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Debit Cards

Welcome to the News View for "Debit Cards".

Here, on these archive pages, you'll find all of the articles on Payments News for Debit Cards listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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July 17, 2009

Bank of America Reports Second Quarter 2009 Financial Results

Tags » Bank of America, Card Issuers, Credit Cards, Debit Cards  » Comments (0)

BankofAmerica_logo-140px.jpgBank of America Bank today reported second-quarter 2009 net income of $3.2 billion down slightly from last year's $3.4 billion. The bank's Global Card Services unit had a net loss of $1.6 billion compared to a $582 million of net income in the same quarter last year. Loans outstanding declined 8% to $220 billion. Credit card purchase volume fell dramatically, down 19.5% year/year to $51.9 billion. Debit card purchase volume increased slightly to $55.2 billion.

July 15, 2009

Canada's INTERAC Partners with INSIDE for Contactless Debit Cards

Tags » Canada, Card Technology, Contactless Payments, Debit Cards, INSIDE Contactless, Interac  » Comments (0)

Interac_logo-140px.jpgCanada's Interac Association has announced a partnership with INSIDE Contactless, the world leader in open-standard contactless chip technologies to develop chips containing the specifications for INTERAC’s contactless payment service. According to the companies, this partnership will enable Interac Association and its members to offer their debit card users a “next generation” retail payments solution. READ MORE

June 15, 2009

SunTrust, Delta to Introduce New SkyMiles Check Cards

Tags » Airline Payments, Card Reward Programs, Debit Cards, SunTrust, Visa  » Comments (0)

suntrust-delta-skymiles-debit-140px.jpgSunTrust and Delta Air Lines have announced that consumers and businesses will soon be able to earn Delta miles on all signature-based purchases made with a new SunTrust SkyMiles Check Card, launching June 22. According to the two companies, "this will be the first time Delta has offered mileage-earning opportunities through a check card, and is the first co-branded check card relationship for SunTrust." The card will have a minimum annual fee of $20. READ MORE

June 04, 2009

Pulse Releases 2009 Debit Card Issuer Study

Tags » Debit Cards, Pulse  » Comments (0)

pulsenetwork_logo.png
Pulse has announced findings from its 2009 Debit Issuer Study including several positive trends for financial institution debit card issuers such as sustained debit transaction growth despite the recession. This study also found that, while the use of PIN debit has increased, fraud loss rates have declined. READ MORE

June 03, 2009

The Way We Pay 2009 - UK Cash & Cash Machines

Tags » APACS, Credit Cards, Debit Cards, UK  » Comments (0)

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Photo: AustinEvan
The Payments Council in the UK has announced the publication of The Way We Pay 2009: UK Cash & Cash Machines, providing the latest data on how UK consumers are obtaining and using cash and how this is forecast to change 2008 cash and cash machine data shows:

71% of all cash acquired by consumers came from cash machines

2.9 billion cash machine withdrawals were made last year - equivalent to 91 withdrawals per second

Cash payment volumes are forecast to fall by 27% over the next 10 years

If current trends persist, next year for the first time debit card spending will overtake cash spending by value in the UK. READ MORE

May 28, 2009

Yet Another Example of Consumers Preferring Debit Cards

Tags » Credit Cards, Debit Cards, India  » Comments (0)

A report in today's Business Standard (India) titled "Consumers prefer debit cards in slowdown" notes that, according to data from the Reserve Bank of India, consumers are preferring to use debit cards over credit cards. In fact, the number of credit cards in circulation in India actually declined from 28.3 million cards a year ago to 24.6 million cards today.

May 23, 2009

The Hidden Cost of Credit Cards

Tags » Card Issuers, Card Reward Programs, Credit Cards, Debit Cards, Merchants  » Comments (0)

In an article titled "Revealing the Hidden Cost Of Credit Cards" in tomorrow's Sunday Washington Post, Michelle Singletary writes that "transactors" (those who pay off their credit card bills every month - sometimes called "convenience users") may soon see the return of "widespread annual fees" on their credit cards.

Could this result in a further acceleration of spending away from credit cards and toward debit cards - as transactors finally decide the float/rewards benefits of their credit cards just aren't worth the new money they might cost?

Who wins in that scenario? Debit cards are cheaper for merchants to accept. Would they be the beneficiaries?

