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« December 27, 2009 - January 2, 2010 | Main | January 10, 2010 - January 16, 2010 »

January 08, 2010

A Look at the Cost of Your Card Rewards

In an article titled "Assessing the Damage Caused by Card Rewards", Ron Lieber writes for the New York Times about whether his aggressive pursuit of credit card rewards made him a selfish consumer - noting that merchants are paying much of the costs of those rewards and that stores presumably have to build in higher prices to afford them.

So, he "tried to figure out what would happen if we did just pay cash, or if there’s a better course of action for people who spend in a self-interested fashion but still have a conscience."

Fed Reports Revolving Consumer Credit in November Fell Dramatically

The Federal Reserve has published its G.19 Consumer Credit report for November 2009 - reporting that revolving credit in November fell at an annual rate of 18-1/2 percent to $874 billion. Revolving credit outstanding peaked in the third quarter of 2008 at $975.2 billion. Nonrevolving credit decreased in November at an annual rate of 3 percent.

Ingenico Introduces End-to-End Security Solutions for Merchants

Ingenico has announced a "comprehensive strategy to provide secure end-to-end solutions to assist merchants in complying with the PCI Data Security Standards." Ingenico says its strategy addresses the entire payment transaction process including: data in flight, data at rest, and architecture. READ MORE »

A Look at the New Overdraft Fee Rules

In an article titled "New overdraft rules: Worst of both worlds?", MSNBC's Bob Sullivan writes about overdraft fees - and the new rules scheduled for July implementation as announced by the Federal Reserve. Sullivan writes: "But it should come as no surprise that there's a catch. In fact, there are lots of them."

Heartland Announces Settlement with Visa Issuers for Data Breach Claims

Heartland Payment Systems and Visa have announced "a settlement agreement under which issuers of Visa-branded credit and debit cards will have an opportunity to obtain a recovery from Heartland with respect to losses they may have incurred from the 2008 criminal breach of Heartland's payment system environment. Heartland will pay up to $60 million to fund the settlement program, which is subject to certain conditions, including a specified level of participation by U.S. Visa issuers. Visa will present details of the settlement to eligible issuers in the coming days." READ MORE »

January 07, 2010

Citi Mobile Launched in Thailand

Mobile Money Ventures has announced the the release of Citi Mobile in Thailand. MMV's solution – now available in six countries – allows customers convenient and secure access to their bank accounts by using their phone's mobile browser. READ MORE »

Burger King Joins the RegaloCard Mobile Payments Network in El Salvador

RegaloCard has announced that Burger King, one of the leading fast food chains in El Salvador, has joined the RegaloCard Mobile Payment Network. RegaloCard is a prepaid gift card that immigrants can buy in the United States. The RegaloCard redemption PIN is then delivered instantly via mobile payment technology to the person they choose in Latin America, to make purchases at leading local retailers. READ MORE »

Headline News - January 7, 2010

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.

January 06, 2010

A Look at Fifth Third's Retail Bank Pricing Strategies

In an article titled "New Features, and Fees, for Checking Accounts" in the New York Times Bucks blog, Jennifer Saranow Schultz writes about Fifth Third Bank's pricing strategies involving packaging services together in lieu of providing free checking. She asks: "What services would you be willing to pay for if only your bank would offer them? Or would you rather just have free checking?"

TransactionTree, Hypercom Introduce Email Receipts for Multilane Retailers

Hypercom and TransactionTree have announced that Hypercom’s Optimum L4150 payment terminals will support TransactionTree's application that provides the ability for merchants to replace ink and paper-based receipts with paperless email receipts. READ MORE »

Discover's U.S. Spending Monitor Drops 3.3 Points in December

Discover reports that its U.S. Spending Monitor fell 3.3 points in December to 83.0 (based out of 100). "The decline was primarily driven by a big decrease in post- holiday spending intentions from consumers. While the decrease in spending intentions was anticipated, consumers showed little improvement in economic confidence in December and they grew slightly more pessimistic about their finances. These contributing factors leave the Monitor’s index standing at a nine-month low." READ MORE »

January 05, 2010

Glenbrook Webinar: Mobile Commerce for eCommerce Merchants - Jan 14

The second webinar in Track 2 of our Essentials of eCommerce Payments Management in our Glenbrook Payments Essentials Webinar Series will be held next week - on January 14th, 10:30-11:30 PST - on the topic: Mobile Commerce for eCommerce Merchants.

