Tuesday, November 10, 2009

Western Union Promotes Hikmet Ersek to Chief Operating Officer

ENGLEWOOD, Colo.--(BUSINESS WIRE)--The Western Union Company (NYSE:WU) today announced the promotion of Hikmet Ersek to chief operating officer effective January 1, 2010. In his new role, Ersek will continue to report to Christina A. Gold, president and chief executive officer, and will have responsibility for all of Western Union’s business units around the world, as well the company’s operations and marketing functions.

“Western Union has grown considerably in scale, scope and complexity over the past few years,” said Christina A. Gold. “Hikmet has proven to be an effective and resourceful leader, building highly engaged teams and consistently delivering results amid increasing diversity in our business. His new role will allow the company to focus on our drive toward innovative ways to serve our consumers and business clients every day. I am very pleased that he has agreed to take this new leadership position in service to our company and shareholders.”

Ersek is currently the executive vice president and managing director for Europe, the Middle East, Africa and the Asia Pacific region, based in Vienna. A native of Turkey, Ersek joined First Data Corporation, Western Union’s former parent, in September 1999, and held executive positions at GE Capital and Europay / Mastercard. He holds a degree in Economics and Business Administration from the University of Economics in Vienna.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta and Pago Facil branded payment services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. Western Union, Vigo and Orlandi Valuta operate through a combined network of more than 400,000 agent locations in 200 countries and territories. In 2008, The Western Union Company completed 188 million consumer-to-consumer transactions worldwide, moving $74 billion of principal between consumers, and 412 million consumer-to-business transactions. For more information, visit www.westernunion.com.

Merchants’ Choice Payment Solutions Acquires Silverton Bank Portfolio of Agent Banks

THE WOODLANDS, Texas--PIN Payments News Blog--Merchants’ Choice Payment Solutions (MCPS), announced the acquisition of the portfolio of agent bank relationships from Silverton Bank in Atlanta, Georgia.

“We are excited to have the opportunity to serve Silverton's agent banks and their merchant customers,” said Stan Paur, president and CEO of Merchants’ Choice Payment Solutions. “We will be working with the Silverton staff to insure an efficient and seamless transition over the next few months. I believe the financial institutions and their merchants will be very pleased with the levels of support and the quality of service they receive from MCPS.”

The acquisition brings Silverton’s agent banks and merchant customers into an existing network that delivers premium payment processing behind the scenes while banks retain their business banking relationships. The move adds several hundred banking institutions and several thousand merchants to the MCPS agent bank program. MCPS offers a wide array of credit, debit, check, and other payment services across multiple industries. Paur added that the acquisition of the Silverton portfolio represents the first of a number of initiatives to expand the MCPS agent bank and merchant bank program.

The integration will continue through the end of the year as Merchants’ Choice works to provide immediate value for their new merchant customers and agent bank partners.

About Merchants’ Choice Payment Solutions (MCPS)

Texas DCS d.b.a. Merchants' Choice Payment Solutions – MCPS – is a company committed to your success; a company that provides not just products, but partnerships; a company with a long-standing reputation of honesty, integrity, and ethical business practices; a company with the resources to handle all your payment processing needs. MCPS is one of the top-ranked merchant acquirers in the industry, specializing in providing electronic processing systems for all types of businesses, including but not limited to retailers, restaurants, physicians, dentists, gas stations, convenience stores, auto repair facilities, lodging, beauty/barber shops, medical services, and veterinarians.

As a certified Merchant Services Provider and an Independent Service Provider, MCPS can offer the most comprehensive processing services on the most popular payment options available to consumers, including Visa, MasterCard, American Express, Discover, Diners Club, Debit cards, Checks, Gift/Loyalty cards, Electronic Benefits Transfer, Fleet Management Cards, and JCB.

MCPS began in the late 1980s and has grown with the strength of Woodforest National Bank, a $3.2 billion financial institution based in Houston, as its foundation. With the stability and financial strength of Woodforest, MCPS has built the infrastructure necessary to support growth with state-of-the-art technology. Today, MCPS serves over 41,000 merchant partners, processing more than $3.4 billion in annual credit card volume. Visit our website for more information: www.mcpscorp.com.

Heartland Payment Systems Updates Results for the Third Quarter

PRINCETON, N.J.--(BUSINESS WIRE)--Heartland Payment Systems, Inc. (NYSE:HPY), a leading provider of credit/debit/prepaid card processing, payroll, check management and payment services, today announced that subsequent to the release of its earnings for the third quarter on November 3, 2009,

Heartland engaged in settlement discussions that resulted in an increase in settlement offers made to certain claimants in an attempt to resolve certain of the claims asserted against Heartland relating to the criminal breach of Heartland’s payment systems environment (the “Processing System Intrusion”).

Heartland believes that SFAS No.5, “Accounting for Contingencies” (ASC 450-20) requires it to increase its Reserve for Processing System Intrusion from the amount included in the financial results reported in Heartland’s November 3, 2009 earnings release to reflect this increase in such settlement offers.

