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« September 26, 2004 - October 2, 2004 | Main | October 10, 2004 - October 16, 2004 »

October 09, 2004

Some Stores Stick With Cash

Lauren Bayne Anderson reports in the Washington Post on merchants who balk at accepting plastic cards for payment and are instead steering their customers to use in-store ATM machines to get cash for payment -- and making additional fee income in the process.

If Ben's took credit cards, it could pay up to 50 cents in fees for a $10 sale, the size of its average bill. Instead, it makes money each time a customer uses an ATM it installed. Industrial Bank supplies Ben's machine, and the restaurant gets 25 cents every time a customer pays a $2 transaction fee to withdraw cash.

October 08, 2004

NYCE Enables Canadian Interac PIN Debit Card Acceptance in US

NYCE has announced an alliance with Acxsys Corporation, architect of the Interac national PIN-debit services in Canada and major Canadian financial institutions to enable Canadian Interac cardholders to use their PIN debit cards at retailers that accept NYCE cards.

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Phishing and the Internet's Phuture

Robert Gellman writes about phishing in DM News.

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October 07, 2004

Coinstar Releases Results of National Currency Poll

Coinstar has announced the results of its 7th annual National Currency Poll.

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Global Payments Launches VIP Lightspeed

Global Payments has introduced VIP Lightspeed, a new Internet and PC-based platform serving the gaming industry.

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What's Better than Cash?

FDC's ValueLink reports on the results of its fourth annual Consumer Insights survey in which 52% of survey participants said they would prefer to give a gift card over cash (38%) or gift certificates (11%). The survey also reported that 64% of adults in the US either purchased or received a gift card in the last twelve months.

NACHA Proposes Network Return Entry Fees

NACHA has published a Request for Comment regarding the proposed imposition of network return entry fees for unauthorized ACH transactions.

The fees, estimated to be in the range of between $13 to $18, are intended to shift the cost burden of dealing with such unauthorized transactions from the receiving financial institution to the originating financial institution. NACHA would collect the fees, retain 5-10 percent of the fee amount to support its risk management efforts, and forward the rest to the receiving financial institution.

NACHA requests that all comments on this proposal be received no later than Tuesday, November 30, 2004. Estimates are that this new fee, if approved by NACHA, would be imposed beginning in June 2005.

October 06, 2004

PayPal Exploring China Entrance

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

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Visa Completes Semi-Annual Global Payment Network Upgrade

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

Credit Card Issuers Start Increasing Interest Rates

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 Builds European Data Center

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

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Charles Schwab Bank Launches New Credit Card

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.

Hello Kitty Debit MasterCard 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?

Using Technology to Reach the Unbanked

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.

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American Express Introduces New Cash Rewards Card

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.

Opportunities, Challenges for ATMs

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 Powers Visa Direct Exchange

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.

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Replace the NYC MetroCard?

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.

October 05, 2004

Peppercoin Powers Parking Meters

The Boston Business Journal reports that Peppercoin is partnering with Reino Parking Systems to support credit card transactions at Reino's Multispace parking meters.

Greenspan Comments on US Banking

Federal Reserve Chairman Alan Greenspan addressed the annual convention of the American Bankers Association today. In his speech, he highlighted the health of the US banking industry as well as the contributions that technology and banking consolidation have made to lowering risks.

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Massive Smart Card Rollouts in South Africa

The Mail & Guardian Online reports on Johannesburg on three large-scale rollouts of smart cards in South Africa scheduled to begin in 2005.

Circuit City, Chase Launch Rewards Visa Card

Circuit City and JP Morgan Chase announced this morning the launch of a new Circuit City Rewards Visa Card.

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UK: Avoid Accepting Cheques

The BBC reports on APACS in the UK recommending that banking customers avoid accepting cheques whenever possible and that they use electronic payments instead.

Visa Campaigns to Replace Cash

Robert Guy Matthews reports from London for the Wall St. Journal on Visa's new advertising campaign in the Middle East, Africa and Eastern Europe (sub. required).

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October 04, 2004

A Whole New World for Big Plastic

BusinessWeek takes a look at the Supreme Court's rejection of Visa and MasterCard's antitrust case appeal.

"It's the beginning of a seismic change in the credit- and debit-card market," says Attorney David Balto, an antitrust partner with Robins, Kaplan, Miller & Ciresi in Washington, D.C.

Discover Files Federal Lawsuit Against Visa and MasterCard

Following announcement earlier today of the US Supreme Court's refusal to hear an appeal in the US anti-trust decision against Visa and MasterCard, Discover Financial Services announced that it has filed a federal lawsuit against both associations seeking damages "for harm caused by anticompetitive business practices of the two associations."

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Visa, MasterCard Lose US Supreme Court Appeal

CNN reports that the US Supreme Court let stand a an earlier ruling that the Visa and MasterCard credit card associations violated Federal antitrust law by barring their member banks from issuing cards on rival networks.

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OCC Comptroller Hawke Challenges Credit Card Industry

In a speech (PDF) today to the American Bankers Association, Comptroller of the Currency John Hawke, Jr. challenged the credit card industry to reform its practices -- or face "massive government regulation."

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Mobile Payments

Shane Kite writes in Bank Technology News about making payments using your cellphone.

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Barclays Deploys Cyota's FraudAction Anti-Phishing Service

Cyota has announced that its FraudAction service has been selected and deployed by Barclays Bank and Barclaycard in the UK.

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