Constantine's new book, Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel, was recently published by Kaplan and has been on the must read list for payments geeks like ourselves!
Aspan writes that Constantine finds current interchange-related lawsuits to be "lawyer-driven cases" - while his wasn't. As for the current legislative efforts in Congress to reform interchange, Constantine says he thinks those efforts are "well founded."
"Charging people a $35 fee for a small, debit card transaction is unacceptable," said Halperin, director of CRL's Washington office. "It doesn't save them bounced check fees, it simply skims money from their account and puts them in a bind."
Prior to joining TNS, Mr Perry was Executive Vice President of Global Sales and Marketing at Ruesch International. He brings more than 20 years experience in the financial services and payments industries to TNS and has also spent time in executive positions at First Data, Elavon, Visa and Wells Fargo.
I’ve long argued with Glenbrook colleagues that payment cards today are too spend-centric and too easily abused. Maybe the banking industry could learn something from Amazon about both convenience and security."
All websites accepting Checkout by Amazon, including DKNY, Jockey, Patagonia, Buy.com, J&R Electronics, and Car Toys, will be offering PayPhrase as a checkout option. Amazon.com customers can create their PayPhrase and start using it today by visiting http://www.amazon.com/payphrase. An introductory video is available that explains the service.
Zong+ allows consumers to make larger transactions -over $9.99. Merchants/publishers will benefit from lower fees and more timely settlement on Zong+ transactions because the mobile operator isn't getting a piece of the transaction amounts. Consumers benefit from being able to use their existing payment cards and while earning rewards, etc.
The report also found that advertised credit card interest rates rose an average of 20 percent in the first two quarters of 2009, even as banks’ cost of lending declined. With the Federal Reserve currently developing rules to ensure penalty charges are “reasonable and proportional” as required under the Credit CARD Act, the report also includes policy recommendations for regulators.
Our revised and updated Payments Boot Camp curriculum has an extensive focus on what's happening in mobile payments as well as the new debit, ACH and prepaid products, opportunities and challenges. We've also added new coverage of the emerging arena of social payments.
Stay current! Sign up now for an upcoming session of our Payments Boot Camp:
New! Are you an Accredited ACH Professional? Glenbrook’s Payments Boot Camps are now accredited for over 15 hours of AAP continuing education credits.
A presentation on Visa's financial results is available online.
From the press release: "The majority of those surveyed stated that how they chose to pay was determined by the amount of cash they had available to them and the amount to be paid. Measured by the value of the transactions, cash accounts for a share of 57.9%, girocards for 25.5% and credit cards for 3.6% of all purchases. In terms of the number of transactions, cash accounts for a share of 82.5%, with girocards and credit cards accounting for 11.9% and 1.4% respectively. This is due to the fact that mainly small and medium-sized payment amounts are paid in cash."
The full study is available for download here.