Credit/Debit Cards

Oberthur develops debit card to meet Durbin requirements

Oberthur Technologies announced on Monday that it has developed the first MasterCard-certified debit card that meets the requirements stipulated under the Dodd-Frank Act’s Durbin Amendment. The Cosmo RSA v5 M/Chip Multi-Application is based on Oberthur’s Global Platform and java-based operating systems and supports dynamic data... Read More...

i2c to host three-part webinar on managing prepaid card programs

i2c, a payment processing and commerce solutions provider, will host a three-part webinar series beginning in August that will provide prepaid industry participants with strategies for managing prepaid card programs to reach sustained profitability. The first session—led by Steve Diamond, the vice president of i2c’s business advisory... Read More...

Capital One offers sweepstakes recognizing financial independence

Capital One announced a new sweepstakes program this month—part of its Financial Independence Day Sale—to reward savers, homebuyers and small businesses with special bonuses for reaching for financial independence. The #my360independence sweepstakes, which runs through July 14, gives consumers the chance to win daily prizes of $1,776 by... Read More...

Retailers oppose EU interchange rules not applicable to certain networks

A recent survey conducted by Ipsos MORI on behalf of MasterCard found that most European retailers think EU rules that cap interchange fees should move ahead only if the regulations apply to all retailers. The survey was conducted through interviews with approximately 900 high value retailers across six countries in Europe to reveal their... Read More...

Electronic payments more popular, though cash still preferred payment

A new survey released by the British Retail Consortium indicates the trend away from cash-based payments to electronic transactions is growing stronger in the U.K. According to the study, cash payments in the U.K. fell by three percent over the past year and 10 percent over the past five years. In 2013, debit card transactions comprised 50... Read More...

Retailers push court to overturn swipe fee settlement approval

Retailers and their trade organizations urged an appeals court on Monday to overturn a judge’s approval of a settlement over Visa and MasterCard’s interchange—or swipe—fees, saying the settlement would not achieve its intended purpose. “The truth is that there is no settlement with the retail industry, only an agreement with a handful... Read More...

Banco do Brasil Americas partners with i2c on prepaid EMV card

Banco do Brasil Americas recently partnered with payment processing solutions provider i2c to launch a multi-currency prepaid MasterCard that supports EMV technology. “We strive to create financial products and services that are convenient, cost-effective and safe for consumers,” Banco do Brasil Americas President and CEO Cassio Segura... Read More...

AmEx partners with Uber to offer integrated app platform

American Express announced last week a new app partnership with Uber that will allow AmEx cardholders enrolled in its rewards program to earn up to double points or use points for Uber rides. "Uber is at the forefront of evolving the way the world moves, and this integration with American Express - a company known for superior service and... Read More...

Visa introduces designation to improve transparency in prepaid market

Visa announced last week a new designation for consumer reloadable prepaid products in the U.S. as part of an effort to simplify fees, enhance consumer protections and improve consumer financial health. In order to qualify for the designation, which was developed in conjunction with the Center for Financial Services Innovation (CFSI) and The... Read More...

FIS to use MasterCard’s EMV common debit solution

FIS’ NYCE payments network recently teamed up with MasterCard to offer the credit card company’s EMV common debit solution to its network participants. “This agreement not only adds to FIS’ market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the U.S.,” Bob Woodbury, the... Read More...

Retailers request additional time to file for review of interchange case

Merchants requested last week an additional 30 days to file a petition for the Supreme Court to review the debit interchange lawsuit they lost earlier this year to the Federal Reserve. Interchange fees—more commonly referred to as swipe fees—are paid by retailers to banks when customers use a debit card to complete a purchase. The fees are... Read More...

Diners Club International signs new merchant acquiring agreement

Discover’s Diners Club International announced an agreement with Bangkok Bank last week that will allow merchants using the Thai bank’s network to accept Discover cards. The Discover network is the third largest payments network in the world. It operates in more than 185 countries across the globe. "By opening up our Discover Global... Read More...

CEI’s Berlau: Retailers to blame for high card processing costs

Just before Memorial Day Weekend, the Merchants Payments Coalition (MPC) slammed banks and credit card companies for “outrageous” swipe fees, but John Berlau of the Competitive Enterprise Institute (CEI) recently said that retailers are responsible for high costs. In a May 21 press release, the Merchants Payments Coalition, which counts... Read More...

Study: Linked mobile devices, prepaid cards may drive financial inclusion

A new report from MasterCard indicates that mobile devices and prepaid cards may drive financial inclusion in underserved and underbanked communities across India, Indonesia, Vietnam, the Philippines, Egypt and Nigeria. The study examined excluded and underserved communities, which, according to MasterCard, are most likely to be people ages 28... Read More...

Unpaid medical debt may have over-inflated effect on credit scores

New research released on Tuesday by the CFPB indicates that unpaid medical debt may keep some consumers from obtaining access to credit—a problem that may affect up to 50 percent of borrowers in collections. According to the report, consumers’ credit scores may take a substantial hit for medical debt that is passed to collections and... Read More...

Kohl’s, Capital One extend private label credit card arrangement

Kohl’s and Capital One announced last week a multi-year extension of their private label credit card program agreement several years ahead of the date their current contract is set to expire. “The Kohl’s credit program is an important element of our engagement with our most loyal customers, and our strong partnership with Capital One... Read More...

