If you haven't heard (!), earlier today Apple introduced the iPad - a new "magical and revolutionary device" that extends the iPhone/iPod touch platform to a new, larger size form factor. Beginning at a $499 price point, the iPad includes WiFi connectivity with 3G access as an optional feature via the AT&T network.

What are the implications of this new device for the world of banking and payments? Chatting around the Glenbrook water cooler this afternoon, we came away thinking we'll end up seeing iPads in unusual places - perhaps as POS devices, as kiosks in stores, etc. The 1024x768 pixel display would seem to the new design point for online banking user interfaces, bill presentment, receipts, etc. The iPad lacks a built-in camera - so it's not suitable for remote deposit capture out of the box. But, having 125 million payment credentials already on file is most impressive!

How about you? What are your banking/payments-related application ideas for the new Apple iPad? Comment here.

The Department of the Treasury and the Board of Governors of the Federal Reserve System have announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act. The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.

Eric Pfanner reports for the International Herald Tribune on passage Saturday of legislation that is intended to "make it a crime to use credit cards or online payment systems for Internet betting." The legislation provides for a 270 day period within which the Treasury Department and the Federal Reserve System would need to enact the specific rules to implement the legislation. A primary sponsor of the legislation, Rep. Jim Leach of Iowa, takes credit for its passage on his web site.

Stacy Kaper reports for the American Banker on comments from Rep. Jim Leach on last week's demise in the Senate of a bill intended to limit Internet gambling. The Independent Community Bankers of America had commented late last month (PDF) that the bill would "would create an impossible compliance burden for “uncoded” transactions. Unlike credit card transactions, which include a code that identifies the type of business – including gambling – that is receiving payment, uncoded transactions do not provide a bank with this information. So, while it is possible to monitor and block credit card transactions, a bank cannot do this with uncoded transactions. Uncoded transactions include Automated Clearing House (ACH) transactions as well as paper and electronic checks."

The AP reports that the House has passed legislation today that would "prevent gamblers from using credit cards to bet online and could block access to gambling Web sites." Reps. Bob Goodlatte, R-Va., and Jim Leach, R-Iowa sponsored the bill.

Michael Jivkov writes for the UK's Independent about yesterday's financial results reported by Neteller and asks the question "is there no end in sight to the company's growth?"