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."
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.
"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.
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.
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."