MasterCard partners with PULSE to provide common debit EMV solution

MasterCard and Discover’s PULSE recently signed an agreement that will allow participating EMV-issuing debit card networks to use MasterCard’s common debit solution—an effort to accelerate EMV deployment for issuers, merchants and acquirers. “This is another important step in moving the industry to EMV adoption,” Carolyn Balfany, the... Read More...

FIS launches Instant Card in-house card issuance for banks, credit unions

FIS Global announced on Monday the launch of Instant Card, which allows banks and credit unions to issue EMV-compliant credit, debit and prepaid cards on-the-spot at branch and store locations. The cloud-based card solution, which is fully integrated with ePix, does not require server software or processing hardware—the company manages all... Read More...

Credit unions asked to participate in True Link prepaid card testing

Filene Research Institute and True Link recently called on credit unions to participate in prototype testing for the True Link Card—a prepaid debit card aimed at preventing elder fraud. The True Link Card, which combines the functionality of a debit card with a dashboard view of a household’s finances, allows caretakers to safeguard an... Read More...

Appeal deadline passes for retailers in interchange fee debate

The May 5 deadline for retailers to petition a federal appeals court’s decision to uphold the Federal Reserve’s controversial debit interchange rule has passed, meaning the mandate will become final next Monday. In a victory for credit card companies and financial institutions, the U.S. Appeals Court for the District of Columbia overturned... Read More...

Wells Fargo, American Express launch two new rewards credit cards

Wells Fargo and American Express launched two new credit cards on Tuesday that offer cardholders additional protections, access to entertainment and discounts and offers. The new cards, which are issued by Wells Fargo, will be available for Wells Fargo customers and will be accepted on the American Express network. “Last year, we announced... Read More...

Wells Fargo to offer EMV-enabled commercial cards in Europe

Wells Fargo announced last week it will offer EMV-enabled commercial cards in Europe, with the support of MasterCard, that will allow transactions in various currencies to be processed, tracked and reported more easily. All new WellsOne commercial cards will be fitted with a microprocessor chip defined by the EMV standard. Existing cardholders... Read More...

Visa announces $1.6 billion in Q2 net income, driven by payments volume

Visa announced last week that it brought in $1.6 billion in net income during the second quarter—a 26 percent year-over-year increase—as a result of strong payments volume during the period. “Our underlying business drivers remained strong during the fiscal second quarter with payments volume continuing to grow at solid levels,”... Read More...

Card-linked marketing programs not well-understood despite benefits

Card-linked marketing has emerged in recent years as a way for companies to target current customers and attract new customers, but a recent survey revealed the practice is not well-understood or widely used in the financial services industry. According to the survey, released by Bank of America and The CMO Club, 90 percent of companies who... Read More...

NetSpend partners with Western Union to offer co-branded prepaid card

TSYS subsidiary NetSpend announced on Monday that it has partnered with Western Union to develop a co-branded prepaid card that will be available to American consumers later this year. The Center for Financial Services Innovation estimates that approximately 68 million Americans are financially underserved or unbanked, many of whom turn to... Read More...

AmEx introduces Serve prepaid product at Walmart retail stores

American Express announced on Monday that Serve, its reloadable prepaid product, is available for purchase at over 4,000 Walmart locations in the U.S., expanding the company’s free cash reloading network to 19,500 locations nationwide. “By offering American Express Serve alongside Bluebird at Walmart, we’re expanding our portfolio of... Read More...

MasterCard to acquire rewards, loyalty services provider Pinpoint

MasterCard announced on Thursday plans to acquire Pinpoint, a loyalty and rewards service provider in the Asia Pacific region, before the end of the second quarter. “Becoming a part of the MasterCard family is an exciting step for our entire team as we look to build on our core business and grow our customer relationships across the... Read More...

CO-OP Financial signs EMV common debit solution agreement with Visa

CO-OP Financial Services announced an agreement with Visa on Tuesday to make the card company’s EMV common debit solution available to clients in its push for debit EMV adoption. “This is a major advance in adoption of the EMV standard for debit card transactions in the United States, providing a clearer migration path to EMV for our debit... Read More...

CMBC, AmEx launch multi-currency credit card for customers abroad

China Minsheng Bank and American Express announced last week the launch of the CMBC American Express Multi Currency Platinum credit card, the first single network card product to be offered on the AmEx network in China. The new product, which is designed for CMBC customers traveling abroad, is the second launched by CMBC following the... Read More...

MasterCard urges EU to exclude commercial cards from regulation

MasterCard called on members of European Parliament on Tuesday to exclude commercial cards from draft legislation regarding interchange, or swipe, fees ahead of a vote on the measure. Commercial cards, which were not considered in the original interchange fee proposal, are generally used to replace manual invoices and checks between businesses... Read More...

Wal-Mart files antitrust suit against Visa over interchange fees

Wal-Mart—the largest retailer in the nation—entered the interchange debate after it filed suit against Visa last week, alleging that the card company colluded with banks to fix interchange rates unreasonably high. In its 39-page complaint filed in a federal district court in Arkansas, Wal-Mart seeks to recover damages “for anticompetitive... Read More...

TSYS to provide card processing for Virgin Money’s credit card business

TSYS announced on Thursday a long-term agreement to provide consumer credit processing services and value-added capabilities for U.K.-based Virgin Money customers. Virgin Money, a retail bank that provides credit cards, mortgages, pensions and savings, plans to launch its own credit card business, following the purchase of $1.7 billion in... Read More...

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