Friday, March 18, 2011 to Hold Conference to Examine Economic Impact of Durbin

Conference to Examine Impact of Fed’s Proposed Debit Card Regulations

Banks, Merchants and Consumer Groups Wrangle Over Likely Outcome of Controversial Change to Debit Card Fee Structure
“The Economic Impact of Durbin on Consumers and Small Businesses”
A half-day conference will examine the potential impact of proposed Federal Reserve Board regulations on debit card interchange fees. Under the proposed regulations, bank debit card fees charged to merchants for debit card transactions would drop by some 80%. Banks have expressed dismay over what would be a massive revenue loss, while merchants applaud the proposal. The conference will examine what the rules ultimately could mean for consumers, banks and economic efficiency. A final decision by the Fed is expected on April 21, 2011, unless Congress passes legislation to postpone the deadline to allow for further study.
Economists, law professors and representatives from banks, networks, merchants and consumer groups. Participants will include John Buhrmaster, chairman and president of 1st National Bank of Scotia; Mallory Duncan, senior vice president, general counsel, National Retail Federation; Chris McWilton, president, U.S. Markets, MasterCard Worldwide; and Travis Plunkett, legislative director, Consumer Federation of America.
Tuesday, March 29, 2011, 9:00 a.m. – 2:30 p.m. ET
9 a.m., “Reasonable Regulation of Debit Card Fees,” Martin Neal Baily, Bernard Schwartz Senior Fellow in Economic Studies, Brookings Institution, and Chairman of the Council of Economic Advisors under President Clinton.
10:15 a.m., “The Economic Impact of Durbin on Consumers and Small Businesses,” Richard Schmalensee, professor of Economics, Management and Dean Emeritus, MIT Sloan School of Management, and a member of the Council of Economic Advisors under President George H.W. Bush.
11:00 a.m., “What’s the Problem, What’s the Solution, Who Wins, Who Loses,” Panel discussion with law professors Adam Levitin (Georgetown), Ronald Mann (Columbia), and Todd Zywicki (George Mason), and economist James Miller III (former OMB Director), moderated by Douglass Eliott (Fellow at Brookings Institution).
12:30 p.m., Debit Card Stakeholder Roundtable
Willard InterContinental Hotel
1401 Pennsylvania Ave., NW
Washington, D.C. 20004
About is an online media channel that captures user-generated and expert-driven commentary, information, news, and analysis on “what’s next” in the payments sector worldwide. The site provides a platform for industry professionals to share content related to company and product developments, to tap into the collective commentary and analysis from experts, bloggers and industry pundits, and to interact with industry thought leaders and other influencers on topics of critical importance to the future of the sector. A joint venture of Business Wire, a Berkshire Hathaway Company, and Market Platform redefines the ways in which B2B news and information is both generated and distributed.


Healy Corporate Communications
Sean Healy, 201-857-2520

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MasterCard Names Ron Hynes Group Executive, Global Prepaid Solutions

As group executive, Global Prepaid Solutions, Hynes will be responsible for leading the development of prepaid programs around the globe that create a competitive advantage for MasterCard and its customers. Hynes replaces Laura Kelly who has voluntarily elected to pursue another opportunity.
Hynes, who was group head, Expert Sales, responsible for U.S. Markets Prepaid, Commercial and Public Sector, joined MasterCard in 2006. Prior to MasterCard, he served as executive vice president, Sales and Strategy at FSV Payment Systems where he was responsible for the strategic direction and overall sales/business development efforts for the Prepaid Debit solutions provider. Prior to FSV, he worked for JP Morgan Chase/Bank One as senior vice president, Prepaid Card Solutions.
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 160 million transactions per hour, with an average network response time of 130 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 Follow us on Twitter: @mastercardnews.


MasterCard Worldwide
Media Relations: Joanne Trout, 914-249-6644
Investor Relations: Barbara Gasper, 914-249-4565

Game On: Google Wants NFC Championship

Image representing Google as depicted in Crunc...Image via

Google has signaled that it will do two things no one else in the payments ecosystem has done or even talked about: make a business case for merchants and consumers around NFC and maybe even put some real money behind it. Google has obviously made a decision that NFC is an opening into something more interesting and lucrative than transforming a phone into a payment card- advertising and marketing opportunities at the point of sale - the physical point of sale. Read More 

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iPhone5 and NFC Relationship Resparked

iPhone 5 May Get iWallet NFC Functions After All

On Monday reports said that Apple changed its mind about incorporating Near Field Communication (NFC) technology in the iPhone due to lack of a universal standard, but now sources told Forbes otherwise. 

But iPhone 5 NFC rumors are in full swing again, this time courtesy of Forbes. According to the magazine, an entrepreneur who is working on a "top-secret NFC product" said he believes the iPhone 5 will have NFC and cited a friend who works at Apple as a reliable source for the information. The entrepreneur also said that manufacturers of NFC readers expect the iPhone 5 to have NFC, so they are gearing up for the additional NFC traffic the iPhone 5 will bring. However, we won't know whether the iPhone 5 will have NFC until Apple actually introduces the new device.

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