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September 24, 2009

Consumers Respond to 7-Eleven’s Call to Action re Interchange Fees

7-Eleven has announced that its franchisees and store operators have collected more than 1.6 million signatures in the “Stop Unfair Credit Card Fees” petition drive. 7-Eleven says it believes this marks the largest number of signatures collected for a public policy issue on record.

Thousands of 7-Eleven franchisees across the country asked customers to support their neighborhood stores by signing petitions calling for Congress to pass legislation that prohibits credit card networks and card-issuing banks from charging unfair transaction fees. The signature drive ran from June 22 through Aug. 10 at store counters coast to coast. READ MORE »

Dynamics Inc. Raises $5.7 Million in Series A Funding

Dynamics Inc., a provider of next-generation payment cards, has announced that it has closed an initial $5.7 million Series A round of financing led by Adams Capital Management. Joel Adams, founder and general partner of Adams Capital Management, is joining the Dynamics Inc. board of directors.

Dynamics produces "a paper-thin, flexible computer platform that can be utilized in a variety of applications such as next-generation payment cards. Dynamics has invented the world's first fully programmable magnetic stripe that can be read at any existing Point-of-Sale (POS) magnetic stripe reader. The card itself can change any bit of information on this programmable stripe at any given time. The technology does not require any change to the 60 million 1970s-era magnetic stripe readers or re-education of its merchant base." READ MORE »

Wells Fargo Launches Customer-to-Customer Mobile Money Transfers

Wells Fargo has announced a new mobile customer-to-customer payment option that allows Wells Fargo customers to transfer money to each other via the Wells Fargo Mobile Banking service. READ MORE »

KPMG Looks at Global Payments

The financial crisis exposed risk issues of an unprecedented scale for the banking industry and has made increasing the operational efficiency and risk management of payment systems a priority for banks, according to senior regulators, banking executives and financial technology company executives interviewed for a new white paper issued by KPMG International.

The KPMG white paper – entitled “The Beating Heart of Banking: Insights into Global Payments” -- also notes that payments remains a revenue-generating business for banks as the volume of payments is growing worldwide, making up for the decrease in the unit value of these transactions as consumers manage their cash more carefully and make more, but smaller purchases. READ MORE »

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