Credit cards
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
BoE’s Brazier warns lenders of ‘spiral of complacency’
UK lenders may be starting to let standards slip as memories of the crisis fade, Alex Brazier says
BSP piles pressure on banks to adopt new chip technology
Philippines central bank imposes “hard deadline” for banks to migrate to EMV technology, as initial target has been missed
Danes claim top spot for EU card payments
Danish people use cards more than any other European Union nation, central bank report says, with electronic payments widespread
US card fraud higher than in countries with chip technology – Fed study
Study finds card transactions are on the rise but cheques still important; limited adoption of chip technology seems to be contributing to fraud
Flug points to risks as banking competition work proceeds
Government approves banking competition bill and central bank moves ahead with payments competition work, though Karnit Flug says new risks stemming from the reforms must be dealt with
Bank of Israel opens payment protocol to smaller players
Central bank removes obstacle to new firms looking to enter payments market; also working on ‘payment systems directive’ based on European model and new access standards
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
RBA's Edey signals end to lengthy card review process
Assistant governor lays out issues review will address when it is published next week, following two-year process
RBA’s Richards sees possibility for digital Australian dollar
New card regulation to be ready by May, says Richards; digital currency a possibility in the ‘more distant future’, but RBA not ‘actively considering’ it
Book notes: Phishing for phools, by George Akerlof and Robert Shiller
The veteran economists’ study of the traps markets create for unwitting consumers ultimately ends up doing exactly what the authors caution against
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
Bank of Israel smoothes way for new credit card players
Central bank moves to ease the process of entering the merchant acquiring and credit card market; aims to streamline licensing and expand ownership options
RBA’s Richards gauges sentiment on card payments regulation
Head of payments policy highlights areas of ‘common ground’ in response to issues paper on card payments regulation, but also some ‘real differences’ between stakeholders
Israel’s bank supervisor looks to split credit card companies from banks
Hedva Ber has revealed plans to boost competition in financial sector, including forcing two of the largest Israeli banks to sell their credit card companies and creating a credit database
RBA report reveals changing pattern of card use
Australians are increasingly favouring debit over credit cards for payments but both have been increasing in volume and value
Philadelphia Fed paper highlights bounce-back in credit card spending
Discussion paper analyses data from Visa Payment Panel Study, finding credit card spending has recovered from a recession-related dip, while growth in debit card spending is slowing
Bank Indonesia cracks down on ‘cash back' transactions
Central bank signs agreement allowing payments industry to seize card readers from merchants offering customers cash through fake credit card purchases
Opposition from big banks to RBA interchange fee curb
Large commercial banks and payments providers warn of damaging impact of regulating interchange fees, but smaller challenger payment systems are broadly in favour
ECB turns attention to single card payments area
Card payments are lagging credit transfers and direct debits when it comes to harmonisation across the eurozone; ECB calls for "considerable efforts" to rectify this
Two-thirds of US non-cash payments by card, but cheques persist
Payments by credit and debit cards grew nearly 8% annually between 2009 and 2012, according to new Fed data; 122.8 billion non-cash payments made in 2012, worth $79 trillion
RBA paves way for new entrants in card systems
Reserve Bank of Australia wants to facilitate new entrants into Australia’s credit and debit card systems; plans to let MasterCard and Visa set the eligibility criteria
US households stick with favourite payment methods
According to a recent study, households use ‘one or at most two' of cash, cheque and card when paying the bills
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal