Latest news (24,989 items)

Visa NZ unifies interchange rate

Banks in New Zealand propose to introduce a unified interchange rate for Visa transactions of 93 basis points from July, replacing the current two tier rate, of 110 basis points for standard transactions, and a discounted interchange rate of 80 basis points on supermarket transactions. read more

Stubborn Reserve rushed cards reform

The Reserve Bank rushed to regulate the credit market because of the (then) imminent failure of the ACCC's action against National Australia Bank in early 2001 for price fixing, MasterCard told the Federal Court in the third day of the combined hearing with Visa, in which both card schemes hope to overturn the RBA's regulation of the credit card market. read more

Make that 50,000 applications in a week

Westpac's new credit card partner Virgin Money reckons its received 50,000 applications for its credit card in a week. On Friday, after three and a half days trading, it was said to have been 30,000 applications. Once again, Virgin's claims could be true. Or bollocks. Virgin's brand demands hype. read more

Travel bugs AmEx

The downturn in travel is cramping the growth of American Express, which reported there was no growth in spending in the "travel and entertainment" category in the March 2003 quarter in the US, though spending in other categories increased 15 per cent. Spending on airline tickets, which accounts for 13 per cent of all spend on AmEx in the US, fell by four per cent in February and 13 per cent in March. read more

Pulse switches to Ken Douglas

ATM deployer Pulse International has recruited a new chief executive, with current Woolworths executive Ken Douglas to take over next month. Douglas fills the slot vacated more than a year ago by Hilton Sack. Pulse's chief technology officer, Greg Storey, had lead the Pulse team since then. read more

Ezy Banking seeks new chief

Woolworth's loss of Ken Douglas to Pulse means that the retailer will have to search for its fourth head of Ezy Banking in two years. read more

CBA extends credit card lead

In yesterday's half day investor presentation of the bank's strategy to 2008 (of which more below) Commonwealth Bank said yesterday that it gained ground in the credit card market over recent months, with a market share measured by share of outstanding balances of 22.1 per cent as at February 2003. The bank claimed a market share of 21.8 per cent at December 2002. read more

But loses ground in home loans

CBA, however, is slipping in the home loan market. The bank said yesterday that it recorded home loan growth in Australia for the year to March 2003 of 15 per cent. And since lending for housing overall grew at about 22 per cent, the bank lost market share. read more

CBA sticks to advice-based, integrated strategy

Commonwealth Bank yesterday outlined a five year strategic plan for the five year period 2004 to 2008 that largely refines the current positioning of the business, as a provider of integrated financial services, with an emphasis on advised-based service. read more

NZ retailers seek surcharge

The attempt by banks, and Visa in New Zealand to increase the merchant service fee paid by supermarkets is leading to demand by retailers for the right to surcharge customers who pay with credit cards. read more

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