Monday, February 14, 2011

First Data, Acculynk Partnership Gives PIN-Debit Acceptance Online A Boost


Will Hernandez reports for Payments Source that First Data's partnership with Acculynk is all about consumer adoption...

Consumer adoption likely will determine whether First Data Corp.’s decision to support Acculynk Inc.’s PaySecure Internet PIN-debit product benefits the processor’s merchant partners that decide to offer the online checkout payment option, observers say.  (to read more)

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VeriFone Expands PAYware Mobile to Global Markets

 February 14, 2011 02:00 AM Eastern Time 


Brings Most Versatile Smart Phone Enabled Mobile Payment Service with NFC and EMV Chip &PIN to Small Businesses

Small businesses around the world will be able to accept card payment anywhere with PAYware Mobile from VeriFone, now available in a global edition with support for NFC contactless, EMV and Chip & PIN.
Mobile World Congress 2011
Booth #7MM22
BARCELONA--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY), today announced a next-generation version of PAYware Mobile Service for global markets. This latest innovation features VeriFone’s sleek mobile payment solution and gateway service and brings international payment standards including NFC and EMV smart card, with PCI-compliant PIN keypad for Chip & PIN transactions, to popular smart phones.
“PAYware Mobile struck a chord with micro merchants in North America who wanted to be able to quickly and securely accept credit card payments anywhere by leveraging a cost-effective, mobile smart phone”
With this solution, small businesses around the world will be able to accept smart card, mag-stripe card and contactless-based payments anywhere at any time. The second generation of PAYware Mobile will be available in the UK and Canadian markets during the first quarter of 2011. In addition, PAYware Mobile will be introduced into additional countries across Europe, Latin America and Asia throughout 2011.
“PAYware Mobile struck a chord with micro merchants in North America who wanted to be able to quickly and securely accept credit card payments anywhere by leveraging a cost-effective, mobile smart phone,” said Paul Rasori, VeriFone senior vice president of marketing. “VeriFone is now leveraging our global partnerships and distribution capabilities to provide a mobile payment platform that supports regional demands for EMV, NFC-based applications, and secure, PCI-compliant PIN entry.”
Each generation of PAYware Mobile provides smaller merchants with a cost-effective alternative to dedicated payment devices by providing an entire smart phone-based solution that includes VeriFone’s VeriShield Protect end-to-end encryption of card data. Users also gain access to sophisticated reporting tools via VeriFone gateway services, as well as the ability to email customized receipts to customers.
The global version of PAYware Mobile incorporates a battery that provides 10 hours of PIN pad operation so users can accept payment without impacting on the smart phone’s battery. It also incorporates a mini-USB port for convenient charging capability.
Additional Resources: www.paywaremobile.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: the successful rollout of VeiFone’s next generation Payware Mobile solution, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com):
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

Contacts

VeriFone Media Relations
Pete Bartolik, 508-283-4112
pete_bartolik@verifone.com
Permalink: http://www.businesswire.com/news/home/20110213005091/en/VeriFone-Expands-PAYware-Mobile-Global-Markets
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PaymentOne Awarded Two Additional Patents -- Broadening Its Mobile Wallet, Payments, and Carrier Billing Patent Portfolio

Feb 14, 2011 08:00 ET

Latest Patents Cover Authentication, Security and Fraud Control for Rapidly Growing Mobile Payments and Direct Carrier Billing Services

