BISB VISA

Bahrain Islamic Bank has launched its new “Islamic Visa” credit
card providing Sharia’a compliance with the intentions of attracting and
maintaining devote Islamic consumers. Providing assurance of security
against unauthorized use with intelligent electronic chip technology,
the Islamic Visa credit card is offered as a “Classic card” with a
credit limit from BD300 to BD5, 000, a “Gold” credit card with a credit
limit from BD2, 000 to BD10,000 and a “Platinum Silver” card with a
finance level from BD3,000 to BD20,000. The BisB Islamic credit card are
useful at 24 million establishments, ATMs and outlets across Bahrain,
free miles from Gulf Air and gives back a 1% refund of purchases to the
card account until December 31st, 2008.

Details

Travelex Launches the Global Rewards Card

Foreign exchange specialist Travelex has unveiled the “Global Rewards
Card” for its repeat customers. Customers who exchange currency
pre-trip at Travelex will be given a free “Global Rewards Card” which
entitles them to a discount at their destination. The Company says the
new card will appeal especially to travelers visiting multiple
countries, such as backpackers, as well as frequent flyers and long stay
travelers who are unlikely to want to carry their entire cash needs with
them. Travelex also says this is the first time a foreign currency
provider has implemented a global promotion on this scale. Travelex is
the world’s largest foreign exchange specialist with over 700 retail
branches and 16,000 business customers.

Details

Synergy Data Snags Two Top Executives

Payment system provider Cynergy Data has hired Dane James, previously with First Data Commercial Services as the EVP
of Corporate Sales and Tom Della Badia as VP of Business Development position.
James will oversee strategy, development and planning for Cynergy Data’s
nationwide sales teams. As SVP and GM at First Data Commercial Services, James
managed key bank relationships. Prior to working for First Data, James
spent 13 years with Discover Card Financial Services and VISA USA. Della Badia manages ISO and
referral relationships for Cynergy Data. With 15 years of industry
experience, Della Badia plans to grow the company’s ISO channel and
referral partnership base. Della Badia’s prior experience includes the
role of Senior Vice President for IRN Payment Systems.

Details

Debit Card Reward Programs Take-Off in 08

A new survey has found that financial institutions are increasingly offering surcharge-free ATM use to cardholders and more than half the institutions surveyed now offer debit card rewards programs.Also, 61% currently offer open-loop prepaid gift cards, and an additional 16% plan to enter the market. The “2008 Debit Issuer Study,” conducted by Oliver Wyman for PULSE revealed that active debit cardholders perform an average of 3.4 ATM transactions per month and that “heavy” ATM users tend to be heavy debit card users, implying that cardholders do not consider the “cash back” option often available with PIN debit transactions at the point of sale as a substitute for ATM withdrawals. The availability of debit rewards has increased significantly since the previous PULSE study, with 51% of respondents now offering rewards, compared to 37% in 2006. An additional 23% of issuers surveyed say they are considering adding a rewards program.
The increase in debit rewards is driven mainly by a growing interest in cash rewards, which are now offered by 42% of respondents that have debit rewards programs, compared to 16% in 2006. A total of 62 financial institutions participated in the study, including large banks, community banks and credit unions that collectively issue more than 74 million debit cards and represent 46,000 ATMs.

Details

CASHBOX SHARES

Cashbox has raised GBP 360,000 with its recent loan agreement. Having
placed 7,200,000 ordinary shares of 1p each in the capital of the
Company, applications will be made for the Placing Shares to be admitted
to trading on AIM while dealings are expected to commence on 20 August
2008. The Chairman of the Company has also entered into loan agreement
with the Company to provide the Company
a non-convertible loan of GBP 100,000 on an arm’s length basis at
commercial terms.

