Frost & Sullivan presented On Track Innovations with the “2005 Company of the Year” award. OTI’s exceptional sales and marketing strategies for its microprocessor-based smart cards have given it the scale and growth required to succeed in the global contactless card solutions market. Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company’s industry expertise integrates growth consulting, growth partnership services and corporate management training to identify and develop opportunities.Details
GE Money Canada has launched its first MasterCard and the only no fee business MasterCard with cash rewards in the Canadian market. The new “GE Money Business MasterCard” offers cash rewards of up to 2.0% on purchases and interest rates beginning at 13.9%. The card is targeted at small and medium businesses. Last month, GE applied to Canada’s Minister of Finance to set up a bank. The bank will carry on business in Canada under the name GE Money Bank Canada in English and Banque GE Money du Canada in French and its principal office will be located in Mississauga, Ontario. GECF has recently been expanding its bank credit card businesses in Australia, Span, Turkey and Russia. (CF Library 8/25/05; 8/30/05)Details
Westpac New Zealand has introduced Australasia’s first Titanium credit card and New Zealand’s first ever mini card. The new “Westpac Titanium MasterCard,” and its accompanying “Titanium SideCard,” targets high income earners and offers a minimum credit limit of $15,000. The mini card has a daily purchasing limit that can be set by the cardholder. Cardholders earn 1.5 “Hotpoints” for every dollar spent using the card and also receive exclusive offers such as accommodation packages at luxury resorts and various concierge services. Westpac says its new “Titanium” card is the only card in New Zealand to score 100% for card premium facilities using Cannex’s credit card star ratings methodology.Details
Dallas-based check casher ACE Cash Express is acquiring 111 stores owned by Popular Cash Express for $36 million and noted the Company will take a $1 million charge this quarter for Katrina losses. The Popular Cash Express stores being acquired offer check cashing, money order, wire transfer and bill pay services. The Cash Express stores do not currently offer short-term consumer loans, but ACE plans to introduce this product in approximately 95 of the acquired stores. ACE Cash Express is a leading retailer of financial services.Details
Oberthur Card Systems announced the certification of its “Moneytic
Chrysalis” payment card product range by the Chinese Bank Card Test Centre
(BCTC). This new product is fully compliant with the recently “PBOC1 V2
Debit Credit” card specifications which will be used by Chinese Banks in
the forthcoming EMV migration. Both Visa and MasterCard current EMV card
specifications are supported in order to manage the requirements from
“dual currency” issuers. To date, Oberthur Card Systems has supported
over 100 EMV programs and has delivered over 150 million EMV compliant
cards at that time.
Camarillo, CA-based International Card Establishment has signed the fifth new member of its “ISO Rep Program” which should immediately increase the Company’s new merchant account applications by approximately 40%. Together with the recently announced agreement with a Utah based ISO, consolidated gross merchant services revenues for I.C.E.’s credit card subsidiary should increase to between $14 million and $18 million over the next twelve months. I.C.E. is a rapidly growing provider of diversified products and services to the electronic transaction processing industry.Details
ICICI Lombard, Hindustan Petroleum, and American Express have introduced India’s first general insurance tri-brand credit card.
The new “American Express RPM Credit Card” enables customers to
enjoy the convenience of paying their motor insurance premium over a
period of 3, 6, 9, or 12, months at zero interest. In addition, the new card enables cardholders to speed up savings to 10% and more on fuel. Cardholders can also earn bonus “Membership Rewards” points by charging
their “Everyday Expenses.” RPM credit cards have a minimum line of credit of Rs.50,000.
GE Money Canada has launched its first MasterCard and the only no fee business MasterCard with cash rewards in the Canadian market. The new “GE Money Business MasterCard” offers cash rewards of up to 2.0% on purchases and interest rates beginning at 13.9%. The card is targeted at small and medium businesses. Last month, GE applied to Canada’s Minister of Finance to set up a bank. The bank will carry on business in Canada under the name GE Money Bank Canada in English and Banque GE Money du Canada in French and its principal office will be located in Mississauga, Ontario. GECF has recently been expanding its bank credit card businesses in Australia, Span, Turkey and Russia.Details
Dallas-based Retalix USA has signed a deal to integrate Pay By Touch’s biometric authentication payment system with Retalix’s point of sale solutions for grocery retailers. The partnership between Retalix and Pay By Touch expands the biometric payment service offering into new vertical markets. Pay By Touch provides authentication, age verification and check cashing to payment processing merchant services for ACH, debit card, and credit card transactions. Retalix Ltd. provides integrated enterprise-wide software solutions globally.Details
Barclaycard is testing a new credit card product in the U.K. designed to encourage higher monthly payments. The new “Repayment Rewards” is experimenting with interest rates ranging from 9.9% to 16.9% with repayments ranging from 2.5% to 10% or more. A repayment of 2.5% of the outstanding balance will be charged 16.9%; 5.05% to 9.99% of balance will be 12.9%; and 10% or more of the balance will quality for the 9.9% annual interest rate. No launch date has yet been confirmed, although the company is aiming to make the product more widely available by the end of the year. In March, Barclaycard began testing another credit card to encourage responsible debt management. The “Combinations VISA” comes with a separate line of credit with a lower interest rate and set repayment terms. The issuer has 11.2 million cardholders in the UK.Details
Marriott and VISA will kick-off a double points promotion on October 1st. Members can earn double points on all Visa-paid Marriott hotel stays through Jan. 31, 2006, starting with their Visa-paid second stay. Marriott Rewards includes more than 2,500 participating hotels and has 22 million members worldwide. In fiscal year 2004, Marriott International reported sales from continuing operations of $10 billion.Details