Industry analysts have defended the benefits of chip and PIN payments security after computer scientists at the UK’s University of Cambridge announced they had discovered a flaw in the PIN verification feature of the EMV protocol.
Credit and debit rolled into one card
Payments processor TSYS has developed a hybrid card – the TSYS HybridSM – that contains both credit and debit functionality on the same card.
OCBC offers rebates to spur credit card usage
OCBC Bank in Malaysia is offering rebates until the end of March 2010 to its credit cardholders who hit a ‘magic moment’ when they are shopping.
Barclays snaps up Citi’s Italian card business
Barclays has entered into an agreement to acquire Citi’s credit card business in Italy. Through the transaction, Barclays will acquire 197,000 credit card accounts and gross assets of approximately €234 million ($318 million).
Visa Europe and Carte Bleue merge
Carte Bleue has completed its merger with Visa Europe, creating a new entity called Visa France.
Discover pays $775 million to settle dispute
Discover Financial Services has agreed to pay $775 million to Morgan Stanley to settle a dispute over the proceeds from an action taken prior to the sale of the payment company in 2007.
Visa Inc. enters Australian money transfer sector
Currency exchange specialist Travelex has launched an initiative with Visa Inc. to provide a money transfer service in Australia.
Loyalty shifts from cards to customer relationships
Banks are increasingly looking beyond card loyalty schemes to initiatives that encompass all the payments, products and services used by customers, according to a senior industry figure.
Interac’s bid to alter status denied
Interac Association – Canada’s national debit network – has been informed by the country’s competition commissioner that it will not be able to change its status to become a for-profit entity.
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