Monday, June 21, 2010

Debit Fee Agreement Reached, Visa and MasterCard Shares Jump

Graphic from International Business Times Click to Enlarge
According to StreetInsider.com,

"The stocks of several
 credit card processors have moved sharply higher in intraday trading amid reports that Senator Dick Durbin has said that an agreement with the House has been reached on the heavily-debated debit card fee cap issue. Shares of Visa (NYSE: V) are now up more than 7% to $82.59, while shares of MasterCard (NYSE: MA) have jumped about 6% today."






  1. Visa, Mastercard Shares Rally On Interchange Rule Agreement

    ‎
    Wall Street Journal - David Benoit - 1 hour ago
    The new proposal would prevent the government from regulating network fees charged and accrued by Visaand MasterCard. When the rules, which would regulate ...




    Visa, MasterCard Climb as Congress Weighs Debit-Fee Compromise

    BusinessWeek - Peter Eichenbaum - ‎33 MINUTES AGO‎
    “If the counter-proposal becomes law, Visa and MasterCard still may have to cope with some business-model changes, but these would likely be less than had ...




    Visa, Mastercard up on swipe fee regulation pact

    MarketWatch - Alistair Barr - ‎1 HOUR AGO‎
    SAN FRANCISCO (MarketWatch) -- Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) shares climbed Monday afternoon as US politicians reached an agreement on ...

    The Political Power Of Global Grind: Defending The Poor

    Global Grind (blog) - Michael Skolnik - ‎5 HOURS AGO‎
    Durbin (D-IL), believes that a merchant should no longer pay a fee to Visa or Mastercard when a customer uses a debit card. Right now, the merchant pays a ...

    Lobbyists Win? Visa (V) and Mastercard (MA) Explode Midday

    International Business Times - ‎1 HOUR AGO‎
    Both Mastercard (MA) and Visa (V) have exploded upward around 1 PM. I can only assume some piece of punitive legislation was successfully blocked by ...

    Proposed New Debit Card Rules May Not Help Consumers Much

    ABC News - Dalia Fahmy - ‎8 HOURS AGO‎
    His biggest complaint is directed at MasterCard and Visa, who he says charge him more than $100000 in debit card "swipe fees" a year. ...

    Lane: Time for Congress to Stand Up for Small Businesses on Swipe Fees

    Roll Call (subscription) - Dennis Lane - ‎4 HOURS AGO‎
    Because these swipe fees are set by a cartel (Visa and MasterCard) that controls more than 80 percent of the market and can unilaterally hike up its prices. ...

    Small business owners rally in DC

    Creditnet.com - Sam Lee - ‎3 HOURS AGO‎
    "The facts are on our side against the massive lobbying campaigns by Visa and MasterCard," said national spokesman for Reform Swipe Fees NOW! and 7-Eleven ...

    Visa Shares Soar On Swipe Fee Fegulation Agreement

    NewsyStocks.com - ‎25 MINUTES AGO‎
    Visa shares were up $3.89 or 5.05% to $80.93 in afternoon trade. Rival MasterCard (NYSE: MA) rose $8.46 or 3.95% to $222.71. Disclosure: Author doesn't own ...

    Qik-n-EZ president supports Durbin proposal on debit-card fees

    The State Journal-Register - Bernard Schoenburg - ‎10 HOURS AGO‎
    “Small businesses have to accept Visa and MasterCard to survive, and so they have no choice but to accept the outrageous fees that are imposed on them by ...

Read more: http://pindebit.blogspot.com/2010/06/interchange-fee-pact-reached-visa-and.html#ixzz0rWIURTPB
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Interchange Fee Pact Reached, Visa and MasterCard Shares Jump




Graphic from International Business Times Click to Enlarge
According to StreetInsider.com,



"The stocks of several
 credit card processors have moved sharply higher in intraday trading amid reports that Senator Dick Durbin has said that an agreement with the House has been reached on the heavily-debated debit card fee cap issue. Shares of Visa (NYSE: V) are now up more than 7% to $82.59, while shares of MasterCard (NYSE: MA) have jumped about 6% today."











  1. Visa, Mastercard Shares Rally On Interchange Rule Agreement

    ‎

    Wall Street Journal - David Benoit - 1 hour ago

    The new proposal would prevent the government from regulating network fees charged and accrued by Visaand MasterCard. When the rules, which would regulate ...




    Visa, MasterCard Climb as Congress Weighs Debit-Fee Compromise

    BusinessWeek - Peter Eichenbaum - ‎33 minutes ago‎
    “If the counter-proposal becomes law, Visa and MasterCard still may have to cope with some business-model changes, but these would likely be less than had ...



