The Center for Financial Services Innovation (CFSI) has written to Rep. Barney Frank and Senator Chris Dodd asking that prepaid cards – including government benefits cards, general purpose prepaid cards, payroll cards – be exempt from the fee determination set by the Federal Reserve Board under pending legislation. In its letter, CFSI said that "prepaid cards and, more importantly, the underbanked consumers using these products would be substantially harmed if the products were subject to interchange fee limits. The product structure, which makes them a viable option for consumers to use and for providers to offer, distinguishes them from other debit card products." READ MORE »

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

• VentureBeat: Square’s mobile credit card reader hits speed bump
• Second PayPal X Developer Challenge: Bigger and Better
• DailyFinance: Credit Card and Debit Card Swipe Fees: The Debate in Congress Heats Up
• Square: A Great Payment System for Churches

In an editorial titled "Our view on financial reform: 'Swipe fees' boost your costs at the register", USA Today writes in support of congressional reform of interchange fees. They write:

Whether this violates antitrust law is in dispute. One thing that is not disputable, however, is that this system has allowed banks to, in essence, set up toll plazas on the highways of commerce."

As a counter-balance, they run an op-ed titled "Opposing view on financial reform: Fee system provides value" written by Edward L. Yingling, president and CEO of the American Bankers Association, who writes:

There is still an opportunity for Congress to do the right thing for consumers, and we urge members to eliminate this harmful amendment from the financial reform bill.

Interac Association has announced it has "successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services’ point-of-sale terminals. The new contactless enhancement of Interac® Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card." READ MORE »

The Mobey Forum has released a white paper titled "Mobile Remote Payments General Guidelines for Ecosystem" specifying implementer guidelines for mobile remote payments. According to the organization, "the white paper will be of particular interest to senior decision-makers at financial institutions, and informs readers on how mobile remote payment technology can effectively be delivered to end-users by leveraging existing systems and establishing an open infrastructure." READ MORE »

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

• paidContent: A Google Paid Content System For Publishers May Be Coming By Year-End
• Digital Transactions: Behind Wal-Mart’s Stake in Its Prepaid Card Partner, Green Dot
• ContactlessNews: Cubic helps launch Bay Area's new Clipper smart card
• CR80News: Campus card issuers getting in on financial aid game
• Bloomberg.com: Durbin Vows to Win Debit-Fee Cap, Calls Objections ‘Manageable’
• Los Angeles Times: Credit card firms say consumers side with them on merchant fees
• Charles Schwab Launches @schwabmoneywise on Twitter to Help Young Adults Overcome Financial Challenges and Improve Everyday Money Behaviors
• INSIDE Contactless First with Dual-Interface Processor for Interac Flash-Enabled Debit Cards
• Wells Fargo Introduces Enhanced Identity Theft Protection
• BusinessWeek: Durbin Cedes Ground on Debit-Card Fee Limits as Support Erodes
• Sage: Study Finds Leading Companies Are Optimizing Payments Processes to Increase Cash Flow
• Jennifer Waters's Consumer Confidential - MarketWatch: Debit-card fee debate could cost consumers
• Susan Tompor - Detroit Free Press: Debit cards are convenient, but users should watch for fraud
• ValidSoft Credit Card Fraud Software Latest Technology to Help Banks
• ThreatMetrix Announces Reseller Agreement With Rikei Corporation to Tackle Online Fraud in Japan
• Super Rewards to Be Virtual Currency Solution for Top MMOs
• NetBanker: U.S. Travelers Need Chip & Pin Prepaid Travel Cards
• NFC World: All new Nokia smartphones to come with NFC from 2011
• NFC World: French retailers begin the move to NFC loyalty programmes
• VentureBeat: PayPal announces its second $150K developer challenge
• AuctionBytes: PayPal Continues Mobile Commerce Push in Asia Pacific
• Jennifer Waters's Consumer Confidential - MarketWatch: Debit-card fee debate could cost consumers
• Hearing Shows Credit and Debit Swipe Fees Cost Federal Government and Taxpayers $116 Million
• Capital One Survey Finds Nearly Half of Graduating High School Seniors Lack Confidence in Ability to Manage Personal Finances
• iovation Partners with Failsafe Payments to Expand Fraud Protection for Merchants

Fiserv has announced that more than 100 financial institutions have already committed to offer its ZashPay person-to-person (P2P) payments service. Fiserv says that "banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer." READ MORE »

Lamar, Colorado-based Valley National Bank has announced it is now offering mobile payments to its customers and community using Bling Nation's tap-and-pay for purchases at the point of sale. READ MORE »