As a result of the increase in this reserve, Heartland reported in its Form 10-Q, which was filed with the SEC yesterday, a GAAP net loss for the quarter ended September 30, 2009 of $37.1 million, or $0.99 per share, and a GAAP net loss for the nine months ended September 30, 2009 of $42.2 million, or $1.12 per share. Results for the quarter are after $73.3 million (pre-tax), or $1.22 per share, of various expenses, accruals and reserves, all of which are attributable to the Processing System Intrusion, including charges related to settlement offers made by Heartland in attempts to resolve certain Processing System Intrusion related claims and expected costs of settling certain other claims as to which settlement discussions between Heartland and the claimants are underway. Such expenses, accruals and reserves for the nine month period totaled $105.3 million (pre-tax) or $1.74 per share. The increase in the Reserve for Processing System Intrusion has no impact on the Adjusted Net Income and Earnings per Share reported in the November 3, 2009 earnings release.

About Heartland Payment Systems

Heartland Payment Systems, Inc., a NYSE company trading under the symbol HPY, delivers credit/debit/prepaid card processing, payroll, check management and payment solutions to more than 250,000 businesses nationwide.

Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. For more information, visit www.heartlandpaymentsystems.com and www.MerchantBillOfRights.com.

nFinanSe Announces Launch of Visa® Prepaid Debit Card

TAMPA, Fla.--(BUSINESS WIRE)--nFinanSe Inc. (OTCBB:NFSE) (www.nfinanse.com) today announced it will be launching its new Visa® Reloadable Prepaid Debit Card in Winn-Dixie Supermarkets in December 2009.

As shown, the new, deep gold card and stylish metallic blue packaging present a bold, striking, yet elegant effect, and has been designed to attract the eye of a consumer as she approaches a retail store display fixture. The card and packaging were designed by Fifty Eight Advertising, an Atlanta-based advertising firm.

Mike Gustafson, Creative Director for Fifty Eight Advertising, said, “We wanted to design packaging that was sleek and aesthetically pleasing yet, we wanted it to `pop' when you saw it on the retail display fixture. We decided to achieve this by developing a modified-monochrome look which highlights two key focal points – a $3 retail sales price, which we believe to be the lowest in the marketplace, and the Visa logo.”

The Company also stated that another objective of its new Visa Reloadable Prepaid Debit Card packaging design was to improve the transparency of fees for consumers.

Jerry R. Welch, Chairman and Chief Executive Officer of nFinanSe, said, “We have worked hard to bring a consumer friendly approach to the prepaid card industry and have been a leader in establishing ‘best practices’ such as low fees and free 24/7 customer service – and now extending that leadership to drive more transparency of associated fees for consumers.”

The Company’s new Visa Reloadable Prepaid Debit Card will feature what the Company believes to be the best overall pricing in the marketplace at this time. The new card will sell for $3 at retail stores and will not charge the consumer any fees on purchase transactions. It will have a low $2.95 monthly maintenance fee for an unlimited number of purchase transactions and will allow consumers to load additional funds for only $2.95. The Company’s Visa Reloadable Prepaid Debit Card will charge a customer $1.50 to withdraw funds at an ATM but will offer free direct deposit of payroll, free receipt of bank transfers to the card, free live customer service in English and Spanish and free cell phone text message alerts with purchase and balance information after each transaction.

Furthermore, all major fees will be clearly displayed on the packaging so that consumers will be able to discern the costs of carrying an nFinanSe Visa Reloadable Prepaid Debit Card and will be able to compare it to any competing product. Mr. Welch continued, “We are proud of the positioning of our product to the consumer and we encourage them to compare our pricing and features to that of our competitors. Our industry is still in the early stages of development and we believe that as many as 100 million adults have a need for a reloadable prepaid card. Accordingly, we have designed our card for mass appeal and are focused on creating trial and usage for our product through our aggressive pricing.”

About nFinanSe Inc.

nFinanSe Inc. (OTC Bulletin Board: NFSE) is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network™, a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nfinanse.com.

This card is issued by Palm Desert National Bank pursuant to a license from Visa U. S. A., Inc.

INTERAC (and PIN Debit) Celebrates 25th Year

Interac'ing for 25 Years.

In addition to Smart Cards, contactless debit card payments could soon be widely available in Canada thanks to a new innovation from Interac. The debit system is celebrating the 25th anniversary of its pin-based network and has announced a number of new developments for the coming years. In addition to driving the movement towards chip and pin debit cards in Canada, plans are also underway to create a contactless payment option.

Calling contactless technology "a fast and convenient payment alternative to cash for everyday small purchases", the card firm noted in a July 15th press statement that its partnership with Inside Contactless will help make this move possible. But Visa might have a head start: Visa Canada to Showcase Contactless Debit at Olympics in Vancouver

Oh, by the way...a recent study by INTERAC(R) Study Reveals Three-quarters of Canadians Still Using Personal Cheques. Here's Interac's 25th year Anniversary Press Release:

INTERAC Celebrates 25 Years of Connecting Canadians to their Money

From in-store to online; from magnetic stripe to chip; from contact to contactless; INTERAC continues to evolve -

TORONTO, Nov. 9 /CNW/ - INTERAC marks 25 years of providing Canadians secure access to their money from coast to coast to coast. On November 9, 1984, a single national PIN-based network was born out of a vision to connect Canadians to their money anywhere, anytime. INTERAC's growth and evolution took off from that point and today, both consumer awareness and usage levels are almost unmatched worldwide.

"INTERAC is a world-class debit system and a made-in-Canada success story," said Mark O'Connell, President and CEO, Interac Association/Acxsys Corporation. "With its 24/7 convenience, reliability and security, Canadians have embraced INTERAC to become some of the highest users of debit per capita globally. It has truly changed the way we live our daily lives and we can all share in and be proud of its success."

