Discover Card’s Diners Club International and SIX Multipay, a Swiss-based payment services provider, announced that they have signed a long-term merchant acquiring agreement. SIX Multipay will provide merchants with single source electronic payment services for the acceptance of Diners Club and Discover Network card products in key European regions including Switzerland, the United Kingdom, France, Germany, Ireland, Belgium, Netherlands and Luxembourg. This is the first multi-country, acquirer agreement to further European acceptance of Diners Club and Discover Network cards.Details
Financial services provider Waterfield has partnered with Metavante for core processing services. This partnership includes a unique solution that allows
Waterfield Bank customers will experience a
more streamlined system through the Metavante partnership by receiving
one statement, one check book and one debit card and be able to
access multiple FDIC-insured institutions. This partnership includes a unique solution that allows
Waterfield Bank customers access to up to $750,000 in FDIC insurance
through a single account.
HomeATM ePayment Solutions announced
their newest product, “Safe-T-PIN” has been Payments Card Industry
(PCI) PIN Entry Device (PED) 2.0 certified. The “Safe-T-PIN” POS terminal is the
first ever Internet PED to achieve such certification. It provides secure two factor authentication for e-commerce transactions
and secure log-in. The “Safe-T-PIN” also allows authorized secure person-to-person (P2P)
money transfers in real-time. The pocket-sized Safe-T-PIN(TM) is USB “plug and play,” eliminating the
need for drivers or downloads. Additionally, it works with any operating
system or browser. The device provides users with the added convenience
of swiping their cards versus keying in their numbers and will work with
any bank, card processor, and currency. HomeATM owns a global patent for secure Internet PIN based transactions.
A new report, “Tapping potential in Europe’s
card market” from Arthur D. Little reveals that cash
payments still constitute 80% of total payments made in Europe. Arthur
D. Little advises that for European card
providers seeking further growth, maximizing the value they derive from
customers and expanding the customer base will be key issues. Card
providers can pursue increased customer value by retaining existing
customers, acquiring new customers and targeting high-value customers
and recommends that card
providers should make customer retention their prime focus. The report
cites a number of examples of reward programs that have
combined with banking services to provide benefits to customers beyond
traditional points schemes. The Bank of America, for instance, has
recruited over 5 million customers since the launch of its ‘Keep the
Change’ card in October 2005, which enables cardholders to automatically
transfer to a savings account the difference between the price of a
purchase and the price rounded up to the nearest dollar. In South Korea,
check cards differ from credit cards
in that payment is drawn directly from the cardholder’s checking account
(like a debit card), but are similar in that they offer benefits such as
discounts, air miles, cash back and monthly bill payment. As a result,
South Korea has seen a rapid growth in the adoption of this type of card.
Growth in credit card debt dipped again in January, declining by A$700 million. Credit card volume also slipped 3% due to the weight of credit card surcharges and the economy at large. Year-on-year credit card debt growth has slowed to 5%, compared to 6% in the prior month and 10% one-year ago. According to the Reserve Bank of Australia credit card balances hit A$44.6 billion in January versus A$42.3 billion one-year ago. Credit limits now stand at A$123.6 billion, compared to A$115.3 billion in January 2008. According to the Reserve Bank of Australia there are currently 14.3 million credit card and charge card accounts in Australia, compared to 14.0 million one-year ago.Details
A new survey has found that “Mass Affluent” consumers (78%) have not
changed their credit card payment behavior in the last 12 months,
despite economic turmoil in the country. Of Mass Affluent respondents
who changed their payment behavior, Chicago-based Mintel found that 11%
formerly paid credit card balances in full each month but now don’t,
while 11% are now making smaller monthly payments. Younger “Mass
Affluent” consumers, especially those under age 45, are more likely to
be making smaller payments each month. Hispanics too have been harder
hit by the economy, and 50% of “Mass Affluent” Hispanics say theyâve
changed their payment behavior. Though most “Mass Affluents” are paying
off their credit card bills each month, Mintel found that many feel
deeply affected by the faltering economy.
