Visa and Elan Ink Canadian Government Cards

Visa announced in Canada that U.S. Bank’s Elan Financial Services will
provide Visa acquisition cards to the Government of Canada for a
contract period of up to five years. Elan is one of two providers
selected to issue cards to departments and agencies of the Canadian
government. Operating in Canada since 2000, Elan first acquired the
Royal Bank of Canada “Purchasing Card” and “Corporate Card” portfolios,
and subsequently in 2006 acquired the CIBC “Purchasing” and “Corporate
Card” portfolios. Currently, in Canada, Elan manages more than 1,800
commercial card relationships spending in excess of CDN $2.2 billion
annually.

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USA Technologies Lands Another ePort Patent

USA Technologies has been awarded its 69th patent for the RFID-equipped
“ePort” product line. The invention relates to a cashless vending system
that utilizes a
tethered payment interface which is mountable
on the external surface of a vending machine while the payment module
portion of the system resides inside the vending machine. An advantage
of this system is that when a bill validator slot opening in the vending
machine is available, the tethered payment interface can be secured to
an adapter plate and mounted in the available slot. However, when a slot
opening in the vending machine is not available, then the tethered
payment interface can be located and secured on the external surface of
the vending machine. In addition, the tethered payment interface is
configured to be user accessible, provide an informational display,
accept magnetic cards and accept RFID device data.
USA Technologies provides networking of wireless non-cash
transactions, associated financial/network services and energy
management.

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Constantine Cannon Securitizes MasterCard Payment

Law firm Constantine Cannon issued an announcement in the “Visa
Check/MasterMoney Antitrust Litigation” regarding updates to the
settlement fund. On March 6, 2009, Lead Counsel filed with the Court a
request to sell (or to securitize) MasterCard’s remaining payment
obligations, which currently total $400
million and will be paid into the settlement fund in four annual
installments between 2009 through 2012. If the request is approved and
the securitization is completed, Lead Counsel will be able to make
lump-sum distributions of residual
payments to Class Members who filed approved claims instead of making
installment payments over the next four years of any residual amounts.

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SBI

Secure e-payment provider Arcot Systems has been selected by card issuer
SBI Cards to provide the “Arcot 3-D Secure” compliant authentication
solution to help protect their cardholders from internet fraud while
shopping online. Deployment of the “Arcot TransFort 3-D Secure”
solution will dissuade
unauthorized use of credit and debit cards for Internet transactions
resulting in improved protection from identity theft. Moreover, online
retailers who participate in the 3-D Secure authentication protocol are
now assured added protection against fraudulent chargebacks from SBI
Cards transactions.

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EnXnet Acquires Rights to the MultiMedia Gift Card

EnXnet has acquired marketing rights for the “MultiMedia Gift Card”.
EnXnet is the owner of the “ThinDisc” Technology. This technology was
licensed to enable the “MultiMedia Gift Card” to work
properly. The marketing firm has now granted the right to market and
sell small to midsized orders to EnXnet, Inc. These rights include the
ability to approach the lucrative market of
companies that typically request small to midsize orders. The larger
fortune 1000 sized companies will continue to be marketed by the current
marketing firm. The small to midsize
orders would be for any individual quantity ordered under 100,000 units.
Larger orders would still be accepted but handled differently.

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MONITISE INDIA

Monitise plc has announced the formation of Monitise India. The company
will bring together a consortium of investors from across
the financial services and mobile technology market. ICICI Bank, The
proposed
Monitise India mobile money service has been designed around the
‘ecosystem’ principle. This leverages existing banking standards, such
as ISO 8583 & IFX, to connect regulated bank and card accounts with
multiple mobile networks. The planned services include balance enquiry,
transaction reports,
payments to merchants or other people, transfers between accounts, bill
payment and the ability to top up pre-pay mobile phone accounts.
The new service will let customers of participating financial
institutions manage their money and make payments on the move using
their choice of mobile network and handset.

