All articles by Verdict Staff
Verdict Staff
Confused.com warns over low credit checks and increased fees
UK credit cards providers are loosening application criteria and increasing charges, according to a study by price comparison website Confused.com The study concluded credit cards are easier to attain than last year, especially for unemployed or people on lower incomes Confused.com compared UK credit card market year to year from July 2011 and found 23 credit cards would accept unemployed clients compared to 17 the previous year
Nets to acquire Finnish Luottokunta
Danish-Norwegian card processor Nets is set to acquire Finlands Luottokunta.The acquisition aims to further expand Nets business in the Scandinavian market. The acquisition of Luottokunta brings Nets vital additional competencies that will strengthen our position not only in the Finnish market but also in Europe as a whole. The acquisition will make us an even stronger partner for our Nordic customers in supporting their business both nationally and internationally, said Nets chief executive Mette Kamsvg. Nets was established in 2010 through the merge of two Scandinavian companies operating in the electronic payments industry, the Danish PBS Holding and the Norwegian Nordito.Luottokunta provides payment solutions for banking, corporate costumers and merchants. It is the largest processor of Visa and MasterCard transactions in the country, and in 2011, its Visa and MasterCard schemes generated about EUR36 bn (USD44 bn).The deal is waiting for approval by the Finnish financial authority.
Paynet Systems upgrade its cards processing app
The US mobile point of sale technology provider Paynet Systems has added invoicing and estimate capabilities to its Credit Card Machine service. The upgrade allows merchants to create and send email invoices directly from the app.Credit Card Machine works in combination with a card reader that can be attached to smartphones to process cards payments. The product is targeted at small and medium businesses and it is compatible with Android, Blackberry, iPhone and Windows operating devices.”This will help service-related businesses that use an invoicing system to streamline their routine for estimates and billing,” said Jack Chevalier, president of Paynet Systems.Customers can pay invoices online by clicking on a link in the email that opens up a credit card processing system, or print and mail them with the payment.Credit Card Machine was launched in December 2011 and hit 200,000 downloads in May 2012. The app can be downloaded is free of charge, the swipe rate for Visa and MasterCard cards is 1.59%, and there is a USD0.25 fee per transaction and a monthly one of USD10.
ICBC to become Diners Club full franchise in China
Discover Financials business unit Diners Club International has partnered with Industrial and Commercial Bank of China (ICBC) to form a new franchise in China. Under the agreement, ICBC will be responsible for Diners Club brand and business in issuing and acquiring. ICBC is the largest card issuer in the country with more than 400m cards issued up until October 2011, and the world’s biggest bank by market value, with a market cap of USD 206 bn. “ICBC’s well-respected brand, successful banking operations and significant influence in China make them an attractive partner for us,” said Diane Offereins, executive vice-president and president of payment services at Discover Financial Services. This is only the last step of Discover Financials expansion in emerging economies card markets. In 2011, Discover Financial extended its franchising operations partnering with HDFC Bank and Russian Standard Bank, both the largest card issuers in India and Russia respectively. “As the world’s largest card market with 3.1 bn cards in circulation, China is critically important to us as we continue to expand our global footprint,” said Offereins.
Starbucks partners with Square in the US
Mobile payments company Square has signed an agreement with Starbucks to provide the global coffee chain with its mobile payments technology Starbucks will invest USD 25 million to replace transaction systems in the US and use Squares payer app, Pay with Square and store localiser app Square Directory. Pay with Square allows users to electronically open tabs in local shops and pay just by saying their name at the counter
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US e-commerce firms face SEPA challenges
The European Unions migration to SEPA for domestic and cross-border payments poses both challenges and opportunities for US e-commerce firms with operations in Europe Earlier this year, the European Parliament announced that from February 2014 virtually all direct debit and credit transfer schemes in the 32 countries that have agreed to implement it, must meet the standards set out for the Single Euro Payments Area (SEPA)
VIVOtech sells its reader branch to ID Tech
NFC software and systems provider VIVOtechhas sold its reader business VIVOpay to ID Tech, a smart card and credit card reader manufacturer based in California. The firm has decided to divest this arm of the business to focus on its VIVOnfc Software business
MasterCard under more pressure in Hungary
The Hungarian Competition Office has launched proceedings against MasterCardfor alleged domination on the interbank market. MasterCard, which has a 75% market share in Hungary,is being accused of setting interchange fees so high as to squeeze out its competitors. Visa Europe, MasterCard main competitor in the country, agreed to cap its fees at 0.20% following an antitrust warning filed by the European Commission in 2008.
HDFC Bank launches co-brand card with India’s Jet Airways
HDFC, Indias second largest privately-owned bank, has partnered with India-based airline Jet Airways on a co-branded credit card. The JetPrivilegeHDFC Bank Credit Card runs on the MasterCard network and is being issued in three variations – World, Platinum and Titanium
Mashreq Bank launches dynamic currency conversion in UAE
The UAE acquirer Mashreq Bank has launched dynamic currency conversion (DDC) services for its retail customers in the country.