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In a deal on which the two parties spent the weekend hammering out final details, Discover Financial Services LLC and Global Payments Inc. on Monday said Global would take over processing and other acquiring functions on Discover transactions with merchants for which Global processes Visa USA and MasterCard Worldwide transactions. …
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New Council Updates PCI, Looks to Foster Closer Industry Cooperation
The new organization set up by the leading payment card networks to administer the Payment Card Industry (PCI) data-security rules should lead to closer coordination on security matters among card networks, merchants, and vendors, according to one of the organization's spokesmen. Announced Thursday, the organization has already issued an update …
Read More »Issuers Win And Lose As the Fed Puts Reg E’s Stamp on Payroll Cards
In the Federal Reserve Board's final rule that extends Regulation E provisions to the fast-growing payroll card sector, electronic transaction reporting won out over paper statements, but issuers may take on added risk with a longer time period for dispute resolution, experts say. After a two-year process that involved taking …
Read More »Cutting Payment Costs, Wesco Helps Debitman with Issuer Gap
A Michigan convenience-store chain believes its new Debitman card program will lower its card-acceptance costs while simultaneously boosting customer loyalty by taking some of the sting out of rising gasoline prices. Debitman Card Inc. announced this week that Muskegon-based Wesco Inc., which operates 51 stores in the state, would join …
Read More »POS Debit Card Usage Continues To Grow, Star Survey Says
Debit cards continue to find favor with consumers for point-of-sale purchases, results of the latest annual payments survey by First Data Corp.'s Star electronic funds transfer network shows. And recent security breaches involving PIN-based debit cards don't yet seem to have dented PIN debit's popularity. According to Star's 2005/2006 Consumer …
Read More »Prepaid Card Roundup: New Virgin Mobile Card, U. S. Bank Hits Milestone
Wireless provider Virgin Mobile USA LLC on Monday introduced a reloadable prepaid card that will allow its 4 million mostly young subscribers to pay for goods and services at stores and on the Web, pay bills, and send cash to one another. The card, a Visa-branded product Virgin calls the …
Read More »Discover’s First Data Deal May Be Just Its First Pact with Big Acquirers
Discover Financial Services LLC's new merchant-processing pact with leading payment processor First Data Corp. that involves small and mid-sized merchants is just the first of more deals Riverwoods, Ill.-based Discover plans to strike with big merchant acquirers to expand acceptance of the No. 4 card brand while simultaneously reducing costs. …
Read More »Unfazed by eBay’s Ban, Google Eyes PayPal, Other Payment Methods
Ebay Inc.'s decision to bar Google Inc.'s new payment product from its massive online auction site doesn't seem to faze the online search company. Indeed, the executive in charge of Google Checkout, which debuted less than two weeks ago (Digital Transactions News, June 29), tells Digital Transactions News Google has …
Read More »PayPal Prepares for a Two-Phase Rollout of Its Virtual Debit Card
PayPal Inc. will start rolling out its so-called virtual debit card to “hundreds of thousands” of users some time this month in a process it expects to complete by the end of August, a spokesperson for the San Jose, Calif.-based unit of online auctioneer eBay Inc. tells Digital Transactions News. …
Read More »Google’s Payment Service, Tied to AdWords, Could Be ‘Game-Changer’
Following a year of on-again, off-again speculation about its plans in online payments, Google Inc. launched a transaction service Thursday with at least 92 online merchants of various sizes already signed on, from Ace Hardware, Ritz Camera, and Buy.com to Trendy Togs and FaucetDirect. The new service, called Google Checkout, …
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