risk and creditworthiness across the entire lifecycle including origination, portfolio management and collections. The two companies are jointly delivering a suite of solutions that reduce credit losses, improve collection efforts, and reduce costs associated with fraudulent transactions."
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Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.
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