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« December 23, 2007 - December 29, 2007 | Main | January 6, 2008 - January 12, 2008 »

January 05, 2008

The Coming Credit-Card Crunch

In an article titled 'The Coming Credit-Card Crunch,' Aleksandra Todorova writes for SmartMoney about an expected spillover from the subprime mortgage crisis to credit card debt. According to Todorova, 'credit-card debt, like mortgages, is sold to investors in the form of asset-backed securities. The more consumers default on credit cards, the more these investors have to lose and, much like the situation with mortgage-backed securities, they may start shying away from these investments.'

Headline News - January 5, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

January 04, 2008

Treasury Details Social Security Prepaid Card Plans

In a press release this morning, the U.S. Department of the Treasury's Financial Management Service (FMS) announced it has "designated Comerica Bank as its financial agent in a new initiative to give millions of unbanked Americans the option of using a prepaid debit card for receiving Social Security and other federal benefit payments. The "Direct Express®" card provides a safer and more convenient alternative to paper checks. Comerica Bank was selected, in part, because of its experience as a prepaid card issuer for millions of benefit recipients, particularly for state government programs." The press release does not provide any information about which card network brand will be on the new cards.

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KPMG: Mobile Payments in Asia Pacific

KPMG has published a new study "Mobile Payments in Asia Pacific" icon_PDF_small.gif that "considers how m-payment business models are developing, who the key players are along the value chain, and how these value chains differ according to the economic, regulatory, security and risk factors in each country."

US Treasury Plans Social Security Debit Card - Direct Express

Eleanor Laise reports for the Wall St. Journal on plans by the US Treasury Department to "introduce a prepaid debit card for Social Security recipients in an effort to provide safer and cheaper benefits payments." The card will be issued by Comerica Bank.

Headline News - January 4, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

January 03, 2008

Verizon Wireless Launches Mobile Banking Services

Verizon Wireless and Qualcomm's Firethorn Holdings have announced that customers of Wachovia, SunTrust, FirstBank, and BancorpSouth, now have access to their accounts "in the palms of their hands."

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A Look at Chip and PIN in the UK

In an article titled 'Has chip-and-pin failed to foil fraudsters?', Danny Bradbury writes for The Guardian about the UK's experience with Chip and PIN equipped payment cards. In addition to the technology change, the UK also changed how consumers report fraud. Bradbury notes that 'legal changes last April forced customers to report card fraud to banks, and not the police.'

The Re-Re-Invention of the P-Card

Richard Gamble writes for Treasury & RIsk Magazine about purchasing cards and a shift in how they're being used that improves their effectiveness. Gamble writes "for years, banks marketed purchasing cards as a stand-alone product that worked best when a company could get as many suppliers as possible to accept it." But suppliers often balked at participating, leading to only partial success. Instead, Gamble reports that the "next generation of payments automation will have “a single user interface on the front end, but four pipes on the back end” that will deliver payments by card, check, ACH or wire."

Fewer Consumers Expect to Pay Down Debt in 2008

TransUnion's TrueCredit.com has commissioned GfK Roper Public Affairs & Media to assess Americans' thoughts about their finances at the turn of the New Year. "The survey found that in 2007, one in four (25 percent) of all Americans missed making one or more on-time bill payments, with the bulk of those delinquencies occurring on Utilities (12 percent), Credit Cards (12 percent) and Medical Services (11 percent). Meanwhile, only 17 percent choose paying down debt as their top resolution for 2008, down notably from 22 percent in last year's survey."

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Merchant e-Solutions Grows e-Commerce Business

Merchant e-Solutions has announced it is continuing "to make growth investments in its e-commerce business sector, first by developing payment solutions that are specifically engineered for card-not-present transactions, and now by announcing the appointment of Kevin Gallagher as the General Manager of the MeS e-Commerce business."

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NCR, VIVOtech Introduce Contactless, Mobile POS Terminals

NCR in partnership with ViVOtech has announced a suite of contactless payment terminals for the point of sale (POS) that "enable mobile and contactless payment at a variety of customer touch points, including retail checkout, restaurant drive-thru and the diner’s table."

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Taxis and Payment Cards in New York City

Glenbrook's Carol Coye Benson spent a few days over the New Year's holiday in New York City - and files this report on using her debit card along the way.

Headline News - January 3, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

January 02, 2008

A New Year's Special for PaymentsJobs.com - Save 50%

To welcome in the New Year, we're running a New Year's special for employers on our PaymentsJobs.com job board. Until Sunday, you can post as many jobs as you want to PaymentsJobs.com and save 50% by using coupon “PJ0108” at each checkout. By using that code, you'll still receive our full 30 days’ placement for each job listing while saving 50%. All job listings must be posted by Sunday (1/6/08) to qualify for the special rate.

Will 2008 Be The Year of the Smart Card?

Oberthur Card Systems is predicting that "the smart card will become a mainstay of American wallets in 2008. Smart cards are equipped with embedded integrated circuits that enable the processing of information. Oberthur is the largest producer of contactless cards in the U.S. and currently 17 of its top 20 customers, as well as the federal government, have embraced microprocessor chip cards. This will put pressure on the last adopters of the technology who may risk the loss of market share unless they migrate to smart cards in 2008."

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Gift Cards Helping to Salvage Holiday Season for Retailers

Standard & Poor's Equity Research Services says it believes retailers will achieve the 3% to 3.5% sales increase because post-holiday gift card redemptions will provide the needed sales boost.

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Headline News - January 2, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

December 31, 2007

Headline News - December 31, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

December 30, 2007

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