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CommentWire
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The major Australian banks have been forced to cancel and reissue more than 10,000 credit cards after a merchant was compromised. The two most heavily affected banks were CBA and Bendigo, while NAB and Westpac only had to block a small number of accounts. Security breaches such as this can damage consumer confidence, and the banks must act swiftly to appease any concerns their customers may have.
Published By Datamonitor
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27 May 2011 |
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CommentWire
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The Reserve Bank of Australia's interchange fee reforms are expected to lead to a significant fall in retailers profits. Retailers are anticipating an annual loss of A$170 million which otherwise would largely be invested back into the Eftpos system. Yet despite industry criticism, the reforms are designed in the best interests of consumers rather than those of issuers.
Published By Datamonitor
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02 Jun 2006 |
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CommentWire
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Discover Financial Services has announced an agreement to acquire Diners Club International from Citi for $165 million (E105 million). While this deal certainly has benefits for Discover cardholders who will be using their cards abroad, Diners Club cardholders will see the acceptance of their cards decline substantially at point-of-sale terminals in the US.
Published By Datamonitor
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10 Apr 2008 |
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Expert View
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Interchange fees have long been a bone of contention between card issuers and merchants, with the result that many regulatory investigations into the validity of the fee have taken place. However, Datamonitor's Helen Smith argues that a severe reduction of interchange will be bad for both the industry and consumers...
Published By Datamonitor
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13 May 2004 |
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CommentWire
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Another week, another market: interchange is once again in the spotlight as US retail groups file a class action law suit against card issuers and associations, alleging collusion over interchange levels. As seen in Australia and Europe, it appears that once again, issuers and schemes will face intense pressure to reduce interchange levels, with consumers likely to be asked to foot the bill.
Published By Datamonitor
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27 Sep 2005 |
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CommentWire
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Lloyds TSB is set to announce the launch of American Express branded card products for its wealthier customers. Such a move would allow the bank to increase revenues from its existing customer base and earn a degree of protection from any reduction in Visa and MasterCard interchange rates. For Amex, the benefits lie in economies of scale and greater merchant acceptance.
Published By Datamonitor
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27 Apr 2005 |
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Expert View
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After four and a half years of investigation, the Office of Fair Trading has found that the multilateral interchange fee collectively agreed by the members of the MasterCard Members Forum acts to restrict competition. Despite there being no definitive ruling announced yet, it appears increasingly likely that interchange will fall in the UK, and this will be to the detriment of the consumer.
Published By Datamonitor
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08 Sep 2005 |
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Expert View
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Powa, a UK e-commerce firm, has announced the launch of mPowa, which turns smartphones into mobile point-of-sale (POS) terminals. Although identical concepts have taken off in the US the technology is not likely to succeed in the UK. The reader is not EMV chip and PIN compliant and there are security issues concerning both merchant and customer, which may lead to a lack of demand.
Published By Datamonitor
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26 Jan 2012 |
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CommentWire
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Singaporean merchants offering Visa payment services were notified in early May that the fee that they pay to Visa is increasing from 2% to 2.25%. This fee has to be absorbed by retailers and will adversely affect the relationship between the two parties.
Published By Datamonitor
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08 May 2006 |
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Expert View
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The high court ruling on lenders' obligations under the Consumer Credit Act will be welcome news for the cards industry after a difficult 12 months. However, while 2009 will be remembered as a challenging year for UK card issuers, 2010 is likely to be no easier. Consumers are cutting back on their use of credit cards while unemployment continues to turn once good loans bad.
Published By Datamonitor
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11 Jan 2010 |
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