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Fed won’t set Interchange Fees

April 21, 2006

ATM WASHINGTON — The Federal Reserve said last week it won’t intervene in the growing market of card interchange fees, now as much as $30 billion a year. A Fed official said the United States’ central bank should not get involved in the conflict going on between the two major card companies, Visa USA and MasterCard International, and the merchants. (Read also, Interchange wars: Merchants tug networks for change.) The Fed also concluded it doesn’t have the legal authority to set interchange rates under the Electronic Funds Transfer Act.

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7-Eleven intros second wave of Vcom ATM hybrids

April 3, 2006

ATM The New York Times: ATMs have long been a staple in convenience stores, but now several major chains, including 7-Eleven, are installing transactional kiosks able to do a lot more. 7-Eleven is introducing its second wave of custom-made terminals called Vcoms this year. The chain’s more than 1,000 Vcoms dispense cash, sell Verizon services, and handle bill payments and money transfers. They can also cash checks to the penny and print digital check images on receipts. Aiming to keep up with 7-Eleven, Exxon Mobil and Circle K have introduced Info Touch’s bill-payment kiosks in some regions, with plans to take the programs national. Sunoco also just set up a pilot involving the same kiosks. “What most companies are…

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MBNA America Bank launches contactless credit cards in Atlanta

October 17, 2005

Contactless News   WILMINGTON, Del.– MBNA has begun issuing credit cards that feature MasterCard PayPass contactless payment technology to its new and existing customers in Atlanta, with customers in additional markets to follow in the coming months.   PayPass integrates a radio frequency chip and antennae in the card plastic. Cardholders simply “tap” their cards on specially equipped merchant terminals to pay. PayPass eliminates the need for consumers to fumble for cash and coins, hand over their payment card to a clerk or swipe it through a reader. And since most purchases under $25 do not require a signature, PayPass ensures fast and convenient transactions at places like fast food restaurants, gas stations, movie theaters, and convenience stores.  

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Signature Debit Fraud Runs 15 Times Higher Than on PIN Debit

October 12, 2005

Digital Transactions News Oct. 12, 2005 “Financial institutions lost an estimated $546 million to debit card fraud in 2004, with fraud rates running much higher on signature-based cards than on cards secured with PINs, according to study released this week. Banks lost $345 million in fraud committed on ATMs, while fraud on signature-debit cards cost them $193 million and PIN debit cards at the point of sale sustained $8 million in losses. These are among new debit card fraud statistics compiled by the study, which was conducted this summer by Dove Consulting and sponsored by Pulse EFT Association, a Houston-based unit of Discover Financial Services LLC. “Transaction volumes for both PIN and signature debit continue to grow, yet observers increasingly…

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Why More Merchants Are Adopting PIN Debit

April 4, 2004

Digital Transaction News April 4, 2004 “Debit cards linked to personal identification numbers are slowly but surely penetrating more and more merchant locations, and as a result PIN debit transactions will begin to overtake transactions on signature-based debit cards within five years, says an analyst at Speer & Associates Inc., Atlanta, who has studied the issue. For years, says Ali Raza, vice president at Speer, merchants resisted PIN debit because of the cost of the point-of-sale PIN pads necessary to process transactions, but the devices have steadily dropped in price and now range between $100 and $150. The devices are still rare among small retailers and in certain merchant categories, such as hotels and restaurants, but they are beginning to…

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