M.P. Dunleavey writes for the New York Times about receiving a solicitation for a J. P. Morgan Chase EquityCard, a credit card that allows you to spend the equity in your home.
ATMmarketplace.com reports on a speech given last week by Stuart Weiner, Vice President and Director of Payments System Research at the Kansas City Fed, in which he acknowledged that the Fed has been asked by various groups to referee the ongoing battle over interchange fees - but, he said, the Fed would only intervene if a crisis or other emergency arises.
Richard Burnett reports for the Orlando Sentinel about "the biggest cyber-heist of customer debit-card numbers to date."
Mylene Mangalindan and Robert Guth write in a front page story in this morning's Wall St. Journal about the dancing underway among the major Internet giants (eBay, Yahoo!, and Microsoft) as they try to figure out what to do about Google - and whether new partnerships (or not) would change anything.
MasterCard has announced it has filed a complaint in the U.S. District Court for the Southern District of New York seeking an injunction against the Fédération Internationale de Football Association (FIFA), the governing body of the FIFA World Cup, to prevent FIFA from moving forward with an agreement with Visa International to sponsor the 2010 and 2014 FIFA World Cups.
Zhand Ferming reports for ShanghaiDaily.com about a failure in the city's bank card processing system at China Unionpay that led to major outage. Ferming reported: "Bank cards, which are used as a convenient payment channel in daily consumption, has lost its luster amid such a system break-down."
Digital Transactions reports on Visa USA CEO John Philip Coghlan's keynote address to this week's Electronic Transaction Association annual meeting in Las Vegas.
The Federal Reserve Board has announced the consolidation of two internal advisory committees on payments system matters, the Payments System Policy Advisory Committee and the Payments System Development Committee.
JP Morgan Chase reported first quarter financial results this morning. The dynamics reported in its card business this quarter include revenue essentially flat but net income up substantially - 73 percent - over the prior year due primarily to lower bankruptcy-related credit losses. As with some other issuers this quarter, Chase reported a 5.6 percent decline in its outstanding loans over the prior quarter as consumers paid off balances at an accelerated rate - at least partially due to changes in the minimum payment amount due on outstanding balances.
The Merchant Risk Council has announced the results of its fifth annual survey of merchants reporting that online fraud rates for merchants surveyed are now similar to the fraud rates of brick-and-mortar stores and that fraud spikes and fraudsters' use of increasingly sophisticated schemes are keeping retailers on alert.
Bankrate has announced that the average bounced check fee is $27.04 - an increase of 25%, since Bankrate's first checking study was released in the fall of 1998. The research compiled in Bankrate's Spring 2006 Checking Study shows several significant trends in bounced check fees, ATM surcharges and interest-bearing checking accounts.
Reuters reports on comments by Albert Shiung, Visa's country manager for China, suggesting that the number of Visa cards in China should grow 70 to 80 percent this year. "I think double digit (growth) for the next five years is not a problem," according to Shiung.
Valerie Bauerlein reports for the Wall St. Journal on what analysts will be looking for in Thursday's first quarter financial report coming from Capital One - which will be the first full quarter of results including Hibernia Corp. since its acquisition last fall.
In an article titled 'Will Zopa's P2P loans mean the death of the bank manager?", Tony Hallett writes from the UK for Silicon.com about Zopa's person to person lending services.
Will Shanley reports for the Denver Post that according to the 2006 Interprise Poll on Teens and Personal Finance the percentage of teenagers nationwide who own credit cards has not increased in recent years, according to an annual poll of teenagers. About one in 10 U.S. teens, 10.3 percent, reported owning a credit card. That compares with 13 percent of teens who said they owned a credit card in 2004 and 11 percent in 2005.
As gas prices continue to rise, Discover Card has announced two offerings to give consumers some relief at the gas pumps.
Vital Processing Services has announced the re-branding of the company to TSYS Acquiring Solutions.
MasterCard today filed with the SEC its Amendment No. 4 to its Form S-1 Registration Statement for its planned initial public offering.