Digital Transactions Authoritative, insightful and timely information for payments professionals
So-called expedited bill payments are rapidly growing in volume in the U.S., and are also becoming increasingly electronic as remote-payment channels like the Internet gain transaction share from traditional walk-in channels. That's one conclusion TowerGroup, a Needham, Mass.-based payments-research firm, has come to in two studies released this week. Expedited …
Read More »Study: Signature Debit Fraud Runs 15 Times Higher Than on PIN Debit
Financial institutions lost an estimated $546 million to debit card fraud in 2004, with fraud rates running much higher on signature-based cards than on cards secured with PINs, according to study released this week. Banks lost $345 million in fraud committed on ATMs, while fraud on signature-debit cards cost them …
Read More »Businesses Favor Interchange Caps, Agree with Suits, Survey Shows
More than two-thirds of treasury professionals within businesses that sell to consumers favor capping card interchange fees, according to a survey released today by the Association for Financial Professionals. Moreover, nearly three-quarters of these executives would trade rewards programs for lower interchange rates, even if their own companies lost incentives. …
Read More »With Rita Looming, Pulse Moves Switch to Data Center in Dallas
With Hurricane Rita bearing down on the Gulf coast of Texas, Pulse EFT Association Inc. announced today it has moved processing operations from its Houston data center to a redundant center in Dallas. Cindy Ballard, executive vice president for the electronic funds transfer network, called the move “purely precautionary” in …
Read More »Report: Patent Case Threatens to Cripple U.S. Prepaid Wireless Market
The outcome in a patent-infringement case in May is hindering the development of the prepaid wireless business in the U.S. at a time when the market is already behind overseas markets in usage, a report released by a major research firm says. According to the report from the Yankee Group, …
Read More »Hannaford Finds PIN Debit Is Now As Expensive As Checks
Despite the vaunted efficiencies of electronic transactions, at least one regional supermarket chain has found its cost to accept PIN debit transactions is running close to its acceptance costs for paper checks. As a result, says Bryan Croteau, senior business analyst for Hannaford Bros. Co., Portland, Me.,”I don't want to …
Read More »ECOM Readies an Anonymous Prepaid Card for Web and Point of Sale
After five years of development, Boca Raton, Fla.-based startup ECOM Financial Corp. is planning to introduce an anonymous, disposable prepaid card that will clear transactions through the MasterCard network and be usable for purchases on the Internet as well as at the point of sale. The company, which says it …
Read More »HSBC Joins the Ranks of Issuers of Contactless Debit Cards
HSBC Bank USA N.A. has become the third U.S. bank to add contactless payment technology to its debit cards. The bank said today it has begun issuing MasterCard-branded debit cards equipped with MasterCard's PayPass system, and plans to issue 1 million of the cards by the end of the year. …
Read More »Cardtronics’ ATM Network Doubles While Surcharge Margin Sags
Second-quarter financial results from Houston-based Cardtronics Inc. show the country's largest non-bank ATM operator has more than doubled the number of ATMs it runs, to 26,241, in the year from June 30, 2004, primarily owing to its $106-million acquisition in June last year of E*Trade Financial Services' portfolio of 15,000 …
Read More »Peppercoin Processes Cell-Phone Parking Payments in Las Vegas
Reino Enforcement Technology on Wednesday will begin processing parking fees on 15 meters in downtown Las Vegas through Peppercoin Inc.'s micropayment platform. The meters, which control 150 parking spaces in the city's business district, allow drivers to charge initial parking fees, as well as additional time, to credit and debit …
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