INTERAC has become Canada's preferred method of payment, surpassing cash and credit, and today it not only connects Canadians to their money at the ABM and at the store, but also online through Web-based services: INTERAC Online, for online purchases and INTERAC Email Money Transfer, for person-to-person money transfers.

New features and products continue to be developed and implemented to meet the needs of Canadians and the marketplace, including the movement to chip on debit in Canada, which INTERAC is driving. A contactless INTERAC debit payment option is also on the way that will provide customers a fast and convenient payment alternative to cash for everyday small purchases.

"We operate true to our Canadian roots, and we leverage what makes us different than the competition," said O'Connell. "We will continue to offer Canadians the best payment products available and the value-add of being a low-cost payment option. That is what has made us successful and will drive our success over the next 25 years and beyond."

INTERAC milestones... for 25 years, proudly Canadian

----------------------------------------------------

    1984  Five financial institutions envision one national PIN-based network
          to connect Canadians to their money anywhere, anytime.
    1986  Financial institutions link their ABM networks to give cardholders
          broader access to cash withdrawals at ABMs across Canada.
    1990  INTERAC Direct Payment launches in Ottawa/Hull.
    1994  INTERAC Direct Payment launches nationally.
    1996  First non-financial institution offers cash withdrawals at ABMs.
    1997  One billion INTERAC Direct Payment transactions processed.
    1998  Canada marks the highest number of point-of-sale transactions
          compared to other countries around the world, with 44.7
          transactions per inhabitant.
    2000  INTERAC Direct Payment surpasses cash as Canadians' preferred
          method of payment.
    2004  INTERAC Email Money Transfer service launches.
    2005  INTERAC Online launches.
    2007  Canada's first INTERAC chip debit card transaction conducted.
    2008  Chip technology begins to roll out across Canada.
    2008  Nearly 4 billion INTERAC Direct Payment transactions processed,
          worth $168 billion.
    2009  INTERAC partners with global leader INSIDE Contactless to bring
          contactless debit to Canada.

INTERAC...Canada's leading payment network

- 35 million cards in circulation; 3.7 billion INTERAC Direct Payment

transactions (Source: Interac Association, 2008).

- 630,534 store terminals; 57,864 ABMs (Source: Interac Association,

2008).

- Canada has 1,748 ABMs per one million inhabitants - the highest

number of ABMs compared to any other country in the world (Source:

Bank of International Settlements, 2007).

- Canada is among the highest users of debit compared to other

countries around the world with 104 transactions per inhabitant,

second to Sweden with 125 transactions per inhabitant (Source: Bank

of International Settlements, 2007).

- INTERAC Direct Payment is the preferred method of payment in Canada,

with 45 per cent of Canadians choosing INTERAC Direct Payment,

compared to 22 per cent who choose cash and 31 per cent who choose

credit (Source: Strategic Counsel, 2008).

- Almost 60 per cent of all card payment transactions in Canada are

debit (Source: The Nilson Report).

For further information: or to book an interview with an Interac Association/Acxsys Corporation spokesperson, please contact: David Weinstein at Strategic Objectives at (416) 366-7735 or davidw@strategicobjectives.com; Tina Romano at Interac Association/Acxsys Corporation at (416) 869-5062 or tromano@interac.ca

Visa Launches First Global Olympic Marketing Campaign

Announcement Follows Recent Sponsorship Renewal Through 2020 Olympic Games

Visa Inc. (NYSE: V), a Worldwide Olympic Games Sponsor for more than two decades, today announced the global launch of its Olympic-themed marketing campaign for the Vancouver 2010 Olympic Winter Games, Go World. This global campaign, which features television,digital and out-of-home advertising, host market merchant activation programs and usage promotions, enables Visa to connect with cardholders and Olympic and Paralympic Games fans to drive preference for and usage of Visa products worldwide.

This launch follows the recent extension of Visa's Olympic Games sponsorship for another eight years - through 2020 - enabling Visa's financial institution clients and merchant partners to continue to build strong relationships with their customers through unique Visa marketing programs.

"Go World builds on the concept that ran so successfully in the United States during the Beijing 2008 Olympic Games," said Antonio Lucio, Chief Marketing Officer of Visa Inc. "To connect with Olympic fans globally, we've taken this platform and created a campaign that transcends borders, resonates with fans' sense of national pride, builds our own business and that of our clients, and advances the spirit of the Olympic Movement."

The Go World campaign celebrates athleticism and human triumph through unique athlete stories. It features a wintry blue tone throughout all creative executions and will be customized to maximize local relevance in key markets. The campaign also includes merchant offers, enhanced social media applications and a deeper focus on Visa-sponsored athletes (Team Visa - Vancouver).

US Television Advertising & Customization

On Sunday, November 1, "Get Closer," the first of several television commercials, aired in the United States. "Get Closer" reinforces Visa's history of supporting Olympic and Paralympic hopefuls and connects directly with fans through a new Olympic-themed usage promotion. When United States cardholders use their Visa card between November 1 and December 31, 2009, they will be automatically entered for a chance to win a trip for four to the Vancouver 2010 Olympic Winter Games. Each trip will include airfare, hotel, and VIP hospitality access, as well as event tickets, courtesy of Visa. In addition, Visa will award five first prize winners a Panasonic High-Definition Blu-Ray Theater featuring a 58-inch Plasma HDTV and a $500 Visa gift card, and five second prize winners will receive a $500 Visa gift card. Official rules are available at www.visa.com/goworld. No purchase or obligation necessary to enter or win.

