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« August 6, 2006 - August 12, 2006 | Main | August 20, 2006 - August 26, 2006 »

August 19, 2006

iBreva - Use Your Mobile Phone For Groceries, Cashback

iBreva, a Palo Alto-based startup, has deployed its mobile phone-based payment system at Bianchini’s Market in Portola Valley, CA. I was shopping for groceries today when I noticed the terminal - a touchscreen device with a wide slot below into which you insert your mobile phone to complete the payment. Here's a press release announcing the new service from earlier this year. At registration time, you link your phone to your checking account and payments are made by ACH debit. Basically, iBreva appears to be a pre-NFC solution that requires (as does Pay by Touch for its fingerprint-based approach) deployment of new POS reader infrastructure - but avoids any requirement for consumers having to have new mobile phone handsets with NFC chips.

Finance, Fitness Experts Wary Of Card Accepting Vending Machines

Becky Yerak writes for the Chicago Tribune about the push to deploy card accepting vending machines - and how both fitness and financial experts are concerned about consumers finding it easier to buy more from the machines. It's a combination of more snacks and higher credit card debt that has them concerned.

Remote Check Deposit Saves Time And Money

Mike Hoeft writes for the Green Bay Press-Gazette about remote check deposit services now being offered by many banks. "Remote deposit gives commercial customers a virtual branch inside their businesses, since checks are electronically sent from desktops instead of requiring trips to a bank to make deposits." ""It's nice because now I don't have to run to the bank anymore," said Bob Eiting, controller at Miron Construction. "I can work until 7 p.m., run the checks through, print out a report and I have credit on my statement the next morning."

August 18, 2006

FDIC Seeks Comments Re: Industrial Loan Company Charters

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has voted to seek public comment on a variety of issues relating to Industrial Loan Companies (ILCs). On July 28, 2006, the FDIC imposed a six-month moratorium on ILC deposit insurance applications and change in control notices. In order to expedite public input during the moratorium, the FDIC Board decided by a notational vote to publish the request for comment.

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First Data Corp. Completes Acquisition Of Peace Software

First Data Corp. has announced that it completed the acquisition of Peace Software, a Customer Information System (CIS) product company that develops software for managing utility billing and customer care.

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Wal-Mart Bank Could Squeeze Processing Firms

Nick Godt and Robert Schroeder report for MarketWatch on Wal-Mart's efforts to launch a Utah-chartered ILC - what Wal-Mart has repeatedly described as acting as the merchant acquiring entity for the card payments made at its stores - and the potential impact that might have on processors such as First Data Corp.

Vending Machines Court The Cashless

Becky Yerak writes for the Chicago Tribune that "the future of two American habits--consuming carbonated beverages and using credit cards--is likely to be increasingly intertwined as vending machines that accept plastic become more prevalent." She reports that Visa believes opportunities for card-based payments are "particularly ripe in two areas: vending and transit services that are "unattended," or where people have to serve themselves."

August 17, 2006

Part Of The Mobile Payments Debate

Card Technology writes about Turkey's Garanti Bank and bank management's thoughts on some of the issues associated with contactless/NFC payment deployment in mobile phones. In particular, concerns about using a shared SIM approach - with the mobile network operator. “At end the day, who owns the customer relationship? Who’s the customer going to call if something goes wrong?” Just last month, Garanti Bank became MasterCard's PayPass launch bank in Europe.

First Data International to Acquire Argencard S.A.

First Data International and Argencard S.A. have announced that they have signed an agreement for the acquisition of Argencard by First Data. According to First Data, Argencard is a leading payment processor in Argentina and Uruguay.

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ING DIRECT Launches New Authentication Approach

ING DIRECT has announced it has launched a new login process using risk-based authentication and site-to-user authentication solutions from RSA Security.

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More On FSTC Authenticating FI's To Consumers Project

Mentioned earlier here on Payments News, the Financial Services Technology Consortium (FSTC) has formally announced that it has launched a major project aimed at authenticating financial institutions to their customers.

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US Payments Rely On PINs, Not Coins

eMarketer's Lisa Phillips reviews several recent payments industry surveys. "More than half of all respondents said they prefer electronic payment methods so they do not have to carry cash, while 61% of the respondents ages 25 to 34 said they were interested in making purchases via their cellphones."

More On OCC Gift Card Guidance

Stacy Kaper writes for the American Banker about the new set of bank-issued gift cards guidelines issued by the Office of the Comptroller of the Currency earlier this week - reporting some observers believe that the guidelines may be just the first step by the OCC towards preempting state laws governing gift cards.

