The Conference Board Leading Economic Index (LEI) for the U.S. was up 0.9% in October and now sits at 117.4 (2004 = 100). This is the 6th consecutive month the Conference Board reported the Index increased and follows a 0.1% increase in September and a 0.3% increase in August, which stood at 116.4 and 116.0,…
Consumers groups urged the Consumer Financial Protection Bureau (CFPB) to require prepaid card issuers to provide consumers with the same kinds of protections they get when using a traditional debit card linked to a bank account. Consumers relying on general purpose, reloadable prepaid cards to manage their finances and make purchases are only entitled to…
EMV chip-with-signature technology is now available on the British Airways Visa Card from Chase. Now the British Airways Visa Card has EMV chip-with-signature technology that features a microchip as well as a traditional magnetic strip to accommodate merchants in the United States. The British Airways Visa Card does not charge foreign transaction fees, delivering up to three percent savings on international purchases, allowing cardmembers to earn 2.5 Avios (British Airways Executive Club currency) for every $1 spent on British Airways purchases. The announcement also marks the third credit card in the Chase portfolio and the first airline co-brand card to offer EMV chip-with-signature technology.
On-Line Strategies payment processing software is set to deploy its EMV technology in early 2012. OLS is planning to adopt support for EMV technology, which it expected to be in full swing over the next several months as merchants upgrade their payment infrastructures to support chip-enabled payments through smart chip cards and mobile payment devices. EMV technology is capable of improving payment security since it offers dual authentication in the form of card and terminal validation.
BancTec business process outsourcing (BPO) for financial transaction automation and document management expanded its Center of Excellence in Dallas to accommodate growth of its BPO segment. The Dallas center that has provided accounts payable processing and document management services will now add remittance processing to its offerings. BancTec’s four major remittance processing centers are located in Dallas, Chicago, Charlotte and Phoenix, with three additional satellite facilities in Columbus, Ga., Philadelphia, and the New York metropolitan area.
Global eTelecom (GETI) electronic check processor and gift/loyalty card provider partnered IVR Technology Group customized Interactive Voice Response and SMS text messaging services. This will refine functionality of ITG’s IVR Pay-by-Phone virtual terminal. GETI resellers and end user customers can turn any telephone into their own virtual ACH payment processing terminal by utilizing GETI’s transaction processing technology. The IVR Pay-by-Phone gateway combines this ACH capability with credit card processing to offer a complete payment solution. The system does not store credit card data over the VoIP network.
PowerCard loyalty card processor launched a mobile version of its customer loyalty program. Allowing merchants to increase consumer profitability and overall growth, PowerCard can add a mobile component. PowerCard card-free mobile services allows merchants to run, administer and maximize mobile marketing campaigns. The addition of a virtual platform reduces overall costs, improves response time and provides consumers with the enhanced and instant convenience demanded in today’s marketplace. A customer can register for the loyalty program using their cellular phone’s texting service; smart phone users can also scan a unique QR code or visit a website to register.
Restaurants and other types of businesses can go wireless using POSLavu. POSLavu is an iPad, iPod, iPhone, iOS software application that transforms all these devices into a powerful wireless POS system. POSLavu is used by quick serve pizza shops, coffee shops, and Cafe’s. It can also be used by a restaurant chain or a 400 seat restaurant doing $1,000,000 a month in sales volume. Servers can use iPads as set terminals or use iPads/iPods to take orders at tables, sending orders immediately to an iPad display monitor or printers in the kitchen.
eCashExperts.com payment technology provider for both merchants and merchant service providers now offers new eC PCI Compliance program which can not only reduce the overall expense of becoming PCI-DSS compliant, but also includes up to $50,000 in eC PCI Breach Coverage insurance. The eC PCI Breach Coverage will pay up to $50,000 for fines and other monetary assessments levied by card associations or regulators; costs of a security assessment and/or forensic audit; bank card replacements and related costs; services to help mitigate financial losses to customers impacted by the incident; and customer identity recovery services and credit monitoring.
Consumer spending patterns and regulatory is fueling the growth of debit cards. Also, debit cards are expected to touch around 400 Million in India by the end of FY 2014. This, finds RNCOS “Indian Payment Card Market Forecast to 2012”, also shows the volume of debit card transactions has increased by around 39.3% in the last fiscal year. With increasing number of debit card transactions, payment value is projected to grow at a CAGR of around 24% during FY 2012-2014.
Ingenico payment solutions forged four year agreement with Nets merchant solutions offering its range of “Telium2” NFC payment terminals. Ingenico’s “Telium2” range of terminals ensure merchants have high security products on the market with full color customer interface and Contactless/NFC capability. The deal also incorporates a new service partnership between the two organizations.
Bolton Council launched its market-based loyalty smart card scheme to offer customers a way to engage with traders while reaping rewards. Offering 10% cashback each time a card-holder purchases from a participating trader, the plan is to extend the scheme to all of the market traders when the pilot has been assessed. Cards can be registered online, and when they register account holders can also opt to be notified about special offers and deals from Bolton Market and the traders taking part.