The second spot, "Anthem," will air in the coming weeks to build anticipation for the Games with images of a burning Olympic Cauldron and a montage of iconic Olympic Games moments to remind viewers of global commonalities and the power of the Olympic Spirit.

"When we introduced More people go with Visa earlier this year, we focused on people taking action - and the role of Visa in that action," Lucio said. "No group embodies this concept of empowerment more than the thousands of Olympic and Paralympic athletes chasing their Olympic dreams."

Upcoming creative executions of Go World will feature Olympic and Paralympic athletes of the past and present - including a series of television commercials during NBC's broadcast of the 2010 Winter Games in the United States, where Visa will enjoy category exclusivity for the duration.

Similar to More people go with Visa, elements of the Go World campaign will be localized in Canada, Russia, Japan, Korea, China and Latin America to strengthen the campaign's relevance in those markets.

US Go World Web Site

Visa's efforts in the digital space also put the athletes at the center, offering cardholders and Olympic and Paralympic Games fans a unique glimpse at the personal journey of these hopefuls. By providing this behind the scenes access, Visa reinforces its role in the Olympic Movement and strengthens its relationships with millions of Olympic and Paralympic Games fans worldwide.

The campaign will also include an extensive Web site (US- www.visa.com/goworld), which contains exclusive merchant offers, behind the scenes Team Visa - Vancouver training videos, downloadable photos of athletes in action, and athlete training playlists with songs available for purchase. Team Visa - Vancouver (US) athletes featured here include Julia Mancuso (alpine skiing), Lindsey Jacobellis (snowboard, snowboard cross), Ryan St. Onge (freestyle skiing, aerials), Angela Ruggiero (ice hockey), and Paralympian Alexi Salamone (ice sledge hockey).

Athlete widgets will be available for download and posting on social media networks such as Facebook and Twitter. Visa has also worked with its network of merchant partners to provide exclusive offers to Visa cardholders as they prepare for the Vancouver 2010 Olympic and Paralympic Winter Games. Available at www.visa.com/goworld, Visa cardholders are able to access savings at popular merchants including The Hilton Family New York City, CoSport, Finish Line, Alamo Rent A Car and National Car Rental. In the coming weeks, Visa will introduce six Visa Gift Card designs featuring Team Visa - Vancouver athletes and a Whistler landscape image for purchase at Gift Card Mall via www.visa.com/goworld.

The Go World online content will also be customized for Olympic and Paralympic Games fans in Canada and Russia. In Canada, the Go World Web site features Team Visa - Vancouver athletes including Emily Brydon (alpine skiing), Clara Hughes (speed skating), Colette Bourgonje (Paralympic cross-country skiing), Brian McKeever (Paralympic cross-country skiing, biathlon), Jennifer Heil (freestyle skiing, moguls), Alexa Loo (snowboard) and Jeff Christie (luge), mentors Kurt Browning (figure skating), Nathalie Lambert (short track speed skating) and Ian Balfour (Paralympic alpine skiing), and ambassadors Jeffrey Buttle (figure skating), Danielle Goyette (ice hockey) and Diedra Dionne (freestyle skiing, aerials). Russia's Go World Web site spotlights Team Visa - Vancouver athletes OIga Zavyalova (cross-country skiing) and Albert Demchenko (luge).

Athlete Support & Olympic Sponsorship Activation

Visa believes that the Games begin and end with the athletes and has created a unique global program, Team Visa, to provide long-term support to these hopefuls as they prepare for one of the greatest challenges of their lives: competing at the Olympic and Paralympic Games. Since 1986, Visa has empowered thousands of these athletes to achieve their dreams by providing them with financial support, financial literacy training and valuable marketing exposure in pursuit of their goals. In the run-up to the 2010 Winter Games, Visa will support more than 30 individual athletes, all with the potential to be selected for their National Teams. Currently, Team Visa - Vancouver includes top athletes as well as national teams from the United States, Canada, China, Japan and Russia.

Over the past few months Visa has been working with its financial institution clients globally to offer Visa cardholders the once-in-a-lifetime opportunity to attend the Games and with national and international merchant partners to help them generate business and excitement among their customers leading up to the Games. Go World is prominent on the interior (register branding, point-of-sale) and exterior (banners) of the Vancouver 2010 Olympic Superstore (Hudson Bay Company) in downtown Vancouver. Additionally, Go World will be featured throughout Visa's presence program, including point of sale materials at merchants around Vancouver and Whistler.

Visa remains the only card accepted at 2010 Winter Games venues in Vancouver and Whistler and at select U.S. Olympic Team Trials in the United States. This extends to the purchase of Visa Olympic Winter Games merchandise online, in Olympic Games retail stores and by catalog. At the Olympic and Paralympic Games, Visa installs a special Games ATM network and hundreds of point-of-sale acceptance devices at competition and non-competition venues. Onsite at the Vancouver 2010 Olympic and Paralympic Winter Games, Visa personnel will also provide a variety of card payment related services to cardholders.

About Visa

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.

