CardNotPresent.com Advertisement

RBI Annual Report Details CNP Changes

Sept. 2, 2010

In its 2009-2010 annual report released recently, the Reserve Bank of India said it has taken a number of steps to address Internet and mobile technology payment solutions in the past year. To mitigate the risks arising from the use of credit and debit cards in e-commerce environments, it was mandated that all Card Not Present transactions should be additionally authenticated based on information not available on the card.  It also called for an email or text alert to be sent to cardholders for such transactions exceeding Rs5,000 ($107.18). Also, the operating guidelines for mobile banking, issued in October 2008, were relaxed in December 2009, facilitating mobile banking transactions up to Rs50,000 ($1,071.81), both for e-commerce and money transfer purposes.

 Average 3 out of 5
 Your Rating:
Your Review:
  

Advertisement

Advertisement

 

  • FDIC Warns Banks to Tighten Monitoring of Payment Processing Clients - Feb. 6, 2012
    Last week, the FDIC released revised guidance for their member financial institutions advising heightened monitoring and due diligence when dealing with payment processor clients, especially those that process transactions for merchants in the CNP space. The agency said it has seen an increase in the number of relationships between financial institutions and payment processors in which the payment processor, who is a deposit customer of the financial institution, uses its relationship to process payments for third-party merchant clients.
  • CyberSource Survey: E-commerce Fraud Rate Drops, Dollar Losses Up - Feb. 2, 2012
    Anti-fraud technology provider CyberSource said the fraud rate by order (the percentage of orders that turned out to be fraudulent) dropped from 0.9 percent in 2010 to 0.6 percent in 2011—the lowest in the 13-year history of its annual survey of e-commerce fraud. Visa-owned CyberSource said merchants are making gains against fraud but the cost of fighting it continues to grow.
  • BlueCava Launches EU ePrivacy Directive-Compliant Solution - Feb. 2, 2012
    BlueCava, an Irvine, Calif.-based provider of device identification technology, recently launched the latest version of its device identification platform. The company said the new release provides an immediate solution for companies doing business in the European Union affected by the EU's ePrivacy Directive.
  • Report: Transaction Delays from Anti-Fraud Efforts Can Run Off Consumers - Jan. 30, 2012
    New research from American Express-owned e-commerce anti-fraud technology provider Accertify found that 63 percent of “connected” U.S. adults (consumers with access to both a smartphone and a Web-enabled computer) believe more fraud occurs when conducting transactions online than in person. However, the report said, consumers who encounter a bad experience with a fraud prevention program will change their shopping behavior.
  • SHAZAM Offers Mobile Payments Using Adaptive Payments Pentagon Platform - Jan. 30, 2012
    SHAZAM, a DesMoines, Iowa-based EFT network has made a new mobile POS payments application available to its’ nearly 1,500 community banking clients and their merchant customer base. The company said it has launched the Pentagon mobile payments platform from Ft. Lauderdale, Fla.-based Adaptive Payments that enables merchants to accept PIN debit, signature debit and credit card transactions using iPhone and Android mobile devices.
  • Desjardins Chooses Gateway Services from Optimal Payments - Jan. 30, 2012
    Desjardins Card Services has partnered with Optimal Payments to offer Optimal’s NETBANX online payment gateway to Desjardins’ merchant clients. Desjardins said it chose Optimal as a partner and NETBANX as their gateway based on their long standing reputation for delivering secure, comprehensive solutions.
  • PayPal: International Revenue Exceeds U.S. Revenue for First Time - Jan. 26, 2012
    In its quarterly and yearend earnings report, e-commerce company eBay said its PayPal business ended the quarter with 106.3 million active registered accounts, a 13 percent increase from 2010. On average, the company said, PayPal added a million new accounts every month in 2011. PayPal revenue for the last quarter of 2011 increased 28 percent year-over-year driven primarily by continued merchant and consumer adoption as well as increased penetration on eBay.
  • MasterCard Tests Mobile Payment App in Australian Movie Theaters - Jan. 26, 2012
    Australian movie goers at selected La Premiere Hoyts cinemas can use a new mobile payment app from MasterCard to order food and drinks directly from their seats using their smart phone. MasterCard is running a short pilot test of its new QkR service this month in Sydney theaters. Patrons who have an iPhone or Android handset will be able to buy food and drink from their seats through an application downloaded to their phone. Purchases are then delivered directly to their seat.
  • BilltoMobile Launches One-Click Purchases for Direct Carrier Billing - Jan. 26, 2012
    BilltoMobile, a San Jose, Calif.-based direct carrier billing technology provider, has launched one-click processing for mobile web transactions on its Direct Carrier Billing (DCB) platform. The company said the simplified payment flow makes it faster and easier for consumers to make purchases from their mobile phones without sacrificing security.
  • SignatureLink, ThreatMetrix Say Fraud Solution is Complete - Jan. 23, 2012
