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« August 8, 2004 - August 14, 2004 | Main | August 22, 2004 - August 28, 2004 »

August 21, 2004

US Ecommerce Sales Grow 23%

The US Department of Commerce announced yesterday that US ecommerce sales increased 23.1% in the second quarter as compared to the same quarter last year. Sales totaled $15.7 billion, representing 1.7% of total retail sales in the US.

August 19, 2004

UK Competition Commission Inquiry into Store Card Credit Services

The UK Competition Commission has an active inquiry underway looking at store card credit services. On the Commission's web site there are some interesting responses from store card providers (e.g., GE Consumer Finance) as well as the notes of an open meeting (PDF) held on July 21 that includes the text of presentations from various parties.

August 18, 2004

Barclays Buys Juniper Financial

Barclays has announced it is entering the US consumer credit card market by buying Juniper Financial from CIBC for $293 million. READ MORE »

MasterCard Gets Ready to Rollout PayPass in Canada

Shane Shick reports on plans by MasterCard to rollout PayPass in Canada.
Nagesh Devata, MasterCard Canada's vice-president of commercialization, said the company would likely bring PayPass to Canada sometime in the next 12 to 18 months, after the technology has picked up more converts south of the border.

McDonald's to Accept MasterCard PayPass

McDonald's announced today an agreement to begin accepting MasterCard's PayPass contactless payment product. Participating McDonald's restaurants in Dallas and the New York metropolitan area will implement MasterCard PayPass later this year, with additional locations to be added in 2005. READ MORE »

Prepaid Card Conference Summary

The Payments Card Center at the Federal Reserve Bank of Philadelphia has posted the conference summary for the June 2004 conference "Prepaid Cards: How Do They Function? How Are They Regulated?" (PDF).

Debit the Small Stuff

Sasha Talcott writes in the Boston Globe about the convenience and speed of no signature card transactions.
Having penetrated high price tag and high volume locations such as department stores and grocery chains, credit card companies are targeting cash businesses such as fast-food restaurants and movie theaters by allowing customers to skip the step of signing receipts for small purchases.

Phishing Hooks

Emarketer takes a look at a recent example of a phishing attack on Citibank customers.

August 17, 2004

Banking's New Frontier

Sacramento Bee reporter Loretta Kalb takes a look at the future of banking.

BJ's Wholesale Club Reserves for Credit Card Claims

BJ's Wholesale Club reported in its financial report earlier today that it has been informed by its credit card processor of pending claims totaling $16 million ($6 million in actual claims with the remainder made up of certain card replacement and account monitoring costs). The Associated Press has a follow-up story on the announcement.

Brink's Teams with NetDeposit for Check21 Remote Capture

Brink's has announced it is teaming with NetDeposit to bring a remote check image capture solution to the cash processing market. READ MORE »

7-Eleven Buys American Express ATM's

7-Eleven has announced that it has acquired the portfolio of American Express ATMs currently deployed in 5,483 7-Eleven store locations in the US for a purchase price of $44 million. READ MORE »

August 16, 2004

Pay By Touch Announces Strategic Alliance with Discover Card

Pay By Touch announced today a strategic alliance with Discover Financial Services that it expects to increase usage of Discover Card at retail point of sale locations as well as driving adopting of Pay By Touch. READ MORE »

WholeSecurity Launches Web Caller-ID Anti-Phishing Solution

WholeSecurity announced today the launch of Web Caller-ID, a new behavioral browser-based solution to deal with phishing attacks. READ MORE »

Legislation Proposed: Anti-Phishing Act of 2004

Anita Ramasastry reports on new anti-phishing legislation introduced by Senator Patrick Leahy. The text of the proposed legislation is available online (PDF). READ MORE »

PSW, Inc. Files Antitrust Lawsuit Against Visa and MasterCard

Credit card processor PSW, Inc. has announced that it has filed an antitrust lawsuit against MasterCard and Visa. The lawsuit alleges violations of various state and federal antitrust laws and seeks over $240 million in damages.

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