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« September 7, 2008 - September 13, 2008 | Main | September 21, 2008 - September 27, 2008 »

September 19, 2008

Reserve Bank of India Updates Mobile Banking Guidelines

The Reserve Bank of India has updated its "Mobile Banking transactions in India - Operative Guidelines for Banks". The guidelines, relatively conservative in tone, constrain the size (both per transaction and per day) of mobile banking transactions and limit service providers to banks.

Here are commentaries from The FInancial Express - "Mobile banking may cost you dear" and The Economic TImes - "RBI lays down norms for mobile banking".

Just for fun, here's a word cloud from the guidelines (created using Wordle):

IndiaMobileBankingCloud.png

Sticking with Contactless

Dave Birch writes on the Digital Money Forum blog about how contactless stickers are emerging as the way for the mobile operators to simply be bypassed in the move to mobile payments. Here in the US, First Data's GO-Tags icon_PDF_small.gif are one example - as demonstrated to delegates at the recent Democratic Convention in Denver.

Headline News - September 19, 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.

September 18, 2008

Mobile Payment Processing Solution for Merchants in Asia-Pacific

Global Payments Asia-Pacific Limited, a joint venture between HSBC and Global Payments, has introduced "a secure GPRS-powered mobile payment service called Global MobilePay(TM) that provides mobile card acceptance capabilities for merchants in the Asia-Pacific region. Global Payments is one of the first payment processors to launch an extensive mobile payment solution for merchants across Asia. This service is now available in Brunei, China, India, Malaysia, the Maldives, the Philippines, Singapore, Sri Lanka and Taiwan." READ MORE »

First Data Files Exchange Offer Prospectus

First Data Corp. has filed a prospectus with the SEC regarding an exchange offer being made to debt holders to exchange unregistered outstanding notes issued as part of its going private a year ago for freely tradable notes that have been registered.

Canadian Merchants Upset About Fees on New Rewards Cards

In an article titled "Merchants miffed by credit card fees", Steve Proctor writes for Nova Scotia's TheChronicleHerald.ca about merchant reactions to higher interchange fees on new rewards credit cards in Canada and concerns about potential new non-Interac debit cards costing merchants more.

September 17, 2008

Elavon Reports on Success of Retail Check Conversion Service

Elavon, a wholly-owned subsidiary of U.S. Bancorp and formerly known as NOVA Information Systems, has announced that its Back Office Conversion (BOC) processing handled more than 4.6 million transactions in August, accounting for over $400 million in converted check volumes. BOC implementations of Elavon’s Electronic Check Service (ECS) solution are currently installed at more than 1,800 retail locations nationwide. READ MORE »

Bill Me Later Tops 1,000 Online Stores, Catalogs and Travel Partners

Bill Me Later has announced that the number of online stores, catalogs and travel partners offering its payments approach has exceeded the 1,000 mark. According to the company, "the merchants in the network represent top-tier retail, airline and hotel brands offering tens of millions of products to Bill Me Later’s rapidly expanding consumer base." READ MORE »

RBS to Issue Visa Debit Cards in US and UK

In an article titled "RBS Switches to Visa for Its Debit Cards", Robin Sidel reports for the Wall St. Journal that, beginning in mid-2009, Royal Bank of Scotland Group is switching its debit card issuance from MasterCard to Visa in both the US and the UK.

TrialPay Expands to 6,000 Merchants and 12 Million Users

TrialPay has announced reaching two milestones today: supporting 6,000 merchants and acquiring its 12 millionth user. According to the company, "this represents a 20 percent growth in merchant and user numbers in just over a month for the two-year-old payment platform." READ MORE »

eBillme Closes $12 Million Financing Round

eBillme has announced closing a $12 million financing round led by Canaan Partners with participation from existing investor Celtic House Venture Partners. Maha Ibrahim, General Partner at Canaan Partners, and Pierre-André Meunier, P.Eng., Partner at Celtic House, are joining eBillme's Board of Directors. READ MORE »

An Update on Contactless Payments in the US

In a press release, the Smart Card Alliance reports that "after two years of fast growth in contactless payments, the verdict is in: Once consumers try contactless, they like it! And with large issuers including American Express, Chase, Citibank, Washington Mutual, Wells Fargo and many others issuing contactless cards, the number of users is growing fast." READ MORE »

