Amex logo 140px The Wall Street Journal and others outlets have recently reported that American Express has partnered with Tencent Holdings to enable Tenpay users to make online purchases outside of China using a new American Express services called 'GlobalShop'. Tenpay is the number two online payment enabler in China, after Alipay, with roughly 20% market share.

Payments Views: Contemplating New Debit Fees

GP Logo Horizontal 140px Over on our sister blog, Payments Views, Glenbrook's Bryan Derman shares his thoughts on the new debit card fees. While sympathetic to the economic plight of the large retail banks, he also questions the message big banks are sending to their customers.

…the idea of buying a checking account where the debit card is a feature requiring a supplemental fee must seem like buying a new car from General Motors that considers a steering wheel or tires to be a separately priced option.

Visa and MasterCard Increase Small Ticket Debit Interchange

Chart growth 140px Visa and MasterCard have increased small ticket debit interchange up to the legal cap prescribed by Regulation II. To understand the impact of this increase on small ticket sellers, see this story in Digital Transactions magazine on the likely reaction from vending operators. For reference, Visa's US Interchange Rate Schedule is located here; MasterCard's Schedule is here.

Heartland To Pass Savings from Debit “Swipe” Fee Reform to Merchants

Heartland Payment Systems announced that it will pass the debit swipe fee cost savings from the Durbin Amendment directly to its merchants.

“Business owners work hard for every penny they earn, and Heartland is helping them keep more of their money,” said Bob Baldwin, president at Heartland. “It’s easy for a processor to say it will pass the savings along to its merchants, but the reality is, many won’t. As a result, unfortunately many merchants will miss out on some or all of Durbin’s financial benefits, ultimately costing them thousands of dollars.”

NRF Says Swipe Fee Cut Will Save Merchants and Consumers Billions

NRF logo 140 The National Retail Federation (NRF) has issued a statement on the Regulation II debit card rate cap going into effect this past weekend:

“Retailers across the nation are developing a wide range of innovative ways to pass these savings along to their customers with lower prices and better value,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Change won’t come overnight, but consumers will definitely benefit. Reducing these fees will put billions of dollars back into the Main Street economy, helping American families stretch their paychecks and ultimately preserving and creating local jobs to keep America on the road to recovery.”

Reaction to New Debit Card Fees from Major Banks

The debit card interchange cap of Regulation II went into effect on October 1st, 2011. The New York Times has a nice summary of how the regulated banks are reacting, particularly with regards to implementing monthly debit card fees: