The Indian payment card market is one of the fast growing markets. The prepaid card market is one of the promising areas expected to strengthen the Indian payment card market, according to the RNCOS “Indian Payment Card Market Forecast to 2012” report. ICICI bank, for example, has emerged as one of the largest players in the Indian payment card segment focusing on domestic payroll cards, international travel cards as well as prepaid fleet cards. The report also covers a ‘current and future outlook’ section that analyzes the Indian financial card market in present environment and based on effective techniques and methods, forecast the future market potential. The forecasting section not only brings out future projections but also presents the factors driving growth in market. RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments.
American Express has launched its Membership Rewards points for use on purchases at Amazon.com. Cardmembers enrolled in the Membership Rewards program can use points to pay for all or part of their Amazon.com purchases in numerous categories. Cardmembers also continue to have the option to use points for rewards from more than 500 brands in the Membership Rewards program across popular categories, including Travel, Dining and Entertainment, Retail, and Charities. Shopping with Membership Rewards points on Amazon.com requires Cardmembers to complete a one-time registration to securely link their American Express Membership Rewards account to an Amazon.com account.
MasterCard Worldwide has appointed Betty K. DeVita, president, MasterCard Canada, effective September 15. Most recently having served as Chairman and CEO of Citibank Canada for the past 28 years, Betty will oversee regional strategy, business development, acceptance expansion, operations, regulatory, marketing and product introductions with a mandate for delivering continued growth and innovation in the market at MasterCard Canada. She has also held a variety of other management roles including starting with Citibank at the retail branch level in New York. She holds a B.S. from St. John’s University, New York and the CEO Program Certificate from Wharton-KMA in Seoul, Korea.
Logica is allowing banks in the eurozone to deliver mandate management services for SEPA Direct Debit (SDD) payments to their corporate clients. Based on the flagship Logica All Payments Solution (LAPS), Logica Mandate Management provides the first single platform for both creditor and debtor mandates Ã¢ÂÂ saving costs and reducing time to market for banks. The solution, which is delivered through a cost-effective ‘pay-as-you-grow’ license model, automates the entire lifecycle of all SDDs and can be deployed in less than two months. The on-boarding of corporate clients to the Logica Mandate Management platform is quick and easy. It allows automatic upload of mandates, monitoring of expiration dates, BIC/IBAN conversions, flexible workflow and a debtor mandate database. This means the bank can also use it to provide enhanced services to personal customers, such as accessing mandates through e-banking.
Kiwi Collection is set to deploy the “Strangeloop” Site Optimizer to high-end travelers and users of the Visa “Luxury Hotel Collection.” With each hotel individually reviewed before being invited to join its selective network, the Kiwi Collection website allows travelers to research and book their hotels online. The site is tailored toward knowledgeable, discriminating travelers, for which the Strangeloop “Site Optimizer” allows average page load times for all visitors a mere 6.4 seconds for a full 3 seconds faster than the 9.4 seconds that it takes for the average Fortune 500 website to load for international visitors.
CashStar digital gifting and incentives now powers digital gift card programs for more than 75 leading retail and restaurant brands. With more than $3 billion in gift card sales, these brands understand the incredible sales-generating potential of their gifting programs and are leveraging CashStarâs best-of-breed platform to capitalize on the explosive growth of the digital gifting category. With its latest brand wins, the company has emerged as the clear leader in the digital gifting category with clients spanning across numerous industry categories from retail and fashion to dining and entertainment.
Consumer revolving credit, mostly credit card debt, declined for the third consecutive month in July. Americans cut $900 million since June and $4.4 billion
since May in total consumer revolving credit thanks mostly to lower credit limits, reduced personal income and higher credit card interest rates. Revolving
credit now stands at $827.8 billion, having plummeted throughout the year since the December 2009 figure of $963.5 billion. This translates to an annual
decline rate of 7.8% annual rate, after consumers piled on $37 billion in revolving debt between January and September of 2008 alone. Since the year ago
period, July revolving debit is down 6.3% from 894.0 billion. These figures, according to the Federal Reserve Bank, also shows bank credit card debt
(excluding store and gas credit cards) at the end of the fourth quarter was about $822 billion.
