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The CNP Report Archive - July 2011

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  • Mazooma Offers Low-Interchange Online Payment Method to Discover Digital Merchants - July 28, 2011
    Mazooma, a Toronto-based online payments provider, has introduced its micropay-in-a-box solution for Discover digital goods merchants. Micropay-in-a-box is an online payment method that connects consumers directly to their bank account from the merchant’s checkout page. Paying via a bank account can result in as much as a 71 percent reduction in merchant fees for digital content merchants, according to Mazooma.
  • appMobi Launches Authentication Technology for Mobile Payment Apps - July 28, 2011
    appMobi, a provider of tools for app developers, recently launched a new authentication technology for mobile transactions. The Lancaster, Pa.-based firm said its cloudKey technology stores users’ on the device—never in an online database—using 256 bit Advanced Encryption Standard. “appMobi’s engineers have long recognized that securing a centralized database is basically impossible—if it’s online, it’s vulnerable to break-in.
  • Google Launches Credit Card for Online Ad Purchases - July 28, 2011
    Google Inc. is launching a credit card designed specifically for its advertising customers. Google reportedly is offering its clients the AdWords Business credit card, which carries what it calls a “competitive” interest rate. The card is targeted at small and midsize businesses that could be experiencing cash flow issues but still feel the need to market via Google’s search engine.
  • Chicago Fed to Explore Online and Card Not Present Transaction Security - July 25, 2011
    The Federal Reserve Bank of Chicago and the Secure Remote Payment Council said they will team up for an invitation-only event exploring fraud as it relates to card not present payments this September. The free event, which will be held at the Chicago Fed’s headquarters, will examine the security of Internet mobile payments, issues around using debit cards for remote payments and how merchants and banks can decrease the losses associated with them. In addition to sessions devoted to fraud mitigation and the future of e-commerce and m-commerce one session will be devoted entirely to the current state of CNP payments transactions.
  • Report: Merchants Secure Data to Protect Brand - July 25, 2011
    Nearly 70 percent of respondents cited the need to “protect the brand” as the primary driver for tightening controls against hackers and other payment security risks, according to e-commerce processor CyberSource and security firm Trustwave. Only 26 percent said avoiding fines resulting from non-compliance with the Payment Card Industry Data Security Standard (PCI DSS) were the key motivator.
  • Sprint Customers Get Easy Access to Digital Payments with Amex’s Serve - July 21, 2011
    American Express this week announced an agreement with Sprint to provide the mobile carrier’s customers with easy access to its Serve digital payments platform, which was launched in March. American Express said the Serve mobile wallet application will be available to Sprint customers on select Android devices by the end of the summer. Serve, according to American Express, “is an easy-to-use digital payment platform that unifies online, offline and mobile payment options into a single account.”
  • Revo Launches App for Facebook Payments - July 21, 2011
    Revo Payments, a Miami-based payment software provider, has released a beta version of Facebook payment applications for the property management, education, non-profit and B2B markets. The company said its PAAGO applications are designed to serve several non-retail business segments within Facebook so that schools, residential communities, non-profits, and businesses can receive multiple payment types at their Facebook page.
  • Digital River Payments Solution Licensed by EC - July 21, 2011
    E-commerce solutions provider Digital River, Inc. said its Digital River World Payments solution has been licensed by the European Commission’s Payment Services Directive (PSD). The PSD regulatory initiative provides a recognized set of rules for all payment services in the European Union (EU) to facilitate secure cross-border payments for consumers.
  • Only 58% of Banks Have a Mobile Payments Strategy in Place - July 18, 2011
    A new report examining how banks can leverage their competitive advantages in the mobile payments space said 84 percent of banking and financial services executives felt mobile payments will have significant importance to their business within the next one to four years, but only 58 percent said they have a mobile payments strategy in place. Monetizing Mobile: How Banks Are Preserving Their Place in the Payment Value Chain also found that 73 percent suggested it could take four years before mobile payments become mainstream.
  • Union Bank of India Partners with ECS for Payment Gateway - July 18, 2011
    ElectraCard Services (ECS) has partnered with Union Bank of India to host a payment gateway and merchant management system for the Mumbai-based financial institution. ECS’s electraECOMM gateway handles more than 70 percent of e-commerce transactions in India, according to Ramesh Mengawade, the company’s CEO. Union Bank of India hopes to leverage the popular gateway for its merchant customers that want to transact online.
