Thursday, April 7, 2011

Proposed Minnesota Bill Requiring Debit Card Reissuance Called ‘Annoyance’


Minnesota credit unions and banks were joining forces this week to oppose a retailer-backed interchange bill they described as “very bad legislation.”  It would require debit card issuers to include both signatures and PIN numbers on all plastic issued in the state.  The measure with national “and very costly” implications on interchange would force all issuers outside of Minnesota to reissue the debit cards with both enabling features to all cardholders in the state, the financial services’ trade groups said. “The bill just got introduced in the House yesterday and is one we are tracking but with the legislature occupied with budget issues it’s hard to say how far this will go,” Mark Cummins, president/CEO of the Minnesota Credit Union Network, said today.  He called the proposal “annoyance” legislation.  <>


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Discover Offers Cardmembers Seasonal Ways to Take Advantage of Cash Rewards

April 07, 2011 10:35 AM Eastern Daylight Time 
RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover announced today more seasonal opportunities for cardmembers to earn Cashback Bonus®, and to redeem those cash rewards with additional merchant partners or for unique cardmember experiences.
This quarter, Discover is also rewarding cardmembers and helping them maximize their rewards experience in other ways, including:From April 1 through June 30, Discover Cardmembers can sign up to earn 5% Cashback Bonus on up to $400 in department store, home improvement and clothing store purchases. This category is the second of four rotating categories that change each quarter, giving cardmembers the opportunity to earn 5% Cashback Bonus all year long. After reaching the $400 spending limit for the quarter, cardmembers will still automatically earn up to 1% Cashback Bonus every time they use their cards.
  • Additional 5% Cashback Bonus: Discover Cardmembers have the opportunity to sign up to earn 5% Cashback Bonus on up to $200 in grocery and drugstore purchases during the month of June – in addition to the 5% Cashback Bonus for department store, home improvement and clothing store purchases.
  • Expanded Redemption Options: In addition to its extensive list of more than 125 partners such as Bed Bath and Beyond®, Olive Garden® and Old Navy®, Discover will be adding new brand-name products for redemption, including digital cameras, tools and seasonal items. Cardmembers also will be able to redeem their Cashback Bonus for exclusive experiences at various times throughout the year.
  • ShopDiscover: Discover Cardmembers already enjoy earning 5% to 20% Cashback Bonus on purchases made through ShopDiscover, Discover’s exclusive online shopping mall featuring more than 200 top retailers such as Sears, Groupon and Best Buy. This quarter, ShopDiscover.com will offer more savings through new retailers like Lowe’s, Expedia, Bed Bath & Beyond and Golfsmith and some will even offer free shipping on merchandise purchased through ShopDiscover.
“With summer right around the corner, we’re giving our cardmembers more ways to save money and earn meaningful rewards while they shop for home improvement projects and other essentials,” said Dana Traci, vice president of rewards and product management at Discover. “We’re always working with Discover Cardmembers to offer more value through our generous rewards program.”
To learn more about Discover’s Cashback Bonus program and to sign up for each offer, please visit Discover.com or call 1-800-DISCOVER.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
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88% of U.K. Online Shopppers Either Victim of Online Fraud or Worried They Will Be

Over One Fifth of Online Shoppers Have Been A Victim of Online Fraud

YouGov and eWise payo Survey Highlights Consumers' Concerns When it Comes to Online Shopping

