All articles by Verdict Staff
Verdict Staff
Ireland begins move to contactless
Bank of Ireland has become the first bank in the Emerald Isle to introduce contactless technology as it looks to wrestle paper-based payment methods out of the hands of consumers.The bank will issue one million contactless-enabled Visa debit cards from late 2011, allowing consumers to pay for purchases of up to 15 by waving their card next to a contactless reader.
SIM vs SD: Under the skin of NFC
Despite mobile network operators assertions that a SIM card-based solution is the best option for delivering near field communication payments services, there is increasing discussion of alternatives such as embedding the payment application in the handset or placing it on a micro SD card. Paul Golden reports
RSB brings Diners Club to Russia
Discovers business unit Diners Club International has partnered with Russian Standard Bank (RSB) to form a new franchise in Russia. Under the agreement, RSB will assume all responsibility for the Diners Club brand and business in Russia and the Ukraine in issuing and acquiring.
BOCI and JCBI sign acquiring agreement
The credit card arm of Bank of China and Hong Kong (BOCHK) has signed an agreement with Japanese payment network JCBs subsidiary JCB International (JCBI) to begin acquiring e-commerce merchants in China.
WikiLeaks to sue Visa and MasterCard
WikiLeaks will sue Visa and MasterCard over their continued refusal to process donations to the whistle-blowing website following Cablegate.In June, Bender von Haller Dragested in Denmark and Reykjavik Law Firm in Iceland acting on behalf of WikiLeaks and its credit card processing partner DataCell, warned Visa and MasterCard that if the financial blockade is not removed they will be litigated in Denmark and a request for prosecution will be filed with the European Union Commission.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
UnionPay and MasterCard extend relationship
MasterCard has struck a Payment Gateway Service Agreement with China UnionPay allowing the network to accept UnionPay cards via its e-commerce platform.Under the agreement, both parties will co-operate to configure their systems to equip the MasterCard Payment Gateway with the ability to process UnionPay e-commerce transactions for merchants outside of mainland China.
Erste Bank and Visa launch CEE first
Austrias Erste Bank has joined forces with Visa to roll out the first contactless payment card with a transport application and loyalty rewards in Central and Eastern Europe (CEE).The Smile contactless card will be introduced by Romanias Banca Comerciala Romana (BCR) – a member of Erste Group Bank – and will initially go live in the capital city of Bucharest.
Fed issues final debit-interchange ruling
US debit interchange fees have been capped at 21 cents almost double the amount first proposed by the Federal Reserve Board. Despite mounting pressure from fierce opposition and missing its 21 April deadline, the Fed has issued a final rule establishing standards for debit card interchange fees, prohibiting network exclusivity arrangements and routing restrictions. The rule, Regulation II (Debit Card Interchange Fees and Routing), sits under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Contactless trial ‘failed to deliver’ – ANZ
ANZ Bank has chosen not to proceed with contactless in its current form following a trial with Visa, claiming the technology did not measure up to the banks needs.The bank partnered with Visa in March to pilot contactless payments using a MicroSD card that inserted into an NFC-enabled phone case on iPhone or Andriod handsets.
OFT spells the end of debit sucharging
Travel companies have been ordered to end the use of hidden debit card surcharges by the Office of Fair Trading (OFT), following a super complaint by consumer watchdog Which?While the OFT wants the law changed to abolish debit card fees altogether, credit card fees will still remain but must be made clear to consumers from the start of the booking process.