CTFS BIZ CARD

BMO and Canadian Tire have teamed to launch a new MasterCard business card. The “Canadian Tire Commercial Link MasterCard” will replace the current “Canadian Tire Business Class Commercial Card” starting July 28th. The new business card offers Canadian Tire “CashBack” rewards on all business purchases, credited on an annual basis; $0.02 per litre discount for gas purchases at Canadian Tire Petroleum gas stations when paid with the new card; a no annual fee and a fee option for accelerated reward accumulation rate (at $65 owner/$5 employee card fee); up to $50,000 business credit; option to pay 3% of balance every month; and, business-owner managed account with distinct employee card limits as delegated by the business owner. The “Canadian Tire Business Class Commercial Card” is held by more than 50,000 active Canadian Tire business customers.

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Canadian Tire Rolls-Out a New Biz Card

BMO Bank of Montreal and Canadian Tire have teamed to launch a new MasterCard business card. The “Canadian Tire Commercial Link MasterCard” will replace the current “Canadian Tire Business Class Commercial Card” starting July 28th. The new business card offers Canadian Tire “CashBack” rewards on all business purchases, credited on an annual basis; $0.02 per litre discount for gas purchases at Canadian Tire Petroleum gas stations when paid with the new card; a no annual fee and a fee option for accelerated reward accumulation rate (at $65 owner/$5 employee card fee); up to $50,000 business credit; option to pay 3% of balance every month; and, business-owner managed account with distinct employee card limits as delegated by the business owner. The “Canadian Tire Business Class Commercial Card” is held by more than 50,000 active Canadian Tire business customers.

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VISA Launches a VbV Consumer Campaign

VISA USA is launching a seven-month online advertising campaign to build consumer awareness of “Verified by Visa” by focusing on the message of prevention. VISA also recently inked agreements with several key e-commerce players to adopt the “Verified by Visa” including CompUSA, JetBlue Airways, Digital River, and 2Checkout.com. VISA says more than 9,000 issuers worldwide offer “VbV”, making it available to more than 250 million debit and credit cardholders. More than 17,000 Internet retailers now accept “VbV.” During the first quarter, e-commerce spending in the USA on VISA-branded credit and debit cards reached $22.3 billion. Through May 31st, Visa USA’s year-to-date e-commerce dollar volume increased 59% over the same period in 2003. In 2003, VISA debit and credit card e-commerce volume increased by 53.2% to a total of more than $60.4 billion. At the same time, the number of transactions grew 44.5%, to more than 722 million.

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[1]: http://www.cardweb.com/images/v/visa/verified_ads.jpg

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Paymentech to Process for Wannado City

Paymentech landed a multi-year agreement with “Wannado City,” a new indoor role-playing theme park in Plantation, FL that invites children from ages 4-11 to take on the career of their dreams in a city created just for them. The processor will provide end-to-end payment processing via frame relay connectivity, as well as comprehensive, Internet-based reporting tools. The first Wannado City Fort Lauderdale, which will be the size of three football fields, is slated to open in July 2004, with nine more locations across the country planned in the coming years.

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Maestro Passes 500MM Card Milestone

MasterCard yesterday reported that its “Maestro” online debit program crossed the 500+ million cards-in-force milestone during the first quarter, a 40% jump over the first quarter of 2001. “Maestro” is now accepted at over 10 million merchant terminals in 93 countries, with almost 1.5 million merchant locations in the USA. At the end of March, MasterCard had 524 million cards worldwide carrying the “Maestro” brand, with $329 billion in gross dollar volume for the first quarter. Europe continued to be the largest cardholder base for “Maestro” with 242.3 million cards, a 7% increase over the same period in 2003. GDV for online debit activity in the region for the first quarter was $261.6 billion. The number of “Maestro” cards issued in Asia/Pacific was 143.9 million with GDV of $43.1 billion for the first quarter. In Latin America, “Maestro” card numbers doubled to 68.3 million cards, compared to the end of the first quarter in 2003. GDV for online debit activity in the region for the first quarter was $9.5 billion. The South Asia, Middle East and Africa region also experienced exceptional card growth with a 40.1% increase to 22.5 million cards at the end of the first quarter, compared to the end of the first quarter of 2003. GDV for online debit activity in the region for the first quarter of 2004 was $14.8 billion.

MAESTRO CARD HISTORICAL
1Q/01: 374 million
1Q/02: 433 million
1Q/03: 466 million
1Q/04: 524 million
Source: CardFlash International

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Wells Cuts Money Transfer Fees by 20%

Wells Fargo announced a 20% fee reduction for sending remittances to Mexico from the USA through its “InterCuenta Express” product. Effective July 1, the transfer fee will be lowered from $10 to $8, with a transfer limit of $3,000 per business day. Wells Fargo “Gold Pack” customers will also receive an additional $2 discount per transfer. Wells also recently increased the daily transfer limit from $1,000 to $3,000. “InterCuenta Express” allows customers to send money from their Wells Fargo account directly to beneficiary accounts in Mexico at BBVA Bancomer and HSBC Mexico. The service was created in 1995. Earlier this month, Wells Fargo announced a partnership with HSBC Mexico to create the largest consumer remittance distribution network via banking outlets in Mexico. The new HSBC partnership, together with Wells Fargo’s BBVA-Bancomer partnership in Mexico, creates a combined distribution channel of over 3,000 banking stores and 8,200 ATMs in Mexico.

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