Reuters reports from Hong Kong that PayPal is hiring in China as it explores an entry into that market.

Visa has announced the completion of its most complex semi-annual update of the Visa Global Payment Network.

The Wall St. Journal reported on the impact that recent Federal Reserve interest rate increases is having on rates charged to consumers by credit card issuers (sub. reqd).

TSYS has announced the completion of its new European data center.

Charles Schwab has announced that the Charles Schwab Bank is launching a new rewards focused credit card, the Charles Schwab Bank Visa credit card. The card will allow rewards points to be redeemed to pay for equity trades in Schwab brokerage accounts. Details on the new card are available from the Schwab website.

[Update: Hello Kitty is now offering the Hello Kitty Platinum Plus Visa Credit Card - from Bank of America!]

Sanrio has launched the Hello Kitty Debit MasterCard website. We had a news item here about the launch of the new card earlier this week.

It strikes me that using the term "debit" on this product -- while technically correct and required in the hologram as a result of the merchant settlement -- is a bad marketing choice. What kid knows what debit means? Sounds like a disease. Why not "cash card" or "purse" or some such?

The Office of the Comptroller of the Currency has just published the Fall 2004 edition of its Community Developments newsletter which features "The Power of Plastic" -- highlighting efforts by banks to use technology to reach those Americans who do not have access to banking services.

American Express Incentive Services has introduced a new cash-based stored value card called IncentiveFunds Select.

IFC Select is essentially "electronic cash" -- a predenominated stored-value card that's accepted virtually everywhere the American Express® Card is welcome, including ATMs. Cardholders enjoy the option of purchasing merchandise or redeeming the card for cash. IFC Select's comprehensive lost or stolen replacement protection, brand prestige and administrative and cost efficiencies are just a few advantages the card offers over traditional cash rewards such as currency or company checks.

ATMmarketplace.com reports on the ATM & Debit Forum held recently in Baltimore.

According to several speakers at a network showcase session that preceded the panel discussion, growth in debit volumes exceeds 20 percent a year. In contrast, annual growth in ATM volumes has slowed to two to three percent.

Kabira, a San Rafael, California network switching software provider, has announced that its zero-latency network switching technology is being used as part of Visa Direct Exchange.

Joshua Robin writes in Newsday.com about efforts to persuade the New York MTA to replace its current magstripe-based MetroCards with "smart" proximity/RFID-based cards.

The chip in the cards contain an antenna that is powerful enough to be read through clothing and up to a foot away – powerful enough to be read through a purse, said Jae Lande, a spokeswoman for Cubic Corp., a San Diego-based company that makes Smart Cards and MetroCards.