Basic change, which seems to be designed to level the paying field in the Australian payments market, due to an unfair advantage previously accorded to Visa. Previous story about ANZ Visa debit here. As the Bank has previously noted, the current structure of interchange fees creates a strong incentive for financial institutions to promote the Visa Debit system over the EFTPOS system, despite the EFTPOS system having lower operating costs. If a cardholder makes a payment with an EFTPOS card, the institution that issued the card must pay around 20 cents to the merchant's bank. In contrast, if the payment … Continue reading Australia equalises Interchange costs for debit & Visa debit

Comments on cashless evolution, suggesting that by 2015 a “substantial share of consumer payments globally will have moved from cash to other payment mechanisms,” said Theodore Iacobuzio, managing director in TowerGroup. CRM Today: Momentum Building Towards a Cashless Society Highlights of the research include: Over time, TowerGroup believes payments will move increasingly toward a “pay-as-you-go” model, where consumers buy what they want wherever they are. But while payments will be made increasingly through clicks and texts rather than cash or even traditional plastic, the majority will still be fueled by traditional bank relationships and run through established payments networks and … Continue reading Momentum builds towards cashless society (Tower Group)

I learned new term today, and captured it here for posterity.  It seems there is much discussion on this and the business case for it. Payments News: Nova Introduces Dynamic Currency Conversion – March 14, 2005 Dynamic Currency Conversion allows international cardholders in the U.S. the option to have their purchases instantly converted at checkout into their local currency. Currency conversion is calculated at a competitive exchange rate, and the U.S. dollar amount, conversion rate, and home currency amount are all printed on the receipt. Merchants, MSP’s and other NOVA partners have the opportunity to share in the revenue generated … Continue reading Dynamic Currency Conversion

courtesy of Andy Beal news of a patent issued to Yahoo for Payment processing.

Yahoo to Offer Payment Processing

Gary Price sends word that Yahoo has been awarded a patent for what looks like a PayPal and Google Payments competitor.

Details from Gary Price
Continue reading “Yahoo have an old patent for payment processing”

At first was unsure why this story showed up, but several banks including Wells Fargo and NACHA are members. Identity Network – By Cindie Beach – Military Information Technology A government/industry effort to develop an interoperable authentication network to securely and efficiently verify the identities of defense and contract employees has taken an important step forward with the signing of an agreement between the Defense Manpower Data Center and the Federation for Identity and Cross-Credentialing Systems.…he following organizations are founding members of FiXs: BearingPoint, Data Systems Analysts, EDS, Lockheed Martin, NACHA-The Electronic Payments Association, Northrop Grumman, Saflink, SRA International, SRP … Continue reading Federation for Identity and Cross-Credentialing Systems (FiXs)

Japan leads the way as Sony Felica, first reported in this 2003 story, becomes operational. Digital World Tokyo – Gadgets, Gear and Good Things from Japan… The deals, which involve BitWallet’s Edy system and East Japan Railway’s (JR East) Suica system, are the latest in a string of agreements from major retailers to accept e-money in lieu of conventional cash for purchases and services. They come as technology for the systems, which are both based on Sony’s Felica touch-and-go proximity smart card platform, is on the verge of becoming a standard feature in cellphones. Continue reading Tokyo taxis to accept e-money