SAN JOSE, CA--(Marketwire - February 14, 2011) - PaymentOne Corp., the leader in global carrier billing for landline, broadband and mobile consumers announced today the issuance of two new patents by the US Patent Office related to multi-billion dollar markets for mobile commerce and direct carrier billing.
The patent for invention number 7,848,504 covers leading edge fraud control and user authentication for commerce that is conducted using a carrier connected billing telephone number.
The patent for invention number 7,848,500 covers innovative Internet payment methods and modalities tied to a user's mobile, broadband and/or landline account.
"These latest patents contain a series of claims that enable frictionless and secure payments tied to the convenience of the mobile, broadband or home telephone subscriber account," said Joe Lynam, President and CEO of PaymentOne. "We continue to expand our patent portfolio which highlights PaymentOne's leadership in convenient and secure payment technologies for commerce online and all types of emerging applications, screens, and mobile devices.
The patents cover technology in PaymentOne's real time authentication and fraud control system. They further cover technology to validate, execute, and settle financial transactions using a variety of funding methods including a mobile bill account, credit/debit cards and pre-paid cards for physical and digital goods and services.
PaymentOne offers merchants and publishers an integrated solution for monetizing single transactions and recurring subscription services. PaymentOne's AnyPhone™ Network spans across 70 countries through carrier billing relationships covering more than 1,100 carriers and over 3 billion consumers including the World's largest mobile operators. "Demand for robust global payment technology and services are growing rapidly as more consumers seek the ease and convenience of transacting on any device and any application. The most successful providers will provide deep and wide payment coverage, support and expertise, while eliminating friction, fraud and security concerns at the point of sale for consumers," said Mr. Lynam.
About PaymentOnePaymentOne Corporation is a global leader in carrier-based billing for landline, broadband and mobile payments, and one of the world's fastest growing Payment Services Providers. The company pioneered "no credit card required" and has a 10-year track record in payment services that connect digital merchants, social media publishers, content providers and network operators. PaymentOne has generated over $4 billion in new digital revenue for brand name clients including Blizzard Entertainment and America Online. AnyPhone™ connects with over 1100 network operators and enables over 3 billion worldwide consumers in 70 countries to simply bill digital purchases on any device to their existing mobile, broadband or home phone bill. The company has a robust patent portfolio covering fraud prevention, authentication, and alternative payments. PaymentOne is privately held and headquartered in the Silicon Valley. To learn more visithttp://www.PaymentOne.com

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Intel Capital Investments to Help Expand the Mobile Ecosystem

