Friday, July 1, 2011

Cards International News for the Week of June 27th 2011

Fed issues final debit-interchange ruling

US debit interchange fees have been capped at 21 cents – almost double the amount first proposed by the Federal Reserve Board.Free
Erste Bank and Visa launch CEE first

Erste Bank and Visa launch CEE first

Austria’s Erste Bank has joined forces with Visa to roll out the first contactless payment card with a transport application and loyalty rewards in Central and Eastern Europe (CEE).Free
OFT spells the end of debit surcharging

OFT spells the end of debit surcharging

Travel companies have been ordered to end the use of hidden debit card surcharges by the Office of Fair Trading (OFT), following a super complaint by consumer watchdog Which?Free
Contactless trial 'failed to deliver' - ANZ

Contactless trial 'failed to deliver' - ANZ

ANZ Bank has chosen not to proceed with contactless in its current form following a trial with Visa, claiming the technology did not measure up to the bank’s needs.Free
Serverside files patent lawsuit

Serverside files patent lawsuit

Digital card design technology provider Serverside Group has issued a patent infringement lawsuit accusing its competitors of offering “copy-cat services”.Free
PayPal ups m-payment projection

PayPal ups m-payment projection

PayPal is expecting to process $3bn in m-payments by the end of 2011, a sharp rise of $1bn from previous estimates.Free
v2 of Digital Receipts standard announced by ARTS

v2 of Digital Receipts standard announced by ARTS

The release of Version 2 of the Digital Receipts standard has been announced by the National Retail Federation’s Association for Retail Technology Standards (ARTS).Free
Amex and foursquare commence national roll-out

Amex and foursquare commence national roll-out

American Express and location-based social networking website foursquare have begun the national roll-out of their collaborative efforts in enabling consumers to link social profiles to payment cards.Free
Cash still King - BRC

Cash still King - BRC

Customers are increasingly turning from credit cards to cash and debit cards in a bid to better manage their finances and curtail spending money, says new figures from the British Retail Consortium (BRC).Free
Voice Commerce launches iPhone POS

Voice Commerce launches iPhone POS

Financial services group Voice Commerce has announced the launch of UK’s first fully functional iPhone terminal ‘CashFlows Portable’.Free

MobilePayUSA In Position To Checkmate The Wallet

Image representing MobilePayUSA as depicted in...Image via CrunchBase
July 1, 2011
TechCrunch Disrupt 2010 Startup Alley Winner MobilePayUSA asks why wait for NFC to turn your phone into your wallet?
MobilePayUSA enables mobile payments using existing hardware and improves security. Merchants will appreciate the savings without having to upgrade to terminals equipped with NFC (Near Field Communication) wallet technology.
Jesse Adams, Vice Chairman (retired), Verifone Systems, Inc. states,"MobilePayUSA is a viable alternative to NFC."
MobilePayUSA does not store credit card data on the phone.MobilePayUSA partner TrustCommerce, securely stores card data behind a firewall and it is never shared with the merchant, thus relieving the merchant of PCI compliance for MobilePayUSA transactions. A pin is required to open the mobile app, making it more secure than paying with a physical credit card. If a user loses their phone, account holders may login online to disable the app instantly.
Payments security expert Robert Caulfield, Chief Executive Officer ofTrustCommerce says, "MobilePayUSA provides a game changer for the payments industry and beyond."
With NFC, card data is stored on the phone leaving it vulnerable to theft. When payments are being made the data transmission may be intercepted. Data thieves can set up devices to remotely capture transaction data on an automated basis. Once captured, data can be sent to a decryption team for processing and eventual sale on the web. Concern about NFC security is a reality, and it is possibly less secure than mag-striped cards.
Universal Wallet
MobilePayUSA wallet will be able to accept any form of payment: credit or debit cards, store credits, gift cards or virtual currency. Loyalty is automatically tracked when payment is made. Consumers and merchants no longer need to spend time scanning a card or giving out phone numbers. MobilePayUSA will also save consumers time by not having to clip or print coupons. Consumers will not have to login to a website, download multiple apps, keep receipts or make a phone call to obtain balances. MobilePayUSA enables instant viewing of rewards earned and transaction history.
Rapid Scalability And Fast Transactions
Any point of sale system provider or processor may enableMobilePayUSA's suite of services through a software API. Pay at table transactions may take place without new terminals. Payments may be completed in seconds for all types of transactions. To save time, purchases can be made in advance for drive-thru. Merchants using PCs at Point of Sale may use a "Virtual Terminal" to process transactions.
Partners And Merchants
Revention POS Solutions will soon be integrated with MobilePayUSA. Revention's client list includes: Pizza Hut, Dairy Queen, CiCi's Pizza, Popeyes Chicken & Biscuits and many other restaurants. Flippin' Pizza of San Diego, CA will be the first restaurant to use MobilePayUSA through Revention. Patrick Farley, Founder and CEO of Flippin' Pizza says, "I love that I can give my customers an alternative, secure option for payment while earning loyalty points." A Private Beta in Orange and San Diego counties will begin July 2011. Participating merchants will include Tutti Frutti Frozen Yogurt (Balboa Island, CA) and Flippin' Pizza (Carlsbad, CA).
Interested merchants should sign up online and contact their merchant service provider to get started. In addition, merchants can work with their existing merchant service provider.
MobilePayUSA plans on launching their Public Beta in Q4 2011.
About MobilePayUSA
MobilePayUSA is a consumer-centric mobile payment and marketing app focused on maximizing consumer convenience while removing the key barrier to enabling mobile payments: replacing payment terminals. The company is headquartered in Irvine, CA and is a division of Universal Commerce, Inc.

