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« July 31, 2011 - August 6, 2011 | Main | August 14, 2011 - August 20, 2011 »

August 11, 2011

Citi Commercial Cards to Issue Chip & PIN Card Solution in U.S.

Citi logo 140pxCiti has announced the launch of the Citi Corporate Chip and PIN card, a compliant smart card designed for U.S. corporate cardholders traveling abroad
"Many of our clients are leading multinational organizations with cardholders that travel extensively,” said Julie Monaco, Head of North America Global Transaction Services, Citi. “They require a payment product that can meet their needs wherever their business takes them and Citi is at the forefront of bringing this product innovation to our commercial card clients."

August 10, 2011

NYCE Inks Agreement with China’s UnionPay

Cup logo 140x60pxNYCE logo 140pxNYCE has announced that it has signed an agreement with UnionPay (China’s bankcard association) to allow cardholders reciprocal access to ATMs in both networks.
“UnionPay attaches high value to giving UnionPay cards as many access points to their funds as possible. By enhancing the cooperation with its partners, UnionPay is focusing on building broader acceptance in the U.S.,” said Jianbo Cai, First EVP of China UnionPay. “Now more and more ATMs in the U.S. will accept UnionPay cards at key locations that are enabled via the NYCE Payments Network. This new cooperation between UnionPay and NYCE can serve both UnionPay and NYCE cardholders more effectively. We also believe that UnionPay and NYCE will have greater win-win opportunities in the future.”

First Data Releases July 2011 SpendTrend

First data logo 140px First Data has released its First Data SpendTrend analysis for the full month of July 2011 compared to July 2010.
Year-over-year dollar volume growth was 7.3% in July, a sharp slowdown from June’s 8.8% growth rate. Dollar volume growth was hampered by slower increases in average tickets. However, dollar volume growth at General Merchandise Stores, including Value Retail, rose 10.3%, the largest increase in 10 months. Value retailers increased merchant promotional activity and discounting to attract consumers.
SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.

iMingle Insurance Launches Instant Bill-Paying Site Utilizing QR Codes

Imingle logo 140x60iMingle Insurance has announced a new instant bill pay process that utilizes QR codes embedded in billing statements and the ever-popular mobile phone.
When iMingle customers receive a bill, they can just open it, scan it, pay it and shred it. The process is completely hassle-free, with no need to get to a computer, remember any usernames and passwords or search for credit card information. Select billing emails also include a direct link to a customer’s payment site, with no login required.

August 09, 2011

Visa Rolls Out EMV Roadmap for US

Visa logo 60pxhVisa has announced plans to accelerate the migration to EMV contact and contactless chip technology in the United States. "The adoption of dual-interface chip technology will help prepare the U.S. payment infrastructure for the arrival of NFC-based mobile payments by building the necessary infrastructure to accept and process chip transactions that support either a signature or PIN at the point of sale."
"By encouraging investments in EMV contact and contactless chip technology, we will speed up the adoption of mobile payments as well as improve international interoperability and security," said Jim McCarthy, global head of product, Visa Inc. "As NFC mobile payments and other chip-based emerging technologies are poised to take off in the coming years, we are taking steps today to create a commercial framework that will support growth opportunities and create value for all participants in the payment chain."
Visa believes chip technology will also help secure payments through the use of dynamic authentication. READ MORE »

Philadelphia Fed Publishes Presentations from Payment Card Conference

Philadelphia fed logoOn July 11 and 12, the Payment Cards Center of the Philadelphia Fed hosted a conference, “Government Use of the Payment Card System: Issuance, Acceptance, and Regulation.” They have now made some of the presentations from this conference available on the conference website.

Heartland Payment Systems Launches Mobuyle

HeartlandPayments logo 140pxHeartland Payment Systems has announced Mobuyle, a new mobile payments acceptance solution that combines a Mobuyle Android app and a Mobuyle Encrypting Reader that plugs into the audio jack (ala Square).
Mobuyle is designed for brick and mortar businesses looking for off-premise processing capabilities or on-site flexibility, including the ability to easily add extra point-of-sale (POS) payment terminals to dispel long checkout lines or “line-busting.” It is also ideal for mobile businesses that want to provide customers convenient payment options.

It also features electronic signature capture, GPS location capture, merchandise picture storage, and voice authorization capabilities, and enables merchants to accept card payments even if they are out of network range with Store and Forward (SAF) functionality.

CardinalCommerce and Alipay Form Partnership

Alipay logo 115pxCardinalCommerce has announced the addition of Alipay to its eCommerce platform, Cardinal Centinel. "Cardinal Customers can now have immediate access to the large number of Chinese shoppers who desire international goods through Cardinal Centinel®, the patented Universal Merchant Platform. With registered users numbering over 550 million, Alipay is China's first third-party online payment platform to offer a cross-border online payment solution."

August 08, 2011

Federal Reserve Reports Consumer Credit for June 2011

Fed The US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at an annual rate of 4.25% in the second quarter. In June, consumer credit increased at an annual rate of 7.75%, with revolving credit increasing at a rate of 8% and nonrevolving credit increasing at a rate of 7.5%."

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