Mumbai-based ICICI Bank and Indiatimes have teamed to launch a co-branded rewards credit card. The new “Indiatimes ICICI VISA” offers 10% cash-back on most online purchases made on the Indiatimes shopping portal. The card also produces 5% cash-back on air travel tickets sold via the Indiatimes shopping portal. Additionally, cardholders are eligible for discounts up to 40% on certain Indiatimes purchases. Furthermore, cardholders earn four reward points for every Rs 200 spent at Indiatimes. The points are redeemable for purchases on the shopping Web site. Indiatimes has set up a special section on its Web site, called “ShopMore” which is for the exclusive use of “Indiatimes ICICI VISA” cardholders. There are currently 1.8 million consumers shopping on the entire Indiatimes Web site which includes more than 500 merchants.Details
After testing the new Pay By Touch biometric payment system in Portland, Oregon for a year, Albertson’s has decided to expand its deployment of the biometric payment systems in its Jewel-Osco stores throughout the Midwest. The rollout began in the Chicago area early this year and is expected to be completed in all 204 Jewel-Osco stores this month. To date, Pay By Touch has more than 2.3 million shoppers using biometric authentication products and services at more than 2,000 locations nationwide. Last month the Company landed its first merchant in Alabama. Also in February Pay By Touch launched “Pay By Touch Online.” This month Pay By Touch launched its first UK implementation at the Midcounties Co-operative supermarket in Oxford. (CF Library 2/3/06; 2/7/06) (CFI Library 3/14/06)Details
Global Payments will ring the opening bell at the NYSE tomorrow morning to commemorate Global’s fifth anniversary. Chairman, President and CEO, Paul R. Garcia, will lead the ceremony along with a delegation of Global Payments’ employees, who were chosen by lottery to represent the company’s divisions and major locations. Global Payments is a provider of electronic transaction processing services.Details
The new Colorado-based FASTLANE payment network has hired Harry Clark, formerly with Certegy, Verifone, and Ingenico, as National Sales Manager. Clark brings over 20 years of respected, award winning, industry experience ranging from Network Operations to Sales Management and has also worked for some of the top companies in the industry from network service providers to terminal manufacturers including such industry leaders as Verifone, Ingenico and most recently Certegy. While at Certegy, Clark increased the number of direct resellers to include numerous high profile ISOs. Clark also managed ISO relationships to promote loyalty and business growth. The FASTLANE payment network utilizes a single swipe of customer’s drivers license and the consumer’s identity is verified and access is gained into FASTLANE’s Virtual Payment Network (VPN).Details
HSBC-North America has signed a multi-year agreement to renew its retail credit program with Storehouse Furniture, which operates more than 60 stores located in upscale village centers throughout the Southeast, the Mid Atlantic and Texas areas. In addition to providing Storehouse customers with a more convenient way to pay for their furniture purchases, the Storehouse credit card offers cardholders additional buying power and customized financing options. Cardholders also receive advanced notice of sales and special in-store events.Details
Morgan Stanley reported this morning that its Discover unit posted a record $479 million in pre-tax profits for the quarter ending February 28th, a 35% gain over the year-ago quarter. Gains on securitizations and lower loan loss provisions in the wake of the fall bankruptcy losses were key drivers for the quarter. Discover also posted record gross dollar volume of $26.8 billion, a 3% gain over the prior year quarter. Purchase dollar volume rose 8% over 1Q/05. Managed merchant, cardholder and other fees were $519 million for 1Q/06, up 8% from a year ago. Managed outstandings were flat to year-ago levels, however, U.S. managed outstandings declined from $45.1 billion one-year ago to $43.6 billion. During the quarter Discover purchased $1.4 billion in card outstandings from Goldfish in the U.K. The managed credit card net charge-off rate for the first quarter was 5.06%, 5 basis points lower than a year ago. The managed credit card over-30-day delinquency rate was 3.45%, a decrease of 79 basis points from the first quarter of 2005 and the managed credit card over-90-day delinquency rate was 1.61%, 44 basis points lower than a year ago. The account base increased during the first quarter by approximately 600,000 accounts from the fourth quarter but includes the addition of 1.1 million Goldfish accounts. Active accounts rose slightly from 1Q/05 to 19.6 million. For complete details on Discover’s first quarter performance, visit CardData ([www.carddata.com]).