Acculynk has announced that is has entered into an agreement with Fifth Third Processing Solutions' Jeanie Network to offer Acculynk's Internet PIN debit solution, PaySecure, to Jeanie participants this year. READ MORE »

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

• WSJ.com: End Seen to Free Checking
• Fraud and Mobility are Top Priorities for Bankers, According to Fundtech Survey
• American Banker: Mobile Banking for the Do-It-Yourself Crowd
• Western Union Appoints David G. Yates Executive Vice President, Alternative Channels
• CUSI Selects Capital Payments to Implement E-Commerce Solutions for the Utility Industry
• Convio and PayPal Team Up to Boost Donations for Nonprofits
• Tieto, Nokia and Nordea host Mobey Forum event in Helsinki
• NACS Online: Interchange Travels Up Main Street to Federal Government
• Network Branded Prepaid Card Association Enters Fifth Membership Year, Appoints New Chairman of the Board, Board of Directors
• Panini Announces Remote Deposit Capture Risk Management Web Seminar
• AuctionBytes: Payvment Shows How Ecommerce on Facebook is Done
• BusinessWeek: Wal-Mart Canada Launches Credit Card, Plans More Bank Products
• Credit Slips: Banking the Unbanked--Government-Sponsored Prepaid Cards?
• Credit Slips: Russell Simmons, Interchange Crusader
• Seeking Alpha: Interchange Fees 1: Debit or Credit
• Seeking Alpha: Interchange Fees 2: Credit Card Nudges, More on Specifics
• Leading Colombian Payment Processor and Aggregator Pagosonline Drives South American Business Expansion Using ThreatMetrix to Control Online Fraud
• NetBanker: Chase Bank Offering Small Business Clients $2,000 in Free Remote Deposit Capture Services
• FT.com: Walmart extends its banking interests (Green Dot)
• DealBook Blog - NYTimes.com: Wal-Mart Invests in Green Dot
• MarketBeat - WSJ: Don't Worry About the Rich, They're Spending
• Mobile Payment Transactions to Double in Value to $200bn by 2012, According to Juniper Research
• Channel NewsAsia: Paypal sets sights on Asia's appetite for mobile shopping
• NICE Actimize Named Top Anti-Money Laundering Solutions Provider in Operational Risk & Regulation Rankings
• Bankrate.com: Don't overpay for prepaid debit cards
• Bill.com Raises $8.5M in Series C Financing

In an article titled "FaceCash hopes to bring mobile payments mainstream", VentureBeat profiles Aaron Greenspan's recently launched FaceCash mobile payment service.

Earlier today, Facebook posted a new position for payments professionals on Glenbrook's PaymentsJobs.com job board:

• Payments and Billing Manager - Facebook - Palo Alto, CA

Is your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your openings for payments professionals on PaymentsJobs.com! Got multiple job openings to post? Contact me for a special discount!

Apple has introduced a new Apple Store iPhone application that provides a new interface to buying from the online Apple Store. In addition to shopping from the application, it provides the location and directions to the nearest Apple retail store, allows scheduling of Personal Shopping, Genius Bar, and One to One appointments, and sign up for workshops and events at local Apple Stores. [Editor's note: I used the new Apple Store app to reserve my new iPhone 4 for pickup next week!]

Earlier today, the British Retail Consortium published its Cost of Payment Collection Survey 2009. The survey, based on data covering 53% of total UK retail sales, found that debit cards are the most used form of payment representing 44% of UK retail sales. Cash represents 32% of sales - but 58% of transactions - while credit cards represent 21% of sales. Cheques acceptance is minimal - only 1% of sales.

In terms of costs per transaction, debit cards were 8.5 pence, cash 2.1 pence, credit cards 33.3 pence, charge cards 50.3 pence and cheques 38.6 pence. The weighted average costs across all tender types was 8 pence.

In a separate press release also issued today, the BRC asked for the UK Government to intervene the reduce the fees retailers pay to banks for card acceptance.

The Federal Reserve Board has announced it has approved "a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year." Click here to read the Federal Register item.

"The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers," said Federal Reserve Governor Elizabeth A. Duke. "Card issuers must also reevaluate recent interest rate increases and, if appropriate, reduce the rate." READ MORE »

CoreLogic Credco has announced the introduction of OneCheck, a suite of merchant verification and risk mitigation products, provided through a newly established merchant services division. According to the company, "OneCheck is the industry’s most flexible and competitively priced suite of merchant verification solutions available. It instantly collects, sorts and combines hundreds of decisioning data elements into an easy-to-read comprehensive report – all in a single transaction. The result is a consolidated one-source solution for fast, reliable risk mitigation and merchant prequalification." READ MORE »

Citi Cards has announced a new location-based mobile application called Citi Shopper that delivers "local offers and deals, compares prices, provides maps to nearby retailers, as well as reminds Citi cardmembers of offers and benefits specific to their Citi credit cards." The application was built by GPShopper and is available on the iPhone, Blackberry, Android and via browser.

