Intersections Revenues Up 7%; Net Income Sinks

Intersections, which provides ID theft protection and credit management services on a subscription basis to subscribers via US and Canadian credit card issuers, reported second quarter revenues of $40.2 million, a 7.3% increase over the year-ago quarter. Net income for the quarter was $2.9 million, versus net income of $4.1 million, for the quarter ending June 30th. Total subscribers increased to approximately 2.6 million as of June 30th, from approximately 1.9 million as of June 30, 2003. For complete details on Intersection’s second quarter performance as well as prior quarters visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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Equifax Earnings Up 49% in the Second Quarter

Equifax reported second quarter earnings from continuing operations of $73 million, up 49% from the same period last year. Equifax’s second quarter earnings included a one-time gain from the sale of its investment in Intersections Inc., which generated an after-tax, net gain of $23 million. Excluding the gain from the sale of this investment of $0.17 per share, and asset impairment and related charges of $.03 per share, Equifax earned $0.41 per share for the second quarter. Equifax Inc. is a global leader in turning information into intelligence.

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Payment Service Provider Teams with Dione

ITD has partnered with UK-based terminal and payment solutions provider, Dione. ITD is an established service provider
specializing in payment solutions ranging from POS and smart card
payment terminals, end-to-end payment solutions, Internet payment
systems and card management systems. ITD has previously teamed with other payment specialists such as HPS, iBIZ and EST. Dione plc now operates in 20 new international territories.

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A Back-to-School Promotion is Launched

MasterCard and Bed Bath & Beyond have jointly announced a back-to-school consumer promotion which includes a sweepstakes offering a grand prize of $100,000 towards college tuition. Now through September 7, 2004, each time cardholders use their MasterCard cards at any one of the more than 600 Bed Bath & Beyond retail locations nationwide or at www.bedbathandbeyond.com, they will be automatically entered for a chance to win $100,000 which may be used toward college tuition, plus a $2,500 Bed Bath & Beyond Gift Card to help decorate the new dorm room. MasterCard International has a comprehensive portfolio of well-known, widely accepted payment brands including MasterCard, Cirrus and Maestro.

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Nabil Bank Expands Card Tech Software Deployment

Nabil Bank has deployed Card Tech Limited’s “PRIME” solution. The installation was part of an upgrade of the bank’s CTL “START” card management solution and included an ATM controller and a debit switch.
Since Nabil began working with UK-based CTL in 1998, the bank has
progressively improved its personal and corporate banking products,
introducing new services such as cash advance and a multi-application
credit card. More than 160 banks from 60 countries use CTL software.

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MasterCard Smart Cards Triple in Two Years

At mid-year the number of MasterCard smart cards in Asia-Pacific hit 23 million, compared to 14.5 million at the end of June 2003. Since 2001, the number of smart MasterCards in the region has grown nearly six-fold, with 90% of the cards EMV-compliant. MasterCard says the rapid growth is driven by a combination of strong global smart card programs such as “OneSMART MasterCard,” lower costs of multi-application cards, and the development of new applications such as “MasterCard Open Data Storage.” With “OneSMART MasterCard,” all of MasterCard’s global smart card solutions, technical expertise, and marketing support are consolidated under a single banner.

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Piggly Wiggly Takes Pay By Touch Live

Four Piggly Wiggly grocery stores in South Carolina began offering Pay By Touch’s finger-scanning payment system last week. Starting today, Piggly Wiggly customers in Charleston and Columbia, South Carolina will have the option of paying for groceries using a finger scan linked to their financial accounts. The Pay By Touch payment systems are being used in all Piggly Wiggly checkout lanes to provide a safer, more convenient way for shoppers to pay for their groceries, while also allowing checkout lines to move approximately 33 percent faster. Pay By Touch is a free consumer payment service that allows shoppers to pay for purchases using a finger scan to access their financial accounts and loyalty programs. Piggly Wiggly Carolina Company is headquartered in Charleston, South Carolina.

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Bradesco Joins Transax’s MedLink POS

Bradesco, the country’s largest health insurer, has inked a deal with Transax International to install its POS solution
into medical provider’s offices, clinics and hospitals in major centers throughout Brazil. The deployment is part of Transax’s “Medlink” solution being introduced in the country. The POS solution developed by Transax allows, through the use of a magnetic stripe card or smart card containing critical patient information such as medical plan, a provider to undertake instantaneous eligibility, authorization and adjudication of medical claims to the health insurer. In addition to the 450 POS units currently installed in its network, Transax’s subsidiary in Brazil expect to install a further 3,000 POS units into medical providers in Brazil over the next 18 months for currently signed contracts and other PC, server and network solutions into medical facilities. Transax currently undertakes approximately 250,000 transactions per month, has contracts in place for in excess of 2,500,000 transactions per
month, and other potential contracts in various stages of negotiation.

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Union Bankshares ATMs Coming to Food Lions

VA-based Union Bankshares has signed an agreement with Nationwide Money Services to place “Branded Cash” ATMs in a significant number of Food Lion stores throughout the state of Virginia. These ATMs will be installed in 34 stores within the communities served by three of Union Bankshares’ affiliate banks — Union Bank & Trust, Northern Neck State Bank, and Bank of Williamsburg. Union Bankshares is one of the largest community banking organizations based in Virginia, providing full service banking.

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Australia Targeting Excessive Card Rewards

The Australian Tax Office is going after cardholders who earn more than 250,000 reward points or frequent-flyer miles per year. The ATO announced last week it will audit all highly rewarded cardholders and those channeling business purchases through their reward credit cards for no commercial reason. The ATO is reportedly preparing to ask credit card companies to release data on cardholders accruing more than 250,000 points or miles per year. Under the new “ATO Practice Statement,” the government wants to tax excessive rewards as a fringe benefit. The Australian press is reporting that card issuers say the measure could kill their credit card reward programs.

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