Image representing Intel as depicted in CrunchBaseImage via CrunchBase
NEWS HIGHLIGHTS
  • Intel Capital to invest $26 million in six mobility companies around the globe.
  • New investments will help drive continued innovation in mobile hardware, software and applications ecosystems.
  • Technologies bring new user experiences across a continuum of devices.
Mobile World Congress 2011
BARCELONA, Spain--(BUSINESS WIRE)--MOBILE WORLD CONGRESS--Intel Capital, Intel Corporation’s global investment organization, today announced six new investments to drive continued innovation across the mobile hardware, software and applications ecosystems. The new deals total approximately $26 million and include open source mobile software solutions company Borqs; location-based mapping platform and tools provider CloudMade; QuantumFilm™-based image sensor vendor InVisage; open source online video platform Kaltura; online authentication provider SecureKey Technologies; and unified communications and collaboration service software provider VisionOSS Solutions.
“As more devices compute and connect to the Internet, it creates an opportunity to deliver new end-user capabilities by supporting the development of mobile infrastructure, applications, services and components for Intel® architecture-based platforms”
The six companies each have developed innovative technologies to enhance the user experience across a continuum of devices, including handhelds, tablets and laptops, that run a variety of operating systems including MeeGo and Android*.
“As more devices compute and connect to the Internet, it creates an opportunity to deliver new end-user capabilities by supporting the development of mobile infrastructure, applications, services and components for Intel® architecture-based platforms,” said Arvind Sodhani, president, Intel Capital and executive vice president, Intel. “These six investments represent key growth areas of the mobile ecosystem and will contribute to bringing important features to the next generation of mobile devices.”
“These Intel Capital investments represent innovative companies that Intel is working with to help advance our mobile platform initiatives across smart device segments including handheld, tablet and notebook businesses,” said Anand Chandrasekher, Intel senior vice president and general manager of the company’s Ultra Mobile Group. “The investments, coupled with Intel’s expanding set of capabilities in silicon, software and communications, will help the company accelerate plans across a variety of smart devices and market segments.”
Details on the new investments follow:
Borqs Ltd. (Borqs) (Beijing) is an Android software integrator for mobile devices. The company works with name-brand smart phone OEMs, semi-conductor companies, and mobile operators to enhance the Android system to meet their requirements. With expertise ranging from kernel, device-level drivers to top-level user interfaces, Borqs Android solution has been deployed in more than 30 Android mobile devices for W-CDMA networks and TD-SCDMA networks. Borqs Android solution is Google CTS compliant. The investment from Intel Capital, subject to the satisfaction of closing conditions, aligns with Intel’s port of choice strategy to support multiple operating systems across a variety of devices and will be used by the company for business development.
CloudMade (Menlo Park, Calif.) was founded in 2007 to enable developers to build location-enabled applications and services. The company provides application developers with a range of innovative tools and application programming interfaces to enable the creation of unique location-based applications across all major web and mobile platforms. Today there are more than 16,000 developers using CloudMade's tools to create applications for mobile and Web consumers. The investment from Intel Capital will be used to further strengthen the platform and to work with developers to provide them with an unparalleled suite of tools designed for their specific needs. CloudMade will be certified under the Intel’s AppUp™ application store.
Kaltura (New York) provides a widely adopted open source online video platform. More than 100,000 media and entertainment companies, enterprises, small- and medium-size businesses, educational institutions, service providers, platform vendors and system integrators use Kaltura’s flexible platform to enhance their websites, Web services and Web platforms with advanced customized rich-media functionalities that are delivered through any connected device. Kaltura’s features and products enable the easy deployment of custom workflows involving video, photo and audio creation, ingestion, publishing, management, distribution, engagement, monetization and analysis. The investment will be used to enhance rich-media functionalities on tablets, mobile phones and other connected devices, with a special emphasis on supporting the MeeGo™ mobile operating system and Intel’s AppUp application store.
InVisage Technologies, Inc. (Menlo Park, Calif.) is harnessing the power of custom-designed semiconductor materials to develop QuantumFilm, the world’s first commercial quantum dot-based material for image sensors. QuantumFilm replaces silicon as the light capture material to enable high-fidelity, high-resolution images from such handheld devices as camera phones and digital cameras. Imaging is becoming an increasingly important capability across notebooks, handhelds and tablets. InVisage will use this funding round -- led by Intel Capital -- to bring its products and technology into mass production.
SecureKey Technologies, Inc. (Toronto) designs hardware and software solutions to enable the strong cryptographic capabilities of debit, credit and identity smartcards -- including those within Near Field Communication-based phones -- for online authentication and online purchases. SecureKey's solutions provide a powerful user experience that can be delivered across platforms improving both the security and convenience of online transactions. The company’s focus on secure transactions aligns with Intel’s vision of security as a key pillar of computing across all platforms, as more peoples’ lives are conducted online. The investment will be used to drive growth and expansion.
VisionOSS Solutions (Reading, UK) provides a unified communications and collaboration (UC&C) service delivery and management platform to service providers and large enterprise customers that are planning to, or have already launched, complex, multi-cluster IP-PBX and UC&C architectures. The VOSS technology is a real-time, fully automated, scalable and centralized UC&C service delivery and management platform, which reduces complexity, speeds implementation, and cuts costs for the fulfillment of UC&C services. VOSS will use the new funds to fuel its growth, and to support the evolution of its technology which has already been deployed in a significant number of tier-one service providers.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.8 billion in over 1,100 companies in 48 countries. In that timeframe, 189 portfolio companies have gone public on various exchanges around the world and 258 were acquired or participated in a merger. In 2010, Intel Capital invested US$327 million in 119 investments with approximately 44 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries.
* Other names and brands may be claimed as the property of others.