May 15, 2009

UK Card Payment Statistics from APACS for 1Q 2009

Tags » APACS, Credit Cards, Debit Cards, UK  » Comments (0)

APACS has published its latest quarterly statistical release - reporting that in the first quarter were 1.9 billion plastic card purchases made in the UK totalling £94.2 billion compared to 1.8 billion purchases totalling £91.2 billion in the first quarter of 2008. The number of purchases was 4.0% higher than in 2008 Q1, and spending was 1.7% higher. Debit card usage continued to outpace credit cards - with debit cards accounting for 74.5% of all plastic card purchases in 2009 Q1 compared with 73.3% in 2008 Q1.

May 12, 2009

ICICI Bank to Issue Visa Debit Cards in the U.S.

Tags » Debit Cards, India, Visa  » Comments (0)

India's ICICI Bank and Visa have announced a strategic relationship that will enable ICICI’s New York Branch to issue Visa Debit cards in the U.S. The bank will offer Visa Debit cards to its Global Indian Account and other checking account customers at its New York branch. The Global Indian Account service addresses the banking needs of Indians moving overseas who require access to local banking facilities in the United States. READ MORE

May 08, 2009

What Do Consumers Pay on Checking and Credit Card Accounts?

Tags » Banking Industry, Checking Accounts, Credit Cards, Debit Cards  » Comments (0)

Victor Stango and Jonathan Zinman have published a paper titled "What Do Consumers Really Pay on Their Checking and Credit Card Accounts? Explicit, Implicit, and Avoidable Costs" icon_PDF_small.gif. The authors say they're attempting to answer the following questions:

What do people really pay to use their bank and credit card accounts, and which components of cost are the largest? Of all the costs that people pay, which could they easily avoid by making different day-to-day choices? And how stable are both the level of costs and the share of costs that are “avoidable,” for a given person over time?

May 07, 2009

PULSE Launches New Surcharge-Free ATM Network

Tags » Debit Cards, Pulse, US Bank  » Comments (0)

PULSE has launched PULSE Select, a surcharge-free ATM network alliance with the MoneyPass Network. The PULSE Select/MoneyPass Surcharge-free ATM Network provides financial institution participants with access to more than 16,000 surcharge-free ATMs in the US. READ MORE

May 04, 2009

Total U.S. Visa Debit Volume Surpasses Credit for First Time

Tags » Debit Cards, Visa  » Comments (0)

Visa last week announced that spending on Visa debit cards in the U.S. had surpassed Visa credit card volume for the first time in the company’s history. For the period ending December 31, 2008, Visa's US debit payments volume was $206 billion, compared with credit payments volume of $203 billion. Debit transactions were nearly 70% of U.S. transactions for the same time period, representing an increasingly larger portion of Visa’s U.S. transactions. READ MORE

April 30, 2009

A Look at US Debit Card Spending

Tags » Credit Cards, Debit Cards  » Comments (0)

In an article titled "Debit-Card Use Overtakes Credit", Robin Sidel writes for the Wall St. Journal about the increasing usage of debit cards by US consumers. Sidel notes that Visa reported yesterday that during the last quarter of 2008 debit card purchase volume slightly exceeded credit card purchase volume for the first time in Visa's history.

Similar statistics released earlier this week by APACS in the UK show the surging volume on debit cards in that particular market.

April 28, 2009

UK Payments Industry Publishes 2008 Spending Data

Tags » APACS, Credit Cards, Debit Cards, UK  » Comments (0)

APACS has released new figures from the UK payments industry that give an authoritative overview of UK consumers’ spending habits last year.

According to APACS, "the figures show that 2008 followed the key trends seen over recent years with cash and credit card spending remaining comparatively flat, cheque use falling and spending on debit card and electronic payments continuing to rise. In particular last year, the growth of debit card spending at retailers remained strong with spending rising by 6.8%: debit cards now account for two-thirds of spending on plastic cards.

The retail spending statistics, which cover all online and offline retail transactions in 2008, show that of a total £269.9bn spent by consumers, 43 per cent (£116.1bn) was by debit card, 32 per cent (£86bn) was by cash, 23 per cent (£60.7bn) was by credit card and only 3 per cent (£7.1bn) was by cheque."

