China UnionPay Data Services has agreed to let TSYS increased its equity interest to 44.5%. Separately, TSYS announced that David Duncan, has been appointed managing director of TSYS Asia-Pacific. Effective immediately, Duncan has relocated to Shanghai to oversee the company’s relationships with CUP Data and its clients, and to coordinate all TSYS activities in the continental Asia-Pacific. CUP Data is China’s largest bankcard processor, providing transaction processing, disaster recovery and other services for issuing banks in China. Since CUP Data was established in 2003, the company has been providing processing services to 16 of China’s 29 credit card-issuing banks, while 12 of the remaining banks continue these services in house.Details
San Francisco-based BankServ has acquired Magex Managed Payments Platform. The Magex Managed Payments Platform division is the producer of P2P systems that let consumers exchange money over the Internet or using their mobile phones. As a result of the deal, BankServ gained a new client in Zopa, an online lending exchange with more than 90,000 members in the United Kingdom. Zopa’s marketplace allows members to lend money to or borrow from each other directly in a secure online environment.Details
Welcome’s “XLS” payment software is now available for contactless cards. The software adds substantial new features to the
basic off-the-shelf card products currently being deployed by banks.
XLS-enabled contactless payment provides merchants with innovative
promotional marketing features, while offering cardholders an
intelligent contactless card that gives instant recognition and a
hassle-free shopping experience. This is achieved through a single
tap-and-pay process, with no loss of speed for the entire transaction.
Welcome plans to showcase XLS-enabled contactless payments during the
Cartes 2006 in Paris in early November.
On Track Innovations it is now providing Garanti Bank “Tap & Go” inlay solutions. Garanti bank is currently reissuing “Tap & Go” cards, which use MasterCard “PayPass” technology, to its “Bonus” cardholders.
Garanti is also looking at the possibility of other form factors such as inlays, key fobs, wristwatches, including reader solutions. Garanti Bank is the third largest private bank in Turkey.
Barclaycard has revamped its student credit card. The new “Barclaycard Student” credit card offers a credit limit of GBP 600 at account opening; no fee for accidentally going over the credit limit; free text message reminders when the monthly payment is due; and a minimum monthly repayment of 5%. Other features include: a new, low standard purchase APR of 14.9% and a new rate of 14.9% on cash advances.
Barclaycard Student can also help with university studies with its offer
of a Dell notebook at an exclusive price of GBP 360.
EnterCard has launched a new credit card for the Swedish consumer market. The new “re:member EnterCard” enables consumers to borrow in a flexible and controlled manner and giving them more liberty to rule their own private economy. Cardholders have the option to customize their cards from a menu of benefits.Details
U.K. credit card issuers have been cutting their default fees. The OFT says the majority have done so by almost half. In April, the OFT stated that credit card default charges had been generally set at a significantly higher level than was considered fair and set a GBP 12 threshold for OFT intervention unless there were exceptional business factors. The OFT says a fair credit card default charge should not exceed a reasonable estimate of certain limited administrative costs which the credit card issuer reasonably expects to incur as a result of default. However, many card issuers have stated that they do
not agree with the OFT’s view of the law and that they believe that
their default charges were fair.
First Data International reports it has processed one million cards in Italy on its “VisionPLUS” platform. FinecoBank, an affiliate of Capitalia, has issued cards processed on First Data’s platform since 2000. First Data acquired FinecoBank’s credit card processing operations in 2005. Capitalia, the fourth largest banking group in the country, is now driving the expansion. With Italian operations in Milan, First Data offers issuing processing as well as a full portfolio of associated value-added services to Italian and international banks.Details