Media Contacts

Andrew Woodward

Visa USA

650.432.3923

woodward@visa.com

Dianna Mangiantini

Fleishman-Hillard

415.318.4182

dianna.mangiantini@fleishman.com

DeviceFidelity In2Pay™ Brings Next-Generation Interactive Contactless Transactions to Millions of Mobile Phones Now

From Finextra:

Texan start-up DeviceFidelity has launched a 'plug-and-play' application for transforming mobile phones into contactless payment devices. The privately-funded two year old company - co-founded by former Gemalto executive Deepak Chain - has developed a smart card chip that can be pre-loaded with payment applications and inserted into spare memory card slots in existing mobile devices. The company saysthe patent-pending In2Pay microSD system is compatible with near field communication (NFC) technology and existing merchant, mass transit and banking network infrastructures. DeviceFidelity - which will be demonstrating In2Pay at the forthcoming Cartes show in Paris - claims to have signed 'evaluation' agreements with come of the largest card issuers in the US.

Continue reading at Finextra

Finextra Verdict: DeviceFidelity has a neat approach but it appears to have been left in the starting blocks by a new generation of lightweight RFID sticker-based systems, which have already picked up momentum with issuers and consumers. It's going to be a long, hard sell.

RFID sticker-based systems? Were you aware that there are "kits" to make your very own RFID tags at home. (see picture on left) Doesn't sound like a tough system to crack.

Oh, is that what they mean by lightweight?

Press Release:

DeviceFidelity In2Pay™ Brings Next-Generation Interactive Contactless Transactions to Millions of Mobile Phones Now

Industry’s First microSD Solution with Integrated Antenna and Approved Contactless Smart Card Chip

CARTES & IDentification 2009

RICHARDSON, Texas--DeviceFidelity, Inc. today announced the availability of its patent-pending In2Pay™ solution, a microSD-based technology that transforms any mobile phone with an available memory card slot into an interactive contactless transaction device. Compatible with near field communication (NFC) technology, In2Pay is now available for trials with banks, wireless carriers and payment networks, with volume production for commercial deployments in 2010. DeviceFidelity has signed evaluation agreements with some of the largest card issuers in the U.S. and will be demonstrating In2Pay at Cartes 2009.

In2Pay’s “plug-and-play” technology provides a simple and effective alternative for installing NFC contactless transaction functionality on the millions of mobile phones now in use. Designed to be compatible with existing merchant, mass-transit and bank infrastructure, In2Pay makes mobile contactless transactions faster, easier and more secure with one-click access to payments and other personal access control features. Issuers and carriers can deploy In2Pay as an integrated services platform, with the option of additional memory, enabling them to deliver their entire portfolio of mobile applications through their customers’ mobile phones.

Sixty percent of existing mobile phones deployed in the U.S. have a microSD card slot, allowing consumers to insert In2Pay for conducting contactless transactions without the need for additional software or hardware. In2Pay is designed to operate on most popular smart-phone operating systems, making wide-scale deployment of mobile payments cost effective and viable now.

In2Pay uses an industry standard dual interface contactless smart card chip that supports all major contactless payment networks with available options for transit, identification and access control applications. In2Pay is pre-loaded with certified payment applications in secure memory, and simplifies market deployment by allowing issuers or wireless carriers to provision the user account using certified personalization bureaus. As a result, when customers receive In2Pay from the issuer, they can immediately insert it into their phones and are ready to make contactless transactions.

“We’re committed to helping the industry transform the mobile phone into a ubiquitous mode of retail payment that is faster, more secure and more convenient,” said Deepak Jain, CEO of DeviceFidelity. “In2Pay’s open architecture, industry standard smart card chip and compliance with industry processes make it easy for banks, payment networks and wireless carriers to deploy mobile payment programs quickly without special handsets or changes to merchant infrastructures.”

While many major U.S. retailers and transit authorities have upgraded their point-of-sale systems to accept contactless transactions, industry analysts believe the mobile phone could accelerate the use of contactless payments on a wider scale. Consumer attitudes seem to support this. In a recent Synovate global survey, three quarters of the respondents and 82 percent of Americans in the study said they never leave home without their mobile phones. One in four said they would find it harder to replace a mobile phone than a wallet or purse.

About DeviceFidelity, Inc.

DeviceFidelity, Inc. develops plug-and-play technologies that empower a variety of institutions to deploy their services and applications on millions of mobile phones worldwide. Its patent-pending In2Pay microSD solution transforms any mobile phone with an available memory card slot into an interactive contactless transaction device. Committed to bringing contactless innovation to the mobile phone, the company has numerous patents pending in both U.S. and international patent offices. DeviceFidelity is a private corporation with headquarters in Richardson, Texas and offices in Foster City, Calif. For more information, go to www.devicefidelity.com.

Friday, November 6, 2009

Problem Solved...

"Criminals operate based on a risk-versus-reward equation. If they find a way to make or steal money that has low risk and high reward they will expand in that market, invest more time and hope for a return on investment," said Steve Santorelli, ex-Scotland Yard detective and director of global outreach at Team Cymru, a nonprofit Internet security research company.

For many criminals, it has become easier to exploit the computers of users of online banking services than to try to hack into the systems of banks, which may have invested heavily in security software.

"Why spend months trying to hack a well-fortified bank server when you can use off-the-shelf code to hack a user's home computer...?