READ MORE

April 27, 2009

A Look at Visa Debit in Canada

Tags » Canada, Debit Cards, Visa  » Comments (0)

In an article titled "Credit card wars, Part 2: Cards hugely benefit merchants" in Canada's Financial Post, Visa Canada head Tim Wilson writes about why he believes Canadian merchants should embrace Visa's debit products - rather than trying to get the Canadian regulators to impose regulation and price controls on cards.

Wilson writes:

The government intervention retailers are asking for has been tried in Australia and, while business costs have decreased, Australian consumers are worse off. They have seen credit card fees increase, card benefits reduced, the introduction of surcharging at the point-of-sale and savings realized by the retailer have not been passed to consumers."

April 23, 2009

April 20, 2009

Bank of America Reports 1Q09 Financial Results

Tags » Bank of America, Card Issuers, Credit Cards, Debit Cards  » Comments (0)

Bank of America Corporation today reported first-quarter 2009 net income of $4.2 billion.

The bank's Global Card Services unit, which now includes Debit Card, swung to a net loss of $1.8 billion as the weak economic environment drove credit costs higher. Credit card purchase volume declined 19.7% to $48 billion compared to $59.8 billion in 1Q08. Credit card chargeoffs grew to 8.62% totaling $3.8 billion vs. 5.19% of $2.4 billion in 1Q08. Debit card purchase volume grew 2.2% to $51.1 billion.

April 15, 2009

Canada's Interac: "In a Fight for Its Life"

Tags » Canada, Debit Cards, Interchange Fees, MasterCard, Visa  » Comments (0)

In an article titled "Interac in a fight for its life", Theresa Ebden writes for Canada's Globe & Mail about how Visa and MasterCard are challenging Interac in Canada for debit card business. Merchants are concerned that debit card acceptance costs will increase if Visa and MasterCard are successful selling their debit card products to Canadian bank issuers.

April 07, 2009

A Glimpse into the Interchange Fee Debate in Canada

Tags » Canada, Card Reward Programs, Credit Cards, Debit Cards, Interac, Interchange Fees  » Comments (0)

In an article titled "Credit card companies should stay out of the debit card market", Craig McInnes writes for the Vancouver Sun about the costs to merchants of payment card acceptance. He discusses both the costs of rewards cards to merchants as well as a concern that replacing Interac debit cards would also increase costs to merchants. According to McInnes, "that would drive up the price of everything we buy."

April 02, 2009

MasterCard's European Interchange Fee Methodology

Tags » Credit Cards, Debit Cards, Interchange Fees, MasterCard  » Comments (0)

In remarks given to a press conference yesterday, Neelie Kroes, European Commissioner for Competition Policy, noted that with MasterCard's changes to its interchange fees in Europe, "the aim of the new MIFs to be applied by MasterCard is that a merchant's costs in accepting card payments should be no higher than the benefits from avoiding receiving cash." Yesterday, MasterCard announced new interchange fees for cross-border transactions on consumer credit card transactions at 0.3% and at 0.2% for its consumer debit card transactions.

March 25, 2009

MasterCard Canada Responds to Retailer Concerns

Tags » Canada, Debit Cards, Interchange Fees, MasterCard  » Comments (0)

In a press release, MasterCard Canada said it "has accepted an opportunity to appear before the Senate Standing Committee on Banking, Trade and Commerce in order to discuss the payments industry, as well as to address the significant misinformation being propagated by retail sector lobbyists." MasterCard Canada also has a web site on the subject of interchange fees called InterchangeTruth.com. READ MORE

March 24, 2009

Canadian Merchants Lobby Against Visa/MasterCard Debit Cards

Tags » Canada, Debit Cards, Interchange Fees  » Comments (0)

The "Stop Sticking It To Us" Coalition, representing over 200,000 Canadian businesses, small, mid and large, says it is gathering in Ottawa this week to combat overcharging by VISA and MasterCard. Speaking on behalf of the Coalition, Retail Council of Canada President, Diane J. Brisebois said, "The credit card companies are pushing to take over debit transactions and hike credit card service charges. That's bad for merchants, and bad for consumers. At a time when governments are asking Canadians to stimulate the economy by spending on goods and services, credit card companies skimming more off the top is not helping our economic recovery." READ MORE