In addition, Citi is making available MasterCard PayPass stickers that can be affixed to the back of mobile phones for contactless payments - and will also be providing a PayPass locator application to help cardholders find PayPass-accepting merchants. READ MORE »

The British Retail Consortium (BRC) said in a press release today that, "as part of its promised clampdown on irresponsible banking behaviour, the new Government should intervene to cut the excessive charges banks levy on retailers for accepting plastic. The combination of unjustifiably high card charges and growth of non-cash payment methods promises big windfalls for banks and a financial blow for shops and customers." READ MORE »

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

• Digital Transactions: Leveraging Twitter, Twitpay Narrows Focus to Donations, Gaming
• WSJ.com: UPDATE:Monthly Credit-Card Data Signal Continued Turnaround
• Turning Cash and Coins Into Gaming Fun on the Web: Rixty Data on User Spending Patterns
• CreditKarma.com: Credit Score Urban Legends - Debunked
• Courthouse News Service: American Express Faces Antitrust Complaint
• Reuters: Small banks fight card fee limits despite exemption
• Reuters: Credit card defaults fall again in May
• Walmart Canada Bank launches Walmart Rewards MasterCard
• Toronto Star: Wal-Mart Canada issues rewards-based MasterCard
• Visa: Digital Currency “The Future of Government Payments”
• EE Times Europe: NFC tag targets non-payment applications such as smart posters
• SmartMoney.com: Could Financial Reform Cap Credit-Card Rewards? - Personal Finance - Debt
• GetDebit.com: MangoMoney Cards will have High Interest Savings Accounts
• BankAtlantic Converts Instant Issue Program to Unembossed Debit Cards Utilizing Dynamic Card Solutions’ Instant Issue Technology
• Dollar Financial Corp Bolsters Global Management Team with Hiring of Senior Vice President of eCommerce
• eBillme: Hey Big Spender Contest Launches Today for Online Shoppers
• Joseph L. Cowan Named President and CEO of Online Resources
• Los Angeles Times: DAVID LAZARUS: Banks and merchants fight over transaction fees for debt and credit cards
• The Des Moines Register: Guest column: Congress should take swipe at fees
• Times Online: Row over bank card and credit card charges
• The Independent: Retailers urge ministers to stop 'excessive' card charges
• Banking Times (UK): HSBC shamed over retailers’ plastic charges
• Felix Salmon: Interchange fees: The latest salvo
• Core Economics: Misinformation on interchange fees
• Los Angeles Times: Fighting over debit-card fees
• National Restaurant Association Advocates for Interchange Fee Reforms
• Green Mill Restaurants, Inc. to Mobile-Enable its Brand Through a Relationship with Mocapay

PayPal has issued a call for papers for presentation at its 2010 PayPal X Developers Conference to be held in San Francisco on October 26-27, 2010.

"We are looking for session proposals from developers and members of the PayPal X Developer Network who have created unique solutions. We'd love it if you built them using the PayPal X Platform or APIs. This can include anything from IPN to PayPal Adaptive Payments to mobile and anything in between." Details here.

In a post on PaymentsViews.com titled "Getting Real About Durbin", Glenbrook's Bryan Derman writes about the Durbin amendment that could affect debit card interchange fees if it remains in the final consumer financial reform legislation currently being negotiated in conference committee in Washington.

Celent has published a new report titled "Lessons from the Mobile Payments Leader: What the World Can Learn from the Japanese Market" that identifies ways for the US and other countries to learn how to lay the groundwork for faster, more successful implementations of mobile NFC payment solutions - based upon the experience in Japan. From the abstract:

Within industry pundits' persistent predictions about the imminent advent of mobile near-field communication (NFC) contactless payments, the Japanese market is frequently cited as proof that such payments have a future. However, Japanese market reality is not as much of a straightforward success as many believe. Based on primary research with leading mobile carriers, banks, payment services/brands, and technology vendors, Celent estimates that there are 28 million registered mobile payments accounts in Japan . Furthermore, Celent estimates that there are about 20 million active mobile payments accounts. Respectively, these constitute 24% and 17% of all contactless payment accounts.

In May, the Federal Reserve Bank of Chicago held its annual payments conference - themed this year as "Payment Innovations in the Wake of the Financial Crisis". See the agenda page for a list of topics, speakers, and, where available, downloadable versions of their presentations. Glenbrook's Bryan Derman moderated a panel at the session on the topic of "Transformative Technology" that included a panel of speakers from Citigroup, USAA and Bling Nation.

