To better understand how eCommerce merchants are responding to the chargeback challenge, Glenbrook recently undertook a comprehensive study of its eCommerce clients to determine the true cost of payment card chargebacks.
American taxpayers are still hesitant to embrace the option to pay their taxes with credit cards, according to a study of 1,001 American adults conducted by global market research firm Ipsos Insight.
One of the new items in MasterCard's updated S-1 Registration Statement filed yesterday with the SEC is a new disclosure (on page 94 of the new filing) of litigation underway between MasterCard and PrivaSys, Inc. involving alleged misappropriation of PrivaSys trade secrets by MasterCard and related issues involving MasterCard's PayPass product. MasterCard has countersued and filed additional counterclaims. Hosie McArthur LLP (representing PrivaSys) has a brief description of the litigation on their web site.
Bloomberg reports on cuts in bank card interchange fees recently agreed by Mexican banks, bowing to pressure from the central bank.
EUFISERV has announced that its board of directors has taken decisions necessary for the EUFISERV ATM card scheme to become compliant with the SEPA Cards Framework (SCF). This will allow the scheme to continue to be a part of the European payment system landscape after the launch of SEPA in 2008.
HSBC's Global Transaction Banking Services has announced it will provide clients a centralized-secure payment service across Canada, the United States and Mexico. The payment service is geared toward clients that need to make payments to trading partners within North American Free Trade Agreement (NAFTA) countries.
Entrust has announced filing a patent infringement lawsuit against Palo Alto-based Addison Avenue Federal Credit Union related to an authentication solution for the credit union is using with its customers which Entrust considers an infringement on its grid authentication patent.
Edward Epstein reports for the San Francisco Chronicle on legislation pending in the House that would mandate certain uniform national standards for consumer notifications in the event of breaches of personal financial data, thereby pre-empting various state laws that are in effect dealing with notification requirements.
Bob Sulllivan reports for MSNBC.com that "U.S. retailers are being warned that software they use at checkout counters may store too much customer information — including customer debit card PIN numbers that are supposed to be immediately erased or encrypted."
Guy Brighton has posted an item to the blog PSFK.com reporting that PayPal has soft launched a new PayPal Mobile offering. MobileTracker.com has more about PayPal Mobile including activation instructions. PayPal has posted a new user agreement/policy for mobile payments.
Peppercoin has announced the demonstration of a prototype of a first-of-its-kind contactless mass transit fare collection system that enables consumers to use their existing credit or debit card as their transit pass for the first time.
The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act).
First Data Corp. has announced an affiliation with Retail Decisions to provide an enhanced fraud detection solution for First Data's global online merchants.
OPEN from American Express and Sovereign Bank have announced that Sovereign will offer American Express Business Cards to its small business customers throughout the Northeast. The agreement calls for the companies to jointly market small business charge and credit cards that carry the Sovereign Bank and American Express brands.
Beginning April 1, 2006, Bank of America customers traveling to China will have free access when using debit or ATM cards to withdraw cash from more than 11,000 foreign-enabled China Construction Bank ATMs. CCB's "Happy Investor" cardholders will enjoy the same benefit when using one of nearly 17,000 Bank of America ATMs in the United
IndexCreditCards.com has announced the results of recent research into the extra fees cardholders can expect to pay major US credit card issuers when using their cards overseas.
Susan Chandler reports for the Chicago Tribune on what happened at Sears back in 2002 when CEO Alan Lacy walked in and fired Sears Credit head Kevin Keleghan. At the time, Sears Credit contributed about 10 percent of Sears' revenue but provided the majority of its operating profit. "Sears was really a finance company with a retail empire attached."