News

30 November

Acquirers Can Expect a Very Merry Christmas If Trends Hold

If the best present for a merchant acquirer is more transactions to process, 2011’s Christmas has already arrived. Various reports from acquirers, payment processors, and research firms indicate that electronic transaction volumes are up sharply over 2010’s levels despite the gloom that still colors most economic news. Dallas-based Chase Paymentech, …

29 November

Online Forecast: Credit Cards Will Surge As Debit Falls Victim to Regulation

n Online sales for the year will reach $309 billion, up 16% from $266 billion in 2010, according to the report. That volume will grow to $346 billion next year and $444 billion 2016, the report forecasts. General-purpose credit cards will capture 40% of online spending in 2011 and …

28 November

Eye on Prepaid: Intuit’s GoPayment Card, Green Dot’s Bank

The prepaid card industry is marching to new frontiers as November heads toward a close. Intuit Inc. on Tuesday is expected to launch a prepaid Visa card for new merchants in its GoPayment smart-phone-based service, and the Federal Reserve Board approved prepaid card program manager Green Dot Corp.’s plan to …

23 November

Just in Time for the Holidays—Gift Cards That Require Only 10% Down

With the holiday-shopping season set to kick off on Friday, a startup in San Diego has launched a Web site that lets consumers buy gift cards at 10% of face value. The remaining balance, the company says, comes due only when the cards are redeemed. The site, from Moola …

22 November

The Planets Align for a Boom in Mobile Remote Deposit Capture

Only a handful of the nation’s 13,000 financial institutions today offer remote deposit capture to consumers, but, riding the wave of smart-phone popularity, the number is poised to mushroom, according to new research findings from Celent LLC, Boston. Some 66% of 187 banks and credit unions Celent surveyed in …

22 November

Merchants File Suit Accusing the Fed of Departing from the Law with Its Durbin Regs

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21 November

Chase Issues First Airline EMV Card, Following Two Chip Cards Launched Earlier

n As with Chase’s previous two EMV deployments, the new Visa card will allow cardholders to sign for transactions rather than enter a PIN, which is a far more common form of authentication for EMV in markets like Europe and Canada where the smart card technology has been rolled …

19 November

Chicago Transit Authority Places a $454 Million Bet on Open-Fare Payments

Open-fare payments for public transportation got a big boost when the Chicago Transit Authority announced it had awarded a $454 million, 12-year contract to Cubic Transportation Systems to build and maintain a payment system that accepts contactless cards. The CTA, which provides about 500 million rides a year, thus …

17 November

MasterCard And Intel Look for Near-Term Results from E-Commerce Deal

The alliance MasterCard Inc. announced earlier this week with Intel Corp. to secure e-commerce transactions will not supersede SecureCode, a MasterCard online authentication system, but will fairly soon lead to a new type of contactless-payment device from an emerging category of ultra-thin, fast-start PCs, executives with both companies tell Digital …