Upgrades, while they can provide more favorable terms and benefits, can also backfire for consumers because higher credit lines can push them more into debt. And companies may market changes in contract terms as upgrades, even if they result in higher fees or other costs for consumers. The practice is legal under federal truth-in-lending laws if cards are sent to existing customers rather than to new ones.
The benefits of contactless payment for consumers and the retailers have been proven in numerous implementations. Increased convenience for the consumer has resulted in increased sales and faster transaction times for the retailer. Retailers also enjoy lower costs due to fewer requirements to handle cash, improved operational efficiencies, and lower maintenance costs due to the reliability of contactless readers.
Based on this report, PayPal now has more users than AOL (AOL has 40.2M users according to a recent comScore Media Metrix analysis). Given PayPal's currrent user account growth rates, they'll likely pass up HotMail this month, and Yahoo in June.
We're definitely seeing more and more organized theft, as opposed to opportunists and amateurs. Part of the reason for this could be the ease of getting rid of the merchandise. In the past you would find stolen products showing up in flea markets across the country. But today with Internet auctions like eBay, there's a whole new outlet for stolen products.
"We are pleased to welcome both Penley and LCS to the eFunds group of companies," said Paul Walsh, chairman and chief executive officer, eFunds Corporation. "These acquisitions will allow eFunds to offer an integrated platform for risk management, fraud prevention and revenue optimization through our industry leading ChexSystems(SM) product suite. In addition, these acquisitions provide us with an entry point to extend our solutions into the Credit Card, Insurance and Broker Dealer markets.
The company reported that global Visa debit card volume reached US$1.48 trillion at the end of 2003, an increase of 17 percent over the previous year. At the same time global Visa credit volume increased five percent from the previous year to US$1.45 trillion.