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« August 16, 2009 - August 22, 2009 | Main | August 30, 2009 - September 5, 2009 »

August 29, 2009

Credit Card Debt and Senior Citizens

In an article in tomorrow's Washington Post titled "Seniors Leaning on Credit", Nancy Trejos reports on the credit card debt burdens facing senior citizens - where balances have increased the fastest of any age group.

Trejos writes: "Complicating matters, many card companies have raised interest rates, fees and minimum payments recently in anticipation of a new law taking effect in February that will restrict such hikes. Older borrowers have been hit especially hard by such actions, consumer advocates said, because their incomes are fixed and their ability to get a job is limited."

Headline News - August 29, 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.

August 28, 2009

Citi Cuts Travel Insurance on Some Credit Cards

In an article titled "Card Act's Collateral Damage: Networks", Maria Aspan writes for the Monday edition of the American Banker about Citi "slashing some travel insurance benefits on its high-end credit cards." According to Aspan, "Citi said last week that it is reducing the amount of "travel accident insurance" it offers on several elite cards, in some cases to a quarter of the former coverage levels, effective Oct. 1."

Two Quick Looks at Nokia Money

Earlier this week, Nokia announced its Nokia Money initiative. Here are a couple of interesting blog posts discussing its prospects:

What do you think? Add your comments below!

UK Home Office Announces Mobile Contactless Payments Guidelines

Action to prevent criminals abusing new mobile phone technology, which allows them to be used like debit, credit and pre-pay cards, has been agreed by the UK government, mobile phone and card payments industries, Home Office Minister Alan Campbell announced today. READ MORE »

Duality Comes to Canada

canada_flag-125px.gifIn an article titled "RBC to offer both Visa, MasterCard products", Scott DeVeau writes for the Financial Post that "Royal Bank of Canada announced its plans Wednesday to become the first major credit card issuer in the country to offer both Visa and MasterCard products."

Banks "Too Big To Fail" Prosper

In an article titled "Banks 'Too Big to Fail' Have Grown Even Bigger", David Cho writes for the Washington Post about how the banks in the US who regulators thought were "too big to fail" have, ironically, become even bigger as a byproduct of the economic crisis. ""The oligopoly has tightened," says Mark Zandi, chief economist of Moody's Economy.com.

August 27, 2009

New Career Opportunities on PaymentsJobs.com: Atlanta Fed

PaymentsJobs_logo-140px.jpgThe Federal Reserve Bank of Atlanta has just posted two openings on PaymentsJobs.com:Sr. Payments Risk Analyst and Payments Risk Analyst.

Both of these positions support the work of the Atlanta Fed's Retail Payments Risk Forum - see the Portals and Rails Blog.

For more career openings for payments professionals, visit PaymentsJobs.com. To quickly list your job openings, click here.

New Career Opportunity on PaymentsJobs.com: Voltage Security

PaymentsJobs_logo-140px.jpgVoltage Security has just posted a new position on PaymentsJobs.com - Senior Business Development Executive, Payments based at Voltage's HQ in Palo Alto, California.

From Voltage's PaymentsJobs.com listing:

Voltage Security, Inc, a leading Security software company is looking for a senior business development executive with a passion for excellence and experience in strategy and constructing win/win deals in the Payments industry. Join a creative team in solving complex problems and providing solutions that the world's largest companies depend on to keep their sensitive information safe.

For more career openings for payments professionals, visit PaymentsJobs.com. To quickly list your job openings, click here.

InComm Launches Smart GiftCard Solutions B2B Platform

inComm_logo-140px.jpgInComm has announced the launch of a new business to business (B2B) platform, Smart GiftCard Solutions focusing on the significant growth of prepaid products within the corporate incentive marketplace. READ MORE »

A Look at Conficker

In an article titled "Defying Experts, Rogue Computer Code Still Lurks", John Markoff writes for the New York Times about the Conficker virus - first detected last November which now has some five million computers around the world under its control. "Wherever the authors are, the experts say, they are clearly professionals using the most advanced technology available."

August 26, 2009

India's Airtel launches mChek m-Commerce service on Voice

mChek_logo-140px.jpgIndia's Bharti Airtel has announced the launch of its m-Commerce service - 'mChek on Airtel´ on the voice platform. The new service provides secure use of voice (IVR) for m-Commerce transactions for all Airtel mobile customers. The mChek on Airtel service on voice will enable the 100-million-plus Airtel customers to pay Airtel mobile and fixed-line bills, recharge Airtel pre-paid and digitalTV accounts, recharge Delhi-Gurgaon expressway toll tags, pay insurance premiums, buy gifts, tickets and shop using their mobile phones. READ MORE »

Nokia Introduces Nokia Money for Mobile Financial Services

Nokia_logo-140px.jpgNokia has introduced Nokia Money - a new mobile service operated in conjunction with Obopay - calling it "a new mobile financial service offering consumers with mobile device access to basic financial services. For many consumers, this will be the first time they have had any access to such financial services."