Mobile Commerce is big today and expected to grow dramatically in 2010. eBay claims the value of goods sold in 2009 through the eBay iPhone app alone could have exceeded $400 million.

What does all of this mobile commerce activity mean for traditional eCommerce merchants? Just how significant are the opportunities - and how should these be realized?

Join Glenbrook's Russ Jones and Jay DeWitt for this Payments Essentials Webinar as they explore mobile retailing, mobile checkout, and mobile payments. Registration for this webinar is now open ($149 fee).

FS-ISAC Plans Cyber Attack against Payment Processes (CAPP) Exercise

The Financial Services Information Sharing and Analysis Center (FS-ISAC), a forum for sharing information about attacks, threats, vulnerabilities, and risk mitigation practices in the financial services industry, has announced that it is planning "a nationwide cyber attack simulation exercise to test the ability of financial institutions, processors, businesses and retailers to respond and recover from major cyber attack incidents that could impact their payment processes." READ MORE »

Headline News - January 5, 2010

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.

January 04, 2010

Another Look at US Credit Card Interchange Fees

In an op-ed titled "Will Congress Take Another Swipe at Credit Cards?", Todd J. Zywicki, law professor at George Mason University and a senior scholar at the Mercatus Center, writes for the Wall St. Journal about pending legislation in the US Congress that would "artificially reduce interchange prices."

Zywicki writes: "Credit cards are essentially a closed economic system: A reduction in interchange fees will have to be offset by increased revenues elsewhere or a reduction in costs. "

A Look at US Debit Cards - Signature vs. PIN-based Debit

In the latest article in its Card Game series titled "How Visa, Using Card Fees, Dominates a Market", Andrew Martin writes for the New York Times about debit cards - and the differences in terms of acceptance economics for merchants between PIN-based and signature debit cards. The story includes a 7 minute video done in partnership with the PBS program Frontline.

Mobile Banking and Payments Outside the U.S.

Hope you were able to snag a copy of Carol Coye Benson's Musings on Mobile Payments 2009! In her research on mobile payments over the last six months, Carol purposely looked only at the U.S. and Canada - but we're frequently asked about what's happening re: mobile banking and payments in other markets beyond those borders.

In a post titled "CGAP’s top ten mobile banking and microfinance technology posts for 2009", CGAP's Jim Rosenberg highlights some of the best articles they've covered during 2009 - be sure to check these articles out!

If you're in the San Francisco Bay Area and interested in mobile payments, the Wharton Club of Northern California is sponsoring an event this Thursday, January 7th titled "Will Mobile Money Ever Replace Cash In The Last Mile? Where, When, and How?" beginning at 6 PM at Google's campus in Mountain View. This event will address whether mobile money will be able to replace cash in the “last mile” in emerging markets with cash-based economies.

INSIDE Contactless, TazTag Partner for NFC Solutions

INSIDE Contactless and TazTag have announced a partnership to develop and bring to market "a variety of highly secured, multi-application contactless solutions based on near field communication (NFC) technology." READ MORE »

January 03, 2010

US Banks, Issuers Step Up to Replacing $50 Billion in Revenue in 2010

In an article titled "Banks Roll Out New Check, Card Fees", Robin Sidel wrote for the Wall St. Journal's Saturday edition about steps that banks are taking to deal with up to $50 billion in lost revenue in 2010 as a result of changes to credit card and checking account legislation and regulatory requirements.

A Look at How U.S. Card Issuers Exported Credit Card Fees

In an article titled "U.S. exported its aggressive credit card fees worldwide", Kathy Chu wrote for USA Today's New Year's Eve edition about how U.S. credit card issuers "have exported new fees — and myriad ways to charge them — to developed countries such as the U.K., Canada and Australia as well as to emerging markets in Latin America and Asia."

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