CFPB Issues Rules for Investigations, Enforcement, Disclosure, and State Notifications Procedures

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Consumer Financial Protection Bureau (CFPB) published four interim final rules in the Federal Register on July 28, 2011, to establish its procedures for investigations, administrative enforcement actions, and disclosure of information to third parties, as well as procedures state officials must follow to notify the CFPB of enforcement actions they…

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Global EPOS Shipments Up 11% in 2010

As the global EPOS market is recovering from the recession, programmable EPOS terminals shipped worldwide increased by 11% in 2010 to 1.38 million while total installed base of terminals reached 10 million. However, according to new research by RBR, the challenging economic climate is leading some retailers and hospitality operators to operate their EPOS terminals for longer than usual before replacement. IBM accounts for 22% of global programmable EPOS terminal shipments, leading the market in North America, Latin America, western Europe and the Middle East and Africa (MEA) while Wincor Nixdorf is the second largest supplier worldwide, and the largest supplier to the central and eastern European (CEE) market. Globally, Wincor Nixdorf is followed closely by NCR, which has a strong presence in the Americas and MEA.

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Commidea Protects Call Center from payment risk

Commidea integrated Semafone’s contact center software with its payment gateway, improving payment processing safety for without compromising customer service. This ensures contact center agents do not come into contact with any customer card payment details, by masking them as they are entered and sending them directly through to Commidea’s PCI DSS level 1 certified processing infrastructure for processing. During a phone transaction, customers enter payment details on their telephone keypad, which produce non-traceable monotonous beeps, while the call centre agent remains on the line to ensure the payment is processed correctly. Tokenisation from Commidea is also used to ensure that the merchant has no need to store sensitive card details on its system.

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YESpay International and Itim software Deploy e-charity box

YESpay International and Itim launched its software for the “Pennies” the electronic charity box, which lets consumers round up their card purchases to the nearest pound and make a micro-donation to charity. Since the first retailer launch in November 2010, 577,000 consumer donations have been made through Pennies, raising GBP136,000 for a total of 18 UK charities-mostly made have been 10p or less. YESpay has incorporated the ‘Pennies solution’ into its payments software which is supplied to partners and merchants. Itim has integrated the YESpay application with the Itim point of sale and back office software. This additional functionality has enabled The Entertainer to implement Pennies simply and quickly in its stores. It will also make Pennies implementation simple for other YESpay and Itim merchants, allowing them to easily and cost-effectively participate in a growing micro-donation movement which is proving popular with UK consumers and starting to make a difference for charities too.

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Elavon and China UnionPay Ink Processing Agreement

Elavon global payments provider and wholly-owned subsidiary of U.S. Bancorp and China UnionPay bankcard association set forth binding agreement to facilitate debit and credit card acceptance at Elavon’s merchants in the United States and Europe, eventually to extend to Elavon’s Canadian and Latin American merchants. The agreement extends Elavon’s end-to-end processing control, giving merchants direct connectivity to UnionPay while leveraging Elavon’s secure, world class international processing platform to provide merchants with the benefit of a single point of service for processing, funding, settlement and reporting for all Visa, MasterCard, American Express, Discover Network and UnionPay transactions.

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Text2Pay Announces Direct Billing Expansion

Text2Pay Mobile payments announced direct billing on Rogers, Bell, Fido and Telus providers, allowing mobile phone users to purchase goods and services online billed directly to their mobile phone account. Customers’ mobile phone accounts are billed securely, using a two-factor PIN/ZIP code authentication for each transaction. Not only is this transaction method convenient and easy to use, the use of Text2Pay is more secure than using a credit card transaction. The Text2Pay mobile payment platform enables merchants and mobile developers a simple, effective way of monetizing their online offering or adding depth to their current payment options.

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Vijaya Bank joins m-payments service

Vijaya Bank joining the Inter-bank Mobile Payment Service (IMPS) as 25th Member bank is a major development in mobile payment system. All major banks are now under IMPS and in a position to offer to their customers a remittance service which is unique in the world. The beneficiary gets an SMS notification of his/her account having been credited and the sender receives an SMS notification for his/her account been debited. The customers who have subscribed to mobile banking service are automatically offered the facility to receive the money.

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Visa Talks business on e-payments industry

Visa shared the latest business updates within the e-payment industry with business and finance editors through the Visa Morocco, Central and West Africa GM, addressing the recent developments of Visa’s operations in e-commerce and e-payments. Throughout the Country, the total number of circulated cards increased by 3.9% over the first quarter of 2011 to more than 7.3 million cards, making the total value of card payments exceed MAD1.7 billion, jumping over 25%, while holders conducted over 39 million transactions while the value of these transactions increased by over 23% amounting to more than MAD33 billion. Moreover, the number of ATMs increased over the same period by 3.4% to reach 4,700 ATMs. The report also said that using credit and/or debit cards is the most accepted method of payment with 63% of the analyzed 102 portals using it.

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1H/11 Card Interest Rates Hold Course

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Core credit card interest rates have remained pretty consistent throughout 2011. At the start of the recession average credit card APRs hovered around 16% and dropping to a rock bottom 12.64% back in 2010. Over the past 8 months since the beginning of the year, however, rates increased and plateaued to…

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British Airways Visa & NYC MICHELIN Launch Promotion

Chase Card Services launched the promotion allowing cardmembers who use their British Airways Visa card at any NYC MICHELIN Guide 2011 star-rated restaurant will receive a $50 statement credit. Cardmembers who use their British Airways Visa card at a second NYC MICHELIN Guide 2011 star-rated restaurant will receive an additional $50 statement credit. Cardmembers will also have access to a private dining consultant and may receive complimentary VIP treatment at select restaurant locations. MICHELIN Guide, the most renowned restaurant selection in the world, is participating in this exclusive program to offer British Airways Visa cardmembers the best-rated dining in New York City.

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Coalfire Validates VeriFone m-Enterprise Compliant

VeriFone Systems announced that an independent evaluation by Coalfire Systems IT audit and compliance firm, has validated the security compliance of VeriFone’s “PAYware” Mobile Enterprise solution for enabling smartphones, PDA’s and tablets to securely accept payments. The PCI Qualified Security Assessor (QSA) and PCI Qualified Payment Application Security Assessor determined “PAYware Mobile Enterprise” application does not capture, store, process or transmit cardholder data as part of authorization or settlement, and thus “is not within scope of PA-DSS.” Apps which don’t store, process, or transmit cardholder data do not fall under the PA-DSS program. Coalfire determined that VeriFone’s mobile payment solution complies with Visa Best Practices for Mobile Payment Acceptance Solutions v 1.0.

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Merchant Reputation Driving Force in m-Payments Adoption

With banks increasingly focusing on consumer mobile banking adoption, research is now showing large retailers may have a more significant impact on mobile payments adoption. Given 79% use their phone to check their balance, 40% conduct online bill payment from their phones, although security is a concern for users across all age groups with 50% very or somewhat uncomfortable with the idea of making purchases with a mobile phone. These findings, according to Auriemma Consulting Group (ACG), also shows the most likely place they would expect to use mobile payments would be in-person at a large retailer, but only 20% would use it to pay a parking meter.

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