Of the total $2.45 trillion in outstanding US consumer debt, total outstanding revolving credit dropped in September from $790.2 billion in August to $789.6 billion for a second consecutive month of decline. This compares to the year ago figure of 805.6 and is consistent with trends over the past 2 and half years showing revolving…
Awarded the SESAME 2011 award at the e-Transactions CARTES & IDentification trade show, the VeriFone “PAYware Mobile Enterprise” works with magnetic stripe, chip and PIN, and contactless/NFC-enabled cards and phones. This honor recognizes the best technological innovations in terms of digital security and smart technology and are the world reference for the payment industry. The “PAYware Mobile Enterprise” offers a mobile card acceptance solution that integrates existing in-store POS systems. It implements “VeriShield Protect” card data encryption and a bar code scanner to provide retailers with a secure solution for mobile POS and other applications.
American Express introduced its “American Express for Target” reloadable prepaid card with no monthly or maintenance fees. Available at more than 1,000 U.S. Target stores, the Card provides user access to a consumer-friendly payment solution. Funds can be loaded at the register using multiple loading options with the ability to reload in-store, online or by phone. Additionally, the “American Express for Target Card” can be used at any U.S. merchants that accept American Express Cards. Costs include a $3 initial load fee and each subsequent in-store reload at participating Target stores and a $3 per ATM withdrawal with the first ATM withdrawal per month free, but no fees for monthly usage, balance inquiries, alerts or Card replacement. Also, online tools let users view real-time transaction history and monitor spending; receive email or text alerts about low funds; and disable/enable ATM access.
Thales’ “payShield 9000” Hardware Security Module (HSM) has achieved PCI HSM compliance. Acquirers and issuers can now build systems based on a PCI HSM that meet the requirements of the PCI Security Standards Council (PCI SSC). PCI HSM is the first HSM standard to be introduced to specifically address the security requirements when handling cardholder data and is projected as the default requirement for payments-related HSMs and is already explicitly mandated in recent guidelines and encryption standards issued by the PCI SSC. The “payShield” offers a high-performance tamper-resistant security platform that protects cryptographic keys and other sensitive information such as customer PINs and cardholder data.
Visa launched its new “Visa Developer Center” at https://developer.visa.com to provide approved application developers easy access to tools needed for the rapid creation and deployment of payment applications. The “Visa Developer Center” offers eCommerce and mobile application developers a pathway to create a seamless online purchase experience for consumers. Whether enabling the purchase of small in-game digital goods, or the latest appliance from a big-box retailer, to enabling purchases with Visa’s new digital wallet, developers now have access to application programming interfaces (APIs), simplified documentation, and software development kits needed to make online shopping with Visa fast, simple, and secure. Providing access to the payment expertise, open APIs, and development tools offered by Visa and its subsidiaries, this ultimately allows eCommerce merchants, financial institutions, mobile network operators, and gaming developers to integrate Visa payment functionality into their product offerings, such as mpayments and P2P payment.
Shoppers expect to spend approximately $748 this season compared to plans of spending $730 at this time last year while 23% indicated they intend to spend more in 2011, up from 13% that planned to spend more in 2010. Meanwhile, 50% intend to spend the same or more as they did last year; up from 43%. This, according to the Discover 2011 Annual Holiday Shopping Survey, which examines holiday spending intentions and trends for the upcoming holiday season, also indicated 6% said they had purchased a gift through a group-buying site, which more than tripled in 2011 to 20 percent. Moreover, 66% plan to spend within their budget and more than 25% would spend between $500 and $1,000 on holiday shopping in 2011.
Chase Paymentech merchant acquirer and payment processor launched the sixth annual edition of its “Cyber Holiday Pulse Index,” offering an inside look at consumer online shopping trends for the key shopping days Black Friday and Cyber Monday. This year it indicates ecommerce shoppers are already diving in, with the first two weeks of November showing online sales up over 25% from the year ago period. Average ticket value, however, are currently down over 9% but 2011 annual online sales so far are up an estimated 17% in the first half. Given this, the 2011 shopping season is shaping up to be quite the performer.
The PCI Security Standards Council (PCI SSC), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS) announced the results of the PCI Council election for Special Interest Groups (SIGS). Special Interest Groups (SIG) leverage the expertise of more than 600 PCI SSC Participating Organizations and provide a vehicle for incorporating their ideas and input into the work of the Council. The three elected groups will focus on Cloud; eCommerce Security; and Risk Assessment. Allowed three votes on a shortlist of seven topics that were the result of 13 proposals by the community, the project proposals represent a cross section of the PCI SSC community from around the globe. Participants include CyberSource, HyTrust, Sense of Security Pty Ltd., SISA Information Security, The UK Cards Association, Trend Micro and TSYS.
Fiserv financial services technology solutions announced its executive VP of Sales and Operations for Bank Intelligence Solutions at Fiserv, Kevin Tweddle, was elected president of the Association for Financial Technology (AFT). AFT is a technology-focused association of volunteers and collectively serves more than 85% of the core processing services for America’s banks, thrifts and credit unions and includes some of the most recognized names in financial technology. These companies come together twice a year to discuss industry trends and promote high standards of professionalism in the planning, development, implementation and applications of technology in the financial services industry.
TransFirst transaction processing services and payment enabling technologies is set to offer the Epson “TM-T20” thermal receipt printer with its “Transaction Express” virtual terminal payment gateway solution. This offers “Transaction Express” for a complete, secure online payment processing through any Internet-connected device, with Epson’s “TM-T20” printer. The combined solution offers TransFirst merchants a cost-effective, easy, out-of-the-box transaction processing and receipt printing solution ideally suited for a variety of industries, including retail, e-commerce, government, utilities and healthcare. The solution is immediately available to TransFirst’s acquiring partners.
Now money can be sent from New Zealand through “Money2anywhere” online money transfer portal from UAE Exchange. With this, UAE Exchange will offer customers its “Xpress Money” global instant money transfer brand; “FLASH” real time account credit; “XPay” secure bill payment through mobile phone; and “Smart Pay” WPS-compliant payroll solution. The remittance major reaches out to its customers and their loved ones through over 555 direct offices in 29 countries.
Chase Paymentech merchant acquirer and payment processor launched its Safetech Fraud Tools in Europe to help protect merchants from online payment fraud. Available to Chase Paymentech Europe customer-not-present (CNP) retail customers, Safetech Fraud Tools are designed to help online retailers retain legitimate sales while preventing fraudulent transactions. Safetech Fraud Tools are an innovate suite of security solutions designed specifically to combat fraud with real-time and automated fraud screening service. Additionally, Safetech Fraud Tools provide a fraud score with each payment transaction to indicate the level of risk associated with it. It determines the location and device identification of the customer via custom scripts run on the retailer’s online payment page.