According to the company, "Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the person's mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts." READ MORE »

Support Grows for MasterCard Advanced Authentication for Chip

MasterCard Logo.jpgMasterCard has announced that it has approved personal card readers and authentication servers from four vendors for MasterCard Advanced Authentication for Chip - a new EMV authentication solution that leverages the hundreds of millions of EMV cards already in the wallets of cardholders. According to MasterCard, "banks looking to manage the growing threat of online fraud can today deploy this best-of-breed two-factor authentication solution by working with leading providers to the payments industry: DSSS, Gemalto, Logos and Thales." READ MORE »

Australia's Reserve Bank Maintains Interchange Fee Regulation

AustraliaFlag-140px.jpgIn a media release today, the Reserve Bank of Australia's Payments System Board announced that at a recent meeting it had considered whether the conditions have been met for the removal of interchange regulation and "was not yet satisfied that such conditions have been met." The Board also said it had decided to defer consideration of any further reduction in interchange fees for the time being. READ MORE »

Headline News - August 26, 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.

August 25, 2009

An Update on Student Credit Cards

In an article titled "Final Semester for Credit Cards Aimed at Students?" in this morning's American Banker, Maria Aspan writes about the new rules affecting marketing of credit cards to anyone under 21 that take effect next February as part of the Credit Card Accountability, Responsibility and Disclosure Act. Between now and then, Aspan writes, "some industry members expect to see issuers conduct business as usual when marketing and issuing to students — if not accelerating their efforts."

Whataburger to Accept Contactless MasterCard PayPass Payments

MasterCard Logo.jpgMasterCard has announced that Texas-based quick service restaurant chain, Whataburger, will accept MasterCard(R) PayPass contactless payments at more than 500 locations across southern United States. Customers will be able to use their MasterCard PayPass card or device to simply Tap & Go to pay for menu items at the counter and at the drive-thru, enabling them to make purchases quickly and conveniently. READ MORE »

Walmart Offering CheckFreePay Walk-in Bill Payment Service

fiserv_logo.gifFiserv has announced that "Walmart has implemented the CheckFreePay service from Fiserv, enabling customers to pay bills in person at all Walmart locations in the United States. Using the CheckFreePay service, customers can pay household bills, such as their utility, mobile phone, auto loan, insurance and credit card bills, at any one of the retailer?s 3,755 domestic locations, including Walmart SuperCenters and Neighborhood Markets." READ MORE »

August 24, 2009

MasterCard Settles with New Zealand Commerce Commission

NewZealandFlag_logo-140px.jpgThe Commerce Commission and MasterCard International have announced signing an agreement "settling the Commission’s claims that MasterCard’s credit card scheme rules providing for the payment of multilateral interchange fees, together with related rules, breached the restrictive trade practices provisions of the Commerce Act. The Commission and MasterCard have agreed to resolve the Commission’s claims on substantially the same basis as the Commission’s settlement with Visa, which was announced on 12 August 2009." READ MORE »

Discover Begins New Ads Focused on What Consumers "Get Back"

Discover_logo-140px.jpgDiscover has announced it has launched a new series of advertisements "that celebrates cardmembers and highlights what they “get back” from their Cashback Bonus – both literally and emotionally. The new ads are intended to portray the sense of optimism that many of our cardmembers seek, the everyday things that make them happy, as well as Discover’s cash rewards leadership." READ MORE »

Danversbank's Blended Debit Card Rewards Powered by Metavante

Metavante_logo-140px.jpgMetavante has announced that Danversbank has deployed its expanded rewards and loyalty product to offer Danversbank's clients a blended rewards program that combines issuer- and merchant-funded rewards. "Through its deployment of Points2U Plus, Danversbank now awards cardholders with bonus points for debit card-based transactions made at participating retailers — this is in addition to the points a cardholder already earns by using their Dansverbank-issued debit card. The bank is also leveraging Points2U Plus to award double points for card use during seasonal promotions, as well as to reward cardholders with additional loyalty points for the use of other Danversbank services." READ MORE »

MasterCard, CyberShift Announce Alliance for Expense Management

MasterCard Logo.jpgMasterCard and CyberShift have announced an alliance to provide businesses with CyberShift's Expense Management Automation solution. According to the companies, "the agreement provides MasterCard issuers with a compelling travel and expense management solution that they can offer to their corporate card customers. Through the combined capabilities of CyberShift and MasterCard, corporate card customers will have access to a flexible expense management solution, open integration to travel booking systems of choice, superior travel and spend analytics, BlackBerry(R) smartphone support, digital receipts filing, hotel folio data and much more, all delivered via a Software-as-a-Service (SaaS) model." READ MORE »

August 23, 2009

Headline News - August 23, 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.

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