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Visa
Quarterly Profit Slips As Company Braces For 'Modest' Legislation
Effects
Visa Inc. may begin to see bottom-line effects from pending debit
interchange regulations as early as next summer, Joseph Saunders, Visa
chairman and CEO, revealed to analysts July 28 during a conference call
to discuss quarterly results.
Though Saunders insisted it is too early to predict the specific effects
from the Federal Reserve Board's new task of setting debit-interchange
rates under the financial-reform bill President Obama signed into law
last week, he said any impact would not surface until the quarter ended
Sept. 30, 2011, and it likely would be "modest."
The legislation calls for the Fed to set "reasonable and
proportional" debit-interchange rates, which would go into effect 12
months after the law's enactment. Observers speculate an anticipated
reduction in the rates would cut banks' debit revenues, potentially
causing institutions to push card networks to renegotiate debit card
transaction-processing deals.
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European
Troubles Cause 2% Drop In Diebold's Q2 Net Income
Diebold Inc.'s weak showing in the European market contributed to the
ATM manufacturer's 2.3% decrease in net income for the second quarter
ended June 30, to $29.7 million from $30.4 million during the same time
period last year.
Revenues totaled $665.2 million, down 3.7% from $690.9 million.
The North Canton, Ohio-based ATM maker expressed a desire to
better position itself in Europe during the second half of the year.
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Visa
Reports Strong Fiscal Q3 Payment-Volume Growth Globally
Citing continued spending momentum and positive payment trends globally,
Visa Inc. on July 28 reported increases in Visa card spending both
domestically and internationally for the company's fiscal third quarter
ended June 30.
U.S. debit card sales volume, which includes signature Visa check card
and Interlink PIN-debit purchases, increased by 20.5% during the
quarter, to $265 billion from $220 billion during the same time last
year.
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Merchant
Benefits From Reduced Rates Will Vary, Global Payments' CEO Says
All U.S. merchant processors likely will benefit from anticipated
reductions in debit card interchange rates once the Federal Reserve
Board next year finishes its rate-setting task mandated by the
Dodd-Frank financial-reform bill President Obama signed into law last
week.
But they will need to be careful in how they share their savings, Paul
Garcia, chairman and CEO of Global Payments Inc., told analysts July 27
while discussing the company's fiscal fourth quarter earnings.
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Consumers
Warming Up To Mobile Devices For Banking, Survey Suggests
Mobile banking through mobile devices such as cellular phones, smart
phones and personal digital assistants has more than doubled globally
since 2008 with consumers in the Asia-Pacific region, Central and
Eastern Europe and the United States at the forefront, new research from
KPMG International suggests.
The New York-based audit, tax and advisory firm in late July released
results from its Global Consumers and Convergence survey. KPMG conducted
the research earlier this year through an online and telephone survey of
5,627 consumers in 22 countries including as Australia, Germany, France,
Japan and India.
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Washington
Credit Union Cracks Card Skimming Ring At Wendy's
A worker at a local Wendy's restaurant in Seattle was arrested
yesterday, along with two alleged accomplices, and charged with identity
theft after she allegedly used a "skimmer" to steal credit card
information from as many as 135 customers.
The investigation was initiated by the King County Sheriff's office
after evidence was brought to it by a fraud investigator at
Washington-based credit union BECU, who had linked violations to several
member accounts to the Tukwila Wendy's restaurant on International
Boulevard.
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First
Data To Lay Off Call Center Reps
About a fourth of First Data Corp.'s 800 call center employees will be
laid off by Sept. 1, according to the transaction processing
giant.
The move follows other First Data layoffs as the company continues its
restructuring following the 2007 takeover by private equity giant
Kohlberg Kravis Roberts & Co.
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IPay
POS Debuts With Multiple Gateway Support
IPay POS Credit Card Terminal, the new version of the mobile-payment
acceptance application called ProcessAway, now works with multiple
gateways and comes with a card reader to accommodate card-present
transactions, according to Randy Palermo, who developed the application
that works on Apple Inc.'s iPhone.
Rapadev LLC, Palermo's Tustin, Calif.-based firm, released iPay POS July
28. ProcessAway launched last year.
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First
Foreign Islamic Bank Joins Malaysian ATM Network
Kuwait Finance House Malaysia Bhd. has become the first foreign Islamic
bank in Malaysia to join the Malaysian Electronic Payment System, known
locally as MEPS, an official for the bank tells
PaymentsSource.
Malaysian Electronic Payment System Sdn. Bhd. is a payment consortium
owned equally by 12 local banks and is the country's premier ATM
network.
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Taiwan
Bank, Department Store In Cobranded Smart Card Deal
Taiwan's Taipei Fubon Commercial Bank Ltd. and department store
Uni-Hankyu this week announced a chip-based cobranded MasterCard credit
card that also functions as a transit card, the bank said.
Cardholders will receive discounts of up to 20% on purchases at
Uni-Hankyu.
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