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« November 1, 2009 - November 7, 2009 | Main | November 15, 2009 - November 21, 2009 »

November 13, 2009

Watch Out! Big Changes in Retail Bank Pricing Are Coming

Over on our PaymentsViews.com blog, Glenbrook's Carol Coye Benson reflects on yesterday's announcement by the Federal Reserve of new rules prohibiting banks from charging overdraft fees on debit card and ATM transactions without first obtaining consumer opt-in. Carol speculates on what retail banks will do to deal with the potential loss of overdraft fee revenue that could result.

A Look at Wal-Mart's Financial Services

In an article in yesterday's American Banker titled "For Wal-Mart, No Bank Charter Is No Problem", Maria Aspan reported on how "not getting a bank charter two years ago may have been one of the best things to happen to Wal-Mart Stores Inc.'s financial services agenda." Indeed, Wal-Mart has been very successful "with products aimed at the growing market of underbanked and low-income consumers who are largely underserved by the banking industry."

First Data Reports Financial Results for 3Q2009

First Data Corp. has reported its financial results for the third quarter ended Sept. 30, 2009 with consolidated revenue of $2.4 billion, up 13% - primarily driven by the new Bank of America Merchant Services alliance.

India Card - RBI's Vision for a Domestic Payment Card System

The Reserve Bank of India has published Payments Systems in India - Vision 2009-12, a report that outlines several major initiatives that the bank is undertaking with respect to the payment systems in India. Among them is India Card - a domestic card initiative.

Quoting from the report: "The concept of a domestic payment card (India Card) and a PoS switch network for issuance and acceptance of payment cards would be looked into. The need for such a system arises from two major considerations (a) the high cost borne by the Indian banks for affiliation with international card associations in the absence of a domestic price setter (b) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 90% of the total, through a switch located outside the country."

Headline News - November 13, 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.

November 12, 2009

Canada: Chip-Enabled Merchants Experience Fewer Chargebacks

New findings announced by Moneris Solutions, Canada's largest payment processor, reveal that "merchants who process chip card transactions are experiencing fewer chargebacks than ever before due to increased security and fraud detection. This is the first data of its kind from Canada and demonstrates that chip cards reduce fraud and chargebacks." READ MORE »

Fed Prohibits Debit Card Overdraft Fees without Consumer Opt-In

FederalReserve-130px.jpgThe Federal Reserve Board has announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.

Before opting in, the consumer must be provided a notice that explains the financial institution's overdraft services, including the fees associated with the service, and the consumer's choices. The final rules, along with a model opt-in notice, are issued under Regulation E, which implements the Electronic Fund Transfer Act and are effective July 1, 2010. READ MORE »

Gemalto, eSECURE Technology Partner for Taiwan Contactless

Gemalto has announced that it has deployed its Secure Access Modules (SAM) into existing EasyCard payment terminals in Taiwan with eSECURE Technology. The SAM card is used to upgrade existing payment terminals for contactless use. Upgraded contactless-ready terminals give consumers a simple, fast and secure means to make small sum payments. There are currently around 16 million EasyCards in the market. READ MORE »

UK Cards Association's "Be Card Smart Online" Campaign

To mark the first anniversary of the UK card industry’s Be Card Smart Online initiative, The UK Cards Association is again running its online safety campaign – helping to remind consumers of the steps they can take to minimize their chances of being a victim of card fraud online. READ MORE »

M2 Europe Launches Airmax Scope Prepaid MasterCard

M2 Europe has teamed with fleet technology innovators, Airmax Group, to introduce a transit and corporate payments solution, the Airmax Scope Prepaid MasterCard. The Card combines the benefits of hosted data from vehicles with detailed payment reporting to provide comprehensive online fuel and expense management. READ MORE »

November 11, 2009

ViVOtech Partners with Citi in Largest Global NFC Pilot

vivotech-logo.gifViVOtech has announced that its NFC mobile payment wallet, Over-the-Air (OTA) provisioning, smart posters, coupon delivery and redemption technologies have been successfully deployed in Citi Tap and Pay, a pilot service that brings to India next-generation contactless credit card payments based on this emerging technology. Launched in July in the city of Bengaluru in India, Citi Tap and Pay is one of the world's largest and most comprehensive NFC mobile payment pilots.a READ MORE »

CNP Payment Forum Announces 2010 Conference, May 18-19

Ashok Misra, Chairman of the CNP Payment Forum, has announced that the CNP Payment Forum (Customer-Not-Present) Annual Conference will be held in Berlin, Germany on May 18 and 19 at the Steigenberger Hotel.

Worries for Prepaid in Dodd's Proposed Financial Agency Legislation

The Network Branded Prepaid Card Association (NBPCA) has released a statement in response to the introduction of the Restoring American Financial Stability Act of 2009 by Senator Chris Dodd (D-CT):

"The Network Branded Prepaid Card Association appreciates the efforts of Chairman Dodd and the Senate Banking Committee to better protect consumer interests. The NBPCA and its members are committed to working with them as this process goes forward. It is absolutely critical that any new regulations not limit access to unique financial products such as prepaid cards, which have become a key tool of financial inclusion for the millions of unbanked and underbanked U.S. consumers who rely on them. READ MORE »

The ICBC Mobile Payment American Express Card in China

The Industrial and Commercial Bank of China (ICBC), Union Mobile Pay (UMPay) and American Express have launched the ICBC Mobile Payment American Express® Card, China’s first dual-currency credit card with mobile account payment capabilities and features. READ MORE »

Slides from PayPal Developer Presentations Now Available

PayPal has made available slides from 24 of the presentations at last week's PayPal Developers' Conference event.