Enhanced by Zemanta

Industry Experts Dissect Federal Reserve's Final Debit Regulations on Webinar

Just ahead of July 4th festivities, fireworks were provided for the industry this week courtesy of the Federal Reserve's final proposal for debit card regulation. The interchange cap of 21 cents per transaction is set, but what's not is how merchants, financial institutions and other stakeholders will respond. During a live webinar on, industry experts (clockwise from top left) Tim Attinger, David Evans, Tom Durkin and Tom Brown debated what's next for debit, Durbin and the future of our industry.

Watch Here

Watch Here
Enhanced by Zemanta

TSYS to Broadcast Second-Quarter 2011 Results

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) will issue its second-quarter earnings report on July 26, 2011, at approximately 4:00 p.m. EDT. A conference call to discuss these results, business trends and future projections will be held on July 26, 2011 at 5:00 p.m. EDT. Shareholders and other interested persons may listen to this conference call via simultaneous internet broadcast at by clicking on the link under "Webcasts" on the homepage. You must download Windows Media Player (free download available) before accessing the conference call or the replay. The conference call will be archived for 12 months and will be available starting 30 to 45 minutes after the call ends.
About TSYS
TSYS (NYSE: TSS) is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. For more information, please visit us at


TSYS Investor Relations
Shawn Roberts, +1.706.644.6081

TCF Requests Dismissal of Lawsuit Challenging Durbin Amendment

WAYZATA, Minn.--(BUSINESS WIRE)--On June 29, 2011, the Eighth Circuit Court of Appeals affirmed a U.S. District Court ruling to deny TCF National Bank’s (“TCF”) motion for a preliminary injunction against the implementation of the Durbin Amendment. The decision was based largely on the grounds that at this stage of the litigation, it was not clear that the exemption for banks with total assets under $10 billion would be effective. In view of this ruling along with yesterday’s announcement of the Federal Reserve Board’s final rule on debit interchange, which does not resolve the question of the potential effectiveness of the $10 billion exemption, TCF today decided to ask that the U.S. District Court in South Dakota dismiss its case without prejudice.
“While we continue to believe that the Durbin Amendment is unconstitutional because it requires below-cost pricing and exempts 99% of all U.S. banks, we believe our lawsuit has served its purpose in demonstrating the unfairness of the Durbin Amendment and that it is time for us to move on”
“While we continue to believe that the Durbin Amendment is unconstitutional because it requires below-cost pricing and exempts 99% of all U.S. banks, we believe our lawsuit has served its purpose in demonstrating the unfairness of the Durbin Amendment and that it is time for us to move on,” said William A. Cooper, Chairman and Chief Executive Officer. “The Federal Reserve Board’s final rule is an improvement from its initial proposal and recognizes many of the points we made in our case.”
The Durbin Amendment was included by Congress in the Dodd-Frank Act of 2010. The Durbin Amendment ordered the Federal Reserve Board, for the first time, to enact regulations that strictly limit the amount of interchange fees merchants pay to banks when a bank’s customer uses their debit card to make purchases. These new limits apply to banks with $10 billion or more in total assets. The Federal Reserve Board issued its final rule on June 29, 2011.
TCF National Bank is a subsidiary of TCF Financial Corporation (NYSE: TCB), a Wayzata, Minnesota-based national bank holding company with $18.7 billion in total assets. TCF has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in the U.S. and Canada. For more information about TCF, please visit


TCF Financial Corporation, Wayzata
Jason Korstange, 952-745-2755

Enhanced by Zemanta

RILA Unhappy with Fed's Final Debit Regulations

Federal Reserve Caves to Big Bank Pressure, Undermines Swipe Fee Reform
Main Street Merchants and Consumers Lose  
ARLINGTON, Va., PRNewswire-USNewswire/ -- The Retail Industry Leaders Association (RILA) criticized a final rule released today by the Federal Reserve as failing to honor the intent of the bipartisan reforms passed by Congress.  The rule, which guides implementation of the debit swipe fee reforms, is a startling departure from rules that the Federal Reserve proposed in December and will ultimately prevent the intended relief from reaching merchants and consumers.  
"The announcement today from the Federal Reserve is a disappointment to merchants and consumers who face unfair and excessive fees imposed by big banks and credit card companies," said RILA President Sandy Kennedy.  "The Federal Reserve's about-face suggests it abandoned the facts that the Board embraced in the December proposed rules, instead ceding to the wishes of the big banks and credit card companies."  
Data released by the Federal Reserve in December showed that, although merchants paid on average 44 cents on every debit transaction, the transaction cost just 4 cents to process.   By comparison, paper checks have been processed without any interchange fee for nearly a century.  In December, the Federal Reserve proposed a cap between 7 and 12 cents for banks with$10 billion in assets, ensuring 200 percent profit for the issuing banks.  Today's final rule dramatically raises that cap to 21 cents, guaranteeing an astounding 525 percent profit on every transaction.  
"The Federal Reserve today has badly damaged its credibility.   The merchant community will explore its options to implement the debit interchange relief that Congress intended," concluded Kennedy.
RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
SOURCE Retail Industry Leaders Association
Back to top

The Future of Mobile Tagging

Included within the PSFK Future of Mobile Tagging report is a PSFK guide sponsored by Microsoft that explains the benefits, uses and measurement tools of the Microsoft Tag mobile tagging platform. Today, businesses can innovate by integrating mobile tags into their marketing activities, and Microsoft Tag is a flexible tool that can be used across brand led communications—from advertising to packaging. Consumers simply use mobile applications to scan these codes with the cameras built into their smartphones.

via PSFK:

Disqus for ePayment News