Details

Global Axcess and CAMOFI Settle Debts

Fl-based ATM provider Global Axcess has reached a contingent settlement agreement with CAMOFI Master LDC, a debt
holder of Global Axcess and will pay $3.7 million in cash to CAMOFI to cancel
the note executed in October 2005. The settlement agreement resolves the
lawsuit initially filed by CAMOFI in October 2007 and amended in December
2007 alleging breach of contract by the Company. Of the total, $3.5 million will repay the principal balance of the note
and $200,000 will reimburse CAMOFI for legal fees and other expenses.
Global Axcess’s directors and officer’s insurance policy will cover
$150,000 of the $200,000. The additional $50,000 payment will be paid by
the Company. The Company expects to record a non-cash expense of
approximately $325,000 for the early extinguishment of debt which would
have otherwise been expensed at $38,600 per quarter through the maturity
date of the note in October 2010. The Company also expects to record a
non-cash expense of approximately $175,000 for the warrant repricing and a
cash expense of $50,000 for settlement charges relating to the legal fees
and other expenses discussed above. The Agreement is contingent upon the Company successfully obtaining
financing to close this agreement within 90 days after August 12, 2008.

Details

BONUS TRINK

On Track Innovations Ltd microprocessor-based smart card solutions has
announced Garanti Technology (GT) has been awarded the “Best Innovation
in a Loyalty Program” award at the Cards & Payments Europe 2008 Cards &
Payments conference and expo for its “Bonus Trink” Sticker project.
Garanti’s “Bonus Trink” contactless payment solutions are supplied by
OTI in the form of a ‘smart’ sticker which may be adhered to multiple
metallic, plastic or other surfaces and is compatible with the OTI
“Saturn 6000” contactless reader. Ideal for use with watches and cell
phones, “Bonus Trink” is also targeting the 20-35 year old demographic
with the ‘cool factor’. OTI designs, develops and markets secure
contactless microprocessor-based smart card technology in a wide variety
of markets for various industries.

Details

Wachovia Names a New eCommerce Head

Wachovia has hired Sridhar Chityala, previously with Citicards, to head its
eCommerce division. Chityala served as head of the
Telecommunications Business Unit at Citi Cards, where he was responsible
for the company’s partnership with AT&T, along with mobile services and
PayPass applications for credit cards. Prior to joining Citigroup, he
was executive vice president of
eBusiness at JP Morgan Chase, where he was responsible for eBusiness
oversight for the bank’s cards, retail banking, home and auto finance and
middle market businesses. Previously, he was senior executive for Chase’s
credit card eBusiness. Chityala holds a master’s degree in computer
science from the Indian
Institute of Technology in Bombay and a Graduate Management Qualification
from the Australian Graduate School of Management. Chityala will partner
with Wachovia’s business units to help them
develop eCommerce strategies that will support their business goals. He
also will provide leadership for the corporation on innovative technologies
to ensure outstanding customer service, increase client acquisition, drive
revenue growth, and create efficiency for Wachovia.

Details

LONDON 2012 VISA

Lloyds TSB is launching its “London 2012” Visa debit card available
until October 2008. An official sponsor of the Olympic games, Visa is
launching the green, silver, gold and black “London 2012” debit card
featuring the “London 2012” logo will be provided new customers opening
a current account with the bank and will be provided existing Lloyds TSB
customers requiring a card replacement. An official sponsor of London
2012, Lloyds TSB has exclusive access and category marketing rights for
the event, the current Beijing Games and the Vancouver 2010 Winter
Olympics.

Details

TNB Buys a 1st CU of Gainesville Portfolio

1st Credit Union of Gainesville has sold its nearly $4 million card portfolio to
TNB Card Services. Founded in the 1940s, 1st Credit Union of Gainesville serves the entire
community of Alachua County, Florida. With 5,300 members, it has assets
of $44 million. TNB has partnered with more than 160 credit union’s to own and manage
their credit card portfolios. TNB serves more than 550 financial
institutions of all sizes and managing more than 2 million cards.

Details

LOTTE PITAPA CARD

The Surutto Kansai Association and Lotte Card South Korean credit card
company have partnered for the launch of the “Lotte PiTaPa Card” rail
pass card across South Korea come October 2008. The “Lotte PiTaPa Card”
was designed to provide users an IC-embedded credit card with rail pass
functions for which payment will be processed through the user’s
won-denominated banking accounts in South Korea. The card is being
launched partially with the intent of attracting travelers and
businesspeople from the country to western Japan. Holders of the PiTaPa
card reached 1.15 million in July 2008 for which the tourism ministry
plans to carry out research to gather necessary data.

Details