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REMITTANCES

Deutsche Bank seals Chinese remittance deal

China’s fifth-largest bank, Postal Savings Bank of China (PSBC),
has selected German bank Deutsche Bank’s Money Transfer New
Architecture global payment platform to process its US dollar and
local remittances. PSBC has more than 36,000 retail locations
across China, of which two-thirds are in rural areas.

CHEQUES

US cheque imaging surges

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The volume of cheques being converted into electronic format in the
US continues to surge, reveals data supplied by SVPCO Image
Payments Network, the country’s largest private-sector cheque image
exchange system. Of particular note in October was that the value
of transactions exceeded half a trillion dollars for the first time
in any month, increasing 122.9 percent compared with October 2006
to reach $535.7 billion. Cheque-image volume in October was 232
percent higher than a year earlier at 328.7 million items.

 

CONTACTLESS PAYMENTS

Visa introduces Micro Tag contactless key
fob

Visa USA has launched Visa Micro Tag, a key fob incorporating its
payWave contactless payments technology. According to Visa, Micro
Tag is one of the smallest payment devices available and can be
easily manufactured and personalised as part of an automated
manufacturing process similar to that of standard cards. Micro Tag
can be made in a variety of shapes and sizes.

 

DEVELOPING MARKETS

Strong growth in China

Debit and credit card numbers in China continue to climb and by the
end of September had reached a total of about 1.3 billion, roughly
equal to the country’s total population. The data, released by
China’s official news agency, Xinhua, reflected growth of 6.6
percent since the end of the first quarter of 2007 and 20 percent
since the end of 2006.

 

RESEARCH AND DEVELOPMENT

PayPal thinks big with new technology centre

With the opening of its new technology centre in Austin, Texas,
online payments giant PayPal has sent out a clear message that it
intends to hold on to its leadership position. The new centre, said
PayPal, will hire hundreds of technology and engineering
professionals in the next three years.