Lipman Second Quarter Revenues Rise 8%

Lipman Electronic Engineering reported revenues of $62.8 million, a 7.7% increase over the year ago quarter. The electronic transaction systems provider says the growth was powered by growth in Spain and China. Net income for the quarter was $7.5 million, compared to net income of $7.4 million in the second quarter of 2005. The Company says the proposed acquisition of Lipman by Verifone is proceeding according to plan and is on track to close October 31st. VeriFone is paying US$793 million in cash and stock for Lipman. For more details on Lipman’s latest results, visit CardData (www.carddata.com).

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Asta Funding’s Q2 Profits Climb 38%

NJ-based Asta Funding reported that net income for the second quarter rose 38% to a record $11.8 million. Revenues increased by 39% to $26.5 million. During the quarter the Company purchased portfolios with a face amount of $1.3 billion at a cost of $34.2 million. Cash collections in the quarter of $60.8 million, were up significantly from the $43.5 million collected in the same quarter a year earlier. Asta says that despite the competitive pricing environment its business relationships and sound pricing have enabled the collection firm to find portfolios that meet its strict investing criteria. As of July 3rd, Asta Funding is now included in the new “NASDAQ Global Select Market. Last month, Asta obtained a new three-year credit facility of $175 million with an expandable feature which allows the Company the ability to increase the line to $225 million. For complete details on Asta Funding’s second quarter performance, visit CardData ([www.carddata.com][1]). (CF Library 6/29/06; 7/12/06)

[1]: http://www.carddata.com

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U.S. Debit Card Statistics Get Skewed

Debit card historical statistics have become skewed as MasterCard begins to lump its PIN debit card activity with its signature card figures. As a result it appears that debit card purchase volume has soared 55% since last year but more likely the true figure is around 18% year-on-year. VISA continues to break out its offline and online debit figures. MasterCard has not previously released online debit card activity in the U.S. During the second quarter, consumers and businesses charged $213.0 billion to their VISA and MasterCard PIN and signature debit cards for purchases. VISA posted $123.1 billion in second quarter signature debit card purchase volume and $35.9 billion in PIN debit purchase volume. MasterCard reported $54.0 billion in online and offline PDV for 2Q/06. For complete current and historical statistics on the U.S. signature debit card market, visit CardData ([www.carddata.com][1]).

U.S. DEBIT SNAPSHOT
(Purchase Volume Only)
2Q/06
VISA $159.0b
MasterCard $ 54.0b
TOTAL $213.0b
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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DreamCard MasterCard Awards $580K

An innovative credit card launched two years ago has awarded $580,000 in prize money to-date. The “American DreamCard MasterCard” has a monthly sweepstakes jackpot that starts at $25,000. Cardholders receive 1,000 free entries when they apply for the card and earn an entry for every dollar spent on the card, up to 1,000 entries per purchase. Drawings are held on or about the 15th of each month. The card, issued by HSBC, has no annual fee and offers a five-month 0% interest rate for purchases. The on-going interest rate varies from 11.74% to 21.74% depending on the applicant’s credit score.

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CAT Orders OFT to Pay VISA/MC Legal Fees

The Competition Appeal Tribunal has ordered the Office of Fair Trading to pay the legal expenses of VISA and MasterCard in a six-year probe of the networks’ interchange fee practices. The OFT is facing about GBP 5 million in reimbursements after the CAT annulled a previous OFT decision that VISA and MasterCard credit card interchange fees violated EU and UK competition law. The OFT ruled last September that the fees were illegal. Since then, the OFT began abandoning significant parts of its decision, even acknowledging that it is necessary for a four-party payment system operating with an “honor all cards” rule to establish default terms of reference between card issuers and merchant acquirers. VISA was represented by Freshfields Bruckhaus Deringer and MasterCard was represented by Lovells, Jones Day and Ashurst.

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Wincor Nixdorf eServices Opens

TX-based Wincor Nixdorf has opened its “eServices” CRM platform that connects its service management with service customers via an electronic network. The eServices platform is based on the following core services: customer care center/call handling, on-site services, and standard reporting. The Wincor Nixdorf Customer Care Center (CCC) represents the customer interface in the service management process. It includes the call center and help desk functions, and it manages all internal service processes. Wincor Nixdorf is one of the world’s leading suppliers of IT solutions to the retail and banking industries. The company’s extensive portfolio, consisting of hardware products, software, consulting, maintenance and other services, is aimed at reducing the cost and complexity of business processes while improving customer service.

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SPS Certifies the PrimeTrex Terminal

San Diego-based Secure Payment Systems has certified its proprietary gift and loyalty card processing application for use on the “PrimeTrex” POS terminal manufactured by TechTrex. PrimeTrex is a high-performance and low-cost desktop terminal, featuring the fastest thermal graphics printer in the industry (prints 22+ lines per second), a large 128 x 64 graphical display, high-quality clear plastic backlit keys for dependability, and a 14.4 kbps modem for lightning fast settlements and downloads. Secure Payment Systems, Inc. (SPS) (www.securepaymentsystems.com) was founded in 1996 by Linden (Lin) Fellerman, former 20 year employee and 10 year President of the Telecredit / Equifax Check Services subsidiaries. TechTrex provides unique cost-effective hardware solutions exclusively for the card payments industry.

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