Contacts

Intel Capital
Amy Kircos, 480-552-8803
Amy.Kircos@intel.com
Maria Cubeta, 415-591-4070
Maria.Cubeta@bm.com
Permalink: http://www.businesswire.com/news/home/20110214006013/en/Intel-Capital-Investments-Expand-Mobile-Ecosystem


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VeriFone Provides NFC Systems for Garanti Bank’s Mobile Payment Rollout

Key Interface Between Consumer Mobile Phones and Merchant Payment Acceptance

Mobile World Congress 2011
Booth #7MM22
BARCELONA, Spain--(BUSINESS WIRE)--VeriFone Systems, Inc. (NYSE: PAY), today announced that its NFC/contactless payment acceptance systems are a key interface between merchants and consumers’ mobile phones in Garanti Bank’s first-in-world rollout of a nationwide integrated NFC SIM mobile payment program.
“The merchant/consumer interface is crucial to success of NFC mobile payment adoption and VeriFone is thrilled to provide key payment acceptance solutions that make it easy to transition to this new era of mobile payments.”
Garanti and Turkish mobile network operator Avea recently moved from pilot phase to general commercial availability of their system to adapt existing mobile phones for NFC payments. Consumers can purchase and install NFC capable SIM cards that allow them to use their mobile phones for electronic payment at NFC/contactless acceptance devices in merchant locations. VeriFone has supplied 10,000 NFC-capable devices to Garanti for merchant use.
“Garanti demonstrated that NFC is now commercially viable,” said Soner Casur, vice president and general manager of VeriFone South East Europe. “The merchant/consumer interface is crucial to success of NFC mobile payment adoption and VeriFone is thrilled to provide key payment acceptance solutions that make it easy to transition to this new era of mobile payments.”
VeriFone is one of the main suppliers of payment solutions to Garanti, with more than 150,000 systems implemented throughout Turkey. For NFC mobile payments, VeriFone’s PINpad 1000SE currently provide merchants and consumers with a field-ready solution for implementation of mobile payments.
VeriFone systems have been in use for Garanti’s existing Bonus Trink contactless payment system, which has provided bank customers with the ability to make payments using a credit card, key fob, watch or the Bonus Trink contactless sticker. With the new add-on SIM card with antenna from Gemalto and Garanti pre-paid MasterCard PayPass that is loaded in the SIM manufacturing stage, consumers can immediately adapt existing and new mobiles for NFC mobile payments. This product is the first commercial add-on NFC SIM that supports open platform payment system around the world.
As a worldwide leader in payment solutions, VeriFone has forged a path for NFC acceptance. VeriFone’s VX Evolution line of products has revolutionized contactless payments by standardizing on NFC-ready capability that provides merchants and banks with migration to mobile payments.
Additional Resources:
www.verifone.com/mobile-commerce
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: the successful rollout of VeriFone NFC systems for mobile payment, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

Contacts

VeriFone Media Relations
Editorial Contact:
Peter Bartolik, +1-508-283-4112
pete_bartolik@verifone.com
Permalink: http://www.businesswire.com/news/home/20110213005042/en/VeriFone-NFC-Systems-Garanti-Bank%E2%80%99s-Mobile-Payment


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TIO Networks Successfully Launches PG&E "Mobile Bill Pay App"

~ Thousands of PG&E customers have made “same-day” bill payments through the PG&E iPhone App ~

