Gemalto has been chosen by LifeNexus to provide technology and professional services for its “LifeNexus Personal Health Card”. The new program is based on the patented “LifeNexus Personal Health Card” equipped with Gemalto’s “.NET” technology to enable secure storage of health and financial information. Consumers will use the LifeNexus card to keep track of their personal health information, give it to healthcare providers when needed, and then pay for services. Gemalto’s digital security solution also protects the privacy and security of the cardholder. Gemalto provides digital security solutions.
The Commercial Bank of Qatar has launched its first EMV smart card on
TSYS’s “PRIME” card-management solution. CBQ plans to roll-out
a multitude of EMV chip card products this year, including credit,
debit, charge and prepaid cards. The bank recently completed
certification with MasterCard “M/Chip” and “VISA Smart Debit Credit”
card issuing. The “PRIME” card system is offered TSYS Card Tech, formerly known as Card Tech Limited. In Qatar alone, TSYS Card Tech clients include the top four banks, which have combined assets of 85% of the market share.
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A Manulife Bank Survey reveals that 48% of Canadians open bank accounts
and products as needed, without a strategy, losing an average of $1,000 a year through poor debt and short term asset management. Furthermore, of the 87% with a checking account, 96% also have a high interest savings account. While the average number of bank credit cards per respondent was just over 1, 93% of those also held department store or gas company cards. Of the 30% who said they have a mortgage, 45% also have a line of credit. The average Canadian has 8 different bank products across multiple bank accounts. For this reason, Manulife bank has introduced an ‘all-in-one’ account, which 40% said
they would consider opening to save money on fees and the like.
Las Vegas-based Cash Systems has announced first quarter 2007 revenue was $25.5 million, an increase of 25%, compared to $20.5 million in the first quarter of 2006. The Company reported a loss of $268,021 from operations of in the first quarter of 2007 compared to loss from operations of $1.5 million in the prior year period. Net loss was $1.4 million, or $0.08 per diluted share, compared to net loss of $1.2 million or $0.07 per diluted share in the first quarter of 2006. The Company’s long-term EBITDA margin target is 10% to 12%. Although the Company does not expect to achieve its long-term EBITDA margin target in 2007, the Company does expect EBITDA to be positive in every quarter of fiscal 2007 and the second half of the year should reflect new product introductions and their positive contribution to margins. Cash Systems is a provider of cash-access and related services to the retail and gaming industries.
ViVOtech has announced that the “ViVOpay 5000” Contactless Reader
of VISA’s Globally Interoperable Contactless Payment Specification has
received VISA Asia Pacific Level 3 Type Approval. This VISA approval
recognizes the reader as an industry standard that has undergone rigorous
testing demonstrating software stability, card data security and
interoperability. The “ViVOpay 5000” reader is compatible with all
worldwide contactless payment programs run by major organizations,
directs consumers through the contactless buying process with helpful
prompts, offers low-cost upgrading to existing POS systems, and has an
expandable memory slot for additional applications. Vivotech currently has
more than 250,000 NFC units in 22 countries.
Consumer Action and American Express have expanded their jointly developed credit card education program, “Credit Cards: What You Need to Know,” and scheduled three additional free training events in Plantation, Florida; Phoenix, Arizona and Birmingham, Alabama. The program is centered on a training module with a curriculum and educational brochures, translated into five languages, that are distributed to the more than 9,000 community-based organizations within Consumer Action’s network to educate consumers about how to best choose and use credit cards. Last year, American Express and Consumer Action awarded $82,250 to 30 agencies that had been trained at the project’s training meetings to support their own education activities and the use of the materials. American Express and Consumer Action launched the program in 2005. Consumer Action is a non-profit 501(c)(3)advocacy and education organization. Consumer Action conducts surveys of credit card rates and terms, tracks trends in the industry and assists consumers in comparing cards and understanding their rights when using credit.
CA-based International Card Establishment reports a 9% increase in first quarter revenues to $2.5 million driven by an increase in merchant account residuals, offset by a decrease in equipment and gift card sales.
CPP life assistance firm has recently conducted a survey showing that
adults in the UK spend 15% of their annual income on credit card
purchases. This figure averages to be GBP2,540 per year, per consumer
which could averages to be as much GBP150,000 through out the
their lifetime. Furthermore, 40% of those polled search for 0%
transfer deals, women own fewer cards than men and 12% sign up
for a gold card because “it looks good in their wallet”. Also, 80%
are aware of the risks of identity theft and 13% have been victims.
PA-based USA Technologies reports that revenue for the first calendar quarter soared by 66% to nearly $3 million. The revenues were driven by higher sales of the Company’s “e-Port G-6” product which is part of a MasterCard “PayPass” initiative, as well as accelerating growth in license and transaction fees as the Company adds more connections to its “USALive” network. During the quarter, USA Technologies began to equip Great Plains Coca-Cola Bottling Company’s vending machines with its “e-Port G6” cashless transaction solution to accept “MasterCard PayPass.” The Company also completed a $10 million private placement during the quarter. More recently, USAT launched “e-Port Connect” which wirelessly enables self service terminals to accept cashless payments, handles all elements of the transaction processing and allows customers to monitor and manage their terminals online. For complete details on USA Technologies latest results visit CardData ([www.carddata.com]). (CF Library 4/20/07)
A Capital One Canada survey has found that since the end of tax season,
39% of those polled want to forget about finances until tax-time next year
and 41% would rather clean out their basement or garage than think about
finances. Only 29% said they would review their credit cards to make sure
they are getting the best rates and fees. Albertans, however, are more
to take a hard look at credit options at 32% while Quebecers are least
at 20%. Experts say, however, that spring is a good time for people to
evaluate finances and take control of their situation. Only 16% of
are attracted to offers with promotional awards and only 2% are interested
in offers with a time-limited introductory rate. Also, 26% buy in bulk, 17%
look for free samples and meals at work or other functions, 4% of Canadians
say they “mooch” off friends and family and 69% use and stick to a budget.
Fair Isaac says its researchers have added key innovations to the “Classic FICO” credit risk scoring model that will significantly enhance its predictive power, without changing important features such as scoring range, score reason codes, minimum scoring criteria, inquiry treatment, and related model parameters. The Company says development tests indicate that the new score research model will increase predictive strength by 5-15%, largely in originations and new accounts; sub-prime borrowers; and borrowers with thin or young credit bureau files. Fair Isaac plans to begin delivering the new “FICO” score innovations starting in September. The Company noted that since the “FICO” introduction in 1989, it has delivered more than 100 billion credit scores.