  • Report: Mobile and Social Media will Drive Payments Fraud in U.K. - July 18, 2011
    By 2015, the number of U.K. consumers purchasing products via their mobile phones will rise by 5 million to 10.5 million while those using social media will grow by 2.9 million, according to a recent report from the Centre for Economic and Business Research for online payments provider Paypoint.net. The burgeoning mobile and social media markets will provide fertile ground for fraudsters as online fraud in the U.K. is expected to surge by 18 percent growth, £165.2 million ($266.3 million) in 2011 to £195.3 million ($314.8 million) in 2015.
  • Google, PayPal Sued for Patent Infringement Relating to Online Transactions - July 14, 2011
    Purple Leaf LLC has sued Google and PayPal in connection with a patent relating to online payments and receipts. This week, the Plano, Texas-based patent-holding company filed separate lawsuits in Texas Eastern District Court. Purple Leaf claimed in the suit that Google and PayPal are “infringing the Patent in the State of Texas, in this judicial district, and elsewhere in the United States by making, using, importing, selling or offering to sell services and products that practice methods and utilize devices for conducting a transaction using a medium based on a receipt having payment remittance information.”
  • WikiLeaks Accepts Online Donations Briefly - July 14, 2011
    Controversial “whistle-blower” Website WikiLeaks, which has been unable to take credit card donations online since the major payment networks refused to process them, provided a brief window this week for donors to give. In a statement on its Website Thursday, WikiLeaks said: "After a legal fight we can currently take donations via Iceland through Visa, MasterCard and Amex. We are uncertain how long this facility will last as today Visa has declared they might close it." Icelandic payment gateway DataCell found an acquirer willing to process payments to WikiLeaks—Reykjavik-based Valitor. WikiLeaks’ prediction that Visa would close the facility did not take long to come to pass. By mid-morning Friday, Visa had traced the source of the payments to Valitor and closed the workaround.
  • eBay Acquires Zong for $240 Million - July 11, 2011
    Zong, a mobile payments pioneer founded in 2008, was acquired last week by PayPal parent company eBay for $240 million in cash. The companies said Zong’s technology, which enables consumers to pay for digital goods via their mobile phone bill, will give PayPal’s 100 million users worldwide another way to make mobile payments and increase conversion for merchants of digital goods.
  • Report: Mobile Payments to Reach $670 Billion by 2015 - July 11, 2011
    Yet another study has been released predicting rapid explosive growth for mobile payments. A new study from Juniper Research said the total value of mobile payments for digital and physical goods, money transfers and NFC transactions will reach $670 billion worldwide by 2015, up from $240 billion this year. The U.K.-based consultancy said in its Mobile Payments Strategies report that all segments will exhibit 2 to 3 times growth over the next five years.
  • GlobalCollect Tabs Knight as New Technology Chief - July 11, 2011
    GlobalCollect recently announced the appointment of Peter Knight as CTO of the Dutch online payments processor. The company said Knight, in the newly created position, will report to CEO Thomas P. Staudt and work to further develop the company’s single-interface payment platform WebCollect and related technology solutions.
  • Durbin Decided; Rule Provides No Distinction for CNP Transactions - July 5, 2011
    The divisive debate over the Durbin Amendment came to an end last week when the Federal Reserve Board of Governors released its highly anticipated final rule implementing debit interchange regulation. As had been rumored for weeks, the Fed raised the 12-cent per transaction cap it had initially proposed last December to 21 cents per transaction plus 5 basis points of the transaction’s value after a furious lobbying effort by the banking industry. The final rule made no distinction between card present and CNP transactions. The new debit interchange caps and a proposed adjustment for fraud costs are scheduled to go into effect on Oct. 1, 2011.
  • FFIEC Updates Electronic Banking Guidance - July 5, 2011
    The Federal Financial Institutions Examination Council (FFIEC) recently issued a supplement to the Authentication in an Internet Banking Environment guidance, originally released in October 2005. The consortium of regulatory agencies said the purpose of the supplement is to reinforce the risk-management framework described in the original guidance and update the FFIEC member agencies' supervisory expectations regarding customer authentication, layered security, and other controls in the increasingly hostile online environment. “The continued growth of electronic banking and greater sophistication of the associated threats have increased risks for financial institutions and their customers,” the FFIEC said.
  • CUP, MasterCard Sign Payment Gateway Service Agreement - July 5, 2011
    China UnionPay (CUP) and MasterCard Worldwide recently signed an agreement that will enable MasterCard’s e-commerce platform to accept CUP cards. Under the agreement, MasterCard’s payment gateway will be able to process transactions made using China UnionPay Cards for e-commerce merchants outside of mainland China. The companies also announced they have signed an addendum to extend the term of their existing Memorandum of Understanding (MOU). The areas of cooperation included within the scope of the addendum and payment gateway agreement are related cross-border transactions and not domestic transactions, according to the Purchase, N.Y-based card network.

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