PowerPay RFID Payment System Goes Nationwide

NYC-based Smart System Technologies has taken its “PowerPay” payment system nationwide. “PowerPay” is a cashless and contactless transaction solution using RFID technology designed for entertainment venues. At the same time, teams and merchants that adopt the technology can deliver automatic rewards to consumers. For teams such as the NFL’s Philadelphia Eagles and Seattle Seahawks, who are adopting the technology this season after successful in-season tests last year, this includes rewarding points to consumers that can be accrued and redeemed for team-themed experiences or merchandise, and offers from other participating sponsors. Concession and merchandise areas throughout Philadelphia’s Lincoln Financial Field will be equipped with the “PowerPay” system beginning July 28th.

Details

BofA Offers Students a Stuff Happens Card

Bank of America has added a “Stuff Happens” card to its “CampusEdge” checking package for college students. The new card enables students to waive a fee if they make a mistake such as bouncing a check. The “CampusEdge” checking program includes: no monthly fees for the first six months, or free for five years if a parent has an account with Bank of America, and no minimum balance requirements. Students who get a BofA “Student VISA Gold” card receive a CD-ROM with Quicken and “Practical Money Skills for Life” games. Students also can find advice about making the right decisions through the “Making it Count” college freshman orientation program, presented through a partnership between Bank of America and Making it Count, a division of Monster, Inc.

Details

EximBank Deploys Card Tech Systems for ATMs and Debit Cards

EximBank of Vietnam has implemented Card Tech Limited’s “ATM Controller and Debit Switch.” The bank will use the CTL systems to expand its centralized ATM network across the country and also to launch its debit card program. With EximBank, CTL implemented “PRIME,” a comprehensive multi-institutional back-office card and merchant management system and real-time authorization switch, as well as an ATM Controller and POS interfaces. EximBank is based in Hochiminh City and has three branches in Hanoi, Danang and Cantho.

Details

INTERCHANGE REFORMS

The Reserve Bank of Australia reports that merchant service fees
charged by banks in Bankcard, MasterCard, and VISA credit card programs
have fallen by 35 basis points, or $430 million at an annual rate, since
reforms to credit card interchange fees took effect in October 2003. The
RBA says merchant service fees for American Express and Diners Club have
fallen by less than 10 basis points over the same period. The RBA survey
shows that by March of 2003, the average merchant service fee for
Bankcard, MasterCard and VISA had fallen to 1.4% of the transaction
value, compared to 1.8% prior to the reforms. Since March 2003, the average merchant service fee has fallen by a further 35 basis points to around 1.05%. This brings the cumulative decline since 1999 to around 75 basis points, which represents a fall of more than 40% in the average merchant service fee. The RBA says that overall,
the 35 bps reduction in merchant service fees since the reforms came
into effect is consistent with the reduction in the interchange fee for
electronic transactions, although it is smaller than the reduction in
the “standard” interchange fee. This suggests
that while the lower interchange fees have
largely been passed through into lower
merchant service fees, there remains scope for
further reductions.

Details

CyberSource Revenues Climb 33% in Q2

CyberSource reported revenue for the second quarter of $8.6 million, a 33% increase over one-year ago. Transaction and support services revenue was $6.6 million, software revenue and professional services revenue were each $1.0 million. Net income for the second quarter of 2004 was $0.6 million or $0.02 per share as compared to a net loss of $2.0 million or ($0.06) per share for the same period last year. CyberSource Corporation is a leading provider of electronic payment and risk management solutions.

Details

Celtron Licenses Mosaic Software’s Postilion

Celtron International’s subsidiary, Orbtech Holdings Limited, has acquired the license to Mosaic Software’s “Postilion Financial Switch.” The license enables the group to become its own
acquiring house, with direct entry into the banking network to switch
and effect financial transactions; and more specifically, on mobile
commerce and credit card transactions originating from the businesses of
CreditPipe and PayCell, both subsidiaries of Celtron. CreditPipe and PayCell will be using the switch primarily to support its
mobile payment products with a number of new services to be added to the
mobile payment platform. These services include EFT payments, debit
order facilities, POS terminal switching, person-to-person payments, and
3DSecure authentication.

Details

Pronto Banco Debit Card Targets Hispanics

San Antonio-based Payment Data Systems, Secure Cash Network, and GTS Prepaid, have rolled-out the “Pronto Banco” card for the Hispanic market. The Pronto Banco(TM) Twin Card Packet is an ATM/debit card system that allows the consumer to send one of two cards to a friend or relative in another country providing access to funds from either card. Another value- added feature in the Pronto Banco(TM) packet is a prepaid Estafeta envelope allowing the primary cardholder the option of sending the second card to Mexico. Payment Data Systems, Inc., is an Integrated Payments Solution Provider delivering comprehensive, cost-effective solutions to billers and retailers for the processing and management of electronic payments via the Internet, point of sale, or payments taken by Customer Service Representatives or an Interactive Voice Response.

Details

USTT Receives Six More e-Port Patents

PA-based USA Technologies has been issued six more “e-Port” patents covering wireless networking and interactive point of sale solutions. USA Technologies has an aggressive patent strategy in place intended to solidify a leadership position in markets such as Intelligent Vending(R), point of sale terminals, kiosks, Laundromats, and various other forms of wireless-activated cashless transactions conducted over the Internet. USA Technologies is a leader in the networking of distributed assets, wireless non-cash transactions, associated financial/network services and energy management.

Details

VISA USA’s Top Executive to Exit in 2005

VISA USA’s president and CEO confirmed yesterday he will not seek another term when his contract expires in September 2005. Carl Pascarella, who oversaw the largest expansion of VISA USA, including the development of consumer debit cards and business credit cards, says he is looking to enter investment banking/management after leaving VISA, and will actively participate in the search for his replacement before then. Pascarella became head of VISA USA in 1993 after overseeing VISA International’s Asia-Pacific region for about ten years. Over the past ten years VISA USA’s annual volume grew from $227 billion to more than $1 trillion. During his tenure as president of Asia-Pacific, VISA?s card volume expanded from $3 billion to $50 billion and cards in circulation grew from 6 million to 58 million. VISA indicated it is looking internally and externally for a replacement.

Details

Ernex Hires an Eastern Regional Sales Director

Moneris Solutions’ Ernex division has hired Frank Lynch, formerly with Travelers Express Moneygram, Global Payments, and NaBanco, as Eastern Regional Sales Director. Lynch is a veteran in the financial services industry, with over fourteen years experience on the acquiring side of the merchant processing industry. Previously, he was East Coast Director of National Sales with Travelers Express Moneygram, and prior to that held positions in sales with Global Payments and NaBanco. Ernex, a division of Moneris Solutions Corporation, is a provider of innovative real-time marketing solutions including privately branded and multi-merchant loyalty programs, stored-value gift cards, reward fulfillment services and loyalty database hosting services.

Details