VANCOUVER, British Columbia--(BUSINESS WIRE)--TIO Networks Corp., (TSX-V: TNC) (“TIO”), North America’s leading multi-channel expedited bill payment processor, announces the successful launch of the Pacific Gas and Electric Company’s (PG&E) “mobile bill pay app”. This mobile payment app is an industry first by a major Utility and provides up to six million PG&E customers in Northern and Central California with the convenience of paying their utility bills on an expedited basis through their iPhones and iOS devices.
Millions of PG&E customers can now download the TIO mobile application from Apple’s app store (http://tinyurl.com/2wdmpzn) for free, and enjoy the convenience of bill payment on the go, anytime and anywhere. The TIO payment application features a user-friendly interface on iOS powered devices for real-time access to a customer’s account balance and intuitive instructions, in either English or Spanish, for fast payment with Visa, Master Card or through a customer’s bank account.“Almost immediately from the pre-launch phase in late December 2010, we have had strong consumer interest as several thousand PG&E customers have already downloaded the App and are paying their bills” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “We will be expanding the payment platform to include Android and Blackberry versions in the near future. This product was a collaborative effort with PG&E and we appreciate their strong commitment to the project.”
About TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecom, Wireless, Cable and Utility bill issuers in North America. With over 25,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payments.
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.

Contacts

TIO Networks Corp.
Behshad Hastibakhsh, Media Relations
Tel: 604.298.4636, Ext. 250
Toll Free: 888.679.3322
Email: pr@TIOnetworks.com
or
John Lewis, Business Development
Tel: 416-364-2266
Toll Free: 877-954-6327
Email: jrlewis@TIOnetworks.com
Permalink: http://www.businesswire.com/news/home/20110214005261/en/TIO-Networks-Successfully-Launches-PGE-Mobile-Bill


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SpendingPulse: Total U.S. Retail Sales for January Up 5.5% Year-over-Year

Strongest Performance since April 2010
PURCHASE, N.Y.--(BUSINESS WIRE)--MasterCard Advisors:
SpendingPulse™
 

Data Source:
A macroeconomic indicator, SpendingPulse reports on national retail and services sales and is based on aggregate sales activity in the MasterCard payments network, coupled with survey-based estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance. SpendingPulse is provided by MasterCard Advisors, the professional services arm of MasterCard Worldwide.
MasterCard Advisors’ SpendingPulse, a macroeconomic report tracking national retail and service sales, today provided summary results for January 2011. Excluding auto sales, total retail sales grew by 5.5% year-over-year, on par with December’s growth rate, and slightly higher than November’s. Strong sales also led to a rebound in shorter-term growth -- on a month-to-month seasonally adjusted basis, January sales were up by 1.8%, reversing the slowdown that month-to-month sales had posted in December. Excluding both auto sales and gasoline, on a seasonally unadjusted basis, year-over-year sales in January grew by 4.6%, slightly slower than November and December, 2010, but nevertheless a healthy rate of growth by most standards.
Kamalesh Rao, Director of Economic Research for MasterCard Advisors SpendingPulse, noted: “Overall, retail spending managed to maintain its momentum following an already-strong holiday season. Despite some very challenging weather conditions in many parts of the country, and unemployment numbers that have not yet improved significantly, during the last two months we saw the strongest growth rate for total U.S. retail sales ex-autos since April 2010. Further, the year-to-year growth for 3-month totals stood at 4.9% in January, the highest growth rate since August 2007.”
To watch a short video with additional commentary from Kamalesh Rao, please visit: http://www.mastercardadvisors.com/us/advisors/en/information_analytics/spendingpulse_podcast.html
Sectors showing positive results in January included eCommerce, Luxury, Apparel and Travel, both in the Airlines and Lodging categories. Weaker segments included Jewelry, Furniture and Automotive Repair & Maintenance.
Spending grew in every part of the country, with the best unadjusted year-over-results in the South Central and Southeast regions respectively posting 9.7% and 7.7% growth.
U.S. Retail Sales, Unadjusted Year/Year %Change
U.S. Retail Sales January 2011 December 2010
Total Retail Ex Auto +5.5% +5.5%
Total Ex Auto Ex Gas +4.6% +4.9%
  
U.S. Retail Sales, Seasonally Adjusted for January
U.S. Retail Sales 
% Change Over
 
% Change Over
  
Prior Month
 
Prior Year
Total Retail Ex Auto +1.8% +5.6%
Total Ex Auto Ex Gas +1.2% +4.2%
 
About MasterCard Advisors
MasterCard Advisors provides payments consulting, information, analytics, and customized services to financial institutions and their merchant partners worldwide. Addressing complex challenges in strategy, marketing, risk, and operations, MasterCard Advisors helps clients maximize the value of their payments businesses. As the professional services arm of MasterCard Worldwide, MasterCard Advisors is uniquely qualified to provide clients with insights and solutions that drive tangible impact and financial gain. For more information, go to www.mastercardadvisors.com.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.


