VISA Brands its Contactless Pay Feature

VISA has developed a new global name for its contactless payment feature after conducting extensive, global consumer research and drawing on marketing intelligence from its Asia Pacific region. The new “VISA payWave” name replaces “VISA Contactless” and “VISA Wave.” VISA says it is planning an integrated marketing campaign to highlight the speed and convenience of the “VISA payWave” feature, help consumers recognize the universal acceptance symbol for contactless payments at the point of sale, and illustrate the simplicity of making a “VISA payWave” transaction. To-date, ten VISA issuers have begun to issue cards with the “VISA payWave” feature. Chase was the first issuer to broadly launch contactless cards, offering VISA cards with “blink.” Chase has issued more than 7 million cards with blink to U.S. consumers. Wells Fargo, which issues contactless “VISA Platinum” and “VISA Signature” credit cards, has plans to re-brand the contactless feature to “VISA payWave” over the next few months. In its Asia Pacific region VISA successfully introduced the contactless feature as “VISA Wave” in Korea, Malaysia and Taiwan.

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BP to Expands VISA payWave Acceptance

VISA announced that BP has joined the list of merchants nationwide to upgrade point-of-sale infrastructure and accept VISA products with the contactless feature. Already, consumers can take advantage of the no-swipe technology at 1,100 BP branded sites and BP plans to roll-out this technology to 10,500 of its retail locations nationwide. In total, approximately 31,000 merchant locations in the U.S. accept contactless payments. Last month Taco Bell, ShopRite, Braum’s Ice Cream and Dairy Stores and Clearview Cinemas signed deals to accept “VISA payWave” contactless cards. Also in March, SunTrust Banks became the first issuer in the U.S. to incorporate VISA’s contactless payment technology across its entire consumer credit card portfolio. (CF Library 3/5/07; 3/21/07)

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TriCipher Expands CA SiteMinder

TriCipher has integrated its “Armored Identity Management” solution with “CA SiteMinder” identity and access management product that protects critical IT systems and services with user authentication and authorization. “CA SiteMinder” provides broad support for web access management and “Single Sign-On”, providing users with access to resources across networks of websites. TriCipher’s “Armored Identity Management”, combined with CA SiteMinder, makes it virtually impossible for attackers to steal the user’s credentials, misappropriate valuable resources, or compromise critical business applications. The “Armored Identity Management” integrates into “CA SiteMinder” without requiring any changes to customer applications and offers a variety of authentication methods that easily integrate with CA SiteMinder. TriCipher provides a unified authentication infrastructure to protect the B2B and B2C online channel against fraud and identity theft.

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First VISA Infinite Card Enters the UAE

Emirates Islamic Bank has launched a “VISA Infinite” credit card. The new card for the United Arab Emirates offers a much higher credit limit plus worldwide priority access to VIP airport lounges, complimentary Concierge services across the globe, special global travel, dining and retail offers, complimentary travel insurance, and complimentary purchase protection. Emirates Islamic Bank also says the new “VISA Infinite” includes free online access. The “VISA Infinite” card, originally announced by VISA in Oct 1998, features no preset spending limit, a high minimum credit limit, a customized reward system and a premium concierge service.(CF Library 10/30/98; 10/4/00; 4/10/01)

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Millionaire U.S. Households Top 9MM

The American Affluence Research Center latest report indicates 80% of the affluent respondents in the sample reported a net worth of $1 million or more and 37% reported investable assets of $1 million or more. With this survey representing the 11.2 million affluent households classified as the wealthiest 10% of US households in the latest Federal Reserve Board research, AARC calculates that 9.1 million US households can be considered millionaires (with a net worth of $1 million or more) and 4.2 million of these millionaires have investable assets of $1 million or more. The survey also profiles these millionaires as having an average income of $356,000, a primary residence with an average value of $1.2 million, an average net worth of $3.5 million, and an average of $1.7 million in investable assets. The millionaires are more positive in their economic outlook and spending plans than the less affluent in the survey. AARC provides marketing research and consulting services that focus on the lifestyles, attitudes, and purchasing behavior of the affluent.

