Cards

Fiserv's upgrades to key processing software could remove another roadblock in the way of the many banks that want to speed up their ACH payments.

American Express Co.'s latest play at the less affluent, its nearly fee-free prepaid card, looks less complementary to its digital wallet, Serve, and more cannibalistic.

WASHINGTON – The leader in the effort to delay the cap on debit fees called on the Federal Reserve last week to include all costs available, including fraud, in setting a final cap, which is expected to issue its rule any day now.

WASHINGTON – NAFCU called on Senate leaders yesterday to heed the spreading threats posed by new data security breaches and proceed with legislation that would protect consumers and card issuers from breaches.

As credit card use slows in certain sectors because of tightened budgets and risk avoidance, issuers are beginning to step up efforts to keep customers threatening to leave. But many issuers lack consistent retention strategies, a new study from Celent LLC contends.

A new, joint prepaid debit card-marketing campaign involving MasterCard Worldwide and Univision Communications Inc. illustrates the companies’ ongoing efforts to bring more Hispanic consumers into the financial mainstream.

Joining the growing raft of processors rolling out advanced data-encryption services to help protect cardholders at the point of sale, Elavon Inc. on June 20 announced a portfolio of products and services dubbed Safe-T Suite.

The announcement last week by several telecommunication companies of plans to create a joint venture to fast-track mobile-payments processing potentially has broad implications for the mobile-payments market in Europe. But the companies have worked together before with little resulting success.

Not all state legislatures and regulators have been content to let the federal government push through new debit interchange rules established by the Durbin amendment.

As both the Credit Union National Association and the National Association of Federal Credit Unions now focus lobbying efforts on impacting the final Fed rule on debit interchange (see story), federation President Fred Becker urged credit unions to have plans firmly in place to make up for the potential loss in revenue.

One week following the defeat of a bill to delay the Durbin Amendment-and perhaps just days before the Fed comes out with its final rule on debit interchange (see story), a number of credit union CEOs say they are still not ready to pull the trigger on plans to make up for lost revenue that is likely headed their way.

Despite efforts by major card companies to promote the speed and excitement of using mobile phones to pay, it likely will take more than glitzy marketing to convince consumers to use such services, according to a Federal Reserve strategist.

China UnionPay customers now may use their cards in Peru under an agreement the card company signed last week with Lima-based Interbank Ltd., a spokesperson from the card company tells PaymentsSource.

Ukash, a United Kingdom-based firm that sells prepaid vouchers for online shopping, is expanding the product’s functionality and giving users the option to transfer unused funds to an account accessible with a MasterCard-branded prepaid debit smart card.

Increasing competition from large banks is likely to put pressure on prepaid card marketers such as Green Dot Corp. and NetSpend Holdings Inc., though the companies still have growth potential, analysts said in separate reports published on Friday.

Telefónica UK, Vodafone UK, and T-Mobile and Orange parent Everything Everywhere plan to form a joint venture in mobile marketing and payments, the companies announced June 16.

The Federal Reserve’s proposed cap on debit fees is “discriminatory,” because it singles out the nation’s biggest banks and credit unions, so should be barred from being finalized, lawyers for Minnesota’s TCF Bank told a federal appeals court yesterday.

ST. LOUIS – The Federal Reserve’s proposed cap on debit fees is “discriminatory,” because it singles out the nation’s biggest banks and credit unions, so should be barred from being finalized, lawyers for Minnesota’s TCF Bank told a federal appeals court yesterday.

MasterCard Worldwide is making headway in the use of its PayPass service by embedding the contactless chips in wristbands distributed at festivals and other events.

MasterCard Worldwide is making headway in the use of its PayPass service by embedding the contactless chips in wristbands distributed at festivals and other events.