Payments News - Weekly Wrap - Saturday, July 19, 2008
Here's a review of this week's top stories on Payments News. If you missed it, last week's Weekly Wrap is here. Back to the future!: for fun, click for this same week's activity a year ago here on Payments News!
Looking for more? Checkout our Other Payments and Banking Blogs page for more from the blogosphere about the worlds of payments and banking.
Quote of the week:: From Cardbeat, a syndicated market research report from Auriemma Consulting Group: "Consumers have indicated that contactless technology is not an easy sell. In light of the credit crunch, and increasing insecurity about the risk of identity theft, consumers need additional encouragement to acquire a new card – even if it features a compelling new technology."
- American Express News
- Robin Sidel of the Wall St. Journal looks at American Express' increased credit card defaults. (See more American Express news.)
- Citi News
- Citi announced the launch of a high-assurance digital identity solution — Citi Managed Identity Services. (See more Citi and Identity Management news.)
- Credit Card News
- In his Semiannual Monetary Policy Report to the Congress, Federal Reserve Chairman Ben S. Bernanke concluded his remarks by discussing the rules that the Federal Reserve working jointly with the Office of Thrift Supervision and the National Credit Union Administration have proposed regarding unfair or deceptive practices for credit card accounts and overdraft protection plans. (See more Credit Card, Financial Regulator, and Overdraft Fees news.)
- Gift Card News
- In a new paper titled "The Laws, Regulations, Guidelines, and Industry Practices That Protect Consumers Who Use Gift Cards" , Industry Specialist Philip Keitel of the Payments Cards Center at the Federal Reserve Bank of Philadelphia discussed the consumer protections available to gift card users. (See more Gift Card news.)
- Interchange Fee News
- This week the House Judiciary Committee passed the Credit Card Fair Fee Act, H.R. 5546, voting 19 to 16 in favor of the Act. (See more Interchange Fee news.)
- Mobile Payments News
- Juniper Research released a new analysis of the NFC mobile payments opportunity forecasting that "the gross transaction value of payments made via NFC contactless technology, for relatively low value purchases (such as refreshments, tickets and food), will exceed $75bn globally by 2013. (See more Mobile Payments news.)
- PayPal News
- PayPal had a strong [second] quarter with $602 million in net revenue, an increase of 33% year-over-year. Net total payment volume (TPV) for the quarter was $14.93 billion, an increase of 35% year-over-year. Global active registered accounts increased to 62.6 million, representing 19% year-over-year growth. (See more Ecommerce Payments and PayPal news.)
- E-Commerce Analyst at First Midwest Bank (Itasca, IL)
- Senior Manager, Product Development at American Express (New York, NY)
- Compliance Manager - Mountain View at Google, Inc. (Mountain View, California)
- Director Customer Support and Implementation at Purepay (Gaithersburg, Maryland)
- Manager-Network Technical Operations at American Express (Phoenix, Arizona)
- Glenbrook's Russ Jones will presenting at this year's Direct Response Forum (DRF) on August 12th on the subject of "What We're Watching in Emerging Payments". Russ will also be participating in a round table discussion on best practices in recurring payments on August 13th.
- Glenbrook Payments Boot Camp - San Francisco Bay Area - October 15-16
- Glenbrook Payments Boot Camp - Denver - December 3-4
You can find all of our Weekly Wrap summaries in the Payments News Weekly Wrap Archive. They're published every Saturday and look back at the highlights of the week's news. Please send us on how we can improve the Weekly Wrap!
