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« August 14, 2005 - August 20, 2005 | Main | August 28, 2005 - September 3, 2005 »

August 27, 2005

Purchases With A Wave Of A Bank Card

Seung Hwa Hong reports for the Seattle Times on new contactless card technologies.

"There are many, many people interested in this concept," said Carl Stauffenenger, senior vice president of product management for Key consumer-product development. "People like it for the speed and convenience, and they see it's cool."

MasterCard's PayPass, American Express' ExpressPay and Visa's Contactless cards — the only three cards available so far — tout convenience and speed, factors that translate into higher revenue because, studies show, consumers spend more when they use cards than when they use cash.

August 26, 2005

London's Oyster Card

CR80News profiles Transport for London's Oyster transit fare payment card.

Oyster, Transport for London's popular transit fare payment card, is about ready for a new benefit for its more than two million users. They'll soon be able to use their contactless card to make small purchases–coffee, newspapers, milk–at participating retailers. TfL in July released what it calls its shortlist of seven companies or consortia bidding on what could be a very lucrative contract.

New Papers: Identity Theft Definitions, Federal Consumer Protection Regulation

The Payments Card Center of the Federal Reserve Bank of Philadelphia has just posted two new discussion papers.

The first, “Identity Theft: Do Definitions Still Matter?,” is an original research discussion paper by Industry Specialist Julia S. Cheney. This paper examines four types of financial fraud – fictitious identity fraud, payment card fraud, account takeover fraud, and true name fraud – that fall under the legal term identity theft. It also identifies three areas key to the development of solutions that would benefit from further definitional delineation.

The second, “Federal Consumer Protection Regulation: Disclosures and Beyond (PDF),” summarizes a symposium hosted by the Center this past June at which industry leaders, legal scholars, economists, consumer advocates and policymakers discussed standardized credit card disclosures and other means of protecting credit card consumers. Written by Industry Specialist Mark Furletti, the paper details the key policy recommendations of symposium participants.

Glenbrook's Authentication Boot Camp

Glenbrook regularly conducts two day Executive Workshop "boot camps" covering the world of payments.

This fall, in response to the tremendous financial services industry interest in online authentication, we are also teaching a one day "Authentication in Financial Services" boot camp which is being held in New York City on September 20th and in the San Francisco Bay Area on October 13th.

The authentication workshop will present a comprehensive view of both the problem: fraud, hits to consumer confidence, financial losses, etc., along with many of the proposed solutions. More details are available at the Glenbrook web site.

If you have questions or want more information about the Authentication Boot Camp or any of Glenbrook's other boot camps, contact Carol Coye Benson.

Today's Headline News - Friday, August 26, 2005

Note: This posting is updated regularly throughout the day.

August 25, 2005

VeriFone Proposes Secondary Offering

VeriFone announced this afternoon that it is planning to sell 10 to 12 millions shares of common stock to the public in a secondary offering. VeriFone Holdings, Inc. completed its initial public offering in late April 2005.

UBS, City National Bank, First-Citizens Join the Clearing House

The Clearing House Payments Company has announced three new banks have become owners of the company: UBS, City National Bank (Beverly Hills, CA), and First-Citizens Bank (Raleigh, NC).

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August 24, 2005

A Matter of (Fading) Trust

Eric Dash reports for Thursday's New York Times on the steps taken by the card associations to ensure that personal information is secure at all times.

"These are akin to terrorist attacks; we must take very aggressive steps," John Philip Coghlan, the chief executive of Visa USA, said in an interview last month as he took over the card company's largest division.

"We can sit here and say we have zero liability and that no consumer will be harmed. If trust is eroded, the very foundation of the system will be eroded."

Citibank Introduces Tap-and-Go Convenience for Its Debit Customers

Citibank has announced that it will be introducing a MasterCard PayPass-based keyfob for its debit card customers later this year. Citi also announced that they will be piloting the use of PayPass with its credit card customers later this year.

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Visa USA and ID Analytics Partner to Fight Identity Fraud

Visa USA and ID Analytics have announced a partnership that will enable financial institutions to better identify and stop fraudulent debit and credit card applications.

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Ravens Add PayPass

Laura Smitherman reports for the Baltimore Sun on new POS terminals installed to support MasterCard's PayPass contactless cards at the M&T Bank Stadium.

August 23, 2005

Thinking Blink

Dee Ann Kuhn reports for Contactless News on Chase's blink card rollout.

By marketing its new payment vehicle “blink,” Chase hopes to differentiate the card’s brand name (blink) from the contactless chip technology (PayPass) and method of payment symbols (Visa and MasterCard) at the point of sale. “Blink refers to what the card does. PayPass refers to where to use it,” explains Tom O’Donnell, senior vice president, Chase Card Services.

QueueCard Raises $7 Million Series A Financing

QueueCard, a Palo Alto-based credit card authentication solution provider, announced today that it has closed a $7 million Series A Preferred Stock financing. The financing was led by Allegis Capital and Worldview Technology Partners. Jean-Louis Gasse, a Partner at Allegis Capital and Peter Goettner, a Partner at Worldview Technology Partners, have joined QueueCard’s Board of Directors.

The proceeds from the financing, which also include a strategic investment by Société Générale, will be used to complete development of QueueCard’s patent pending credit card security and authentication solutions and support initial customer programs.

PayPass Hopes To Score With Touchless Credit Cards

Dan Richman writes for the Seattle Post-Intelligencer about the deployment of more than 400 terminals supporting MasterCard's PayPass contactless technology at Seattle's Qwest Field.

If it seems like yet another newfangled way to risk high-tech theft, the experts say don't worry. Fans were taking no financial risk by beaming their account information through a few inches of air, rather than swiping a card conventionally or handing it to a clerk. At most, they said, thieves determined and sophisticated enough to intercept the wireless transmissions might be able to discover a cardholder's name.

Second Generation Micropayment Systems: Lessons Learned

A paper on second generation micropayment systems (PDF) has been published by R. Párhonyi, L.J.M. Nieuwenhuis, and A. Pras of the University of Twente in the Netherlands.

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August 22, 2005

Citigroup's Marge Magner Departs

Julie Creswell reports for the New York Times on the announcement that Citigroup's head of consumer banking, Marjorie Magner, will leave the bank on October 1.

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Reminder: Call For Participation - An Online Mobile Payments Workshop

It's a slow news day in the payments world this morning -- so I'm posting this reminder about an online workshop we'll be holding this fall focusing on mobile payments. For more information, see this earlier post. We've already had a number of sign-ups from around the world and expect to get things organized and rolling by the end of the month.

August 21, 2005

Debit Card Use Growing, Including For Tiny Transactions

Amy Strahan reports for Bloomberg News on the results of a recent survey of debit card usage by the American Bankers Association.

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More Speculation About Google Payments

James Coates writes for Sunday's Chicago Tribune about speculation that Google may enter the payments market.

But, as endlessly touted by the Google Wallet rumor mongers, Google easily could supplant PayPal as the world's largest service for handling secure online payments for merchandise with customers' credit cards. After all, a huge percentage of the people who find their way to shopping sites like PayPal's parent eBay get there by way of a Google search.

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