Visa has ankled former Acting U.S. Trade Representative Demetrios Marantis as Senior Vice President, Global Government Relations.
FIS and its NYCE® Payments Network announced a licensing agreement to make the Visa® EMV® debit solution available to all NYCE participants. This agreement furthers the U.S. payments industry goal of EMV adoption and is NYCE’s first formal EMV license, which can be used by NYCE Network participants with respect to Visa card products. Fundamental to the agreement is the support of key NYCE participant business flexibilities, including portability between debit networks for issuers, routing choice for merchants at the point of sale and issuers at NYCE ATMs. At the same time, it ensures that NYCE will have access to Visa EMV technology in perpetuity to support NYCE clients and NYCE will be able to support transactions using all authentication types.
Visa and PULSE signed agreements to enable financial institutions that issue EMV debit cards on both the Visa and PULSE networks to use Visa’s common debit solution. Visa’s common application identifier (AID) supports U.S. debit regulations requiring the ability to route transactions over multiple, unaffiliated networks. A common debit solution shared among all participants will help to accelerate EMV chip adoption in the United States and provide a uniform platform that will enable network innovation. PULSE will use functionality on Visa’s common AID to facilitate all types of point-of-sale debit transactions on its network. In addition, the agreement enables PULSE to facilitate domestic ATM transactions on its network and provides for issuer choice in the routing of ATM transactions.
Fiserv, Inc. just announced an agreement to make Visa’s common debit EMV solution available for the Accel(TM) debit network. Under the agreement, Fiserv will adopt Visa’s common debit solution offering issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption. The agreement will help enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).
Visa announced the appointment of Ryan McInerney as President to ultimately oversee global client organization, product management and new solutions. To focus on building and bringing to market new products and services to Visa’s issuer, acquirer and merchant clients. McInerney joins Visa from JP Morgan Chase where he was the CEO of Consumer Banking, a…
Visa appointed Kevin Knight Head of Credit and Debit Products, North America to manage development and growth in consumer credit, debit and small business product suite. He joins Visa from Nordstrom as president of the credit division and chairman of Nordstrom FSB, the company’s bank subsidiary. He was responsible for the company’s credit business, payment acceptance and processing for its stores, and built Nordstrom’s retail loyalty program supported by credit and debit payment products. He also spent more than 20 years at GE Capital overseeing credit card and financial services.
Neiman Marcus has forged partnership agreements with Visa and MasterCard, allowing customers to use the appropriate credit, debit and prepaid cards at all of its 41 stores. Neiman Marcus, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Last Call and Bergdorf Goodman stores. The Direct Marketing segment conducts both online and print catalog operations under the Neiman Marcus, Horchow, Last Call and Bergdorf Goodman brand names. Information about the Company can be accessed at www.NeimanMarcusGroup.com.
Visa announced its Group President – Americas, is set to participate in a panel discussion titled “The Future of U.S. Debit” at the Jefferies 2011 Electronic Payments Summit in New York on September 20. The discussion is scheduled to begin at 12:45 p.m. Eastern Time and last for approximately 40 minutes, for which a listen-only audio webcast and replay will be accessible for 30 days on the Investor Relations web site at http://investor.visa.com.
Kiva.org personal micro-lending website and Visa have partnered to allow U.S. small businesses access and benefit from microloans. Supported by a $1 million contribution from Visa, the partnership expands the reach of Kiva’s pioneering microlending model within the United States to further empower small businesses and support job creation. The announcement coincides with a major Kiva expansion in the Gulf Coast through the addition of ACCION Texas-Louisiana, the largest microfinance institution in the country, to the Kiva Field Partners network. The Kiva expansion into the Gulf Region comes one year after the organization launched a pilot in the U.S., allowing individuals across the globe to make small loans to U.S. entrepreneurs through its field partners, since which time it has facilitated more than $1 million in loans to U.S. small businesses.
International visitors spent 20% more on their Visa cards in 1H/10 when compared to 1H/09 while U.S. travelers abroad spent 9.3% over the year ago period. This is in stark contrast to the spending by international visitors having declined in 1H/09 12% from $32.9 billion in 2008 to $28.9 billion based on a challenging socio-economic environment. The impact of the Gulf Oil Spill demonstrated May Visa transactions were up over 2009 levels, but tourism sharply declined 42% in June 2010, down 9% from the year ago period. Additional findings show tourism spending in June dropped 8% in Alabama; 35% in Florida; 65% in Louisiana; and 65% in Mississippi. Moreover, Visa transaction volume in the lodging segment decreased 50%; the oil and gas segment was down 42%; 35% of hotel managers disclosed guests canceled future reservations; while 42% said the spill has hurt their ability to book future events.
TOP 1H/10 US CARD SPENDERS
CAN: $7.8 billion
UK: $2.3 billion
JAP: $1.7 billion
MEX: $1.7 billion
BRZ: $1.2 billion
Regarding regulation giving the federal government the ability to set the rates retailers pay for accepting debit products at the consumerâs expense, 83% are specifically oppose the amendment. Additionally, 60% believe retailers â not cardholders â should bear the fair cost of accepting credit and debit cards. The study, released by Visa, shows widespread skepticism toward this and other provisions put forth in a controversial amendment to the financial regulatory reform bill currently being negotiated in Congress. The amendment written by Senator Durbin proposes Americans who benefit from the security and convenience of electronic payments could find themselves forced to spend a minimum amount when they choose to pay for goods and services with a credit card, of which 68% of consumers are opposed and 55% are strongly opposed.
With Hispanic-owned businesses projected to grow 41.8% to 4.3 million merchants over the next six years, Visa and the United States Hispanic Chamber of Commerce (USHCC) have partnered to strengthen and grow the Hispanic-owned businesses USHCC advocates through their member chambers. With this, Visa and USHCC will provide Hispanic-owned merchants with an array of tools to help them improve cash flow, manage payment acceptance costs, streamline operations and grow their businesses. USHCC members will receive customized access to the Visa Business Network (VBN); Visa’s comprehensive online self-help business education content; and the Tailored cash flow management workbooks and complimentary Point of Sale signage.