Metavante has completed its acquisition, announced in September, of LINK2GOV. The company will become a Metavante subsidiary, and continue to operate under the LINK2GOV name. LINK2GOV is a provider of online phone and point-of-sale payment processing services, including credit and debit solutions. Metavante Corporation provides banking and payment technologies to financial services firms and businesses worldwide.Details
An analysis of transaction data indicates that the busiest hour this year may be between 1 pm to 2 pm EST on Saturday, December 24th. According to MasterCard International, a detailed analysis of historical transaction data shows that yesterday could be the most slowest shopping day of the year. A recent survey by Impulse Research, commissioned by MasterCard, reveals that the 67% of consumers cited “Black Friday” as the busiest, while 15% said the Saturday before Christmas. However, historical transaction data from MasterCard shows that in 2004, the day after Thanksgiving was actually the sixth busiest day of last year’s shopping season, and Thursday, December 23rd was the busiest shopping day.Details
American Express has added actor Ken Watanabe to its global “My Life. My Card” program. The print ads in the U.S. will start today and the television spot will premiere in the U.S. on December 5th during “CSI Miami.” Watanabe’s TV ad first debuted in his native country, Japan, on November 8th. Watanabe was nominated for “Best Supporting Actor Academy Award” in 2004 for his portrayal of the warrior Kasumoto in the “The Last Samurai.” The first phase of the AmEx “My Life. My Card” campaign launched in November 2004 featuring Robert De Niro, Ellen DeGeneres, Laird Hamilton and Tiger Woods. The campaign is the company’s first ever umbrella campaign to support all issuers of American Express-branded cards.Details
Sony of Canada has selected MBNA Canada to issue the “Sony Mastercard”.
The card features a no-annual-fee and offers Platinum card benefits and a rewards program that earns cardholders points every time they use
the card. One point is awarded for every dollar spent on the card and
two points for every dollar spent purchasing Sony products. As an added
bonus, the Sony Card awards new members 2,000 additional “Sony Points”
upon the first qualifying visit. Points can be exchanged for Sony
products. MBNA Canada is the leading provider of co-branded and affinity credit card programs in Canada and one of the largest MasterCard issuers in the country.
First Data’s current CEO is retiring for personal reasons and its former CEO is returning to run the company for the next two years. Charles Fote has been CEO since 2002 and Chairman since 2003. He will continue as Chairman until year-end and as a Director until the 2006 Annual Meeting. He will also serve as a consultant for the next eighteen months. Fote joined the company that is now First Data in 1975, and was named President and COO in late 1998. Ric Duques, long-time chief executive, will lead the company for approximately two years while the Board evaluates possible candidates. Duques had served as a Board member of First Data from 1992 until 2004. He was Chairman and CEO from 1992 to 2002, and continued as Chairman from 2002 to 2003. Before First Data was spun out of American Express in 1992, Duques had been President and CEO of the Data Based Services Group of American Express since 1987. (CF Library 2/7/01)Details
The Board of Directors of Hudson’s Bay Company has unanimously
recommended that shareholders and debenture holders reject the
unsolicited takeover bid by Maple Leaf Heritage Investments Acquisition
Corporation for all outstanding common shares and all of the
outstanding 7.50% convertible debentures of Hbc.
In a Directors’ Circular that is being mailed to shareholders and
debenture holders today, Hbc’s Board unanimously recommends the
rejection of Heritage’s offers based on a number of factors, including
the common share offer does not reflect the underlying value of Hbc’s
the offer for the common shares does not provide shareholders with an
appropriate change of control premium. Additionally, the consideration
offered under the common share offer is financially inadequate. Hbc has a large and profitable credit program with approximately $1.1 billion in receivables and a loyalty program with over 8 million customers.
U.S. Senator Charles Schumer is releasing a survey today on New York retail store credit cards and is calling on the FTC to require retailers to offer more disclosure in their offerings. The Schumer study of 23 retailers found that Sears charged the highest interest rate of 24.15%, while Kohls offered the lowest interest rate of 12.99%. The research also showed that most retailers offer a 25-day grace period but Kohls only gave 10 days and Pottery Barn only gave 4 to 5 days to clear the balance to avoid finance charges. Schumer said his letter to the FTC will also ask retailers to stop marketing to college students and young adults. The Senator sponsored a bill that was signed into law in 1988 that requires a disclosure chart on all bank-issued credit card applications. The chart is known as the “Schumer Box.”Details
MasterCard’s contactless “PayPass” technology is coming to Canada via
Citi Cards Canada and Petro-Canada. The new payment option will be
available to a select number of “Citi PETRO-POINTS MasterCard”
cardholders for use at participating Petro-Canada stations in
Burlington, Oakville, Mississauga, Brampton and Etobicoke, Ontario.
A full roll-out for all “Citi PETRO-POINTS” cardholders is planned for
next year. The no-fee “Citi PETRO-POINTS MasterCard” was launched in
September 2004. It is the first general purpose credit card in Canada
that provides an instant savings of two cents per liter on the purchase
of gasoline and diesel fuel at Petro-Canada, while also offering
“PETRO-POINTS” on all credit card purchases. MasterCard has implemented
several “PayPass” closed market trials in Canada.
A new survey shows that Americans spent $27.8 billion this weekend, a 21.9% increase over last year. The survey conducted by BIGresearch for the National Retail Federation, determined that more than 60 million shoppers headed to the stores on “Black Friday,” an increase of 7.9% over last year. Another 52.8 million shopped on Saturday, a rise of 13.3% over 2004. The number of shoppers out Sunday was expected to be about 22 million. According to the survey, 49% of consumers purchased clothing or clothing accessories while 47% bought books, CDs, DVDs, videos and video games. The electronics category saw the largest year-over-year jump, with 37% of shoppers buying in that category, up from 31% a year ago. According to Shop.org, a division of the NRF, 58.9 million consumers are expected to shop online today, from home or at work, in what is expected to be one of the biggest online shopping days of the year.Details
The Givex Corporation has released its annual “National Gift Card Survey”
results. Women were more likely than men to consider themselves someone
who uses gift cards (women 72%, men 64%). Additionally, 77% of those
polled cite convenience and flexibility as the number one advantage of
giving or receiving a gift card, up 6% over last year. 73% of Canadians
said that they spend more or the same value than what is on their gift
card. Only 13% of Canadians said that they felt gift cards were too
impersonal, a slight decrease from last year. Givex is a card management
company specializing in stored value and loyalty transaction applications .
Pacific Card Services has named Fred Rackers, a consultant on staff at GlobalCash, as its new President. As a consultant, Rackers was responsible for business development, contract negotiations, and project development for stored value programs and spearheaded all sales and marketing efforts for the nationwide bank cash depository program offered by GlobalCash. Previously, Rackers was Vice President at NetVoice Technologies, involved in high growth sectors of telecom and VoIP services and holds an Associates Degree in Electronics and a Bachelor of Science in Business Administration. Pacific Financial Solutions is a distributor of financial services and products that include Point-of-Banking terminals (PBTs), kiosks and Stored-Value card products and services.Details
The Federal Court has upheld the Reserve Bank of Australia’s designation of the EFTPOS system. The designation was challenged by several major retailers. The retailers were concerned that they would face at least $170 million per year in extra banking fees as a result of the changes in the EFTPOS system. The retailers believed they would face higher fees since the RBA reduced the fees between merchants and banks.
The Reserve Bank said it welcomes the decision of the Federal Court concerning the Bank’s designation of the EFTPOS system. The RBA says it will now complete its consultation on the draft standards for both the EFTPOS and VISA Debit systems released in February 2005. It will also consider access arrangements in the EFTPOS system.