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.
US cheque imaging surges
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.
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.
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.