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« March 29, 2009 - April 4, 2009 | Main | April 12, 2009 - April 18, 2009 »

April 10, 2009

Pew Report on New Standards for Safe Credit Cards

Last week, the Pew Charitable Trusts’ Safe Credit Cards Project released a set of standards "designed to prevent deceptive and dangerous credit card practices and called for legislation to outlaw such practices. Developed in partnership with the Sandler Foundation, the Safe Credit Card Standards icon_PDF_small.gif seek both to protect consumers and preserve banks’ ability to manage risk when extending credit." READ MORE »

What Do Consumers Want to Know About Online Safety?

In January 2009, Gemalto launched a new web site: www.JustAskGemalto.com - "dedicated to providing the latest news and tips to keep personal information safe while enjoying the technology we use everyday."

Based on activity on the new web site since it was launched, the most frequently viewed questions are related to the loss of one’s mobile phone: “Lost my phone! What about my contacts?” and “What can I do if my mobile phone is stolen?

Other popular topics are the security of social networking sites, blogs and the growing use of e-commerce.

Visitors also expressed particular interest in questions related to passwords and when to safeguard access to personal or financial information stored online: “Are passwords safe?” and “No one knows my passwords, why are passwords an identity theft risk?”

The top 5 questions in the "Buying" category asked by consumers were:

  1. What is the safest way to pay online?
  2. How do I know if it is safe to enter my credit card information when I am shopping online?
  3. What about using credit cards to pay online? How safe is that?
  4. Why would you move your credit card into your phone? If it gets stolen, someone could use it, couldn’t they?
  5. I often shop at the same websites: should I save my payment information for future purchases?

U.S. Bank Introduces FlexPerks Travel Rewards Visa Cards

U.S. Bank has announced that its customers who have been earning miles on Northwest Airlines by using their WorldPerks Visa cards will now be able to earn points toward free flights on over 150 airlines with no blackout dates or award ticket redemption fees with new U.S. Bank FlexPerks Travel Rewards Visa cards. READ MORE »

Visa Launches World's First Commercial NFC @ POS Service

Visa has announced the launch of what it is calling "the world’s first commercial Visa mobile payments service for point-of-sale transactions using Near Field Communications (NFC) technology. The service marks the first time consumers can purchase an NFC-enabled mobile device off the shelf and use that device to make Visa payWave-enabled transactions at the point-of-sale instead of using their payment card." The new service is being launched first in Malaysia. READ MORE »

Headline News - April 10, 2009

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.

April 09, 2009

KPMG Survey Studies Consumer Attitudes Towards Mobile Banking

KPMG has announced results of a survey of U.S. consumers finding that they "believe mobile banking is important but do no not want to pay for it and also are wary of using their mobile devices such as cell phones, smartphones, and personal digital assistants (PDAs) for financial transactions and online banking." READ MORE »

Malaysia: Maxis Launches FastTap NFC-based Mobile Payment Service

Maxis Communications Bhd, in collaboration with Nokia, Visa, Maybank and Touch 'n Go, has announced the launch of Maxis FastTap - calling it "an integrated mobile payment service that utilises Near Field Communication (NFC) technology. With the service, customers can use their Nokia 6216 Classic phones to purchase goods and services at more than 1,800 Visa payWave merchant locations as well as pay for toll, transit, parking and theme park charges at over 3,000 Touch 'n Go points nationwide." READ MORE »

Fed, Equens Partner for Cross-Border Payments Between US & Europe

The Federal Reserve Banks and Equens have announced "signing a Memorandum of Understanding for the processing of payments from the US to Europe and vice versa. Starting in early 2010, both parties will offer banks a cost-efficient channel for processing cross-border payments in multiple currencies, including the US dollar and euro." READ MORE »

April 08, 2009

TrialPay Unveils New Purchase Incentive Platform

TrialPay has announced that it is expanding its payment and promotions solutions to "include a Purchase Incentive Platform, which lets online sellers optimize conversions and boost Average Order Value (AOV) while reducing promotional costs, like deep discounts and free shipping." READ MORE »

Billeo Introduces Mac Support

Billeo has announced the availability of Billeo for the Apple Mac, a browser plug-in that allows users to set up a “one stop shop” transaction center with stored account information, card data, reminders, saved receipts and more. Billeo also said that it has "integrated community learning as part of Billeo’s save receipt feature. With this feature Billeo continuously learns from the community of Billeo users to automatically categorize your web receipts based on the most popular selections other users have made." READ MORE »

Federal Reserve Reports Dramatic Drop in Revolving Credit in Feb.

The latest G.19 Consumer Credit data for February 2009 released yesterday by the Federal Reserve shows a dramatic decline in revolving credit - declining at an annual rate of 9-3/4 percent for the month. Overall, consumer credit decreased at an annual rate of 3-1/2 percent in February 2009 and nonrevolving credit increased at an annual rate of 1/4 percent.

Headline News - April 8, 2009

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.

April 07, 2009

Mobile Banking for Poor People in Rural South Africa

CGAP, a microfinance group based at the World Bank, has announced it is supporting WIZZIT Bank, a division of the South African Bank of Athens Limited, to deliver banking services to poor people in South Africa's small towns and rural areas. READ MORE »

A Glimpse into the Interchange Fee Debate in Canada

In an article titled "Credit card companies should stay out of the debit card market", Craig McInnes writes for the Vancouver Sun about the costs to merchants of payment card acceptance. He discusses both the costs of rewards cards to merchants as well as a concern that replacing Interac debit cards would also increase costs to merchants. According to McInnes, "that would drive up the price of everything we buy."

