A new report by Javelin Strategy & Research has found that 25-44 year-olds and consumers earning more than $100,000 per year are the most willing to use mobile P2P payments. Interestingly, 39% of 45-55 year-olds indicated that anytime, anywhere access to their money was important, but only a fraction of the group (14%) said they are likely to use mobile P2P payments. The same is true for 55 to 64 year-olds, who care more about sending and receiving money quickly than any other age group (39%), but only 11% are likely to use mobile P2P payments. This group’s cautious behavior may be explained by a lack of familiarity or trust in mobile devices and technology. Among 18-23 year old consumers, 23% indicated that avoiding cash and checks was their primary motivation to adopt the service.Details
INSIDE Contactless’ “MicroPass 4003” payment
microprocessor is ready for deployment in “MasterCard PayPass” products.
“MicroPass” is used to power contactless bank cards issued by more
than 25 U.S. and Canadian issuers, along with cards deployed in Asia,
Latin America and Europe. It is the most broadly available core
technology for contactless payments with 20 card and fob products from
major global and regional card manufacturers certified by the leading
card brands. Last year, INSIDE achieved more than 12 million deliveries of the “INSIDE MicroPass L4-2G,” the predecessor to the “4003,” to card
manufacturers for “PayPass” issuance in the U.S., Canada, Philippines, and Australia.
Metavante Technologies has named Donald W. Layden, previously Senior Executive Vice President as its General Counsel and Corporate Secretary. Layden, who joined Metavante in 2002, also serves as President of the Metavante Corporation International Group. He received his bachelor’s degree in economics and political science from Marquette University and he received his Juris Doctor with honors from Marquette University Law School, where he was an editor of the Law Review. Metavante Corporation delivers banking and payments technologies to over 8,000 financial services firms and businesses worldwide.Details
GlobalPlatform smart card specifications body has introduced the
“Consultant Membership” to its participants. For an annual fee of
$15,000, the “Consultant Membership” provides users an
opportunity to contribute to GlobalPlatform’s development and
promotion of interoperable smart card specifications. Furthermore,
The program offers users the option to choose different levels of
participation, designated as “Full”, “Participating”, “Observer”,
“Consultant” or “Public Entity”, depending on to what degree the
user feels appropriate for providing input in creating an open
infrastructure for the smart card market.
A leukemia survivor has reached a settlement with TransUnion over negligence pertaining to a case of identity theft. Eric Drew filed suit against six credit reporting companies and banks over the matter. Five years ago, while in the hospital with leukemia, his identity was stolen by a worker at the hospital where he was being treated. Credit was issued in his name to a fraudulent address in Washington State, where he was hospitalized but wasn’t a resident. Drew alleges that the banks did not verify the address or applications, and that when he called to complain from his hospital bed, he was told to submit paperwork to prove that it wasn’t him. TransUnion agreed on an undisclosed financial sum, as well as three major policy changes which they have agreed to implement in the next six months.Details
Denver-based IP Commerce has introduced a new software framework designed to reduce the time, cost and effort associated with the creation of new, secure commerce solutions. The new “IP Commerce Platform” unites software companies, service providers and distributions channels in a new, dynamic environment that negates the need for proprietary, one-to-one connections. Based on the principles of service-oriented architecture, the Platform’s flexible, open environment provides partners with the ability to create new commerce solutions efficiently and securely, and in a scalable fashion that has never been available in the payments industry. Partners leverage their portion of the Platform to custom-configure solutions and channels in a way which best suits their business needs.Details
Gemalto digital security has announced it will be the prime contractor for
the deployment of an electronic healthcare project in Algeria, “Chifa”,
over the next 2 years. Set by CNAS, the duration for the deployment will
see the completion of 7 million cards issued to enable healthcare
institutions to manage patient records securely and to verify patient
benefits. Additionally, “Chifa” provides transaction security and faster
reimbursement. Gemalto security generated 2007 annual revenues of over
EUR1.6 billion, has over 85 offices in 40 countries and about 10,000
APACS Payments Association statistics show card fraud losses were up
25% from the year prior, mostly in countries where chip-and-pin has yet
to be implemented, accounting for 39% of worldwide fraud loss. Card-
not-present fraud loss has risen 37%, accounting for over 50% of all card
fraud loss while check fraud loss was up for the first time in 2 years by
10% to GBP33.5 million. In the UK, however, where chip-and-pin security
has been introduced, card fraud dropped from GBP218.8 million in 2004
to GBP73.0 million in ’07.
FreeStar and Monex have partnered to launch a POS currency
conversion solution across Europe, DCC POS. The organizations
will target the airline industry, hospitality sector and car rental industry
with the conversion solution, providing additional revenue channels.
Monex provides multi-currency credit card processing of over
EUR6.35 billion in transactions annually worldwide and operates
in 19 countries worldwide while FreeStar Technology Corp provides
merchants and acquirers with processing solutions in over 20 countries.
IL-based Jacksonville Savings Bank recently signed a contract with OK-based Central National Bank to offer payroll cards. CNB issues and processes prepaid cards, including payroll cards, remittance cards and gift cards. Those cards, with standard pricing, are then offered to other banks that want to be able to offer the products without a large investment of time and money. CNB and the marketing bank share in the interchange and fee income earned on the cards. CNB also develops custom programs for banks and 3rd party marketers interested in prepaid card programs.Details