Says Uttam Nayak, deputy country manager (South Asia), Visa International, "Thirty million people are eligible for credit cards while 130 million bank account holders are eligible for debit cards. That is the potential for growth." Banks expect card usage to grow 100 per cent in the next year. Currently, roughly 55 per cent of credit cards are active. The usage growth will depend on how many outlets accept cards.
At issue is whether Congress should expand the power of obscure entities known as industrial loan companies. These state-chartered, limited-purpose banks -- which operate in Utah, California, Colorado, Nevada and Minnesota -- generally specialize in one area, such as offering credit cards. The owners of these companies are not regulated by the Federal Reserve and may include automakers, discount department stores and other firms that are largely unrelated to financial services.
As Philostratus wrote: "the wise perceive things about to happen."Are micropayments, finally, about to happen? I've started a new page to log my new learnings about micropayments.
"The successful implementation of the Visa Direct environment in London, is proof that we are indeed able to implement the Clear2Pay vision in existing and complex environments. Financial service providers can literally make quite some money by improving efficiency in their payment systems and integration with their customers. This is an area where we at this very time, when inter-bank fees are under heavy scrutiny, need to focus on. The bilateral payment systems we know today automate existing processes and cannot deliver that promise. I strongly believe in what I call 'the New Wave': internet based payment systems which handle transactions at a multi-lateral level. The bank retains and strengthens its role as the primary payments processor and customer relationship owner, whilst at the same time enhancing efficiency, improving ease of use and cutting costs." said Michel Akkermans, CEO and Chairman of Board of Directors of Clear2Pay.
Under the Visa Loyalty Program Patent Agreement, Catuity, Visa and Welcome will cross license existing and future patents for Visa smart loyalty programs. This cross license will be worldwide and royalty-free until the last patent expires. The cross license will extend to all Visa affiliates, members and merchants. Participants will develop and promote interoperable loyalty solutions by integrating the Visa interoperability toolkits within their platforms. These toolkits, demonstrated by Visa, Welcome and Catuity during Cartes 2002, allow cards with one technology to be used in terminals connected to a different loyalty platform, and for data from different loyalty processing centers to be aggregated to enable customer service activities.
The survey of 11,263 consumers, the largest in the electronic payments industry, also found that consumers who make both PIN-secured and signature debit purchases are the most active among all debit cardholders in terms of number of transactions. Respondents who used only signature debit used their card an average of 13 times per month, while those who used only PIN-secured debit used their card almost 9 times (8.9) per month. But usage frequency jumped to almost 19 times (18.8) per month among those who made both types of transactions.
He says this recent case will reshape an industry in which the two companies used their dominance in the credit card market to exact excessive fees from merchants when customers used their debit cards. He calls them "the cartel of Visa and MasterCard." "We believe people do better when things are free," he says. "The regime we're ending is a system where there were no choices." He also expects the settlements to cut the fees that merchants usually pay each time they accept Visa- or MasterCard-branded debit cards, saving merchants and consumers as much as $100 billion over the next 10 years. "To me, that's 100 times more important than $3 billion," he says.
Assurance that personal information would be kept private, a guarantee that consumers would not receive unwanted e-mails as a result of purchases and an extra layer of security for credit card transactions were among the most important factors influencing the degree to which consumers would make purchases online. More than 1,000 consumers participated in the study, "MasterCard Internet Consumer Segmentation Research," which was conducted during fourth quarter 2002.
Shortly after he was arrested, prosecutors said Olusajo tried to conceal his identity by soaking his fingers in a jail toilet, then chewing away the softened skin. He was unsuccessful, according to prosecutors.Amazing!