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Already big inside the convenience stores at thousands of gas stations, point-of-sale terminal maker VeriFone Systems Inc. is making headway at gas pumps. VeriFone on Thursday reported that petroleum-industry revenues grew 58% in its fourth fiscal 2010 quarter ended Oct. 31 over the year-earlier period. The strong petroleum results helped …
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PayNearMe Debuts Cash Payments for Online Buys
PayNearMe Inc. on Wednesday announced the launch of a payment system that lets unbanked consumers pay for goods online or over the phone with cash. The system, which relies on real-time links to point-of-sale terminals in 6,000 U.S. 7-Eleven stores to collect and record cash transactions, has attracted eight announced …
Read More »Congress Breaks Its Silence on Interchange with a New Hearing
After months of inactivity on interchange regulation, the U.S. House of Representatives judiciary committee on Wednesday held a hearing on one bill advocated by national merchant groups. And while the committee took no action, one merchant group views the hearing as a hopeful sign that legislation will be passed. The …
Read More »Encryption, PIN Security, EMV Top Busy Agenda for PCI Council in 2010
A busy year is on tap for the PCI Security Standards Council, with revisions due not only for the main Payment Card Industry data-security standard but also standards governing PIN-entry devices and payment-processing software applications. Plus, the PCI Council plans to take a close look at two widely discussed security …
Read More »Star Ushers in New Rates, with Interchange Spiffs for Some Issuers
Star, one of the nation's largest electronic funds transfer networks, on March 1 will implement changes in its interchange pricing for point-of-sale transactions that in some cases will include dramatic increases and an elimination of fee maximums. The network is also introducing on April 1 a new fee category that …
Read More »Tempo Boosts Decoupled Debit With New Technology, New Issuer
Making good on a promise last spring that new developments were in the works, specialty debit processor Tempo Payments Inc. on Monday unveiled a new software-as-a-service platform and three MasterCard-branded decoupled debit card programs. Issued by First Bank & Trust, the cards are the first Tempo-affiliated cards issued by a …
Read More »Bling Nation’s Community Payment Platform Goes Live in Colorado
Bling Nation Ltd., which late last year unveiled a private-label payment network intended for local transactions (Digital Transactions News, Nov. 19, 2008), this week announced it has signed up its first financial institution and has been processing transactions for it in Colorado. The State Bank, La Junta, went live on …
Read More »Discover’s Transaction Volumes Hold Up in a Turbulent Quarter
With the credit crisis still blowing at gale force, Discover Financial Services managed to grow its second-quarter transaction and dollar volume thanks mostly to its Pulse PIN-debit network and Diners Club International more than offsetting weak credit card volume. Riverwoods, Ill.-based Discover reported Thursday that it handled a total of …
Read More »It’s Hunker-Down Time for the Bank Card Networks
If the flow of recessionary credit card spending could be likened to the Niagara River, MasterCard Inc. has gone over the falls while Visa is still just upstream at Grand Island. MasterCard on Thursday reported fourth-quarter drops of nearly 10% in U.S. credit card purchase volume and more than 6% …
Read More »Shell Seeks to Cut Acceptance Costs, Pump Up Loyalty With ACH Card
In what it calls a first for a major oil company, the U.S. subsidiary of Royal Dutch Shell plc in January plans to offer a PIN-based consumer debit card that uses the automated clearing house network, gives consumers a discount on gas, and costs Shell's retail outlets 40 cents per …
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