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Discover Lands $1.2 Billion in TARP Funding

Discover Financial Services has received $1.2 billion in cash in
exchange for issuing its preferred stock and a warrant to purchase its
common stock as part of the U.S. Treasury’s “Capital Purchase Program.”
Discover issued and sold to the Treasury 1,224,558 shares of its
preferred stock and a 10-year warrant to purchase 20,500,413 shares of
its common stock at an exercise price of $8.96 per share. The preferred
stock will pay cumulative dividends at a rate of 5% per annum for the
first five years, and 9% per annum thereafter.

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SCOTIA MOMENTUM VISA

Scotiabank has launched the “Scotia Momentum Visa card” that provides 2% cash back on gas station,
grocery store, drug store and recurring-payment purchases. The “Scotia Momentum Visa” replaces the discontinued Scotia Moneyback
Visa product.
As a special three-month introductory offer, Scotiabank is offering new
and existing customers a full two per cent cash back reward on all items
purchased with the card. Other key features of the new “Scotia Momentum Visa” card includes full
cash back rewards, as opposed to a tiered system of rewards; 2% cash back can be earned at any merchant classified by Visa as a gas station, a
grocery store, a drug store, or as a recurring payment merchant; purchase
security and extended warranty protection applies to all purchases made with
the card; interest free grace period of up to 21 days when you pay in
full for the current and previous month; no inactive fee; and cash back reward
payouts every November. Almost 48% of Canadians would use a
credit card more if a 2% cash back incentive was available,
according to the Harris/Decima poll.

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WELLS FARGO ACH

Wells Fargo & Company has
launched “International Automated Clearinghouse” (ACH) credit services
to India, Hong Kong and Singapore. The addition of these markets extends
Wells Fargo’s global ACH commitment to meet corporate customers’ needs
in Asia. For companies who need to make cost-effective cross-border
payments, ACH offers a lower-cost alternative to international wires and
greatly reduces or eliminates lifting fees. The Asia services are
completely integrated into all Wells Fargo ACH
origination channels, which include direct transmission, Internet, and
the proprietary “Payment Manager” service. This enables customers to
send ACH payments to additional countries within their existing payments
workflow. Wells Fargo & Company is a diversified financial services
company with $1.3 trillion in assets, providing banking, insurance,
investments, mortgage and consumer finance through more than 11,000
stores, over 12,000 ATMs and the internet.

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CARD RECON

Data security provider Ground Labs has released the “Card Recon”
software application that will search for sensitive payment card data
stored on computer systems that are used to handle credit card payments.
“Card Recon” is designed to help organizations reduce their exposure to
risk and achieve compliance with the Payment Card Industry Data
Security Standard (PCI DSS) by identifying insecure storage of customer
payment card data within documents, email records and application data
files in a simple and accurate manner. Ground Labs is a group of
information and payment
security professionals with extensive experience in the research and
development of high performance antivirus, intrusion detection and
payment security technologies.

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ASIAPAY & CHINAPAY

Payment solution provider AsiaPay Limited has entered
cooperation agreement with ChinaPay to enable AsiaPay’s merchants in
Asia to readily collect online real-time payment from Chinese consumers.
Merchants can
readily enjoy real-time payment authorisation service of the CUP card,
as well as the local payment settlement and various integrated reporting
as well as fraud monitoring facilities. And. the service supports 4
processing settlement currencies, i.e. HKD, USD, EURO and JPY. This
cooperation also facilitates online consumers in China to
enjoy the convenient online purchase of goods and services of merchants
in Asia in their own currency using their payment accounts in China.
ChinaPay, the online payment subsidiary of China
UnionPay, is a government-backed, cross-bank bankcard information switch
network and professional internet payment service provider.

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SMART CARD FORECAST

Research and Markets is now offering the “Smart Card Market Forecast to
2012” report which studies the global smart card industry by segmenting
it into Americas, Europe Middle East and Africa (EMEA) and Asia Pacific.
It helps in analyzing the current performance and future outlook of the
smart card industry. The countries covered in the report are decided on
the basis of existing
opportunities that could lead to the growth for smart cards. Country
level profiling provides prudent analysis of the smart card projects
which are under consideration in a particular country across various
application sectors.

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