Banks block cards after hack attack

Several banks have temporarily blocked their clients’ debit and credit cards due to security reasons. The citizens whose cards have been blocked received text messages from their banks, informing them about the situation. It is believed that the banks took the security measures after hackers had breached certain banks’ systems and card skimming equipment was found at gas stations.

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Flintec Expands With Scanner Scale Contract

Load cell manufacturer Flintec has won the contract to design and manufacture a new generation scanner scale for use in POS retail environments across the world. The client – one of the largest suppliers of enterprise solutions – chose Flintec for its innovation and proven high quality POS solutions. Flintec will be designing and manufacturing a custom load cell for the new scanner scale as part of the innovative weighing solution that it is delivering.

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USA Fulfillment Partners PacNet Services for Intl Payment Processing

USA Fulfillment has partnered with PacNet Services, an international payment processing company that specializes in clearing payments in the national currencies of over 130 countries for e-commerce and direct mail companies around the world. PacNet’s suite of multi-currency payment processing services, customizable integration options, and cutting edge online banking interface allows USA Fulfillment clients to optimize and automate the payments process to suit their own specifications, without requiring them to have a presence in the US or even operate a US bank account.

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ID Data and Vincento Launch Contactless Wristwatch Payment

Vincento Payment Solutions partnered ID Data Cards to support the launch of a new high-tech watch that can be used for contactless payments. Having combined to provide a complete payment solution that will enable the “Watch2pay” gadget from watchmaker LAKS, the partnership facilitates payment at 70,000 shops of up to GBP15.00. With this, ID Data will supply a matched pair of cards, one containing an embedded chip in a pop-out, which will be fitted in each watch along with a fully functional Paypass companion card to meet the necessary payment regulations, while Vincento will provide the back-office infrastructure via the company’s Kalixa prepaid payment solution.

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Credit Card MPR Down, Remains Strong in November

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Monthly payment rates (MPRs), which typically range between 15% and 22%, remained strong at 20.71% as consumers continue to pay down their debt quickly. Gross yield at 19.17% has eased off recent highs of almost 23% within the last two years as discount options expire. Fitch had anticipated that gross yield…

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VeriFone Posts Net Revenue Up 51% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] VeriFone Systems electronic payment solutions posted 4Q/11 (3Q/11) net revenues of $416 million, compared to $317 million in the previous quarter and $276 million for the comparable period of 2010 (“Q4 FY10”), a 51% year-over-year increase. This marks the sixth straight quarter that the growth rate exceeded 20% year-over-year. Meanwhile, gross…

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Closed-Loop Prepaid Cards Sees Growth Across All Sectors

First Data Corporation released its “SpendTrend Closed-Loop” Prepaid Cards analysis for the month of November. Tracking U.S. same-merchant activations and redemptions of merchant-branded prepaid cards including spending, gift, incentive and promotional cards. Activation transaction growth led the way in November with year-over-year activation transaction growth at 12.3%. Specialty Retailers saw activation transaction growth of 19.4% growth in November. Casual Dining and Quick Service Restaurants also posted double-digit growth increases in November. Meanwhile, activation dollar volume rebounded in November with an overall growth of 16.7%, reversing a three-month slowdown of growth.

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Consumers in All 50 States Reduce Credit Card Debt

Since January, average credit card debt has fallen nearly 10% nationally to $6,503, while all 50 states showed reduced credit card debt. The states that decreased their debt the most include Mississippi, down 16% to $5,362; Alabama, down 14% to $5,750; and Kentucky, New Hampshire, Rhode Island and West Virginia, all down 13% to $6,151, $7,464, $6,090 and $5,956, respectively. Nationally, credit scores remain unchanged from last month at 661, but have fallen five points since January. This, according to CreditKarma, also shows the states that had the highest credit scores in November include California (680), New Jersey (679), Massachusetts (678), and Utah (675). Mississippi (621), South Carolina (635) and Arkansas (635) posted the lowest scores.

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Payvment Support Twitter m-Shopping

Payvment e-commerce platform, launched a new mobile shopping experience optimized to support Twitter’s new design. Shoppers can now click on a tweet in their stream to learn more about a featured product and immediately purchase it – or click “want” to add the product to their Wish List on their Payvment profile, making it easy to shop and share on the go. With this, Twitter becomes a vehicle for Payvment sellers to promote their products and for shoppers to discover and share them.

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Western Union Shows Spending Worries Consumers

The Western Union Company global payments research now indicates consumers in the United States, Brazil, the United Kingdom, United Arab Emirates and South Africa disclosed overspending as the No. 1 worry this holiday season. For example, in the U.S., 38 percent worry about overspending, and then eating too much (14 percent), finding the perfect gift (11 percent), seeing family (8 percent), and work commitments (5 percent) are also high on the list. In response, Western Union is announcing its “$50 for $5” promotion, allowing consumers to send up to $50 from participating Agent locations to loved ones in the U.S. for five dollars or send a Western Union gift card,* with a personalized greeting card and voice message.

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Heartland Payment Extends ConocoPhillips Contract

Heartland Payment Systems, one of the nation’s largest payments processors, has signed a five-year contract with ConocoPhillips, whereby it will continue to authorize debit and credit card transactions and will now also begin settling Visa and MasterCard credit card transactions at ConocoPhillips-branded locations nationwide. The expanded card processing agreement is being supported by a new partnership between Heartland and Barclays Bank Delaware, the U.S. operation of Barclaycard, which will be delivering the payment network sponsorship services for the ConocoPhillips transactions.

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Consumers Consider mPayments Safer Than Credit Cards

Research now shows 4 out of 5 consumers would spend more online if offered an easier and more secure way to pay while, by a margin of almost 4 to 1, consumers believe direct carrier-billed mobile payments are more secure than using credit and debit cards for online digital purchases. Also, online merchants could add aggregated yearly revenue of $109.8 billion, simply by offering an alternative “no-credit-card-required” way to pay at checkout. This, according to Javelin Strategy & Research and PaymentOne, also shows 4 out of 5 would spend more online if given an easier and more secure payment alternative to credit or debit cards.

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