REVOLVING CREDIT HISTORICAL ($billions)
Jul 09 May 10 Jun 10 Jul 10
GRWTH: n/a -5.9 -7.5 -6.3
$OWED: 894.0 837.4 832.2 827.8
Source: Federal Reserve; revised figures as of 9/9/10;
For complete historical data, visit CardData (www.carddata.com)
The focus of Canada’s drive to switch to EMV and Chip technology has shifted to high risk ATMs, but with less than four months until the Interac Association’s upgrade deadline, ISOs need to ramp up their upgrade activities if they are to meet the regulatory requirements. The revised Interac Association regulations mean any ISO, ATM operator or deployer not upgrading 50% of their ATM estate to the specified requirements by the end of the year must instead ensure that all white label terminals defined as high risk are upgraded instead. Calypso Canada, a Transaction Network Services company, estimates the majority of ATM estates are now faced with approximately 25% of their locations being classified as high risk and believes less than 5% of the these sites have been upgraded so far.
USA Tech Fiscal 1Q Processes 14mm Transactions
USA Technologies wireless non-cash transaction network throughout its 1Q
ended September 30 processed for its customers nearly 14 million
transactions for a total of $24.5 million, up year-over-year 89% and 68%
respectively. The Company also has slightly over 1,200 customers
connected to its ePort Connect Service, up from the 1050 in the quarter
ended June 30, for which it is expanding feature set and functionality.
Improved functions are to include faster transaction times; more
efficient transfer of customers’ operational, or DEX (Data Exchange)
data, over the ePort Connect network; improved efficiency and
versatility of the USALive online reporting function through increased
speed and the ability for customers to create and automate custom
reports from their own locations; increased server capacity to enable
continued expansion; and an online ordering and contracts system for
faster and more convenient processing of orders and contracts. This comes
on the heals of the latest reports disclosing the Company saw an August
2010 small-ticket transaction volume of $8.3 million, putting the Company
on an annualized run rate of approximately $100 million. This is an increase
of 72% versus August 2009 through its ePort cashless payment systems for
vending machines, kiosks and other unattended POS terminals while total
transactions processed hit 4.6 million, an increase of 98% over total
transactions processed in August 2009. On September 2, 2010 USA Tech reached
a record of over 200,000 transactions processed in a single day on its ePort
Connect Service through its nearly 82,000 connections on its service versus
52,000 connections as of June 30. With this momentum, the hopes to have
100,000 devices connected to its network by December 31 for a positive
EBITDA(CF Library 2010/09/14).
Logicworks enterprise hosting and cloud solutions for high-availability content has received Level 1 PCI accreditation and is now offering an integrated hardware, software and professional services solution. Allowing customers to achieve complete PCI compliance in less time and at lower cost, Logicworksâ certification and solution addresses all 10 of the 10 requirements that a service provider can handle on behalf of a customer and cover encryption of credit-card data at the point-of-sale, during transmission to clearinghouses, and physical security of data centers where credit-card data are stored. The comprehensive Logicworks PCI solution covers both the on-boarding process – which includes the design and building of a PCI-compliant environment, as well as the ongoing maintenance process – which includes log review and management, vulnerability testing, intrusion detection and change management procedures.
nFinanSe has launched the $3 Visa and $3 Discover “Reloadable Prepaid Debit Cards” at Cumberland Farms convenience store locations throughout New England, the mid-Atlantic and Florida. The nFinanSe’s Reloadable Prepaid Visa and Discover Cards retail for $3, have a $2.95 Top-Up Fee, a Monthly Maintenance Fee of only $2.95, FREE 24/7/365 Live Agent Customer Service in English and Spanish, FREE Employer Direct Deposit, FREE Real-time Transaction Text Messages and FREE PIN and Signature Transactions. They are issued by Palm Desert National Bank, Palm Desert, CA, Member FDIC, pursuant to a license from Visa Inc. The nFinanSe Discover Reloadable Prepaid Card is issued by Palm Desert National Bank, Palm Desert, CA, Member FDIC, pursuant to a license from Discover Network.
FIS banking and payments technology has inked a 3 year outsourcing agreement to provide ING Direct France with extended outsourced application management services for the FIS “Profile” core banking suite. This allows ING Direct France to continue to benefit from “Profile’s” robust functionality and real-time availability, while realizing significant cost savings. Benefits include flexibility in resourcing and building upon Profile’s ability to scale in support of new projects and migration of accounts. FIS is among the largest global providers of banking and payments technologies.