A new study has determined the security of credit and debit card information is a bigger concern for consumers than their health, retirement savings or losing their cell phone. Interestingly the survey found more than one-fifth of respondents stated they do not feel secure when paying with debit cards at retail establishments.
VeriFone Systems payment solutions have been deployed exclusively to serve customers at the recently opened Marina Bay Sands Hotel and casino in Singapore. With over 2,500 rooms and suites, the three towers of the Marina Bay Sands Hotel is the biggest hotel in Singapore and, together with the casino resort and a conference centre, is Asia’s leading destination for business, leisure and entertainment. VeriFone EMV-approved solutions are being used throughout the resort, including the multimedia device, MX 870 for check-in and check-out at the hotel towers, to a range of systems installed to efficiently collect government-mandated entry levy required of Singapore residents.
Meta Payment Systems announced its compliance of the Prepaid Gift Card Program with the CARD Act. Compliant cards have been available for order by Financial Institution customers since June 17, ahead of the August 22 government deadline. The CARD Act compliant Gift Cards include a new fee structure with a $2.95 inactivity fee after 12 consecutive months; disclosure of fees on the back of the card; a new 8-year expiration period; the expiration date will appear on the front of the card; and a new cardholder terms and conditions accompanied with a new card carrier. Consumers will see disclosure information about all CARD Act compliant changes clearly displayed on all marketing materials.
E-monee has been licensed to issue 50,000 payroll cards as stipulated in
a recent contract with the UAE government, 11,000 of which have already
been issued. The government-mandated agreement was designed to
facilitate the the expatriate, construction workers payroll program with
financial instruments to secure payroll, reduce remittance costs and
provide convenience with the use at satellite offices in Dubai. This
migration is a result of heavy construction in Dubai. The E-Monee
payroll program provides administrative applications with easy batch
programs (easily uploaded) and web services based on the company’s
requirements and can offer ATM/POS solutions at work sites/relative
locations. For employees, the program provides financial solutions with
the benefits of a banking system with access to online banking,
ATM/debit card(s), money remittances, direct bank transfers to
registered accounts, bill payment and 24/7 free customer
The Chinese credit card industry had losses of $232 million last year,
leaving the deficit at an estimated $4 per card for the 56 million credit
cards issued. These losses are contributed to low borrowing levels,
competition in customers acquisition, and a lack of scale in spending at
the point of sale. Experts also say foreign banks, issuers of most of
China’s cards, need to nurture the market before competing for new
clients. The Lafferty group, however, predicts that the situation will
improve, with losses of $219 million in 2007 shrinking to $59 million
Al Rajhi Bank has purchased 240 “Opteva” ATMs through Diebold’s business
partner in the Kingdom, Alhamrani Universal Company. Diebold’s Agilis
software will enable the integration of biometric technology in Opteva
terminals purchased by the bank. Diebold will manage the implementation
of 82 biometric terminals, providing overall development of the biometric
software solution, and will create a customized user interface in the
local language. The biometric units will be deployed at Social Security
offices throughout Saudi Arabia. The machines will allow 400,000 retirees
to access monthly retirement payments. The biometric technology will
replace the use of PINs for the authentication of identity.
VISA has unveiled a new currency conversion Web site for consumers to approximate the rate that cardholders will receive when using their card internationally. Users also need to know the optional issuer mark-ups (1%-4%) that some banks assess on international transactions. As of April 1st, VISA assesses a 1% “International Service Assessment” to issuers. Previously VISA charged issuing banks a 1% multi-currency conversion fee. The ISA is not a currency conversion fee. The ISA is charged to issuers on same currency, cross-border transactions like dynamic currency conversion. Most top issuers have boosted their markups from 2% to 3% as of April 1st. The VISA rate used for the calculator is selected from a range of rates available in wholesale currency markets or the government-mandated rate in effect one day prior to the applicable central processing date.
A California Superior Court judge yesterday ordered VISA and MasterCard to refund more than $800 million in foreign currency conversion fees to cardholders. The court also ordered the card associations to amend their operating rules to require their issuing members to make effective disclosure of the currency conversion fees charged to consumers. Judge Ronald Sabraw found that VISA and MasterCard violated California’s unfair competition law by failing to adequately disclose the currency conversion fees they have charged to U.S. cardholders. However Judge Sabraw also found that VISA and MasterCards currency conversion process does not violate Truth-In-Lending regulations, nor is it in any way unconscionable. Nevertheless, VISA, which is headquartered in California, was ordered to refund the one percent currency conversion fees to all cardholders in the USA who paid the fees from February 15, 1996 to the present. MasterCard, which is headquartered in New York, was ordered to refund the currency conversion fees to all its California consumers who paid the fees during the same period. The court ordered the card associations to devise a plan of restitution by April 28th. VISA and MasterCard quickly responded last night saying they will appeal the decision. VISA said it was disappointed by the court’s decision particularly since the judge himself acknowledged that the process is “uniquely beneficial” to consumers as cardholders receive currency conversion rates that are favorable to their other conversion options. MasterCard said the judge’s decision sends a chilling message to the business community that if you do business in California, you cant rely on existing laws, and you could be subject to sanction based on previously unknown notions of commerce and jurisprudence. MasterCard also said that mandating how its members disclose the currency conversion process to their customers is usurping authority that properly resides with federal authorities, who regulate financial disclosure.
MasterCard International rolled out seven new cards yesterday including the “MasterCard Incentive Card,” “Flex Benefit Card,” “Supply Chain Incentive Card,” “Meeting Card,” “Project Card,” “Relocation Card” and “Travel Per Diem Card.” The new cards are part of MasterCard’s “Workplace Solutions” program, which was launched July 2002 with the introduction of the “MasterCard Payroll Card.” MasterCard also offers optional “Stored Value Insurance” to protect its members from potential losses due to fraud and/or under the floor limit transactions. Workplace Solutions is supported by several MasterCard members including ABN AMRO, BANKFIRST, Citibank, Comerica, First Banks, J.P. Morgan Chase, LaSalle Bank and others. (CF Library 7/12/02)
American Management Systems said Wednesday it has successfully implemented a credit card transaction processing and reconciliation system for the U.S. General Services Administration. The Web-based application, which was rolled out to about 7,000 GSA credit card users nationwide in June 2001, is a module of Pegasys, GSA’s implementation of the AMS ‘Momentum Financial Management System’. Pegasys is replacing GSA’s legacy financial accounting system, ‘NEAR’, which had been in use for more than 20 years and was not compliant with government-mandated and JFMIP accounting requirements. The Pegasys credit card subsystem allows for flexible processing and enables automated credit card reconciliation. The subsystem also features online logging of purchases and unlimited cost transfers/edits.