The Year in Payments

by Erin McCune on December 31, 2006

in Payments News

Over at Payments News they've published a wrap-up of the most notable payment news and events in 2006. Check it out.

Highlights

  • A transformation of the cards business as MasterCard went public, VISA announced its intention to do so, and Morgan Stanley plans to spin off Discover Card.
  • First Data Corp spun off its remittance business, Western Union, to focus on banks and merchants.
  • Bankers were preoccupied with FFIEC guidance on authentication and security.
  • 2006 was the tipping point year for contactless payments
  • Small dollar transactions surged thanks to VISA's small ticket payment service, eliminating the requirement for a signature on transactions less than $25
  • Gift cards reached critical mass
  • Mobile banking and mobile payments re-gained momentum
  • Person to person lending emerged as a new business model
  • Web 2.0 infiltrates personal finance
  • The three largest credit bureaus launched an alternative to FICO

Visit Payments News for a much more detailed list and links to coverage throughout the year.

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