    SignatureLink Inc. and ThreatMetrix Inc. have entered into an agreement by which ThreatMetrix’s Cybercrime Defender Platform will be integrated with SignatureLink’s online “friendly fraud” technology. Friendly fraud, which SignatureLink said accounts for 20 to 30 percent of online fraud, occurs when a consumer, without a valid reason, refuses acceptance of the charge for a transaction they performed and reports the false claim to their bank/card issuer requesting a refund or chargeback.
  • NACHA Launches Informational Resource for Payments Companies - Jan. 23, 2012
    NACHA, the Electronic Payments Association, has announced the launch of a new microsite created to help payments industry participants understand ACH payments. The new site is part of a recently launched campaign and attempts to explain the NACHA Operating Rules and promote the value of the ACH Network.
  • Mopay Predicts Big Year for Direct Carrier Billing - Jan. 19, 2012
    mopay, a Palo Alto, Calif.-based provider of direct carrier billing technology for online purchases, made several predictions for the payment method in the coming year, including that its adoption will increase tenfold by the end of 2012. The direct carrier billing company also expects consumer security concerns to drive mobile payments.
  • Amex Licenses Serve to Chinese Payments Company - Jan. 19, 2012
    American Express has signed an operating agreement with Lianlian Group that will enable the Chinese mobile payments company to use American Express’ Serve platform in a mobile wallet in China. The Chinese company operates a network of mobile top-up agents that also facilitates customer payments for airline tickets, video gaming credits and utility bills.
  • Chase Paymentech Reports Solid 4Q Growth - Jan. 16, 2012
    JPMorgan Chase & Co. during its quarterly earnings report Friday said its Chase Paymentech merchant-acquiring subsidiary processed $152.6 billion in payment card transaction volume in the fourth quarter of 2011, a 20 percent year-over-year increase. The company also reported it processed 6.8 billion total transactions during the quarter, up 21 percent from the same period in 2010.
  • SVP Now Option for Child Support Payments in Nebraska - Jan. 16, 2012
    Minneapolis-based U.S. Bank said it has successfully implemented Secure Vault Payments (SVP) with the Nebraska Child Support Payment Center for online child support payments. Non-custodial parents can now choose SVP to make their child support payments from a consumer online bank account at U.S. Bank or at any SVP-enabled financial institution.
  • SignatureLink Appoints Wooten CEO - Jan. 12, 2012
    SignatureLink Inc. has appointment of Greg Wooten as the company’s new CEO and director. Wooten is currently CEO and chairman of payments processor USDT Corporation. USDT and SignatureLink worked together in the past to pioneer what they call the first ever friendly fraud solution (SignatureLink CNPS and TransExam Chargeback Management System).
  • Global Payments Acquires CyberSource’s U.S. Processing Clients - Jan. 9, 2012
    Global Payments Inc. has agreed to purchase from Visa the portfolio of 9,000 U.S. e-commerce merchant processing clients the network inherited when it acquired CyberSource in 2010, according to Paul Garcia, Global’s CEO. Garcia said in the company’s 2Q 2012 earnings conference call that the Atlanta-based processor is paying $45 million for the CyberSource portfolio and two additional international portfolios.
  • PayPal Taps Home Depot for POS Pilot - Jan. 9, 2012
    Just days after PayPal lost its president to Yahoo, the online payment arm of eBay Inc. said it has lined up a major retailer to pilot the POS portion of its “future shopping experience.” The company, which has been showcasing its integrated shopping solution in a Manhattan storefront for media and retailers, confirmed that Home Depot is the first merchant to test the POS part of the mobile/online/in-store shopping experience.
  • VeriFone Completes Acquisition of Point - Jan. 9, 2012
    San Jose, Calif.-based VeriFone Systems Inc. has completed its acquisition of Point, a European provider of e-commerce processing and gateway services. VeriFone said it intends to extend the Point platform throughout Northern Europe and beyond, with the aim of creating the world’s largest infrastructure for rapid deployment of alternative payments and NFC mobile commerce.
  • Chase Paymentech: Online Holiday Shopping Strong to the End - Jan. 6, 2012
    Online sales remained strong throughout the holiday season, with the 50 leading U.S. online merchants comprising the Chase Paymentech Cyber Holiday Pulse Index setting sales records. For the period of Nov. 1 to Dec. 31, 2011, transactions were up 37 percent, sales rose 25 percent, and average tickets declined 9 percent year-over-year.
  • MOBIbucks Launches Mobile Payments in Middle East - Jan. 3, 2012
    Middle East Payment Services (MEPS), a consortium of seven banks providing payment processing services in the Middle East, and Louisville, Ky.-based mobile payments technology company MOBIbucks recently signed a partnership agreement enabling consumers in the Levant region comprising Israel, Jordan, Lebanon and Syria to make payments using a mobile device.
  • UAE Telecom Takes Aim at Online Payments for Travel Industry - Jan. 3, 2012
    Etisalat, the UAE-based telecom giant, has partnered with Dubai-based software firm TechTuners to offer online and offline payment solutions for the travel and tourism industry. Etisalat said it will pre-integrate its online payment platforms with TechTuners’ specialized travel and tourism software enabling airlines, travel agents, hotels and other travel-related businesses to use the Etisalat Payment Gateway for making online payments.

Search our NEWS Section here:
 
Advertisement

 

The CNP Report - Sign Up Today Free
Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email: