Digital Transactions Authoritative, insightful and timely information for payments professionals
A slumping economy appears to have been what scuttled First Data Corp.’s deal to buy prepaid card program manager InComm Corp. The agreement, announced in April (Digital Transactions News, April 29), involved transaction-processing giant First Data acquiring Atlanta-based InComm for $980 million, with a further payout of $250 million over …
November, 2008
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5 November
Will New DoJ Inquiry Lead to More Litigation for Card Networks?
Recent U.S Department of Justice demands for documentation about the payment card networks' acceptance rules have the merchant-acquiring industry wondering if the networks are in for another confrontation with antitrust authorities. If so, the issue will involve how much freedom card-accepting merchants should have to seek other forms of payment …
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4 November
As with Visa, MasterCard Sees Debit Growth Offsetting Credit Malaise
Like the other payment card networks that recently reported their quarterly financials, MasterCard Inc. saw softening volumes in the third quarter. Things worsened in October but, like bank card rival Visa Inc., MasterCard's debit business is holding up much better than credit in what MasterCard president and chief executive Robert …
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3 November
As Chase and First Data Part Ways, Chase Eyes Alternative Payments
Banking giant JPMorgan Chase & Co. and processor First Data Corp. said on Monday they have completed the previously announced split-up of their joint venture called Chase Paymentech Solutions, the world's largest merchant acquirer. The bank-owned Chase Paymentech will focus on alternative payments and geographic expansion with its 51% share …
October, 2008
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30 October
In the U.S., Visa Banks on Debit As Credit Growth Goes Negative
Debit cards have been growing faster than credit cards for years now in the United States, but they'll be more important than ever for Visa Inc.'s growth in the near term as wary banks rein in lending. With the weakening economy, what had been slow credit card payment growth went …
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30 October
MasterCard Sees New Service As a Big Step Toward Commercial NFC
MasterCard Inc. on Thursday announced a service it sees as a major step toward the ultimate commericialization of contactless payments via mobile phones. Intended primarily for the North American and European markets, the MasterCard Over-the-Air Provisioning Service is aimed at allowing any member issuer to readily personalize a handset for …
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29 October
New BBB-Backed Payroll Card Program Aims at Fast Growth
In the hunt for a trustworthy partner, a prepaid card issuer and payment card network probably couldn't do better than the Better Business Bureau. That's the theory, at least, behind the new MasterCard-branded TrustCard, a payroll card issued by Palm Desert National Bank that initially is being offered by the …
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28 October
Taxes and Morgan Stanley Erode Discover’s Settlement Gains
No. 4 payment card network Discover Financial Services will receive $2.75 billion from Visa Inc. and MasterCard Inc. through the settlement of a long-running antitrust lawsuit, Discover and the bank card networks announced yesterday. Discover, however, may actually pocket less than one-third of that amount after paying taxes and a …
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28 October
Canada Is Set to Start a National Rollout of Chip-Equipped Debit Cards
Canada's financial institutions will start issuing microchip-embedded debit cards by the end of the year, the country's national electronic funds transfer network said on Tuesday. The rollout of chip cards, which follows a year-long pilot of so-called chip-and-PIN technology in the Kitchener-Waterloo, Ontario, area, will over the course of four …
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27 October
ISOs, Economic Crunch Could Spur Banks to Push Remote Capture
While remote deposit capture continues to be one of the fastest-growing electronic payments products ever introduced, banks are still far too conservative in the way they sell the service, says Bob Meara, a senior analyst at Boston-based researcher Celent LLC. That could change soon, though, as resellers such as independent …