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WaMu to Pilot PayPass and payWave in June

WaMu says it will begin testing contactless payment cards across both credit and debit card platforms in partnership with “Visa payWave” and “MasterCard PayPass.” WaMu will begin issuing VISA credit cards with the contactless payment feature to its account holders in a pilot test starting in June. With the addition of WaMu, four of the nation’s top ten VISA issuers have now adopted the technology, and have made contactless payment technology available to consumers in U.S. WaMu is the nation’s sixth largest bank card issuer, according to CardData with more than $23.5 billion in managed receivables as of year-end 2006. WaMu serves almost 11 million credit card customer accounts.

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First Data Inks Acquiring Agreement With WestJet

First Data has announced the signing of an acquiring agreement with
WestJet Airlines to provide electronic processing services. VISA and
Mastercard will be among processing services provided to the Airline.
WestJet offers flight service through its 35-city North American and
Caribbean network. First Data serves over 5 million merchant locations
with 1,900 card issuers and their customers. The company’s STAR
Network offers debit acceptance at 2 million ATM and retail locations.

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DCS Receives a CardWizard Patent

CO-based Dynamic Card Solutions has been awarded a patent for its flagship product, “CardWizard” instant issue technology. The patent, titled “Systems and Methods for Enterprise Based Issuance of Identification Cards,” covers CardWizard’s enterprise server component, which is the center of the CardWizard system, and the methods and associated systems used in the enterprise-wide issuance of ATM, debit and credit cards. The enterprise server component handles card production requests, logging, reporting, production queues and database storage. As an easy-to-use, component-based Windows 9x/NT software application, CardWizard can be combined with a variety of card issuance machines and PIN pad devices to create flexible card issuance environments to accommodate most user requirements. Dynamic Card Solutions is an innovative developer of instant issuance and PIN selection solutions for banks, credit unions and retailers.

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Verifone Awarded Payment System Contract

Verifone holdings has been awarded a contract to provide
Turkiye Finans Katilim Bankasi with 20,000 payment systems and
PINpads. To update the Turkish banks’ electronic card payment
capabilities, Verifone will provide it with the payment terminal
devices including the “NURIT 8210” countertop model, the
“NURIT 8010” wireless model, the “PINpad 1000SE”, and will
be the first to use the “NURIT 8400” countertop model. The
“NURIT 8400” is a flexible countertop terminal with dial-up, LAN
and wireless communications choices with device interface options.

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Average Late Payment Fees Begin to Wither

For the first time in more than 20 years the average late payment fee for bank credit cards declined in March to $35.01 compared to $35.07 for the prior month. Most of the top issuers charged a late fee of $39, however the fee is now assessed based on the outstanding balance which has helped drive down the average. Over the past ten years late fees have soared by 133% from $15.01 to $35.01 following a 1996 U.S. Supreme Court ruling. On June 3, 1996 the U.S. Supreme Court ruled that card fees should be treated the same as interest rates when it comes to the preemption of state laws. Previously the Supreme Court ruled commercial banks may charge interest rates on credit cards subject to the limitations imposed by the bank’s home state or issuing state, not the cardholder’s state of residence. The ruling gave the same protection to fees associated with a bank credit card program.

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WestPac Launches Pacific-Market AmEx Card

WestPac, together with American Express, has introduced an
American Express Card designed specifically for the Pacific
market, the “WestPac American Express” Credit Card.
WestPac will introduce 3 cards in 7 Pacific countries which
include a card for business clients, the consumer market and
a Gold Card for high net worth personal clients. The card will
offer 24 hour customer service, promotions, discounts and
emergency support services while traveling abroad. Also,
cardholders will be billed in local currency to avoid inconvenient
exchange rate conversion on local purchases. Customers will
have access to more than 550,000 ATMs worldwide and
access to more than 2,200 American Express Travel Services
Offices in more than 140 countries.

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