"You can compromise their machine in seconds, steal their banking passwords or just piggy-back into their account next time they log in themselves," Santorelli said.

Editor's Note: Why not simply fortify online banking authentication with the same process trusted by banks and consumers to access cash in real time from an ATM? The technology is there...and it's PCI 2.x certified. Only from HomeATM.

Swipe Card, Enter PIN. Using same bank rails, same bank cards, same bank PINs. Banks can spend millions of dollars protecting their servers, but there will always be a broken link. The consumers computer. So while banks up their servers, consumers serve up their online passwords and banking credentials in seconds. Just can't do it in a browser. Fortify the process, 3DES/DUKPT encrypt cardholder data/log-in credentials "outside the browser," inside our box.

Look at these related articles:

MasterCard Inc. Financials

View: Annual Data | Quarterly Data

All numbers in thousands

PERIOD ENDING		30-Sep-09	30-Jun-09	31-Mar-09	31-Dec-08
Total Revenue		1,364,275	1,279,889	1,156,102	1,224,834
Cost of Revenue		-	-	-	-

Gross Profit		1,364,275	1,279,889	1,156,102	1,224,834

	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	648,285	686,482	563,822	726,428
	Non Recurring	6,245	500	-	6,000
	Others	36,242	35,721	30,987	30,050

	Total Operating Expenses	-	-	-	-


Operating Income or Loss		673,503	557,186	561,293	462,356

	Income from Continuing Operations
	Total Other Income/Expenses Net	23,989	11,031	24,383	19,229
	Earnings Before Interest And Taxes	697,492	568,217	585,676	481,585
	Interest Expense	24,098	31,771	35,798	36,525
	Income Before Tax	673,394	536,446	549,878	445,060
	Income Tax Expense	221,254	187,567	182,668	205,618
	Minority Interest	302	-	-	-

	Net Income From Continuing Ops	452,442	348,879	367,210	239,442

	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-


Net Income		452,442	348,879	367,210	239,442
Preferred Stock And Other Adjustments		(243)	195	48	-

Net Income Applicable To Common Shares		$452,199	$349,074	$367,258	$239,442

Research and Markets: Global Digital Economy – E-Commerce & M-Commerce Trends & Statistics

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/f5a939/global_digital_eco) has announced the addition of the "Global Digital Economy - E-Commerce & M-Commerce Trends & Statistics" report to their offering.

This annual report offers a wealth of information on the worldwide development of digital economy in terms of e-commerce and m-commerce. It offers analyses, statistics, forecasts and key trends for the e-payment, e-banking, m-payment and m-banking services. It provides insight into the most popular online and mobile content and services. An overview of advertising and marketing using digital media is also provided. Regional information on developments in North America, Latin America, Europe, Middle East, Africa and Asia Pacific are also provided. Subjects covered include:

Key elements of the digital economy;

Global e-commerce, e-payment and e-banking market overview and statistics;

Key online services and statistics;

Global m-commerce, m-payment and m-banking market overview and statistics;

Key mobile content and services;

Digital media marketing and advertising;

Brief regional overviews.

This report provides a valuable insight into the developments taking place in the digital economy in terms of e-commerce and m-commerce. It includes information and broad global market statistics for the e-commerce, e-payment, e-banking sectors as well as the m-commerce, m-payment and m-banking sectors. The report also includes brief case studies on some of the key markets identified for future growth such as the USA, China and Africa. Regional information on developments in North America, Latin America, Europe, Middle East, Africa and Asia Pacific are also included. Key highlights:

PayPal is still by far the most popular online payment system worldwide, with around 45% of its customers based outside of the US. Other interesting models are also emerging such as Twitter's TwitPay.

It is expected that PayPal will contribute around a third of eBay's overall revenue in 2009.

China now has more Internet users than the USA and these two markets, among others, now offer significant opportunities for those operating in the e-commerce space.

In most global markets, online travel has been one of the most successful e-commerce categories.

Online travel sector market summary:

Travel has been one of the largest and most competitive online sectors for at least a decade;

There is evidence that the economic downturn has impacted upon online travel spending by at least 10% as consumers and businesses reign in spending;

The longer term prospects for the sector still remain strong and while consumers may be spending less, traffic to online travel services remains steady;

Over $110 billion is expected to be spent on online travel in the US in 2009;

Online travel is also the most popular online service in Asia Pacific, with more growth expected for the region, particularly China, India, Singapore and Japan;

Travel websites are evolving from offering simple online bookings to incorporating online video tours, niche destinations, customised alerts and direct customer assistance;

Traffic from social networking sites to travel sites is growing and there may be potential opportunities for travel sites to leverage social networks further;

The travel industry is also turning its attention to mobile devices as a platform for marketing, booking and paying for travel.

E-commerce security concerns continue to persist with many consumers still reluctant to impart credit card information over the Internet and mobile devices.

The developing markets of Kenya, Philippines and India are currently driving developments for micro-credits and micro-payments and it won't be long before these models start arriving in the developed markets as well.

Mobile banking also found its initial success in the developing world where financial services are poor. The sector was also stimulated by the high charges which banks demanded for conventional money transactions. In coming years, growth will also come from mature markets as consumers turn to mobile phones as an adjunct to popular online banking services.

China's m-commerce market reached RMB1.3 billion ($163 million) in 2006 and is forecast to reach RMB7.6 billion ($953 million) by 2010.

