News

December, 2010

• 22 December

  Treasury Department Likely To Be in Driver’s Seat on Prepaid Card Program

  The final rule from the U.S. Treasury Department mandating electronic payment of Social Security and other benefits, which was announced on Tuesday, is likely to greatly expand a federal prepaid card program that has already racked up impressive results. It could also lead Treasury to look for more features and …
• 22 December

  While Slipping, Credit Cards Will Remain Most-Used Online Payment

  Credit cards will continue to dominate online payments for at least the next five years, but they will lose share to debit cards, alternative payments, and prepaid and gift cards, according to new projections from Javelin Strategy & Research. Javelin predicts in its “2010 Online Retail Payments Update and Forecast” …
• 21 December

  U.S. Treasury Issues Final Rule on Electronic Benefits Payments

  In a move that could bring millions of new users to a popular prepaid card program, the U.S. Department of the Treasury on Tuesday issued a final rule mandating that Social Security and other government benefits be paid to beneficiaries electronically. Under the new rule, beneficiaries will receive direct deposits …
• 21 December

  Durbin-Inspired Survey Gives a Rare Look into Debit Cards

  No matter how you feel about the Federal Reserve Board’s proposed 7-to-12-cent cap on debit card interchange and plans for breaking up exclusive debit-network affiliations, the regulatory process has produced some previously unavailable measurements of the booming debit industry. Ahead of writing the proposed rules that it unveiled last week, …
• 20 December

  Takeover Buzz Subsides As Ingenico Rejects a $1.9 Billion Bid

  It’s all over but the shouting, at least for now. France’s Ingenico S.A., which sells point-of-sale terminals in North America and elsewhere around the world, on Sunday rejected a suitor that had offered $1.9 billion for the company. Bloomberg had reported on Friday that the suitor was Danaher Corp., Washington, …
• 16 December

  A Closer Look at Fed Payments Study Unveils Some Surprises

  A major Federal Reserve payments study released last week grabbed headlines for documenting a dramatic three-year increase in electronic transactions, but a closer examination this week by officials who worked on the report highlights a number of subsidiary trends in such key areas as remote deposit capture, person-to-person payments, and …
• 16 December

  NFC Phones Poised for a Worldwide Boom, But U.S Mobile Payments Will Lag

  The global market for smart phones with near-field communication technology (NFC) will heat up in 2011, opening the way for contactless payments via mobile phones, according to a new report from Mercator Advisory Group Inc. But while the U.S. is poised to be a breakout market for NFC at some …
• 16 December

  Debit Interchange Would Get a 12-Cent Cap Under Fed Proposals

  Debit card interchange fees would take a draconian cut under two proposals that the Federal Reserve Board floated on Thursday. Both would set caps of 12 cents per transaction, caps that would take most of the profit out of many transactions, especially signature debit. The board also left open the …
• 15 December

  Canadian Regulators Challenge Visa-MasterCard Credit Card Acceptance Rules

  Giving the bank card networks a taste of the medicine they’re getting in the U.S., Canada’s Competition Bureau on Wednesday took action against Visa Inc. and MasterCard Inc. rules against surcharging and honor-all-cards requirements intended to prevent discrimination by Canadian merchants against credit cardholders. “Visa and MasterCard’s anti-competitive behavior hurts …
• 14 December

  Fed Could Cut Signature Debit Interchange up to 60%, Goldman Clients Say

  Financial-industry clients of Goldman Sachs & Co. are bracing for cuts of 40% to 60% in signature debit card interchange rates when the Federal Reserve Board releases its draft regulations for the controversial fee, possibly as soon as Thursday. Many of the investment-banking firm’s clients also expect the Fed to …