Meezan Bank and Western Union Introduce Home Remittance payments

Meezan Bank and Western Union have entered into a collaboration under which Meezan Bank will provide the Western Union Money Transfer Service through its network of 223 online branches in 63 cities across Pakistan. Meezan Bank is the first Islamic bank in Pakistan to introduce this cross border inbound remittance service through Western Union, across 200 countries and territories to be exact. This allows Pakistanis to send money to their families without requiring a bank account and without having to pay any charges.

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Central Bank Says Remittances to Hit U.S.$103.1 Million

Rwandansabroad are expected to send more money home as the central bank projects projects remittances to increase by 4.9% from US$98.2m to US$103.1m as the economy recovers. Total remittances to Rwanda increased 5% to $US25.7m (Rwf15.3b) in the first quarter of 2011 compared to $US24.5m in the same period last year. The central bank expects the high remittance flows to have a strong influence on the stability of the Rwandan franc vis-a-vis regional currencies. While most of the remittances are invested in housing and financing small projects in the country, they also constitute a key source of liquidity needed to stabilise the local banking industry and contribute to economic stability.

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Defectors to fight Remittance Regulation

North Korean defectors vowed Sunday to fight the government if its plan to regulate remittances to the North made it harder for them to help their loved ones back home to legalize sending cash across the border by requiring defectors to receive government approval first. Defectors have long transferred funds, through expensive South Korean brokers, to their impoverished communist homeland, where an estimated 6 million people are in need of emergency food aid. The plan could drive up brokers’ fees, whose jobs would become harder under government oversight and currently charge a 30% average middle-man fee. Over 21,000 North Koreans have defected to South Korea since the end of the 1950-53 Korean War.

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Ingenico to facilitate Visa contactless in black cabs

Ingenico launched its contactless payment solution for London ‘s ‘Black Cab’ taxis as part of a Visa Europe-led initiative to increase card acceptance. The contactless payment technology is based on the Ingenico “iCT250” device with GPRS, contactless and colour screen. Offering contactless payments alongside traditional Chip and PIN and magstripe technology, “iCT250” gives drivers the potential for increased fares, reduction in ATM stops, improved tip acceptance process and reduced cash handling.

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MasterCard names marketing head, UK and Ireland

MasterCard has announced the appointment of Paul Trueman as Head of Marketing for the UK and Ireland Division. Most recently Group Marketing Director UK and Ireland for LG Electronics, overseeing corporate brand and product marketing across five divisions, Trueman previously spent 14 years in the FMCG sector working for Cadbury Schweppes and Mars for marketing and innovation. He holds a B.S. in Mechanical Engineering.

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State Bank of Mysore Inks CCAvenue.com for Direct Debit

Avenues ecommerce company has signed a direct debit agreement with State Bank of Mysore for online shopping. CCAvenue.com neutral payment gateway used by 85% of India’s retailers allow affiliated merchants to sell products and services from clothing and books to computer repair and video rentals. This arrangement with CCAvenue.com will enable State Bank of Mysore account holders to pay for any product or service sold on any CCAvenue.com affiliated merchant website directly through their State Bank of Mysore bank account. The addition of State Bank of Mysore to Avenues ever growing direct debit payment option list means that CCAvenue.com affiliated merchants will be able to reach and sell to a wider audience.

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Grupo Aeroportuario del Pacifico Discloses Details of Credit Agreements

Grupo Aeroportuario del Pacífico has contracted an additional line of credit for the Guadalajara, Puerto Vallarta, Los Cabos, Hermosillo and Guanajuato airports, for a total of Ps. 1,023.98 million. GAP has selected HSBC as the financial institution for this line of credit. HSBC has authorized a line of credit for up to Ps. 1,575.36 million, demonstrating the confidence that global financial institutions such as HSBC have in the Company’s management. The funds corresponding to the abovementioned Ps. 1,023.98 million will be used to finance capital investments previously committed pursuant to the Master Development Programs of these airports for the years 2011 and 2012.

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CASHRUN OFFICIAL PARTNER OF PAYSAFECARD

CashRun e‐commerce fraud management and global payment solutions is now an official partner of paysafecard internet payments. The official accreditation to offer paysafecard to CashRun clients allows them to integrate and display this payment method into their web ‘shops’ and approach an incrementing customer network. Therefore, they can tap the underbanked customer market, lacking a credit card or a bank account, for an increase in site visits.

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Tieto becomes strategic IT partner for EnterCard

Tieto and EnterCard are expanding their cooperation. With this, Tieto becomes a strategic IT partner that will help the credit card group develop and improve their digital customer interface and mobile services. The e-banking and mobile bank services are some of the new features that EnterCard’s customers can look forward to in the near future. In addition to the development of EnterCard’s e-banking services, the agreement also stipulates Tieto will provide operating services to manage the entire IT-infrastructure. EnterCard has had a significant need for stability in its production environment and will have access to Tieto’s IT experts and development teams.

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Fitch Affirms American Express Issuance Trust

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Based on customer monthly payment rate having remained consistent over the past year at 95.73%, down slightly from 96.26% at the April 2010 distribution date, Fitch Affirmed American Express Issuance Trust. Given all accounts in the trust are charge cards, the balance is meant to be paid in full by next…

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VeriFone Partners with Google to Power NFC m-Payments

VeriFone global payment solutions is partnering with Google to deploy “Google Wallet” Android app that allows consumers to use virtual versions of their existing plastic cards stored on their phones. Consumers will simply tap their phones to VeriFone’s NFC-enabled payment systems at the point of sale (POS) to pay, take advantage of promotions and redeem coupons, for which trials are occurring at major retailers including American Eagle Outfitters, Bloomingdales, Champs Sports, Foot Locker, GUESS, Macy’s, Radio Shack, The Container Store and Toys”R”Us. VeriFone provides merchants with flexibility and easy migration to Google Wallet and the ability to leverage NFC to increase sales and customer loyalty through multi-application, interactive systems.

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