Data in this report is the latest available at the time of preparation and may not be for the current year.

Key Topics Covered:

1. Key Elements Of The Digital Economy

2. E-Commerce Market Overview and Statistics

3. Online Content and Services

4. M-Commerce Market Overview and Statistics

5. Mobile Data Content and Services

6. Digital Media Advertising and Marketing

7. Regional Overviews

8. Glossary of Abbreviations

For more information visit http://www.researchandmarkets.com/research/f5a939/global_digital_eco

Retailers Beware: 63% of Consumers Plan to Spend Less on Holiday Gifts this Year

Growing Economic Concerns among Women Leads to 3.2 Point Drop in the Discover® U.S. Spending MonitorSM

A Cause for Concern for Retailers: Nearly 63% of Consumers Anticipate Spending Less Than Last Year on Holiday Gifts

RIVERWOODS, Ill.--(PIN Payments News Blog)--Nov. 2009-- The Discover U.S. Spending Monitor fell 3.2 points in October to 85.8 (based out of 100). The decline was primarily due to a rising number of consumers concerned about the state of the economy. Overall, 56 percent of consumers rated the economy as poor, a 4-point increase from September. Forty-six percent of consumers felt economic conditions were getting worse, a 3-point rise from September and the first increase reported since July.

Concern over personal finances also rose in October, as 27 percent rated their finances as poor, a 4-point increase from September. Forty-nine percent felt their finances were getting worse, a 1-point increase from September.

The decline in economic and financial confidence was greatest among women, which may be a concern for retailers heading into the holiday shopping season. The Monitor has shown that spending intentions are tied to economic and financial confidence, and so far, numbers suggest consumers, especially women, are anticipating cutting as much if not more of their holiday spending as they did last year.

Women Decidedly More Pessimistic Than Men about the Economy, Both Share Similar Views about Finances

In October, 58 percent of women rated the economy as poor, a Monitor record 9-point increase from September. Men rating the economy as poor actually dropped a point to 53 percent. Forty-seven percent of women also said the economy was getting worse, a 3-point increase from September, while 44 percent of men felt the same way, a 2-point increase from the previous month.

Women weren’t able to find comfort in their financial situations either. Twenty-eight percent rated their finances as poor, a 5-point increase from September. However, women who felt their finances were getting worse remained unchanged in October at 49 percent. More men also rated their finances as poor, 25 percent versus 23 percent in September. But more men felt their finances were getting worse, 48 percent versus 45 percent in September.

“The Monitor has always shown that women tend to be less optimistic than men about the economy and their finances,” said Julie Loeger, senior vice president of brand and product management for Discover. “But the record jump in the number of women rating the economy as poor and the pessimism over the current state of their finances may indicate a weak holiday shopping season ahead.”

Nearly Two-thirds of Consumers Anticipate Spending Less on Holiday Gifts

Retailers were hoping a better economy may boost holiday spending this year, but while government reports showed the economy gaining some traction in the third quarter, consumers’ holiday spending intentions may be disappointing to retailers. The Monitor asked nearly 5,000 consumers whether they planned to spend more, less or the same as last year on holiday gifts. Nearly 63 percent said they planned on spending less this year, the same number reported a year ago. Last year was one of the worst holiday shopping seasons on record. Another concern is higher numbers of women (65%) than men (60%) anticipate spending less on holiday gifts this year.

Anticipated spending on household expenses like gas and groceries rose for the first time in four months, not unexpected with the holidays approaching. But with household expenses expected to rise, more consumers plan to cut overall discretionary spending to compensate. Fifty-two percent plan on cutting purchases like going out to movies or restaurants, a 2-point increase from last month. Likewise, there was a 2-point increase to 52 percent of consumers who expect to cut home improvement spending. And 51 percent are planning to cut major personal purchases like vacations in the month ahead, up a point. Even savings wasn’t immune, as 40 percent of consumers plan to save or invest less in November, a 2-point increase.

Monitor-low 44% Expect to Have Money Left Over After Paying Monthly Bills

For the seventh straight month, less than a majority of consumers have money left over after paying monthly bills. In October, a Monitor-low 44 percent planned on having money left over, a 3-point drop from September. Furthermore, 41 percent were expecting an added expense or income shortfall in the month ahead, a 3-point rise from last month and the highest since December 2008.

“The Monitor’s numbers suggest that more and more consumers are having a hard time balancing their budgets,” said Loeger. “Consumers have little choice but to cut discretionary spending to compensate, even if it means less presents for family members this holiday season. Consumers simply don’t seem to have the economic or financial confidence right now to reverse course, which is not good news for retailers.”

For more Discover U.S. Spending Monitor survey data, charts and information, please visit www.discoverfinancial.com/surveys/spending.shtml.

About Discover U.S. Spending Monitor

The Discover® U.S. Spending MonitorSM is a monthly index of consumer spending intentions and capacity that is based on interviews with a random sample of 8,200 U.S. adults conducted at a rate of 275 per night. In addition to spending, the survey asks consumers their opinions on the U.S. economy and their personal finances. The Monitor began in May 2007 with a base index of 100. Surveys are conducted by Rasmussen Reports, an independent survey research firm (www.rasmussenreports.com).

About Discover

Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic 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 student and personal loans, as well as savings products such as certificates of deposit and money market accounts. Its payments 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 185 countries and territories. For more information, visit www.discoverfinancial.com.

