Today I noticed your short sardonic statement about Check Cards and Debit Cards. You make a great point that it seems the name is starting to shift around.
However, I must make a correction. The early days of Visa Check Cards were actually the early 1980’s and not the 1990’s.
I was a witness to these early days. In fact, in the spring of 1982 I served on a VISA Advisory Panel that actually met in Florida to discuss what to name this new product. We studied lots of VISA consumer research that showed how much consumers back then really hated the word “debit.” In the end, “Check Card” became the name.
In addition, in the fall of 1982, I led the team at the then First National Bank of Maryland that issued 150,000 VISA Check Cards to our DDA base."
More recently, it's been emphasizing Visa Debit as the product's name - transitioning away from the original Check Card branding.
Ironically, today's Wall St. Journal had a headline that read "Wal-Mart to Pay Via Check Cards". No, not via Visa Check Cards - but, rather, MasterCard Debit Cards.
In preparing the article, Carol interviewed Barry McCarthy, President, Mobile Commerce Solutions for First Data, who discussed the four key pieces required for mobile payments at POS: the upgrade of the POS terminal base, availability of NFC-enabled phones, card issuer participation, and consumer education.
From the advance material on the book:
Priceless offers readers an insider’s telling of the case that ended with the breakup of the Visa/Mastercard credit cartel and a $3.4 Billion settlement. Lloyd Constantine, founder of Constantine and Partners, the small boutique antitrust firm that could, and lead counsel on the Visa/Mastercard case, takes no prisoners as he tells his side of what happened in this very public lawsuit whose outcome continues to affect economics today."
Priceless is now available for pre-order from Amazon.com.
This fall's series will have an expanded focus on Mobile Payments - and will introduce Glenbrook's Mobile Payments Market Map. Click here for more information about this popular series.
"Instead of using SMSs and short codes like ringtone merchants and existing bill-to-carrier payment providers, Payfone operates within the carrier signaling network, a global network that allows carriers to communicate and exchange information between each other." Read the full article here.
"The study finds that overall credit card customer satisfaction decreases to 703 on a 1,000-point scale—the lowest level since the study’s inception in 2007. Overall satisfaction among credit card customers remains the lowest across the financial services industries in which J.D. Power and Associates conducts research, including insurance, banking and investment services."
Last week, several companies responded to our Twitter tweets and LinkedIn status asking for more information - if you've already responded via email, there's no need to do so again!
But, If your company does provide tokenization/encryption services and hasn't already responded, then please do respond to this survey and tell us more about your offering. You can click "Read More" to answer our mini-survey or click here to open a fresh copy.
Earlier, Floyd Norris of the New York Times posted a commentary about Citi's earlier press release announcing the sale - calling it the "least informative announcement." He said that "I can’t remember a deal announcement when a company said it had sold undisclosed assets to an undisclosed buyer for an undisclosed price, resulting in an undisclosed profit or loss."