PULSE has announced findings from its 2010 Debit Issuer Study that "the debit market remained robust during the second year of the economic downturn and is projected to grow strongly in 2010. The study finds that much of the growth in debit use is in small-ticket transactions, suggesting that more consumers prefer debit over cash."

PULSE also reported that "the 2010 Debit Issuer Study found that debit card penetration – the percentage of eligible accounts that can be accessed by a debit card – has remained steady at 73 percent since 2007. Sixty-four percent of consumer debit cards are active, largely unchanged from 66 percent in 2008."

With respect to fraud losses borne by issuers, PULSE found that "average signature POS fraud losses increased 43 percent last year from 5.2 basis points (bps) to 7.5 bps, and PIN POS fraud losses rose by 24 percent from 0.8 bps to 1.0 bps." READ MORE »

JPMorgan Chase has announced that Jack Stephenson is joining the firm as Director of Mobile, E-Commerce and Payments. According to Chase, Stephenson, most recently Senior Vice President of Strategy, Partnerships, Analytics and New Ventures at PayPal, "will lead the continuing evolution and implementation of a company-wide strategy for mobile devices and internet payments." READ MORE »

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

• Debit Amendment Runs Into Buzz Saw of Opposition
• North American Bancard Acquires Point and Pay
• Citi Sells Canadian MasterCard Business
• PayPal Blog: PayPal Policy Updates - raises chargeback fees, keeps partial fee on refunds, new Amex relationship
• Retrevo : The Connected Consumer and the Future of Mobile Commerce
• Gothamist: Did You Tap That MasterCard PayPass Yet?
• Sachin Mehra Joins MasterCard as Corporate Treasurer
• The Philippine Star: Visa generates $1-trillion credit card transactions
• Bucks Blog - NYTimes.com: Picking the Best Cash-Back Credit Cards
• Portals and Rails: Boston and Atlanta Feds cohost mobile payments industry roundtable meeting
• PaymentsSource: Payments Start-Up Aims To Go Beyond Small Retailers (Square)
• MTV and ZYNC from American Express(SM) to Launch Nationwide Job Search and Competition for First MTV TJ 'Twitter Jockey'
• CreditCards.com: 13 ways to beat bank fees
• ABC News: 10 of the Top Data Breaches of the Decade
• Hidden Credit Card Fee Draws Congressional Attention; House Judiciary Committee Holds Hearing on 'Credit Card Fair Fee Act'
• New Aite Group Report: New Regulation E Overdraft Rules: Are Banks Prepared?
• Visa: Overwhelming Majority of Americans Reject Anti-Consumer Debit Amendment Hidden in Wall Street Reform Bill
• GiftCardMall.com Offers Visa® 2010 FIFA World Cup™ Gift Cards
• Bankrate.com: 11 ways to protect against debit card fraud
• Tap Your Card, Collect the Ticket -- MasterCard(R) PayPass(TM) Cards Accepted at Warsaw Metro Stations and in the Polish Capital's Ticket Vending Machines Provided by OTI's Subsidiary, ASEC
• CB Insights: Payments Companies Scooping Up More Venture Capital Money
• KDDI Selects Gemalto to Collaborate on NFC Pilot in Japan
• Visa Data Shows Reasons for Optimism for South Africa Tourism: Strong First Quarter Growth and 2010 FIFA World Cup™
• U.S. Bank Multi Service Aviation Card Takes Flight in Switzerland
• Serverside Group and Shoreline Business Solutions Combine Forces to Offer Make-It-Mine®, a Turnkey Card Customization Solution for Community Banks and Credit Unions
• MasterCard and NagraID Security Introduce New Display Cards with Extended Features for Secure Banking Applications
• FIS to Acquire Compliance Coach, Inc.
• Credit Unions Lead Financial Institutions in Customer Experience Ratings

Several new positions for payments professionals have recently been posted to Glenbrook's PaymentsJobs.com job board:

• Senior Sales Executives - Digital River - Eden Prairie, MN
• National Account Executive - Banc of America Merchant Services - Melville, NY
• Product Development Architect - The Members Group - Clive, IA
• Manager, Risk Management - PayPal - San Jose, CA
• Sr. Product Manager - Online Resources - Princeton, NJ
• Product Manager, International Billing - Linden Lab - San Francisco
• Senior Industry Analyst - Card Issuing and Payments - Aite Group - San Francisco
• Leader, Online Channel Payments - TD Bank - San Francisco

Is your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your openings for payments professionals on PaymentsJobs.com! Got multiple job openings to post? Contact me for a special discount!