TransFS.com Launches Free iPhone App for Credit Card Processing

Transparent Financial Services (TransFS) has announced the launch of its TransFS Card Terminal, "an iPhone app that provides businesses with credit card acceptance capabilities in virtually any location. TransFS Card Terminal™ is the first iPhone app of its kind to be free of cost and provide complete freedom of choice in credit card processor selection." TransFS has also made the source code of the application available as open source software. READ MORE »

TD Merchant Services Becomes Full Service Acquirer in Canada

TD Merchant Services has announced that it has signed a definitive agreement to acquire certain MasterCard merchant acquiring accounts from First Data in Canada. Concurrently, First Data will acquire a small number of VISA accounts from TD. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in December. The transaction is not expected to be material to TDBFG’s financial results.

The acquired accounts will become part of TD Merchant Services, which already provides Visa and Interac payment processing services and Point of Sale terminal solutions to all of these customers today. “Acquisition of these MasterCard merchant accounts will ensure our clients have a single source for their payment processing needs,” says Jeff van Duynhoven, President, TD Merchant Services. READ MORE »

Headline News - November 11, 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.

November 10, 2009

Inflection Point? American Express Sees Growth in October

AP reports on American Express CEO Ken Chenault's presentation earlier today at the Bank of America Merrill Lynch Banking Conference where he reported that cardholder spending in October actually increased 3% in October versus the same month in 2008 - the first sign of positive growth this year. Chenault's slide presentation and his prepared talking points are available online.

First Data to Integrate Accertify's Fraud Prevention Platform

First Data and Accertify have announced an agreement to integrate Accertify's fraud prevention platform with First Data's eCommerce processing gateways and platforms.

According to the two companies, "the integration of Accertify's Interceptas® platform will provide First Data with a comprehensive, end-to-end fraud deterrence solution. This solution will equip First Data's customers with tools to help mitigate risk and reduce losses associated with fraud. The solution also eliminates the need for merchants to deploy separate payment and risk platforms. First Data will offer this combined solution to its 300,000 merchants around the world that sell goods or services over the Internet and in a card-not-present environment." READ MORE »

Precious Plastic - 2010 (UK)

PriceWaterhouseCoopers has published a new version of its Precious Plastic report for 2010 covering the card market in the UK. "2009 has been a watershed year for consumer credit in the UK, with both lenders and borrowers reassessing their balance sheets. Historically high levels of bad debt, a growing regulatory burden, continuing funding and capital constraints and the toughest macro-economic environment in a generation are placing unprecedented pressure on UK lenders. As a result, consumers will face a reduction in the availability of credit and an increase in its cost."

Headline News - November 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.

November 09, 2009

Squeezing Credit Card Consumers

In an article titled "A Squeeze on Customers Ahead of New Rules", Andrew Martin and Lowell Bergman write for the New York Times about credit card issuer actions to increase interest rates and cut credit lines ahead of new rules on credit card issuers scheduled to take effect in February.

DeviceFidelity Introduces In2Pay MicroSD-based NFC Solution

DeviceFidelity has announced the availability of In2Pay, a microSD-based solution that "transforms any mobile phone with an available memory card slot into an interactive contactless transaction device. Compatible with near field communication (NFC) technology, In2Pay is now available for trials with banks, wireless carriers and payment networks, with volume production for commercial deployments in 2010. DeviceFidelity has signed evaluation agreements with some of the largest card issuers in the U.S. and will be demonstrating In2Pay at Cartes 2009." READ MORE »

New Job Openings on PaymentsJobs.com

Two new job openings for payments professionals have recently been posted on PaymentsJobs.com:

Are you hiring? Post your job openings on PaymentsJobs.com - $200 for a 30 day listing!

On-Line Strategies releases OLS.Switch for Rx Adjudication

On-Line Strategies has announced launching a pilot of its OLS.Switch platform to support Rx Adjudication switching on behalf of a Fortune 100 customer. According to the company, "the initiative was part of a large scale migration plan to decommission a costly legacy platform starting with all financial transactions, and now Rx transactions." READ MORE »

INTERAC Celebrates 25 Years of PIN-Debit in Canada

INTERAC has announced that it is marking "25 years of providing Canadians secure access to their money from coast to coast to coast. On November 9, 1984, a single national PIN-based network was born out of a vision to connect Canadians to their money anywhere, anytime. INTERAC's growth and evolution took off from that point and today, both consumer awareness and usage levels are almost unmatched worldwide." READ MORE »

Visa Launches First Global Olympic Marketing Campaign

Visa has announced the global launch of its Olympic-themed marketing campaign for the Vancouver 2010 Olympic Winter Games, Go World. According to Visa, "this global campaign, which features television, digital and out-of-home advertising, host market merchant activation programs and usage promotions, enables Visa to connect with cardholders and Olympic and Paralympic Games fans to drive preference for and usage of Visa products worldwide." READ MORE »

LexisNexis Studies US Merchant Fraud Losses

According to a new report released today by LexisNexis® Risk Solutions, U.S. merchants are incurring $191 billion in fraud losses each year. The 2009 LexisNexis® True Cost of Fraud Benchmark Study discovered that merchants must absorb nearly 10 times the identity fraud cost incurred by financial institutions. Retail merchants experience a massive $100 billion in losses solely attributed to identity fraud, which escalates to $191 billion when factoring in the additional cost of lost and stolen merchandise. The study also found that merchant fraud losses amounted to more than 20 times the total value of consumer fraud victim losses which totaled approximately $4.8 billion in 2008. READ MORE »

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