Reinforcing the need for vigilance on security at the merchant level,
Visa released a new survey showing that many consumers are choosing to
shop only with retailers they trust to protect their personal data. Of
the 800 U.S. credit and debit cardholders surveyed February 3-5, 2009,
59% said they had decided not to make an online purchase at a particular
web site because they did not trust that site. Another 49% said they had
opted not to shop with a merchant they did not recognize, for fear of
having their personal data stolen.
Shoppers Drug Mart Corporation has rolled out the “Shoppers Optimum
MasterCard” credit card from MBNA Canada Bank, Customers can earn up to
25 Shoppers Optimum Points for every dollar they
spend at Shoppers Drug Mart and Pharmaprix when using both their
Shoppers Optimum MasterCard credit card and their Shoppers Optimum Card.
For every dollar spent, 15 Shoppers Optimum Points will be awarded for
using the credit card and 10 points for using the Shoppers Optimum Card.
When using the credit card elsewhere, cardholders will earn five
Shoppers Optimum Points for every dollar they spend. To celebrate the
launch of the Shoppers Optimum MasterCard,
cardholders will also receive 15,000 Shoppers Optimum Bonus Points,
valued at $25, for the first retail purchase made with the credit card.
Shoppers Drug Mart has more than 1,119 Shoppers Drug Mart and Pharmaprix
operating in prime locations in each province and two territories.
Smart card specification body GlobalPlatform has named
GlobalPlatform, the international specification body
for smart card infrastructure, has appointed Christophe Colas of Trusted
Logic as the new Chair of its Device Committee. Colas is currently
Professional Services Manager in the
Professional & Consumer Devices Business Unit at Trusted Logic. He is
responsible for technical marketing and leads customer integrations of
the company’s wireless security middleware. Christophe’s professional
experience has always been related to multi-application smart card
accepting devices such as payment terminals and wireless devices, and he
has been actively involved in several consortia concerned with
maintaining open standards for smart cards.
Visa’s chief enterprise risk officer discussed the low rate of card
fraud and measures needed to keep the incidents low at Visa’s Global
Security Summit. Ellen Richey told security experts today that payment
card data fraud rates remain near historic lows despite economic woes
and high-profile compromises, and called for continued industry
investment, collaboration and innovation, three key
components in keeping the electronic payment system secure in the
future. Richey also addressed recent security compromises by reminding
the audience that compliance with the Payment Card Industry Data
Security Standard (PCI DSS) continues to be the industry’s best tool to
guard against theft of cardholder data
and the best protection for businesses against unwanted intrusions. She
also added that PCI DSS validation is an annual, minimum requirement for
organizations but that true compliance with PCI DSS is an ongoing effort
Vancity Visa is piloting the use of “ecoEnvelopes”,two-way envelopes
that enable mailers to use one
reusable envelope instead of two traditional envelopes, eliminating the
need for business reply envelopes. To use, Vancity members open the
envelope by tearing along a tab on the
back flap. Addressees can then simply turn around the business reply
insert so that the reply address and postal permit appear in the
envelope window. A wider flap enables the envelope to be sealed once
again, eliminating the need to use a second envelope.
This new initiative supports Vancity Visa’s environmental commitment. In
2007 alone, 37 million business reply mail items were used in Canada.
The new ecoEnvelopes eliminate these business reply envelopes in
mailings, making a significant contribution to reducing the number of
envelopes that are discarded each year.
The business and assets of ID Data Limited have been purchased by Card
Data Management Limited, subject to completion. CDML is a special
purpose investment company focusing on the card services industry and
backed by funds provided by Carl Pauwels an international banking
specialist; Peter Cox, the founder of ID Data and a Singapore based
investment fund. The three parties have together acquired the business.
During Administration ID Data reorganised and strengthened it’s
production management with the appointment of a new personalisation
Bureau Manager with nineteen years experience, and a Card Production
Manager with twenty years experience gained working for major
competitive global players.
Card Data Management Limited has committed substantial working capital
to the business, to ensure a continuation of its current leading edge
card technology business and rapid future development.