Inside

  Cover Story
  30 NFC Standoff
  Mobile phone and payment card networks want to turn cell phones into contactless payment tools, but each industry is wary of giving up too much turf to the other. Can they find a business model to break the roadblock?
  6 Editor's Letter
  Flying High on Loyalty
  Industry News
  8 Democrats, Activists Seek Hearings, Legislation on Card Abuses
  The new chairman of the Senate's permanent subcommittee on investigations tells consumer activists that he plans to hold hearings on credit card-issuer abuses and introduce legislation to correct them.
  10 Federal Reserve May Waive Receipts for Small Purchases
  The Fed requests public comment on a proposal to eliminate the need to give cardholders receipts for small-ticket purchases.
  12 Morgan Stanley Plans To Spin Off Discover
  Morgan Stanley announces plans to spin off its Discover Financial Services unit, owner of Discover card and the Pulse EFT network.
  Also in this issue...
  Debit Card Report
  14 Network Hopes Name Change Helps Pick up the Tempo
  Fledgling network felt former Debitman name limited ability to branch into nondebit services.
  15 New Congress Could Tackle Gift Card Fees
  Though earlier efforts to limit fees tied to prepaid cards were tabled, Democrats may give such legislation new life.
  Special Report: Loyalty
  16 Market Pressures Challenge Rewards-Program Profitability
  More issuers are offering rewards that include miles on virtually any airline. Are co-branded cards specific to one airline becoming obsolete?
  20 Should Co-Branded Airline Cards Fly Off into the Sunset?
  More issuers are offering rewards that include miles on virtually any airline. Are co-branded cards specific to one airline becoming obsolete?
  Merchant Payment Trends
  38 Have Wireless Terminals Finally Found Their Niche?
  Several restaurants are using wireless terminals to enable customers to pay at the table. Could the technology soon be on most restaurants' payment menus?
  Prepaid Trends
  42 Gift Card Preemption Case Could Reach Supreme Court
  States continue to battle with mall owner Simon Property Group, which contends only federal regulators can impose fee and other limits on gift cards issued by national banks.
  Afterthoughts
  48 A Whole New World?
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