LONDON, ENGLAND--(Marketwire - April 5, 2011) - According to a recent YouGov survey(1), commissioned for eWise payo, the first and only UK bank inclusive Online Banking ePayments (OBeP) solution, one fifth (21 percent) of GB adults who have made a purchase online have been a victim of online fraud.
The research also showed that nearly all – 88 percent – of online shoppers have either been the victim of online fraud or are worried that this is something that will happen to them in the future.
95 percent of online adults indicated that they have made purchases online, with well over two-thirds (70 percent) of those stating they pay for goods at least once per month.
More than two thirds (69 percent) agreed with the statement: 'I am concerned about security when paying for goods/services online'. And over half (54 percent) confirmed that they have abandoned an online purchase in the last year, due to fears relating to the security of their details.
Interestingly, when online shoppers were asked if they agreed that they are concerned about security around making online purchases, the proportion which stated they are increased with age. Respondents were asked to pick the two payment methods they feel are most secure when making online purchases. Only 20 percent made debit cards one of their top two choices. Commenting on this finding, John France, managing director at eWise payo, said: "This is a worrying sign, it seems banks and consumers have drifted apart.
"The figures we have highlighted are alarming. In spite of the time and money invested in protecting consumer's online security, retailers' websites are still being hacked and fraudsters continue to win the battle."
Almost two thirds (64 percent) of online shoppers have abandoned a purchase due to issues relating to speed and difficulty in making a payment. France added: "It seems every stakeholder in the transaction suffers: the consumer abandons the purchase through frustration, the merchant doesn't process the sale, and the payment isn't processed by the bank.
"Credit and debit cards were designed for the face-to-face environment, and the additional security measures only slow the payment process."
72 percent of online shoppers who have online banking access advised that they would feel more secure if their bank provided a payment option that allowed them to pay for goods online directly from their online banking account, without sharing account information with the merchant.
In January 2011, eWise launched eWise payo, the first and only bank inclusive UK Online Banking ePayments (OBeP) solution – the safest and fastest online payment technology. The solution enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to any third parties(2). To use eWise payo, customers are directed straight to their bank's website where they will log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment. eWise technology enables the secure payment, leveraging the UK's Faster Payments network, thereby generating a near immediate payment for the merchant.
France added: "eWise payo is the answer to the industry's demand for improved security; the bank demand for innovation; the consumer demand for control and the merchant demand for lower costs."
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2130 adults. Fieldwork was undertaken between 17th - 18th March 2011. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Notes to editors
About eWise:
eWise is a payments and online financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in UK, US, China and Australia support some of the world's top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.
(1)YouGov/eWise payo survey, 17-18 March, 2011. 2130 respondents
  
(2)The online retailer or eWise

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Network Branded Prepaid Card Association Announces the 2012 NBPCA Annual Congress - The Power of Prepaid™

Created by the prepaid industry, for the prepaid industry, event will occur June 3-5, 2012 in Washington D.C.

MONTVALE, N.J., April 7, 2011 /PRNewswire/ -- The Network Branded Prepaid Card Association (NBPCA), the non-profit, inter-industry trade association supporting the growth and success of network branded prepaid cards, today announced the inaugural NBPCA Annual Congress - The Power of Prepaid™, to be held June 3-5, 2012 at the Gaylord National Hotel and Conference Center in Washington D.C.
"I am excited to share that the NBPCA has created an annual prepaid conference that is 'of the industry, by the industry and for the industry,'" said Kirsten Trusko, NBPCA President and Executive Director.  "In modeling after more established associations, this event provides a key platform to educate and put forth key industry messages. Our ability to deliver compelling content and exceptional speakers is proven and this venue will provide the perfect place to connect with colleagues and customers across the industry as well as with our Capitol Hill, government and third party contacts."
"This event was conceived by the NBPCA Board of Directors, which comprises 27 true drivers and thought leaders in the industry," said Jon Palmer, Chair of the NBPCA Board of Directors.  "The goal is to further the NBPCA mission to Advocate, Educate, Protect and Promote Prepaid through the event and deliver unique content for attendees. The NBPCA profits will support our hard work on behalf of the entire industry."
Event supporter commitments to date include The Bancorp Bank, Blackhawk Network, First Data, Galileo Processing, Green Dot, Prepaid Solutions and Visa.
The 2012 NBPCA Annual Congress - The Power of Prepaid will provide a platform to advance the aims of prepaid as a whole. It will also provide a unique opportunity for prepaid industry leaders to connect with customers, prospects, colleagues and government officials, and to participate in content-rich sessions and networking events. NBPCA has partnered with the American Conference Institute, a leading conference provider with a specialization in working with associations and in prepaid. More information can be found at www.PrepaidEvent.com and on LinkedIn and Twitter.
About the NBPCA
The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information visit www.NBPCA.org , the NBPCA Facebook page or follow us onTwitter.
About American Conference Institute
A unique organization, American Conference Institute is devoted to providing the business intelligence that senior decision-makers need to respond to challenges both here in the US, and around the world. Staffed by industry specialists, lawyers and other professionals, American Conference Institute operates as a think tank, monitoring trends and developments in all major industry sectors with a view to providing information on the leading edge. Headquartered in New York City, American Conference Institute has grown to produce more than 220 events each year, attended by thousands of senior delegates from across the globe. For additional information, visit www.AmericanConference.com, follow us on LinkedIn and Twitter or call us at 888-224-2480.
SOURCE Network Branded Prepaid Card Association (NBPCA)

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Indian ‘Rupay’ Card Causes Trouble In Asia For MasterCard, Visa

