Digital Transactions Authoritative, insightful and timely information for payments professionals
A bill introduced in the U.S. House of Representatives late last week that proposes to lay down new rules for how payment card interchange would be set raises many questions beyond whether the banking or retail lobby carries more clout in Congress. The questions can be summed up in one: …
March, 2008
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7 March
Pay By Touch Auctions off ATM Direct, BioPay Paycheck Secure
Bankrupt Solidus Networks Inc. has sold two of the three major subsidiaries that it identified this winter as non-core assets, Digital Transactions News has learned. Next up is a March 14 auction of the core biometrics payment business of Solidus, which does business as Pay By Touch. On Thursday, a …
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6 March
‘Friendly Fraud’ Grows Worse, But Chargebacks Winnable, Expert Says
A problem the electronic payments industry calls “friendly fraud,” which has long dominated chargebacks for online sellers of digital goods from songs to software, is getting worse for these merchants, according to the top executive of a payments processor specializing in this market. Gene Hoffman, chairman and chief executive of …
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5 March
Wal-Mart Exec Happy with MoneyCard, But Stays Mum on Details
Jane Thompson, the head of Wal-Mart Stores Inc.'s Financial Services unit, revealed some interesting tidbits on Tuesday about the No. 1 retailer's payment services, but she didn't answer one question many in her audience of 2,200 was asking regarding the widely watched Wal-Mart MoneyCard: how many of the prepaid cards …
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5 March
Banks Must Recruit Consumers to Fight ID Fraud, Researcher Warns
Losses to identity fraud will be hard to reduce unless banks and other financial-services providers begin working harder to recruit consumers to look after their own accounts, a noted researcher said on Wednesday. “The important change that needs to happen today is a much stronger partnership between the person who …
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4 March
Could Free Scanners Unlock Small Businesses for Remote Capture?
With free card-swipe terminals having already captured the imagination of acquirers and merchants, the notion of free check scanners might not be far behind. Indeed, free equipment that reads magnetic-ink-character-recognition lines while capturing check images could be the key for banks to drive remote deposit capture adoption among small businesses, …
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3 March
M-Commerce Spawns New Forms of Money Laundering, U.S. Warns
The rise of mobile phones in South Asia, Africa, and Latin America is bringing many benefits to lesser-developed countries, but the simultaneous rise of mobile banking is creating new opportunities for money laundering, according to a report released Friday by the U.S. Department of State's Bureau of International Narcotics and …
February, 2008
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29 February
Cardtronics Looks for 2008 Payoff from Former 7-Eleven Vcom Fleet
Bolstered by the acquisition of convenience-store giant 7-Eleven Inc.'s sizable ATM business, leading non-bank ATM network operator Cardtronics Inc. on Thursday reported fourth-quarter financials that show an improvement in most operating measures. Company executives insist their efforts to improve the performance of 7-Eleven's high-function Vcom kiosks as well as other …
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28 February
Visa Filing Confirms Heavy Investment in Merchant And Issuer Incentives
Recent research by Aite Group LLC estimated the Visa and MasterCard bank card networks paid nearly $5 billion to merchants and card issuers between 2005 and 2007 to spur acceptance or issuance of their respective brands (Digital Transactions News, Feb. 20). Visa Inc.'s latest registration statement, filed Monday in advance …
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27 February
Smart Card Marketing, HomeATM Enable PIN Debit Online, at Stores
In a move that could further the penetration of Internet-based PIN debit, a San Antonio-based processor of prepaid card transactions has adopted a device that will allow users of its electronic-wallet service to load their accounts online with credit cards and PIN debit cards. Smart Card Marketing Systems Inc., which …