Secure ID Industry Promotes Privacy and Security Standards

The Secure ID Coalition, an affiliation of companies advocating for secure identification technology standards to protect the privacy of citizens, has announced its formation and says it will be educating policymakers at the National Conference of State Legislators (NCSL) this week. The coalition includes secure card makers Gemalto and Oberthur Card Systems, as well as chip makers Infineon Technologies, Philips Semiconductors and Texas Instruments.

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Payment Card Industry Compliance

Joan Herbig writes for CSO Magazine about the Payment Card Industry (PCI) Data Security Standard - PCI-DSS and what Chief Information Security Officers should do to to prepare for compliance. Herbig writes "embracing the PCI standard may sound like a big task, and you may wonder if it’s even necessary for your business. However, before you fill up your dance card with other priorities, consider this: As of now, there is no known case of a PCI-compliant network being compromised."

August 16, 2006

Late: A MasterCard Mini-Drama

Turner Network Television (TNT) and MasterCard Worldwide have announced they will be showing television viewers this August "Late: A MasterCard Mini-Drama", a "TNT original production that promises to take viewers on a 2- minute high speed adventure."

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A Reason To Prefer PayPal - Merchant Receipts

Dave Taylor blogs about the differences between the merchant receipts provided for purchases using PayPal vs. Google Checkout - and strongly favors PayPal's approach. According to Dave, "the key difference between the two is that the Google Checkout receipt is a geeky "transaction log" sort of style, while Paypal offers up a much more understandable information block about the buyer including the all-important "note" section that lets them communicate directly with me as if it were an attached comment." Over on his "Ask Dave Taylor" blog, he's got a great writeup about how to add Google Checkout "Buy Now" buttons to your website.

Bankers Near Bottom On Respect Survey

BAI's Banking Strategies notes the results of a recent consumer survey that ranked bankers - as a profession - 17th out of the 23 occupations listed in the survey. "Journalists, union leaders, actors, business executives and stockbrokers all ranked lower than bankers, with real estate agents bringing up the rear (6%)."

Mobile Banking Is Happening - In Nigeria

Sola Fanawopo reports for Nigeria's Daily Sun on the growth in mobile banking services in Nigeria. "Some of the transactions that can be conducted with Glo m-banking include, check balance, viewing of the amount of money in account at any time, account statement, viewing of the last five transactions on account, recharge and buying of airtime for any glo prepaid line using money in bank account. Also, Glo mobile subscribers can transfer money from one account to another within the same bank. According to the official of the mobile company, very soon Glo m-banking subscribers will be able to pay bills and other utility bills using Glo m-banking service."

PayPal Now Accepted At Barnes & Noble.com

Barnes & Noble has announced that Barnes & Noble.com now accepts PayPal.

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Irresponsible Spenders Or Predatory Lenders?

Jessica Bennett writes for Newsweek about the "plastic predicament" - the level of US consumer credit card debt.

Teen Gift Card Survey Reveals Battle of the Sexes

Stored Value Systems has announced the results of a recent survey of 603 college-bound teens concluding that "shopping differences between males and females begin as early as the teen years, when males are more likely than females to purchase gift cards vs. an actual item." Specifically, the survey said that 48% of males purchase gift cards rather than purchase gift items for their families and friends throughout the year, while females purchased about 33% gift cards rather than gift items.

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Cracking Down on Gift Cards

Caroline Mayer reports for the Washington Post on the OCC's recent guidance directing banks to be more forthcoming about the gift cards they issue. Mayer writes that "two federal agencies are cracking down to make sure the terms and conditions of the cards are clearly disclosed to both card buyers AND recipients. Consumer advocates applaud the efforts but say they may not go far enough as they support a complete ban on expiration dates and inactivity fees."

Consumer Lawsuits Against Credit Bureaus Are Multiplying

Tresa Baidas reports for The National Law Journal on a growing number of lawsuits being filed by consumers against the nation's three major credit bureaus.

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August 15, 2006

Free Shipping - One Size Doesn't Fit All

Bryan Keogh reports for the Wall St. Journal on the various practices that ecommerce retailers are pursuing with respect to their free shipping policies.

Is Chip And PIN Really A Success?

Dan Ilett writes for Silicon.com about yesterday's APACS news about the success of the Chip and PIN rollout in the UK, six months in, and asks whether it's really been a success.

FFIEC FAQs Re: Internet Banking Authentication

The Federal Financial Institutions Examination Council (FFIEC) member agencies have released a frequently asked questions document (FAQs) to aid in the implementation of the interagency guidance on Authentication in an Internet Banking Environment (PDF) issued October 12, 2005.

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