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April 23, 2009

A Look at Wells Fargo's New Small Business Invoicing Solution

Over on, Glenbrook's Erin McCune takes a look at Wells Fargo's new small business invoicing solution - announced yesterday. Erin spoke earlier today with Richard Weeks, Senior Vice President at Wells Fargo’s Internet Service Group, to learn more about the new service.

American Express Reports 1Q2009 Financial Results

American Express has reported financial results for the first quarter of 2009 - including a decline in total revenues of 18% with income of $443 million. Amex reported US card spending of more than $63 billion and said it has $207 billion in open credit lines to consumers and small businesses. Merchant discount revenue also declined 18% with the average discount rate down slightly to 2.56%. Average cardholder spending declines 18% worldwide to $2,443.

President Obama Discusses Credit Card Principles Following Meeting

From a White House press release: "President Obama met with representatives from the credit card industry this afternoon to discuss the impact of the current economic crisis on consumers. He has been a strong proponent of cleaning up the practices of the credit card industry since he was a Senator and he called for measures to strengthen consumer protection in the credit card market during the campaign." READ MORE »

Senators Ask Fed For Emergency Freeze on Credit Card Rates

U.S. Senators Charles E. Schumer (D-NY) and Senate Banking Chairman Christopher Dodd (D-CT) have called on federal regulators to implement an emergency freeze on interest rates tied to existing balances on credit cards. READ MORE »

New on Payments Views: Why Debit Cards Aren't a Product...

In a new article titled "Why Debit Cards Aren't a Product...and Why 'Decoupled Debit' Could Change All That", Glenbrook's Carol Coye Benson asks whether debit cards are products - or features?

Credit Cardholders’ Bill of Rights Clears Financial Services Committee

Yesterday, the US House Financial Services Committee approved legislation that would "provide credit card customers crucial protections against unfair, deceptive, and anti-competitive credit card practices, which include double-cycle billing, due-date gimmicks, and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and give consumers the information and rights they need to manage their credit responsibly." READ MORE »

First Data Becomes Visa Merchant Acquirer in Canada

First Data has announced that it has entered into a relationship with Visa in Canada, becoming the first merchant acquirer in the country to directly participate in all three major schemes: Visa, MasterCard and Interac. READ MORE »

NFC Technology Takes Next Step With the Nokia 6216 Classic

Nokia has announced its third fully integrated Near Field Communication (NFC) device, the Nokia 6216 classic, Nokia's first SIM-based NFC device. According to Nokia, "with NFC consumers will benefit from greater ease of use, more convenient sharing of content - such as images, weblinks, audio files or contact data - as well as secure payment and ticketing transactions, all with just one tap of the device." READ MORE »


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