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Innovative Aggregation Solution by Cardis International Addresses the Challenges of Durbin Amendment

AMSTERDAMFebruary 14, 2011 /PRNewswire/ -- The Durbin Amendment in the US is putting the card payments business model under significant pressure. With major revenue loss, especially on higher value card transactions, it will be even more difficult for the banks to provide attractive merchant fees for the huge number of low value payments - everyday small purchases below $20, typically made in cash.
Processing costs for low value payments are prohibitive - Durbin could make this worse The primary weakness of the current business model in processing low value payments stems from the processing costs, which are independent of the transaction amount, and incurred by the banks for each individual transaction. These costs result in a transactional charge associated with every payment that is prohibitively high for smaller transaction amounts, making it unacceptable to the merchants. Maximum fees under the new legislation are likely to become de facto fees for all transactions, making low value payments even more expensive than today, and having negative impact on merchant acceptance. The consumers may also be negatively impacted as indicated by Mr. Dimon, the CEO of JPMorgan Chase during the earnings call on January 14, 2011. Due to the significant revenue loss the banks may increase charges for debit cards. Another adverse consequence would be making 5% of current bank clients unbanked because the banks will not be able to profitably serve them.
This creates a negative spiral with revenue loss driving reduced bank investment in payment systems, thereby stifling innovation, unattractive merchant and consumer fees reversing the current cash replacement trend, and a larger part of the population being forced out of the financial system. This negative spiral can be averted only by removing a significant portion of the processing costs from the payment system, making low value payments economically viable for all stakeholders. The existing model has reached the limit where economies of scale and tweaks to the existing processes cannot deliver the required results.
Cardis' aggregation solution makes low value payments economically viable Cardis' innovative aggregation solution for low value payments reduces the processing costs of the existing payment system by approximately 10 times and enables a new business model which the industry needs to address the above critical challenges. It supports all form factors including EMV cards, contactless cards, mobile NFC phones, and uniquely supports both physical retail and m/e-commerce payments.
"This fundamental rethink of the existing model is a great example of effective innovation in the payments sector", said Nebo Djurdjevic, the CEO of Cardis. "Like all good innovations the Cardis solution builds on the current infrastructure and delivers significant improvement to the performance of current payment products, allowing them to service very low value payment transactions at a cost proportional to their value. It can provide a stimulus for new growth, new channels, new merchants, and complement advanced technologies including EMV, contactless, and mobile NFC."
Cardis is moving forward globally in a post Durbin environment
"The US is not an exception", continued Djurdjevic. "Regulatory intervention impacting electronic payments profitability is a global phenomenon, while, paradoxically, at the same time nearly all governments are keen to see the demise of cash and paper transactions which still dominate Low Value Payments. Cardis is the catalyst to make low value payments economically viable in a post Durbin environment. In 2010 significant interest in the Cardis solution was shown amongst banks, telcos and others in Europeand North America, and there are already plans for at least one pilot starting in 2011."
About Cardis:
Cardis provides a unique solution for low value payments with transaction economics an order of magnitude better than the existing payment products. The Cardis solution supports multiple implementation and business models that provide true economic advantage to banks, payment schemes, payment processors and mobile operators in the different eco-systems. It is a proven, ready-to-market solution that can capture the cash replacement opportunity for low value payments in POS, e-commerce and mobile environments. Cardis Enterprises International BV is based in the Netherlands.
For more information, please visit http://www.cardis-international.com
SOURCE Cardis International


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