Citibank Global Consumer Group Hong Kong sets a new service standard for the credit card industry in Hong Kong by introducing the instant credit card issuance service, which substantially reduces the current card approval cycle from days to approximately an hour. Citibank is the first and the only bank in Hong Kong that can provide such innovative service at present. Leveraging the credit bureau data, and through technology and system enhancement, Citibank enables a new level of service efficiency that was impossible in the past. Card applicants now only need approximately an hour from submitting the application form to obtaining a new credit card to immediately take advantage of the privileges while shopping.Details
A new survey from Discover has found that 67% of owners of businesses with five or fewer employees are quite happy to have their companies remain small and 61% don’t expect to work for anyone else before they retire. The findings from opinions collected by Rasmussen Reports also found that 67% of consumers surveyed believe that self-employed people and small business owners typically provide better customer service than larger companies. Additionally, 78% used to work in a big company but don’t expect to go back. About 42% claim that they have no plans to retire.Details
Cheque Guarantee Services has been acquired by Chicago-based TransUnion. The merged operation will be known as “TransUnion Cheque Guarantee Services.” With “TransUnion Cheque Guarantee Services,” the risk of payment by check is assessed and the transaction is approved or declined. This process occurs in exactly the same way as a credit card or debit card transaction is approved or rejected – which typically takes less than 20 seconds.Details
Pittsburgh-based PNC Bank has switched its credit card issuer from BofA/MBNA to U.S. Bancorp. PNC will launch a two new credit card programs on September 1st for its consumer and small business customers. The bank will market two cards including the “PNC Bank Select Rewards VISA Platinum Card” and the “PNC Bank Platinum Business Rewards MasterCard.” The new cards will offer 0% on balance transfers (with no fee) and purchases for 12 months. Consumer and business customers opening a new PNC credit card will receive a $50 statement credit with their first purchase. Business card owners can establish cards for all of their employees and have the ability to set spending limits on individual cards. In 1999 PNC sold its entire portfolio to MBNA for a 15% premium. At that time PNC had approximately $2.9 billion and 3.3 million accounts. (CF Library 1/14/99)Details
Newbie Web site CardRatings.com released results from gas card consumer survey which showed that while almost 70% of those responding were aware of credit cards that offer rebates on gas, only 34% have such a card. When asked how often they used their gas rebate credit cards, an overwhelming 78% of respondents said “Frequently,” while 79.2% of respondents said they planned on using their gas rebate credit card more frequently to help offset the cost of gas prices in a follow-up question. The presence of an annual fee (81%) and the actual amount of the rebate (75%) ranked the highest of importance to respondents when shopping for a gas rebate credit card. How widely the card is accepted came in third at 65%.Details
FL-based Cash Now has launched its e-commerce sub-prime lending system licensing into the Asian markets. The Asian expansion will be managed by the company’s office in Adelaide Australia. Cash Now will now seek governmental licensing in South East Asian countries for Cash Now services as well as opening franchises and licensing its technology in this region. The potential revenue for 100 licensees in Asia has a potential to generate $10 million to $30 million in revenue
VISA reports that international travelers to and within the Asia-Pacific region spent a total of US$6.8 billion on their VISA cards during the first quarter of 2006, a 13% increase over the same period a year ago. Of the $6.8 billion spent by tourists, 24% was in the retail sector, with clothing merchants, department and discount stores, and jewelry, watches and crystal shops proving most popular. Key shopping markets in Asia Pacific, Hong Kong and Singapore retained their attractiveness for shoppers. Fifty-two percent of the $575 million spent on VISA cards in Hong Kong was in the retail sector – the highest proportion in the region. The influx of mainland Chinese shoppers into Hong Kong over the Chinese New Year period contributed to the large amount spent. In Singapore, 30% of the $490 million in visitor spending was in the retail industry, in particular, consumer electronics. VISA cardholders from China chalked up the highest average spending per transaction at $223, followed closely by visitors from Hong Kong at $205, attributable to their heavy spend on education fees, largely in Australia.Details
Gemalto has won a “Best Vendor Partner Award” for its MasterCard “OneSmart PayPass EMV” contactless combi cards. Gemalto is delivering the cards to two Taiwan banks including Cathay United Bank, one of the top three credit card issuing banks in Taiwan; and Taipei Fubon Bank, Taiwan’s second-largest privately owned bank. The “PayPass EMV Contactless Combi Card” features both a built-in chip and a standard magnetic stripe.Details
Credit Union Electronic Transaction Services, a provider of
MasterCard issuing and acquiring products and services to over 450
credit unions, caisses populaires and other organizations throughout
Canada, has selected Corillian “Credit Card Management” as its foundation for a next-generation online credit card management solution.
Included in the solution will be “eStatements” and “Alerts” modules to enhance the self-service capabilities of the online credit card site. End users will be able to view all of their account information in real-time, set up alerts to be proactively notified of new changes to their accounts and store up to 12 months of statement history.
Ingenico has implemented the SNMP protocol in its TCP/IP payment terminals. This protocol offers its clients the ability to optimize the remote administration of their terminal estate. SNMP protocol is widely used for remote administration of IT equipment and is now available on the new Ingenico terminals integrating Ethernet, Wi-Fi, Bluetooth, GPRS and CDMA functions. With SNMP terminal estate managers can predict
potential problems prior to their occurrence. SNMP also allows users to obtain statistics on the payment profile of any given terminal.