All articles by Verdict Staff
Verdict Staff
Cash still king in Germany
German consumers are notorious for their love of cash which has meant that payment card usage is relatively low But despite a tumultuous time for Germanys financial industry recently, the countrys banks are set on forging ahead with the development of a new pan-European debit scheme
Interest hikes not going down Well
Wells Fargo, the eighth-largest US card issuer, is to raise interest rates for a majority of its credit cardholders, a decision that will come into effect on the eve of the implementation of a new law limiting such hikes.The San Francisco-based bank said that the interest rate rise will be approximately 3 percentage points and will affect most of its credit card portfolio The raise comes into effect on 30 November, a day before House Financial Services Committee chairman Barney Frank wants curbs on rates and fees to become effective under the new credit card laws law passed earlier this year The bank is also eliminating over-limit fees, which are charges that are imposed when customers exceed their credit lines.The CARD Act comes into law in February 2010 and includes several provisions aimed at limiting how credit card companies can charge customers, and includes making sure that card payments are applied to the debt with the highest interest rate first (after minimum payment)
Taking the Bul by the horns
As a country that is more commonly known for its picturesque scenery and cold war relics than for its banking industry, Bulgarias payment sector is proving that not only can it weather the economic crisis, but that it is a technological leader UniCredit Bulbanks Slavka Valkova spoke to John Hill about the history of the market Bulgaria, along with many other countries in the Central and Eastern European region, was hit particularly hard by last years economic turbulence
Canada jumps on the bandwagon
Canadian regulators, with an eye on the surge of pro-consumer card reforms taking place in the US, are set on implementing their own shake-up of Canadas credit card industry, changing the way issuers set interest rates With the ink still drying on new US credit card reforms, Canadas Department of Finance is proposing a host of new regulations of its own aimed at quelling a populist uprising over card fees.
The economics of mobile payments
A recent report from US payment consultancy Celent shines the spotlight on the burgeoning mobile contactless payment sector, which until now has been held back because of differing business models and economic considerations A new report from US payment consultancy Celent has thrown cold water on the prospects of mobile near-field-communication (NFC) contactless payments, a burgeoning area of the payment industry but one which has yet to gain significant traction despite glowing assessments and hype from all manner of payment industry experts.The allure of mobile NFC payments is their promise to finally monetise the mobile space for banks
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Prepaid gains ground across Europe
Once seen as a niche proposition aimed at distinct and disparate consumer segments, the uptake of prepaid across Europe indicates that it is beginning to gain ground and taking market share away from other payment methods, particularly when it comes to low-value transactions Europe remains a highly fragmented region when it comes to the usage of different payment methods
The tech behind loyalty marketing
Advances in technology have helped improve all aspects of the payment process, making each step quicker and more convenient for cardholders and merchants In the area of loyalty programmes, Welcome Real-time has carved a niche for itself as a market leader in loyalty marketing technology
Discovering global ambitions
Discover Financial Services has formed a series of significant partnership deals in recent months, all of which are aimed at building up its presence outside of its US domestic base Having secured deals in Canada and in Asia, Discover is now setting its sights on expanding its European footprint, as Charles Davis reports Having weathered the worst of the recession and built a card brand that defies national borders, Discover Financial Services sees the world as its playground these days
Banks must innovate to stay relevant
Now in its fifth year, the latest edition of the World Payments Report notes that non-cash payment volumes continue to rise
News Digest
SEPAVocaLink and STET establish SEPA tiesIn a move towards realising full benefits of the Single Euro Payments Area (SEPA) two of Europes three largest payments processors, UK-based VocaLink and Frances retail interbank clearing system Systmes Technologiques dEchange et de Traitemen (STET), are to establish interconnection services between their clearing and settlement mechanisms.Specifically, interconnectivity will be established between VocaLinks Euro Clearing and Settlements Mechanism SEPA debit and credit service and STETs CORE central payments hub