Image representing Trefis as depicted in Crunc...Image via CrunchBase

Indian ‘Rupay’ Card Causes Trouble In Asia For MasterCard, Visa

posted by TREFIS TEAM at Forbes blogs
The National Payments Corporation of India has finalized the commercial launch of the proposed India card which would be a domestic alternative to the global payment processing firms. MasterCard is the second largest global payment solutions company in the world and provides a variety of services to support the credit, debit and related card payments of over 24,000 financial institutions globally and given the size of India, this could have an impact on MasterCard’s international transactions growth, which we discuss below.
Its main competitors are Visa, American Express and Discover Financial.
Transaction processing is the major revenue source for MasterCard and by our estimates constitutes about 32% of the $293 Trefis price estimate for MasterCard’s stock.
The Reserve Bank of India in 2009, had asked the Indian Bank Association to launch a non-profit payment solutions company to meet the requirements of domestic banks. After almost two years of planning, NPCI has finalized the name of the proposed card as Rupay which will launch later this year. The Rupay will resemble China’s Union Pay which is the domestic real-time payment processing firm for Chinese banks. [1]
RBI in its vision paper on payment systems in India said that the need for such a system arises from two major considerations: 1) the absence of a domestic price setter has caused the Indian banks to bear the high cost for affiliation with international card associations, and 2) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 90% of the total, through a switch located outside the country. [2]
Electronic Payment Market in India
India has been one of the fastest growing countries for payment cards in the Asia-Pacific region. According to the RBI, debit card transactions in India rose 49% in January 2011 to reach Rs. 37 billion (approximately $830 million) from about Rs. 25 billion ($557 million) last year. The number of debit cards in use also rose by 25% during this period. Credit card transactions also rose 28% in January 2011 compared to last year to about Rs 69 billion ($1.54 billion). [3]
How is MasterCard Affected?
In our analysis of MasterCard, we estimate that the number of transactions processed by MasterCard will grow from 22.6 billion in 2010 to about 56.8 billion by the end of our forecast period at a compound annual growth rate of 14%. Much of this growth will come from the Asia-Pacific region as consumers in this region are only beginning to embrace widespread use of electronic payment methods.
If India card Rupay gained popularity and other countries in the Asia-Pacific region decide to follow suit, MasterCard’s number of transactions could only grow at a rate of lower rate than we forecast. In a scenario where the number of transactions processed by MasterCard would reach only 50 billion by the end our forecast period and grow at a slower rate of around 12% annually, this would cut our price estimate for MasterCard by about 5%.
Notes:
  1. Finally, India card Rupay to replace Visa, MasterCard, March 22, 2011, The Economic Times [↩]
  2. Payment Systems in India, Reserve Bank of India [↩]
  3. Finally, India card Rupay to replace Visa, MasterCard, IBNLive [↩]
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RewardsNOW Announces New Website Launch

April 07, 2011 08:30 AM Eastern Daylight Time 

Highlights new trademarked, integrated loyalty program process called ERNsmUniquely suited for supporting enterprise-wide loyalty programs
DOVER, N.H.--(BUSINESS WIRE)--RewardsNOW, a leader in integrated, turnkey loyalty programs for financial institutions, is pleased to announce launch of its new website atwww.rewardsnow.com.
“What makes the site unlike other websites is how we highlight our trademarked loyalty program process, called ERN…also known as the Extended Rewards Network”
“What makes the site unlike other websites is how we highlight our trademarked loyalty program process, called ERN…also known as the Extended Rewards Network,” says Pam Watson, VP of Marketing. We wanted to be able to showcase how all of the services we offer in support of a rewards program are integrated and turnkey. There are very few other providers in this space who can also make this claim,” she added.
Additionally, the website has been designed to be user-friendly, engaging, and informative by allowing visitors to access information easily and intuitively about products and services. “We wanted our website to mirror what we offer our clients,“ Watson continued. “After all, we work with some of the more well-known financial institutions in the country – both large and small – and our website should be an example of the type of marketing we can provide to them to promote their rewards programs.”
About RewardsNow Inc.
RewardsNow is the premier provider of loyalty marketing services for the financial industry. RewardsNow designs, implements, and managers turnkey direct marketing and rewards programs for all banking products from credit and debit cards, to loan, deposits, and online banking. These products and services generate incremental profits from increased member acquisition, increased product usage, and lower customer attrition rates. RewardsNow Inc. has been based in Dover, New Hampshire since 1997.  
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