Updates from NACHA's Payments 2009 Conference in Orlando

Glenbrook's Bryan Derman (@bdermanct on Twitter) and Erin McCune (@erinmccune on Twitter) are both attending the NACHA Payments 2009 Conference in Orlando this week. Over on sister site PaymentsViews.com you can read new articles by both Bryan (This Revolution Will Be Televised - about Revolution Money) and Erin (Heidi Miller Challenges the Status Quo at NACHA Payments 2009 - about yesterday's keynote by JP Morgan Chase's Heidi Miller).

A number of awards are being given at this years conference - including:

  • Elliott C. McEntee - NACHA’s Lifetime Achievement Award
  • George K. Roach and the Consolidated Edison Company of New York - NACHA’s 2009 George Mitchell Payments System Excellence Award
  • Wells Fargo - NACHA’s 2009 Kevin O’Brien ACH Quality Award

April 06, 2009

More on European Commission Concerns re Visa Europe Interchange

In a press release today, the European Commission said it "can confirm that it has sent a Statement of Objections (SO) to Visa on 3rd April 2009. The Commission's preliminary view is that the multilateral interchange fees (MIFs) set directly by Visa restrict competition between banks for accepting consumer payment cards without benefiting consumers by contributing to technical and economic progress."

New Data on Prepaid Card Usage and Underbanked Consumers

The Network Branded Prepaid Card Association (NBPCA) and the Center for Financial Services Innovation have partnered to release what they are calling "the first large, in-depth survey of underbanked consumers currently using reloadable prepaid cards. It found that 96 percent of users said the cards were useful and 94 percent would recommend a reloadable prepaid card to someone else." READ MORE »

JP Morgan's Treasury Services Ranked #1 in ACH Originations in 2008

J.P. Morgan's Treasury Services business has announced it has been ranked by NACHA - The Electronic Payments Association as the top financial institution in total automated clearing house (ACH) network transactions originated for 2008. According to the bank, it has "led the industry in ACH originations for a record 34 years in a row, since the inception of the network. J.P. Morgan originated more than 3.5 billion ACH transactions last year." READ MORE »

UK Card Awards 2009 - PayPal/RBOS Win Best New Prepaid Product

PayPal and The Royal Bank of Scotland have won the ‘Best New Prepaid Card Product of the Year’ at Card Awards 2009 for their PayPal Top Up product, which is processed by global payments services provider, TSYS. READ MORE »

Revolution Money Secures $42 Million in Series C Funding

As mentioned earlier by Reuters, Revolution Money has announced it has received $42 million in Series C funding from a Goldman Sachs affiliate (a new investor), as well as AOL co-founder Case, Revolution Money Chairman Ted Leonsis, former Charles Schwab CEO David Pottruck, former JP Morgan Vice Chairman David Golden, Citigroup Inc. and Morgan Stanley. Here's a link to the official press release from the company. READ MORE »

Today's New York Times Editorial: The Credit Card Trap

In an editorial in today's edition, the New York Times argues that Senator Chris Dodds should press on to pass his pending legislation that would accelerate and strengthen changes to the practices of credit card issuers that were originally issued last December for mid-2010 adoption by the Federal Reserve. The editorial concludes: "The Federal Reserve regulations are useful, but consumers should not have to wait for real help until 2010."

NACHA Issues Top 50 Lists for 2008 ACH Originators, Receivers

NACHA has published its lists of the top 50 ACH originators and receivers for 2008. The origination side is very concentrated with the top 10 originating financial institutions accounting for 73.3 percent of all interbank ACH payments in 2008, up slightly from 72.5 percent in 2007. For the receiving side, most closely representing the distribution of financial institutions deposit accounts across the industry, the top ten receiving institutions accounted for 39.4 percent of all interbank ACH payments in 2008, up slightly from 38.3 percent in 2007.

NYCE Makes Mobile SMS Balance Inquiries a Standard Feature

NYCE has announced that it will offer balance inquiries by text message to its financial institution participants as a standard feature of full participation in the NYCE Network. The service will be powered by Monitise Americas. READ MORE »

NACHA Reports More than 18.2 Billion ACH Payments in 2008

The number of ACH payments in 2008 topped 18.2 billion, representing an increase of 1.2 billion over 2007, according to statistics released today by NACHA – The Electronic Payments Association at its PAYMENTS 2009 conference. The dollar value of consumer ACH payments made via the Internet is nearing $1 trillion annually ($939 billion in 2008). READ MORE »

Updates from This Week's NACHA Payments 2009 Conference

This week, NACHA's Payments 2009 Conference is being held in Orlando. Our Glenbrook colleagues Erin McCune and Bryan Derman are attending the conference and will be sharing some of their learnings and reactions over on Glenbrook's PaymentsViews.com. Erin kicks off the coverage with an update on the latest B2B payments stats - and she'll also be tweeting her observations from her Twitter account (@erinmccune) using the hashtag #pay09. Bryan's on Twitter too: @bdermanct. If you'd like to meet with Erin or Bryan in Orlando this week, drop them an email!

Reuters Reports Revolution Money Raises $42 Million

Reuters reports this morning that Revolution Money has raised an additional $42 million in financing from a group that includes a Goldman Sachs affiliate and participation from earlier investors Citigroup and Morgan Stanley. Revolution's Steve Case will be speaking this week at NACHA's Payments 2009 Conference in Orlando. See also the WSJ.com Digits blog: Payment Processor Revolution Money Pumped With $42M.

MasterCard Appoints Vicky S. Bindra President of A/P MEA Region

MasterCard Worldwide has announced the appointment of Vicky S. Bindra, 44, as president, Asia/Pacific Middle East Africa region. Mr. Bindra, who will join MasterCard on June 1, 2009, replaces Andre Sekulic, 58, who is retiring. READ MORE »

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