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United Kingdom-based Standard Chartered bank has begun issuing yuan-denominated debit cards in China after signing a card agreement with China UnionPay, a bank spokesperson tells CardLine Global. The bank earlier this month received permission from Chinese financial authorities to issue the cards (CardLine Global, 14 July). The bank is among the first foreign financial institutions to issue yuan cards in China. To promote the launch, the bank will waive its 20-yuan (US$2.90 or 1.90 euros) annual fee for the card. The bank also has applied for permission to issue yuan credit cards, the spokesperson says.
July 28 -
Merchant acquirers would have to report their retailers' credit and debit card transactions to the Internal Revenue Service as part of a provision of the Housing and Economic Recovery Act of 2008. The Senate on Saturday passed the bill, which the House passed last week. The bill awaits President Bush's signature to become law. "Acquirers will need to give the IRS a complete record of retailers' credit card and debit card activity so the IRS can learn more about unreported sales," says Paul Martaus, president of Mountain Home, Ark.-based consulting firm Martaus & Associates. Acquirers and the independent sales organizations with which they work would need to collect and securely store merchants' information, adds Martaus. Under the provision, a merchant acquirer annually would have to submit the name, address, taxpayer identification number, and the gross amount of credit and debit card transactions for each of its merchant customers. The reporting would begin after Dec. 31, 2010, according to the legislation. The provision could create "serious problems" for the acquiring industry, says Carla Balakgie, CEO of the Washington, D.C.-based Electronic Transactions Association.
July 28 -
The government of South Australia, a state in Australia, says it will test a chip card scheme that would enable gamblers to limit their spending at poker machines. The test will "formally commence" in mid-August, the government ministry in charge of gambling said in a statement. Australia-based Worldsmart Technology will conduct the test, which involves the company's J Card, or Jackpot Club card, according to the statement. The Jackpot Club is a rewards scheme that uses chip cards. Worldsmart declined comment to CardLine Global, as did government officials. The test will enable gamblers to set a daily limit on how much they can spend, with alerts informing them when that limit is reached. Officials already have installed technology for the test in four venues. At least 75 venues in South Australia take part in the Jackpot Club reward scheme, Worldsmart says on its Web site.
July 25 -
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The Payment Card Industry Standards Council has added unattended payment
July 24 -
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