Source: Discover Financial Services

Matthew Towson

Discover

224-405-5649

matthewtowson@discover.com

WorldPay Founder Wants it Back from RBS

WorldPay founder moves to buy business back from RBS

Former WorldPay founder says wants to buy RBS WorldPay

RBS WorldPay could be worth about 1.5 billion pounds

RBS forced to sell business by European regulators

WorldPay, a separate business founded by Nick Ogden, was taken over by RBS through a hostile takeover for about 40 million pounds in 2002.

Finextra: The founder of online payments operator WorldPay, Nick Ogden, has formally approached the Royal Bank of Scotland about buying the business back.

The WorldPay business was one of the assets RBS was told to dispose of by the EU competition watchdog earlier this week as a condition for joining the UK Government's asset protection scheme. Ogden founded Internet payment processor WorldPay in 1989 as Streamline before selling it to the Royal Bank of Scotland in 2002.

A spokesman for Ogden confirmed to Finextra that he has formally approached UBS, which is handling the sale, about buying it back. He is also in talks with three private equity groups about financing the deal.

The unit could cost up to £1.5 billion although Ogden will look to pay considerably less now that RBS has had its hand forced by the EU.

Continue Reading at Finextra

AuctionBytes Offers New PR Service

For Immediate Release

BOSTON, Mass. - AuctionBytes is launching a new feature to help marketplaces, vendors and services get their news in front of online retailers. PR.AuctionBytes.com is a new portal located on the AuctionBytes.com website that lets companies publish their press releases about products and services for online sellers.

Press release headlines will be displayed on the AuctionBytes home page, which receives 500,000 monthly visitors a month. In addition, online merchants will be able to browse news on the PR.AuctionBytes.com portal page.

AuctionBytes editors will vet the press releases to ensure the portal offers compelling content of interest to online sellers and merchants and anyone interested in the ecommerce space. Topics include news on marketplaces, online payments, ecommerce web-hosting, website design, email marketing, search engine optimization, product-sourcing, shipping, fulfillment, and more.

The PR.AuctionBytes.com service is free for companies in the ecommerce space.

About AuctionBytes.com

AuctionBytes is the number-one source of independent news for ecommerce and the online-auction industry launched by Steiner Associates LLC in 1999. The AuctionBytes-Update email newsletter is published twice-monthly and contains website reviews and techniques on buying and selling online. AuctionBytes Newsflash is a thrice-weekly email newsletter containing ecommerce news and announcements. The AuctionBytes Blog is a must-read news and commentary blog for the ecommerce industry and was featured in the acclaimed book, "Blogging Heroes" (Wiley, 2008). Steiner Associates LLC, publisher of AuctionBytes.com, is headquartered in Natick, Massachusetts.

Auctionbytes.com

Steiner Associates LLC

PO Box 668

Natick, MA 01760

508-655-5697

More on SSL is SOL (i.e.) Forget about Secure Financial Transactions Conducted on a Browser!

Here's some more on the recently discovered/secretly addressed/accidentally exposed critical flaw in SSL which is what the online banking community relies on for security. Translation: There is no security when financial transactions are done on the web. From NetSecurity.org:

Marsh Ray and Steve Dispensa of PhoneFactor discovered a serious vulnerability in SSL, the most common data security protocol on the Internet for online banking. The SSL Authentication Gap allows an attacker to mount a man-in-the-middle attack, and affects the majority of SSL-protected servers on the Internet.

Specifically, the vulnerability allows the attacker to inject himself into the authenticated SSL communications path and execute commands. Furthermore, both the web server and the web browser generally have no idea their session has been hijacked.

Editor's Note: I've been posting for well over 18 months now that the Web is NOT SAFE for financial transactions. I wrote several months back that SSL was flawed. Extended Validation SSL is also flawed.

It seems that the online financial community is "stuck on band-aids" to stave-off threats. Why not do it right? Triple DES DUKPT encryption done "outside the browser" will eliminate all the threats that live "inside the browser." As I said last year...it will get a lot worse before it gets better.

Attacks on SSL have made banks worried, Our patented technology takes trust to a whole new level and allows banks to set up secure links directly to the card reader itself, bypassing existing threats and risks completely. We envision that it will dramatically cut down internet crime and allow banks to do much more with their online banking customers.

The vulnerability results from a weakness in the SSL protocol standard (formally known as Transport Layer Security, or TLS). As such, most SSL implementations are vulnerable in one way or another. Affected scenarios include web surfers doing online banking.

“Because this is a protocol vulnerability, and not merely an implementation flaw, the impacts are far-reaching,” said Steve Dispensa, CTO of PhoneFactor. “All SSL libraries will need to be patched, and most client and server applications will, at a minimum, need to include new copies of SSL libraries in their products. Most users will eventually need to update any software that uses SSL.”

Here's come the band-aids!

Tuesday, November 10, 2009

INTERAC Celebrates 25 Years of Connecting Canadians to their Money

DeviceFidelity In2Pay™ Brings Next-Generation Interactive Contactless Transactions to Millions of Mobile Phones Now

Friday, November 6, 2009

Browser Flaws Nullify EV SSLResearchers uncover flaw in handling of EV SSL by popular browsers

Disqus for ePayment News

Browser Flaws Nullify EV SSL
Researchers uncover flaw in handling of EV SSL by popular browsers