Visa Plans to Launch Digital Wallet for Banks in the U.S.

 

visa wallet

 The “digital wallet” will store the banks’ customers’ credit and debit card account information, both for Visa cards and other cards.

The world’s largest credit and debit card processing network, Visa Inc, is building a digital wallet that people can use to pay for things online or with their phones instead of with traditional cards.

 

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Adoption of Mobile Wallets Being Slowed by Behind-the-Scenes Battle Among Corporate Giants

mobile wallet

Consumers would wave their phones instead of swiping credit cards at the checkout counter.

The cellphone has been more than a cellphone for years, but soon it could take on an entirely new role — standing in for all of the credit and debit cards crammed into wallets.  Instead of swiping a plastic card at the checkout counter, consumers would merely wave their phones.

 

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Julian Assange Pledged to Reveal Confidential Tax Details of 2,000 Wealthy People

[youtube]http://www.youtube.com/watch?v=Iqvf0hXFQUg[/youtube]

Julian Assange, the WikiLeaks founder, today pledged to make public the confidential tax details of 2,000 wealthy and prominent individuals, after being passed the data by a Swiss banker who claims the information potentially reveals instances of money-laundering and large-scale illegal tax evasion.

 

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Consumers Beware – Reloadable Prepaid Debit Cards Loaded with Fees

reloadable-prepaid-cards

Reloadable prepaid debit cards represent one of the fastest-growing segments of the financial services industry.

Last year, Michael Abukhader’s 12-year-old son, Jacob, received a $30 NASCAR prepaid Visa card from an aunt who thought it would provide a convenient way to give him cash for birthdays and other events. But once Abukhader, who lives in Queen Creek, Ariz., reviewed the terms of the card, he closed the account.

 

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Western Nations Matching China’s Financial Strategy to Win Contracts

china-usa-currency

Western nations matching China’s low-cost financing – below-market interest rates.

When General Electric approached the U.S. Export-Import Bank in 2009 wanting to sell 150 locomotives for $477 million to Pakistan, there was a sense of futility. GE had already lost an earlier bid to a Chinese firm. Why would Pakistan buy American-made locomotives this time?

 

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New Law Makes Gift Cards a Popular Option for Holiday Shoppers This Year

GIFT CARDS

Gift card kiosk

Gift cards have long been a popular option for holiday shoppers who are short on time and bereft of ideas. But in the past, givers had to make a difficult choice. Gift cards from credit card issuers or banks could be used almost everywhere but were often loaded with expiration dates and inactivity fees. Retail cards were usually free of such restrictions but required givers to select an appropriate retailer — a challenge if you had trend-conscious teenagers on your list.

 

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Loan Cards Are Replacing Credit Cards on College Campuses

college-student-loan-cards

A loan card acts as a debit card, allowing students access to loan money left over after tuition.

“Meet your new best friend on campus,” the letter reads. A school’s emblem is featured in the letterhead – and even on the card – and students are urged to activate their accounts quickly.

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Credit Card Use Declines Sharply While Debit Card Use Rises

debit_card

Credit card use on the decline.

Americans have sharply reduced their use of credit cards, and some analysts believe the trend will continue even after the economy has fully recovered.The Federal Reserve Board reported this week that credit card borrowing fell at a 6.3% annual rate in July. The last time borrowing with credit cards increased was in August 2008.

 

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Credit Card Issuers Increase Non-Penalty Service Fees as Card Holders Become More Frugal

credit-card-lock-2

Consumers are charging less on their credit cards, paying down their balances and steering clear of penalty fees.

After the recession forced credit card companies to purge their rosters of the riskiest loans, the industry is facing a new problem: customers who are too good.

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‘Free Rent’ Approach on the Rise as Some Homeowners Stop Paying Mortgages

foreclosure

Some homeowners stop paying their mortgages.

For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.  Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.

 

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