    Visa, Mastercard up on swipe fee regulation pact

    MarketWatch - Alistair Barr - ‎1 hour ago‎
    SAN FRANCISCO (MarketWatch) -- Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE:MA) shares climbed Monday afternoon as US politicians reached an agreement on ...

    The Political Power Of Global Grind: Defending The Poor

    Global Grind (blog) - Michael Skolnik - ‎5 hours ago‎
    Durbin (D-IL), believes that a merchant should no longer pay a fee to Visa or Mastercard when a customer uses a debit card. Right now, the merchant pays a ...

    Lobbyists Win? Visa (V) and Mastercard (MA) Explode Midday

    International Business Times - ‎1 hour ago‎
    Both Mastercard (MA) and Visa (V) have exploded upward around 1 PM. I can only assume some piece of punitive legislation was successfully blocked by ...

    Proposed New Debit Card Rules May Not Help Consumers Much

    ABC News - Dalia Fahmy - ‎8 hours ago‎
    His biggest complaint is directed at MasterCard and Visa, who he says charge him more than $100000 in debit card "swipe fees" a year. ...

    Lane: Time for Congress to Stand Up for Small Businesses on Swipe Fees

    Roll Call (subscription) - Dennis Lane - ‎4 hours ago‎
    Because these swipe fees are set by a cartel (Visa and MasterCard) that controls more than 80 percent of the market and can unilaterally hike up its prices. ...

    Small business owners rally in DC

    Creditnet.com - Sam Lee - ‎3 hours ago‎
    "The facts are on our side against the massive lobbying campaigns by Visa and MasterCard," said national spokesman for Reform Swipe Fees NOW! and 7-Eleven ...

    Visa Shares Soar On Swipe Fee Fegulation Agreement

    NewsyStocks.com - ‎25 minutes ago‎
    Visa shares were up $3.89 or 5.05% to $80.93 in afternoon trade. Rival MasterCard (NYSE: MA) rose $8.46 or 3.95% to $222.71. Disclosure: Author doesn't own ...

    Qik-n-EZ president supports Durbin proposal on debit-card fees

    The State Journal-Register - Bernard Schoenburg - ‎10 hours ago‎
    “Small businesses have to accept Visa and MasterCard to survive, and so they have no choice but to accept the outrageous fees that are imposed on them by ...







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Antitrust Today: Banks Enlist Proxies to Fight Durbin Amendment













June 21, 2010

Banks Enlist Proxies To Fight Durbin Amendment’s Curb On Debit Card Fees

Recognizing that “credit card companies” and “Wall Street banks” may not have the most sympathetic political image these days, the payment card industry has enlisted small financial institutions as proxies to undercut support for Senator Dick Durbin’s (D.-IL) amendment giving the Federal Reserve the power to scrutinize fees imposed on merchants accepting debit cards.



Durbin’s amendment was incorporated into the Senate version of the pending financial reform package by a surprisingly large, bipartisan 64-33 vote last month – thus the vociferous opposition campaign as House and Senate conferees got to work to reconcile the Senate’s version with a House bill that has no provision addressing interchange fees. The conferees are expected to continue debating the potential curb on fees this week.



Durbin’s amendment requires the Federal Reserve to establish rules requiring that debit card “interchange fees” are “reasonable and proportional” to the costs incurred by an issuer or payment network “with respect to” a transaction. The Federal Reserve’s rules are to set such levels taking into consideration the fact that the debit cards are an electronic replacement for checks, which clear at par, and the incremental costs of a card transaction. In contrast, debit card interchange fees currently can amount to 1 percent or more of a card transaction. Merchants would like these fees reduced to reflect no more than actual processing costs, to ensure, for example, that merchants are not forced to pay for the costs associated with airline frequent flyer points awarded when a customer swipes a “rewards” debit card.



In response to concerns raised by community banks and credit unions during the drafting of the amendment, Durbin’s amendment expressly carved out from the sections coverage fees paid to card issuers that have assets of $10 billion or less. According to Senator Durbin, the result is that only 85 financial institutions are covered by the debit interchange fee provision, including just the three largest of America’s over seven thousand credit unions.  
<<read more>>
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Roam Data debuts Encrypted Audio Card Reader to Turn Handsets into POS Devices

