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« April 9, 2006 - April 15, 2006 | Main | April 23, 2006 - April 29, 2006 »

April 22, 2006

Too Easy To Turn Home Equity Into An ATM?

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.


April 21, 2006

Fed Won’t Set Interchange Fees 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.

PayPal Mobile And Vending Machine Payments

Automatic Merchandiser reports on eSecure Peripherals, a Montreal, Canada-based cashless payment provider and their PayPal Payment Module for networked cashless payment terminals.


Banks Scramble After Cyberbreach

Richard Burnett reports for the Orlando Sentinel about "the biggest cyber-heist of customer debit-card numbers to date."


Dancing Behemoths

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 Sues FIFA Over Sponsorship Deal With Visa

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.


April 20, 2006

Yahoo! Receives P2P Money Exchange Patent

Yahoo! has been issued US Patent No. 7,031,939 for "systems and methods for implementing person-to-person money exchange" based upon a filing dated August 15, 2000.


The Jimi Wallet - A Card Issuer Opportunity?

A few days ago, Rob Walker wrote a story for the New York Times about the Jimi Wallet - "the wallet for people who hate wallets" (and who doesn't!).


Shanghai: City's Bank Card System Collapses

Zhand Ferming reports for 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."

Coghlan Tells ISOs Visa Will Be More ‘Flexible’, ‘Responsive’

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.


PayPal Financial Results

eBay reported first quarter 2006 financial results yesterday including impressive results for its PayPal business that reported revenues up 44% and payment volume up 41% year-over-year.


April 19, 2006

Fed Consolidates Payments Committees

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 Card Business Highlights

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.

April 18, 2006

Ecommerce Fraud Rates Approaching Card-Present Retail

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.


Citi Says "Bank Where You Slurp"

"Bank Where You Slurp" is Citi's new slogan for its recently announced deal with 7-Eleven providing ATM access for Citi's banking customers. Check out's My Citi home page.

UK: Debit Card Spending Passes Cash In 2005

APACS has announced figures for retail spending in 2005 that show debit card spending in retail outlets exceeded cash spending for the first time ever last year.


Bankrate Releases Spring 2006 Checking Study

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.


Visa Sees Its Chinese Growth At 70-80% In '06

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.

Success Of Capital One's Bank Strategy

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.

A Look At Zopa

In an article titled 'Will Zopa's P2P loans mean the death of the bank manager?", Tony Hallett writes from the UK for about Zopa's person to person lending services.

US Teens Steady On Credit Cards

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.

Loyalty Is in the (Private) Cards

Phillip Britt writes for about a recent Javelin Stratregy & Research report titled "Contactless Payments: New Merchant Data Reveals Opportunities and Threats for Bankcard Issuers".


Headline News - April 18, 2006

Note: Throughout the day, as Payments News happens, this post is updated.

April 17, 2006

Vital Processing Services Now TSYS Acquiring Solutions

Vital Processing Services has announced the re-branding of the company to TSYS Acquiring Solutions.


MasterCard Files Amended S-1 Registration With SEC

MasterCard today filed with the SEC its Amendment No. 4 to its Form S-1 Registration Statement for its planned initial public offering.


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