LIC CREDIT CARD

In response to the growing credit card market, Life Insurance
Corporation of India (LIC) will be launching its own card. Subsequently,
the company is observing an “insurance week” in recognition of this
development. LIC currently has an 80% market share with 110 satellite
branches allowing premium deposit and providing information on existing
policies. Additionally, the company will be establishing 59 satellite
offices
in the Madhya Pradesh- Chhattisgarh central zone before 2008..

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PULSE Offers Recurring PINless Bill Pay Service

The PULSE ATM/debit network is offering a “Recurring PINless Bill Pay Service” geared to utility companies, lenders and certain other billers to enable consumers to automatically pay recurring bills using a debit card without entering their PIN. In addition to offering a recurring payment option with the service, the network’s expanded PINless debit program includes a “Stop Pay” feature that allows financial institutions to block transactions from a specific biller at a cardholder’s request and has added an “Account Validation” transaction to the “PINless Bill Pay” service. This feature allows billers to verify the authenticity of a card prior to establishing a recurring payment.

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PLANET PAYMENT & JCB

Planet Payment has announced certification with JCB International,
allowing processing of JCB International cardholders’ transactions
from P.O.S. terminals. This development is part of JCB’s global
growth strategy, which has increased issuance through 350 financial
institutions around the world. JCB International has 59.05 million
cardholders around the world, acceptance at 14.05 million outlets in
190 countries, and annual sales of US$62.7 billion. Planet Payment
is a multi-currency payment and data processor for the processing of
credit card transactions in multiple currencies.

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Diebold Granted Five ATM/M-Banking Patents

Diebold has been granted five patents to enable customers to gain access to ATMs via mobile phones or personal digital assistants. The recently issued patents will enable mobile devices to interact directly with an ATM and a bank system to allow a customer to “order” cash withdrawals from a mobile device. The technology offers protection against card-skimming or PIN surfing at ATMs, since a customer’s mobile phone becomes his or her input device to the ATM; enable mobile devices to be used in a checkout or bank environment to make payments using secure electronic checks; bank networks to receive wireless communications from a mobile device, including a customer’s bank account number and account cash value.

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ADNUMERO & LLOYDS TSB

Adnumero and Lloyds TSB have signed agreements for the development
of Cardnet multi-currency acquiring. With this development, the
companies will develop its currency product and Adnumero will
be an intrinsic part of the Strategic Team. This specialist payment
solutions business provides payment solutions to e-commerce merchants
and mutual opportunities to work with Cardnet’s existing Gateway and
PSP partners. Lloyds TSB is a financial services group providing a range
of banking and financial services throughout the UK. Lloyds wholly owned
subsidiaries include Cheltenham & Gloucester and Lloyds TSB Scotland.

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Computer Services Launches Card Sentry

Computer Services has launched “Card Sentry”, a new product to help banks manage the risk associated with card fraud and protect the profits associated with their card portfolio. “Card Sentry” detects unusual activity based on known patterns in account or transaction history by scanning transactions and comparing them in near real time to industry standard rules written to match specific and currently identifiable fraud trends. “Card Sentry” was introduced in April for VISA signature transactions and was enhanced in early August to include MasterCard signature transactions. Computer Services provides service and software solutions for banks in both a service bureau and an in-house environment.

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ISLAMIC CONSUMER

Recent statistics show that the Malaysian domestic Islamic financial
industry is increasing in market share. Total assets of Islamic
financial institutions account for nearly 60% of the country’s GDP, in
contrast to 40% in 2000. The industry has seen 20% year-on-year
increases over the past 5 years and accounts for 12% of the total
banking system and assets of 6% of the total insurance and takaful
industry. Accounting for 26% of the total intra-Asian trade, experts
project Malaysia to become increasingly significant, especially with
steady growth in China import/exports, thanks to the China-Asian free
trade agreement.

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TNB Card Services Adds Two Debit Processing Deals

Emory Federal Credit Union and North East Texas Credit Union have moved their debit card processing to TNB Card Services. The new partnerships add more than 12,500 fully integrated PIN and signature debit cards to TNB’s debit processing operations. Atlanta-based Emory Federal Credit Union has 17,000-members and $88 million in assets. North East Texas CU is a 11,000-member credit union with assets of $81 million.

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GLOBALPLATFORM & TRUSTED LOGIC

Trusted Logic has joined GlobalPlatform’s device committee as part of
its effort to expand membership to include international smart card
specifications. Trusted Logic provides secure open software for
embedded systems and, as a member of the device committee, will
contribute expertise to the development of single and multi-application
smart card acceptance devices. Trusted Logic’s understanding of the
market and technical requirements of device infrastructure is
important to the committee, according to experts. Furthermore,
the company already has commercial products supportive of
GlobalPlatform solutions. GlobalPlatform is a member driven association
for the development of smart card infrastructure. Trusted Logic was
established in 1999 and focuses on software development in smart
cards, secure tokens and consumer devices.

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Survey Says 80% of Americans Avoid Overdraft Fees

A recent survey by the American Bankers Association reveals that 80% of consumers have not paid an overdraft fee in the past 12 months. Most consumers said their bank covered the check or debit payment that caused the overdraft fee, while 19% said their bank did not, and 2% did not know. Of those who did pay an overdraft fee in the past 12 months, 88% said they were glad the payment was covered while 11% said they wished the bank had refused the payment. Approximately 18.3 million checks “bounced” or were return unpaid in 2003, according to the Federal Reserve. The number of bounced checks has declined at an annual rate of 7.7% since 2000.

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PAYPASS BRIDGE

The national roll-out of “MasterCard PayPass” and “Maestro PayPass” is
being celebrated by carpeting the “Millennium Bridge” with reproductions
of millions of pounds of cash and coins. The new “Coin Bridge” will also
offer consumers the opportunity to support social housing and community
projects in and around London’s South Bank. The national rollout of
contactless payments begins in London this month with implementation
across the rest of the UK scheduled to take place throughout next
year, with five million contactless cards due to be in issue for use at
100,000 retailers by the end of 2008. Londoners will soon be able to use
their PayPass cards throughout the capital, with thousands of retailers
including McDonalds, Eat, Coffee Republic, Yo!Sushi, Krispy Kreme, Books
Etc, Threshers and the Science Museum participating in the launch
program. The rollout of contactless payments in the UK follows
successful European trials of the “PayPass” contactless platform with
the Royal Bank of Scotland Group, at both its headquarters in Edinburgh
and its London office, and the launch of several programs and pilots
across Europe. The region’s first “MasterCard PayPass” credit program
was launched with Garanti Bank and major retailers in Turkey in June
2006, with the bank’s subsequent rollout of the region’s
first “PayPass”-enabled wristwatch in spring 2007.

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Baby/Echo Boomers Expect a Cashless Society

According to new data released by VISA USA, 79% of “Baby Boomers” and 74% of “Echo Boomers” believe that our society will one day conduct all payment transactions electronically. VISA commissioned a survey of “Echo Boomers” (18 to 28 years old), and “Baby Boomers” (43 to 61 years old) entitled “How America Spends” and estimates by the year 2015, “Echo Boomers” and “Baby Boomers” will account for more than 50% of total consumer spending, $2.45 trillion and $4.6 trillion respectively. Currently, industry estimates show that “Echo Boomers” are responsible for $0.4 trillion in annual spending compared to $3.8 trillion by “Baby Boomers.” Factors that indicate the shift to cashless payments include the large proportion (75%) of debit card users, government migration that allows taxpayers to pay with cards and card payment of child and healthcare expenses.

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