All articles by Verdict Staff
Verdict Staff
Ingenico terminals to run on AT&T 3G network
French point-of-sales terminal provider Ingenico has been granted certification from AT&T, the US second largest mobile operator, to enable its latest terminal series to run on the mobile operator 3G network.Ingenico iWL2 terminals are the first wireless 3G certified devices in the US, Svy Nekrasas, Ingenico vice president of marketing in North America told Electronic Payments International.The terminals can process a range of payments transactions, from magnetic stripe through to NFC and chip-and-pin (EMV). More and more merchants are starting to take measures to anticipate the migration to EMV in the US. They are looking for solutions they can use in environments such hospitality and sport venues, or whenever you need to bring the device to customers This is the perfect product for them, he saidIngenico hit a turnover of EUR1 bn (USD272 million) in 2011. After three consecutive years of negative performance in North America, the company reported the first positive results in the region in the first half of 2012, with a 15.3% increase in revenue in comparison with the same period last year.
MasterCard acquires Truaxis
MasterCard has acquired US loyalty solutions provider Truaxis to integrate its rewards programs and analytics technology into the payments network. The company initially focused on providing deal comparing and money saving services through its online platforms Billshrink.comand StatementRewards
Pew highlights prepaid shortfalls
US public policy research centre Pew Charitable Trusts has released a study highlighting aspects of the US prepaid card market that pose potential dangers to consumers, such as insufficient regulation, unclear fee disclosure practices and lack of federal insurance on deposits.Pew surveyed 52 general purposes prepaid (GPR) cards accounting for at least 75% of the US market in volume of transaction in 2011.The study points out that prepaid cards are not subject to some of the laws that apply to credit and debit cards, such disclosure of fees and of unauthorised electronic fund transfers terms and liability.This makes it difficult for consumers to compare and chose between products, according to the report. The cards surveyed in the report attract between 7 and 15 different fees, including charges for rejection at the point-of-sale or for calling an agent.The report also highlights how prepaid cards are not always covered by the Federal Deposit Insurance Corporation (FDIC) insurance, for example when they are issued by non-banks. These companies, pool prepaid deposits in a single account at a third-party bank, and cardholders are at risk of losing their funds if this bank fails.The report stresses the need for regulations to keep up with the fast growing prepaid industry. Pew forecasts the prepaid market to surpass USD200 bn in consumer assets by 2013.The centre hopes to see some of those issues addressed in the consultation on prepaid cards launched by the federal agency Consumer Financial Protection Bureau in May 2012.
SIA completes the acquisition of Belgian Sinsys
Italian payment processor SIA has become the sole shareholder of Belgian payment card services provider Sinsys, acquiringfrom Atos Worldline the 49% it didnt already own The move is part of SIAs expansion strategy into Western and Eastern European markets, with the aim of consolidating the business in the area of processing services for payment cards by 2013, the company said
MasterCard to issue the first card in Myanmar
MasterCard has signed an agreement with Myanmars second oldest commercial bank for the issuing of branded cards, becoming the first international payment network to operate in the country.The deal with the local Co-Operative Bank also means that MasterCard cards will be accepted on the bank ATM network and at point-of-sales in the future. Only a few Myanmars hotels currently process foreign card transactions, and the first ATM in the country was rolled out by Co-Operative Bank in November 2011.Vicky Bindra, MasterCard AsiaPacific, Middle East and Africa president said: To be the first international payments network to issue a license in Myanmar is a momentous step for MasterCard and a testament to our commitment to providing safe and secure payment solutions to all parts of the AsiaPacific region.The move comes a month after Visa also announced plans to develop Myanmars electronic payment network, starting by holding workshops with local banks employees.Myanmar has been experiencing greater economic openness following the suspension of US sanctions earlier this year. The country will host the 27th Southeast Asian Game and the World Economic Forum on East Asia in 2013.
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Merging prepaid with ID
As e-commerce becomes increasingly popular, two questions come to the fore: how can the under-banked access it And how can youngsters take responsibility and be safeguarded when spending their money on the web Sara Perria reviews how the Visa Prepaid Citizen Card may solve these issues.
CashFlows appoints two new executives
Voice Commerce Groups merchant acquiring arm CashFlows has announced two new appointments in executive financial and operative positions with the aim of supporting its business expansion. James Richardson will be CashFlows new chief financial officer, moving from a similar position at US payment processor Global Payments
Orange, Barclaycard launch Quick Tap Android drive
Mobile operator Orange and Barclaycard, the UKs largest acquirer, have launched the first android device with embedded NFC contactless payment technology in the UK After linking their credit or debit cards, users will be able to make payments under GBP20 (USD32) by tapping their phones on Quick Tap contactless network readers.
No China appeal against WTO e-payment ruling
China has decided not to appeal against a World Trade Organization (WTO) ruling that the countrys card processing industry discriminates against foreign companies. In July, the WTO backed US claims that the Chinese state-owned card network UnionPay had a monopoly on domestic yuan-denominated transactions, preventing foreign companies from operating in the country, in breach of WTO rules
Wallaby Financial raises USD1.1 million to fund its e-wallet
The Californian start-up Wallaby is the developer of the Wallaby card, a cloud-based digital wallet that stores details of multiple cards and automatically selects the best one to charge in each transaction, according to the type of transaction, limited time offers, and users pre-set preferences.