Debit Cards

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 …

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 …

Canadian police have made seven arrests as part of a continuing investigation into what might be a terrorist-connected scheme to skim PINs and other credit and debit card information from a point-of-sale terminal. The case, which has affected residents of Mississauga, a town near Toronto, involved a handheld terminal at …

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 …

Visa USA reported Thursday an increasing willingness among consumers to use cards for purchases valued at under $25, a highly coveted transaction segment in which the San Francisco-based bank card network waives its signature requirement in some 17 merchant categories. The network says its payment volume in this segment jumped …

More and more consumers now expect their last-minute bill payments to be credited to their accounts with near instantaneous effect. And, increasingly, billers and processors are meeting that expectation?or at least laying plans to. “The trend is toward real-time [bill payment],” says Dave Fortney, senior vice president for electronic presentment …

Looking to increase the number of debit cards tied to flexible-spending accounts and other tax-advantaged health-care plans, MasterCard Worldwide has introduced a system that the Purchase, N.Y.-based bank card network says collects item-level detail and provides real-time substantiation at the point of sale. Substantiation, required by Internal Revenue Service rules …

While PIN debit transactions at the point of sale are growing at a torrid pace, the payment application faces major hurdles when it comes to future growth, according to a research report released this week. PIN debit has registered annual growth rates between 35% and 38% since 2003, outpacing the …

MasterCard Inc., reporting quarterly results for the first time since its initial public offering in May, said it lost $310.5 million in the three-month period ended June 30, compared to a gain of $120.2 million in the second quarter of 2005. One-time expenses, including a $400.3 million cost for 13.5 …

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 …