By Rimma Kats - Mobile Commerce Daily


June 21, 2010
roam-dataRoam Data has introduced an encrypted audio-coupled card reader that turns handsets into point-of-sale devices for accepting payments.
The Roampay Swipe attaches via a 3.5 mm or 2.5 mm audio jack of several devices including, Google’s Android, Apple’s iPhone and the iPad. The software includes features such as order entry, inventory look-up and customer relationship management.
“We have a lot of financial institution and ISO resellers and plan to provide our partners with low-cost, secure mobile solutions for the most number of phones,” said Will Wang Graylin, CEO of Roam Data, Boston. “In essence, we created the world’s first encrypted audio swiper that can be plugged into the audio jack of a vast majority of phones.
“Here you’re capturing the magnetic data, but it’s also secure,” he said. “It lets the process know that the physical card was there when the transaction was placed.”
Roam is a full-service mobile commerce provider. It has a fully PCI-certified payment gateway to securely deliver commerce applications with authentication of each device and each session.
Roam mobile
The company is also offering a Bluetooth-enabled printer and card-swipe combination, letting the merchant print physical receipts when necessary.
In addition, the service lets merchants save money on card present transaction rates, according to the company.
“It’s more convenient,” Mr. Graylin said. “Merchants who are using this are getting a more secure transaction.
“This is mainly designed for those merchants that want to accept credit cards,” he said.
A merchant plugs the Roampay Swipe into the audio jack of a handset and then runs the Roampay application on the phone.
roam-data-1The merchant then enters the amount, pushes the swipe button and swipes the card.
The track data is captured, encrypted and sent to the phone, which displays the redacted data – the last four digits, name and expiration date.
“It is compatible with many smartphones and there will be more to come as we add more compatible phones every month,” Mr. Graylin said. “We’re getting the word out through sales efforts, press releases and word of mouth.
“This is the lowest cost secure solution that runs on the most number of phones,” he said.

Rimma Kats is editorial assistant on Mobile Commerce Daily and Mobile Marketer. Reach her at rimma@mobilemarketer.com.

ROAM DATA Launches the First Encrypted Audio Coupled Card Reader For Mobile Phones

ROAM Data (www.roamdata.com), a leader in mobile commerce solutions, announced today that it has launched its patent pending ROAMpay Swipe which attaches simply via the 3.5mm or 2.5mm audio jack.


FOR IMMEDIATE RELEASE
June 15, 2010 -- Boston, MA -- June 16, 2010 – ROAM Data (www.roamdata.com), a leader in mobile commerce solutions, announced today that it has launched its patent pending ROAMpay Swipe which attaches simply via the 3.5mm or 2.5mm audio jack of a large variety of mobile devices including iPhones, Android devices, and even tablets like the iPad. The ROAMpay Swipe together with ROAM's patented device agnostic software turns the mobile phone into a POS (Point of Sale) device for accepting payment cards. The software can be a standalone payment application, it can also include other functionalities like order entry, inventory look up, and customer relations management. 

The ROAMpay swipe is the first encrypted audio coupled card reader in the market, it requires no batteries and is the lowest cost solution of its kind. It enables merchants not only the convenience of card swipe, but also the ability to save significant money on card present transaction rates. Best of all, because of ROAM’s software, it can run on large numbers of mobile devices.

ROAM now also offers a Bluetooth enabled printer and card swipe combination to allow the mobile merchant to print physical receipts when necessary.

These product offerings further advance ROAM's leadership in mobile commerce solutions to both merchants and consumers.

Will Wang Graylin, CEO of ROAM states, "With our PCI PA-DSS certified mobile applications and secure hardware accessories, ROAM continues its steady path to allowing merchants to transact with consumers on mobile phones." 

About ROAM Data
Headquartered in Boston, ROAM Data enables merchants to transact with their customers on mobile devices easily and securely. ROAM’s affordable and scalable commerce applications can run on hundreds of mobile phone models as easily as on one, and fall into two primary categories: 1) Merchants apps that turn mobile merchant’s cell phones into POS terminals, for vendors, contractors, delivery staff to accept card payment, and for direct sales reps and mobile workforces to place orders, check inventory, enroll new recruits and more. 2) Consumer apps to shop and buy goods and services, do online banking, accept offers/coupons and more, all from the convenience of their own cell phones. 

With ROAM's patented, device-agnostic platform, companies can reach up to 15 times more mobile users, and update their apps more than 20 times faster when compared to device-specific, static application approach, which require individual programming and certification for every mobile device type and for every application change. ROAM's full mCommerce services also include end-user app provisioning, rights management and alerts. Secure transactions are done through ROAM's PCI-certified payment gateway. Visit us at www.roamdata.com. 

About Ingenico (ING)
Ingenico (Euronext: FR0000125346 – ING) is a leading provider of payment solutions, with over 15 million terminals deployed in more than 125 countries. Its 2,800 employees worldwide support retailers, banks and service providers to optimize and secure their electronic payments solutions, develop their offer of services and increase their point of sales revenue. More information on www.ingenico.com

For more information contact:
ROAM Data
Ken Mages
VP Biz Dev, ROAM Data
312-835-8131
kmages@roamdata.com

Ingenico, N.A.
Svy Nekrasas
Vice President of Marketing, Ingenico North America
svy.nekrasas@ingenico.com
Tel: +1 678 456 1211 
More information can be found online at http://www.roamdata.com

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