The controversial settlement between a number of retail groups and the world’s two largest processors of debit and credit card payments is set to move forward after receiving preliminary approval, but objections to the deal still linger. U.S. District Court Judge John Gleeson recently said that the antitrust settlement between merchants groups and both Visa… Read More
When I heard today about Verizon’s announcement that it will charge a $2 convenience fee for debit and credit card payments made online or by phone, my first reaction was one of outrage. I am a Verizon customer who pays online with plastic, and I don’t want to pay an extra $24 a year for… Read More
Visa recently announced that its mobile wallet credit and debit card payment system will formally launch in both the U.S. and Canada later this year, according to a report from the tech news site Computer World. With this system in place, consumers who have a Visa-branded card will be able to load their payment information… Read More
Retailers are no doubt popping open the champagne to celebrate the Department of Justice’s settlement of a lawsuit challenging rules that American Express, MasterCard and Visa
The “data pass” practice was the subject of a Senate Commerce Committee hearing in November 2009, and Visa has voluntarily agreed to stop its merchants from using this tactic.
Americans borrowed less because they had to, since credit card companies raised their interest rates even as personal income and credit limits dropped.
Center brings credit card industry execs and non-profit leaders together to come up with ways that the public can be better served … without hurting the creditors’ bottom line … of course! Members include major players, such as: Experian, FairIsaac, Wells Fargo, Visa, USBank, National Foundation for Credit Counseling, Federal Reserve of Minneapolis, Take Charge America, and Target.
Data security has been a hot topic in the news lately. Citibank, OfficeMax and other businesses have been faced a major international debit card security breach. Not only is data fraud bad for consumers, but it is also expensive and damaging to businesses. So why aren’t credit card companies doing more to prevent fraud?
According to an article in eWeek today, Visa and MasterCard have security regulations for their retail partners in place. They just haven’t been enforcing the regulations:
Visa calls these new guidelines CISP (Cardholder Information Security Program), and MasterCard calls them PCI (Payment Card Industry) Data Security Standard.
Inside the February issue of The Nilson Report is an interesting comparison between Visa and MasterCard. According to the article, the number of Visa and MasterCard credit and debit cards increased 68.6 million in 2005 to a total of 862.5 million cards in circulation. With the current total US population around 290 million, this equals 2.9 pieces of plastic for every man, woman and child in the America. The article also mentioned that:
In order to purchase your credit reports, credit scores and other credit management tools online, most companies require you to use a credit card or debit card (with a Visa or MasterCard logo) to pay. Only TrueCredit and TransUnion allow you to pay online using a personal check. Equifax and Experian both require credit cards or debit cards for online transactions. To order by check online from TrueCredit or TransUnion, simply enter the account number and routing number printed on the bottom of your checks and the money will be deducted from your bank account directly. No credit card needed!