September 16, 2008

New Javelin Study - 2008 Expedited Payments Forecast

Javelin Strategy & Research is announcing a new study titled "2008 Expedited Payments Forecast: Banks Must Add Expedited Payments Now or Lose $5 Billion in Fees to Billers." According to Javelin, "the study finds that financial institutions must incorporate expedited payments now or risk losing $5 billion in fees to third party billers." READ MORE »

41st Parameter Introduces FraudNet 3.0

41st Parameter has announced the availability of FraudNet 3.0, allowing fraud investigators to be more effective through multiple dynamic fraud investigation tools and hundreds of risk engine rules in one place, including time sensitive fraud alerts. Coupled with 41st Parameters' tagless PCPrint Device ID technology, FraudNet helps companies quickly and efficiently identify fraud and fraud rings across multiple channels, reduce fraud losses and chargebacks and improve productivity. READ MORE »

NFC Mobile Payments - Beautiful Says Dutch Retailer!

Dave Birch's latest Digital Money Forum podcast is a classic. Dave interviews Rover van Mierlo, Director Central Logistics and Innovation of Schuitema NV, the second largest retailer in The Netherlands, about a six month NFC mobile payments trial recently concluded at the C1000 supermarkets.

The trial went beautifully - what's not to like about 98% positive customer satisfaction? But, the reality is that moving from pilot to production deployment is stalled - because the mobile operators, handset suppliers, and banks can't agree among themselves how to bring NFC mobile payments to market. Mierlo works for a major retailer who's itching to deploy NFC - but can't.

Capital One Bank Launches Checking Account with Rewards

Capital One Bank has announced it has introduced a Rewards Checking account that "allows customers to easily earn rewards for everyday banking activities." READ MORE »

Credit Union Instant Issues Unembossed Flat-Panel Visa Debit Cards

First Community Credit Union (Chesterfield, MO) has announced the introduction of unembossed, flat-panel Visa debit cards that will be issued immediately to members upon opening a personal checking account. Partnering with Dynamic Card Solutions (DCS), a developer of instant issuance and PIN selection solutions, First Community is the one of the first credit unions to implement such a program. READ MORE »

Bill Me Later Adds Fujitsu Computer Systems as Merchant

Bill Me Later has announced that Fujitsu Computer Systems Corporation has made Bill Me Later Business available to businesses that purchase Fujitsu LifeBook notebooks and tablet PCs, Stylistic slates and mobile computing accessories on www.shopfujitsu.com and through the company’s 1-800-FUJITSU sales center. READ MORE »

TransUnion.com Quarterly Credit Card Analysis for 2Q2008

TransUnion.com has announced the results of its analysis of trends in the credit card lending industry for the second quarter of 2008. The report is part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data that may be found on TransUnion's Web site. READ MORE »

Headline News - September 16, 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.

September 15, 2008

Vindicia Selected by Intuit for Online Billing Management

Vindicia has announced that it has been selected by Intuit to enable the new Intuit Partner Platform and associated solutions marketplace.

Separately, Vindicia also announced that several gaming publishers (Cryptic, FireSky, Multiverse and Outspark) are using Vindicia's billing and fraud management solutions. READ MORE »

National City, Visa Announce New Agreement

National City and Visa have announced "a renewed and expanded brand agreement through which National City will continue to provide its customers with Visa consumer and commercial credit and check card products, while adding Visa Interlink and PLUS as the bank’s primary PIN debit and ATM networks." READ MORE »

Bank of America Buys Merrill Lynch

Bank of America has announced it has agreed to acquire Merrill Lynch & Co., Inc. in a $50 billion all-stock transaction that the bank says "creates a company unrivalled in its breadth of financial services and global reach." READ MORE »

Headline News - September 15, 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.

September 14, 2008

Putting A Bank in Your Pocket

In an article titled "Your Bank in Your Pocket", Simone Baribeau writes for the Washington Post about mobile banking - reporting that "About 3 million people used mobile banking in the past 90 days as of June. That was almost triple the number of people who used it six months before".

Greg Bordonaro writes for HartfordBusiness.com about "Banking on the Go" - reporting some statistics on mobile banking at Bank of America: "On average, customers use their mobile banking eight times a month... Eight percent of those customers are new to the bank. Two-thirds of them are under the age of 35, while four-fifths are under the age of 45."

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