News

September, 2010

• 22 September

  New Visa Ventures Tap the Growing Transit Payments Market

  Visa Inc. raised its profile in the growing transit payments market on Tuesday with announcements that it was backing mobile payments for New York City-area commuters and was the exclusive card network for new prepaid fare cards in Los Angeles. Visa also said its payWave contactless card became usable Aug. …
• 21 September

  CardinalCommerce Announces an Entry in Online PIN Debit

  CardinalCommerce Corp., a major player in the business of enabling alternative payments for merchants and processors, entered the nascent business of online PIN debit on Tuesday with a product it says requires little to no integration work by merchants, gateways, processors, or networks. The Mentor, Ohio-based company says it has …
• 20 September

  Effort to Sign up Acquirers Nearly Complete, Discover Says

  Reflecting trends seen by its larger network competitors, Discover Financial Services on Monday reported modest growth in credit card volumes and bigger growth in debit. Discover, in releasing earnings for its third fiscal 2010 quarter ended Aug. 31, also said that its 4-year-old effort to recruit merchant acquirers to sign …
• 16 September

  Secure Vault Payments Launches As a Commercial Service

  NACHA’s long-awaited Secure Vault Payments (SVP) program, which lets consumers make guaranteed payments online through the automated clearing house network, officially became a commercially available product on Thursday after a pilot that began in the spring of 2008. The new product can now be offered by any bank linked to …
• 16 September

  MasterCard Will Recruit Multiple Issuers for Delta Debit Card

  In an apparent first in the debit card market, MasterCard Inc. has a struck a deal with Delta Air Lines Inc. to build a national network of issuers of Delta SkyMiles cobranded debit cards bearing the MasterCard logo. Atlanta-based SunTrust Banks Inc. currently is the sole issuer of Delta debit …
• 15 September

  Chase’s Outage: Fact of Life in E-Payments World

  After being out all day Tuesday, JPMorgan Chase & Co.’s online-banking service sputtered back to life early Wednesday. Service, however, was spotty at times, though by mid-afternoon it seemed to be working normally again. But with 16.6 million active online-banking customers potentially affected, the outage was big enough to warrant …
• 15 September

  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 …
• 15 September

  Consolidation Marches on As Fifth Third Buys NPC

  Another seismic merger rumbled through the merchant-acquiring industry on Wednesday when the big acquirer Fifth Third Processing Solutions LLC announced it had struck an agreement to buy Louisville, Ky.-based National Processing Co. When the deal closes, Cincinnati-based Fifth Third will have more than 420,000 merchant locations and annualized charge volume …
• 14 September

  DCS Launches Instant Issuance for NFC Memory Cards

  Rising interest in contactless mobile payments via micro Secure Digital (SD) cards has led to the introduction of a feature that will let banks personalize SD cards for payments in a matter of minutes. The new feature, which can be used in a branch or other office, has the potential …
• 14 September

  Visa Gears up for a Post-Dodd-Frank Debit World

  With the coming of debit card interchange regulation and more merchant freedom from payment card network operating rules, Visa Inc. has established what it calls “strategy teams” to develop alternatives and respond once the Federal Reserve issues new rules next year. That’s the word from Visa chief financial officer Byron …