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« October 27, 2002 - November 2, 2002 | Main | November 10, 2002 - November 16, 2002 »

November 09, 2002

EE Times: Smart card chips advance as market stalls

Junko Yoshia reports from the Cartes 2002 show in Paris.
Hampered by the market saturation of prepaid telephone cards and by serious delays in Europe's third-generation mobile-phone rollout, smart cards are fast losing their 1990s glow of consistent double-digit annual growth, according to attendees at the Cartes 2002 smart-card conference here this week. Even sales for so-called multiapplication smart cards, supposedly a key driver for advanced cards with bigger memories and more processing power, have been disappointing, said Jorgen Rasmussen, president of cards at SchlumbergerSema, a business unit of Schlumberger Ltd. "There was a lot of hype in multiapplication cards," he said, acknowledging that making a business case for them has been hard.

John Patrick: Speedpass fan

John Patrick is a real Speedpass fan. He also tried to take one apart to see what's inside a Speedpass.

Queensland Sunday Mail: Money swiped from under our noses

Kay Dibben reports on the rapid growth of credit card skimming in Australia.
Criminals posing as sales staff are stealing customers' credit card details as they stand across the counter ˆ then producing duplicate cards to rack up thousands of dollars worth of purchases. Known as "skimming", the crime has increased 300 per cent across Australia over the past 18 months. Consumers are most at risk at service stations and restaurants.

BBC: Nationwide rolling out signature-based biometric authentication

BBC reports on Nationwide's roll-out of a signature based biometric system.
Nationwide has been researching the use of biometrics for identify customers for two years and is convinced that the system will be extremely robust. "We have 70 processes that need a signature and that generates a huge amount of paper. We anticipate significant cost savings," said a spokesman for Nationwide.

National Post: Cryptologic gambles on Atlantic crossing

Sean Silcoff profiles Toronto-based online gaming processor Cryptologic.
Lewis Rose has enemies in high places. He runs one of Canada's fastest growing, most profitable and financially sound software firms, in one of the Internet's few prosperous industries -- gambling. Unfortunately for the new chief executive of Toronto-based Cryptologic Inc., several U.S. politicians have targeted the offshore and largely unregulated industry, and their five-year campaign to stifle the business is on a roll.

November 08, 2002

Business Week: A cash free France?

Business Week reports on Moneo, the new French ecash card.
Moneo backers aren't naive enough to expect a cashless society. Even after three or four years, they project that no more than 15% of French consumers will use Moneo. "It's going to take a long time to develop," says Pierre Fersztand, director of the BMS consortium. "We are not going to replace pocket change overnight." Debit cards didn't catch on overnight, either, so who knows? With enough buzz, a Moneo card might someday be what every Frenchman uses to buy his café au lait and croissant in the morning.

Washington Post: Stuck under a load of debt

Caroline Mayer reports on how hard luck consumers try to deal with their debts.

November 07, 2002

American Express: CEO presentation to Forrester Executive Strategy Forum

American Express CEO Ken Chenault spoke at today's Forrester's Executive Strategy Forum about the impact the Internet has had on American Express.
As with many companies, our Internet strategy has evolved. Relative to many of our peers, we moved online early. Netscape, the symbol of Internet emergence, came into being 400 weeks ago. At American Express we‚ve been online for 360. Initially we regarded the Internet primarily from the topline -- as a source of potential revenue. We viewed the Internet as a new business opportunity - we‚d use it to expand into banking and brokerage, and to become an online destination site for our customers. What we found instead was that the economic benefit of being online would be gained in other ways -
  • through the addition of more new customers to our existing businesses,
  • as a more efficient means of cross sell,
  • and through lower servicing costs.
We have succeeded by thoughtfully integrating our offline and online activities. The Internet has become an extension and an evolution of how we conduct our business, with a little bit of revolution thrown in as well. And we have found that our business models - in payments and in financial services - are particularly amenable to capitalizing on the Internet‚s advantages. We have used the Internet to change:
  • The way we serve and acquire our customers;
  • The way we develop our products and services;
  • And, it has improved the economics of our businesses.
Netscape was born 400 weeks ago. Gosh, how time flies, especially Internet time!

Wells Fargo: New international currency payment service introduced

Wells Fargo Bank has announced a new international currency payment service. PayPal is the first customer of the service.
Using Wells Fargo's new service, U.S. companies can expand their businesses to international markets without setting up complicated separate banking relationships with foreign banks, and they can better reach out to local markets by pricing products in local currencies. By using this new service, no foreign exchange conversion is needed since the funds are settled in the local currency -- providing a less expensive payment solution and allowing companies to focus on sales growth. Reporting is customizable for the corporation; Wells Fargo supplies the data in a standardized format for merchants to import the data into their internal accounting and reporting systems.
Payment Partners offers a similar service which is bank independent.

November 05, 2002

Glenbrook Research

The partnership I'm a part of (Glenbrook Partners) has announced a new research service.
Glenbrook Partners today announced the availability of a new research service that will provide clients with value-added opinion, analysis, and insight into the pressing issues of the financial services industry. Glenbrook Research will cover card payments, commercial payments and financial supply chain, emerging payments, digital identity and authentication, biometrics, and mobile commerce.

November 04, 2002

DaVinci Institute: Future of Money Conference

The DaVinci Institute has a call for speakers out for its March 2003 conference on the Future of Money.

BBC: UK card fraud 430 million pounds

Credit and debit card fraud has increased by 53% during the last two years, industry experts have revealed The cost to individuals and banks of credit and debit card fraud is nearly £430m each year.
APACS press release on the subject of credit and debit card fraud in the UK is available online.

November 03, 2002

Dayton Daily News: GE Retail Sales Finance a smashing success

Jim Bohman profiles GE Card Services Dayton-based Retail Sales Finance organization and CEO Glenn Marino.
"Cardholders who carry private label cards are more loyal to that retailer than those that do not," Marino said. "And retailers drive that loyalty with special weekend circulars." He said Visa and MasterCard, don‚t have those customer lists.

Charlotte Observer: Funds dangle at your fingertips

Andrew Shain reports on the move to keychain-based mini-cards.
Card issuers are betting people will enjoy the convenience of dangling the mini cards among their discount grocery tags, gym passes and house keys. And with the average American household carrying 14 credit cards, marketers hope the tiny ones become the favorite when shoppers reach the cash register. Many people will get to see the mini cards soon: Bank of America is mailing them to 1.2 million of its customers.

Wichita Eagle: Paper or plastic?

Deb Gruver writes about her preference for paying with plastic, or with checks.
Now, to get to the point of all this: The reason I prefer dealing in debit cards and formerly, checks, is because I think I plow through more money when I have cash. It's that whole burning-a-hole-in-my-wallet thing. I don't know that it's necessarily true that I spend less because I rarely carry cash, but it's the theory I've stood by for years.
It's a control thing. Debit card usage is growing rapidly. This psychology is part of it.

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