DISCOVER CARD PORTFOLIO SNAPSHOT
1Q/05* 2Q/05* 3Q/05* 4Q/05 1Q/06 Y/Y CHNG
Outstandings: $47.8b $46.8b $47.1b $46.9b $47.8 NC
Volume: $25.9b $25.4b $26.7b $26.1b $26.8 +3%
Accounts: 46.0m 45.9m 45.6m 45.5m 46.1 NC
Actives: 19.5m 19.3m 19.2m 19.2m 19.6 +1%
Chargeoffs: 5.11% 4.94% 5.12% 5.76% 5.06 -5bps
Delinquency**: 4.24% 3.90% 3.91% 3.98% 3.45 -79bps
Yield: 11.23% 11.69% 12.04% 11.94% 12.13 +90bps
Notes: * 1Q/05 ended 2/28/05; 2Q/05 ended 5/31/05; 3Q/05 ended 8/31/05;
4Q/05 ended 11/30/05. 1Q/06 ended 2/28/06** delinquency is 30-90 days
and excludes 90+ days. Includes both domestic and international cards.
Source: CardData (www.carddata.com)
As of April 1st, Bank of America customers traveling to China will have free access when using debit or ATM cards to withdraw cash from more than 11,000 foreign-enabled China Construction Bank ATMs. In return, CCB’s “Happy Investor” cardholders traveling to the U.S. will have access to 17,000 BofA ATMs. In June, BofA inked a deal to buy about 9% of the stock of CCB for $3 billion, with the option of increasing its stake in future years. At the same time, BofA began providing advice and assistance to CCB in such areas as governance, risk management, credit cards, consumer banking and treasury services designed to enhance the Chinese bank’s performance. CCB, the second largest commercial bank in China, has $472 billion in assets and 136 million active retail deposit account relationships. The bank is currently majority owned by China SAFE Investments Limited, an entity of the government of China. (CF Library 6/17/05)Details
ATEbank of Greece has signed an agreement to use the full S1 “Postilion” suite to replace the bank’s existing ATM-driving platform and enable it to expand its service offering. In the first phase of the project, “Postilion Realtime” will be used to drive the bank’s existing and new ATMs. ABG intends to migrate its current network of 600 ATMs and the 15 ATMs it drives on behalf of another Greek bank to “Postilion” in mid-2006. “Postilion Realtime” will enable the bank to fulfill
its EMV compliance commitments. “Postilion PostCard” will manage ABG’s
1 million debit cards. “Postilion Office” will allow the bank to perform
continuous back-office processing without impacting the online system.
S1 Corporation is a provider of customer interaction software solutions for financial and payment services.
The FTC is seeking to shut down a debt elimination program operated from Washington State. The FTC alleges Debt Solutions made false promises of substantially reduced interest rates and thousands of dollars in savings for consumers in financial hot water. The firm allegedly charged $399 to $629 to get interest rates lowered for consumers and promised a full refund if the consumer does not save at least $2,500. According to the FTC complaint, consumers who purchase the program typically do not have their interest rates lowered at all and if they do the reductions are rarely more than one percentage point. The FTC also says the defendants claimed the program was endorsed by the Financial Standards Council in Canada and the Registered Financial Planners Institute of North America and that both claims were apparently false.Details
Washington-based Covestic has been named as a VISA “Qualified Data Security Company” VISA USA instituted the Cardholder Information Security Program (CISP) that endorses the PCI data security standard to protect Visa USA cardholder data, wherever it resides, and ensures that members, merchants and service providers handling that data maintain the highest information security standard. Other payment card brands have endorsed the PCI data security standard under their own cardholder security programs.Details
The City of Coronado, California has awarded the sole contract for payment processing services to Dallas-based TransFirst. TransFirst will help the city improve overall customer service for residents and visitors and create significant efficiencies, allowing Coronado the opportunity to reallocate existing municipal resources to other priorities. Through this contract, TransFirst will provide Coronado with TransAction Central that instantly networks all devices, including POS, e-commerce, software and wireless. Transactions of all types, including e-check, ACH and recurring payments, can be entered over the counter, over the phone or over the Internet with this single, integrated system and can be accessed in real-time, 24 hours a day, seven days a week via the Internet.Details
A recent survey found that 35% of consumers reported giving restaurant gift cards over the past holiday season and about 43% received them. Technomic also found that nearly 70% of gift-card givers say they were a better choice than regular gifts; among restaurant gift-card recipients, 97% hope to receive them again. Of those that gave restaurant gift cards, nearly 40% plan to purchase even more of them during the next holiday season. Technomic produces the “American Express Market Brief” which tracks chain restaurant trends.Details