March 23, 2009

Survey Finds Consumers Want Opt-In Choice on Overdraft Coverage

Tags » Banking Industry, Checking Accounts, Debit Cards, Overdraft Fees  » Comments (0)

A new Center for Responsible Lending survey icon_PDF_small.gif finds that U.S. consumers overwhelmingly want to be asked their preference before a bank or credit union enrolls them in a program to cover debit card purchases when they do not have the funds. READ MORE

PULSE to Pilot Internet PIN Debit Technology from Acculynk

Tags » Acculynk, Debit Cards, ECommerce Payments  » Comments (1)

PULSE has signed an agreement with Acculynk under which PULSE will test Acculynk’s PaySecure Internet PIN debit technology in a pilot program. The pilot will involve selected PULSE merchant and financial institution participants and is slated to begin in the second quarter of 2009. READ MORE

USA Today Looks at Bank Overdraft Fees and Practices

Tags » Checking Accounts, Debit Cards, Overdraft Fees  » Comments (0)

In this morning's USA Today, Kathy Chu examines the practices of US banks with respect to how they handle overdrafts on checking accounts, how they clear checks, and more. She lists automatic enrollment, high-to-low clearing, confusing statements, and other practices as reasons consumers need to be careful about managing their checking accounts and debit card usage. Included in the story is a survey of the overdraft practices of the top 10 US banks.

March 21, 2009

House Subcommittee Hearing on Proposed Credit Card Changes

Tags » Card Issuers, Credit Cards, Debit Cards, Financial Regulators, Overdraft Fees  » Comments (0)

On Thursday, the House Subcommittee on Financial Institutions and Consumer Credit held a hearing on H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009 and H.R. 1456, the Consumer Overdraft Protection Fair Practices Act of 2009. READ MORE

March 12, 2009

More on Overdraft Fees

Tags » Banking Industry, Checking Accounts, Debit Cards, Financial Regulators, Overdraft Fees  » Comments (0)

Banks shouldn’t be allowed to automatically enroll their customers in expensive overdraft loan programs, according to Consumers Union, the nonprofit publisher of Consumer Reports. The group urged the Federal Reserve Board in a letter today to require banks to get their customers’ permission first before signing them up for high fee overdraft loan programs for overdrafts triggered by ATM and debit transactions. READ MORE

March 10, 2009

Updates from the Merchant Risk Council's Annual Conference

Tags » Card Fraud, CyberSource, Debit Cards, ECommerce Payments, Glenbrook, Merchant Risk Council  » Comments (0)

Glenbrook's Allen Weinberg and Jay DeWitt are participating in this year's Merchant Risk Council e-Commerce Payments and Risk Conference this week in Las Vegas. This is the seventh year for the conference and it's completely sold out.

On our new PaymentsViews.com web site, Allen has posted his highlights from today's morning and afternoon Platinum Day sessions. Today's topics included the CyberSource 2008 Fraud Survey findings and PIN-debit for eCommerce.

Jay will be leading a panel discussion on Thursday on "Payments as Business Strategy" - highlighting how payments management is an important part of any eCommerce Merchant's overall strategy, both in keeping expenses in line but also, and, even more importantly, contributing to top line merchant revenues.

Stay tuned for more updates here by Allen and Jay from this important annual conference for eCommerce merchants.

Bank of America's Add It Up Offers Cash Back for Online Shopping

Tags » Bank of America, Card Reward Programs, Credit Cards, Debit Cards, ECommerce Payments  » Comments (0)

Bank of America has announced the launch of a new online shopping site that "allows enrolled customers to earn up to 20% cash back on their purchases at more than 270 online retailers, including top names such as Walmart.com, BestBuy.com and Barnes & Noble.com. Customers with a current Bank of America credit or check card who are enrolled in online banking can register for free through the Add It Up site at http://www.bankofamerica.com/additup." READ MORE

March 04, 2009

KeyBank First to Launch World Debit MasterCard

Tags » Card Issuers, Consumer Payments, Debit Cards, Key Bank, MasterCard  » Comments (0)

MasterCard Worldwide has announced the launch of the World Debit MasterCard card, calling it "a premium debit card that provides U.S. consumers with unique rewards and savings opportunities, purchase protection, and security benefits. KeyBank today became the first financial institution to introduce World Debit MasterCard to its customers." The new card includes MasterCard PayPass contactless payment functionality. READ MORE

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