Overview 1
Catalyst 1
Summary 1
Methodology 1
Introduction 3
Who is the target reader? 3
Changes to the format of the Competitor Tracker in 2007 3
The Payment Card Competitor Tracker is now organized by theme 3
An extended, topic driven commentary replaces the Cards & Payments Team view 3
How to use the Payment Card Competitor Tracker 3
Product, Services, and Innovation 6
Roundup of the key developments in Q2 2007 6
Card product developments 6
Prepaid card offering is growing in the UK and the US 6
American Express introduces mortgage payments credit card 6
New technologies and product innovation 7
MasterCard and Visa rollout contactless payments to taxis and airport car parks in the US 7
Activity in contactless payments remains strong across other markets 7
There has been a number of developments in mobile technology 7
Visa and Maybank launch person-to-person (P2P) payments service 8
AEON Credit Service 8
Malaysia: AEON Credit and AGS launch a golf-themed card 8
Malaysia: AEON Credit launches ATM network 9
Malaysia: AEON Credit launches MMSDA affinity card 9
American Express 9
Argentina: Banco Privado launches American Express card 9
Asia Pacific: Westpac introduced Westpac American Express card 10
US: American Express introduces mortgage payments credit card 10
US: American Express launches three special occasion gift cards 10
US: Bank of America launches American Express credit card to target affluent customers 11
ANZ 11
Indonesia: ANZ bank introduces the World MasterCard card 11
Vietnam: Sacombank and ANZ form money transfer alliance 11
Bank of America (incl. MBNA) 11
UK: MBNA launches AOL co-brand credit card 11
US: Bank of America completes mobile banking rollout 12
US: Bank of America launches American Express credit card to target affluent customers 12
Barclaycard 12
UK: Barclays introduced PINsentry online banking security feature 12
UK: Barclaycard to offer green credit card 13
UK: Barclays introduces mobile payment service 13
UK: Barclaycard signs first retail partner for contactless payments 13
Citigroup (incl. Diners Club) 14
Malaysia: Citibank launches cashback Gold card 14
Philippines: Citibank offers mobile prepaid reload service 14
Taiwan: Citibank Taiwan launches 24-hour credit card approval service 15
Thailand: Citibank offers more benefits in six popular spending categories 15
Turkey: Citibank and Akbank to share ATM networks 15
US: Citibank introduces Citi Mobile 16
Discover 16
US: Discover Card reintroduces cashback bonus credit products 16
US: Discover and First Data lauch payroll cards 16
First Data 16
Global: First Data furthers NFC play with ViVOtech investment 16
UK: First Data launches Vue cinema gift card program 17
US: Coinstar to offer Money Network Pay Card through Coinstar Kiosks 17
US: Discover and First Data to deliver Discover Network payroll cards 17
GE Consumer Finance 18
Global: GE Money and eBay offer eBay MasterCard 18
US: Wal-Mart to introduce prepaid Visa cards with GE Money 18
HSBC 18
UK: HSBC offers two new interest-free credit cards 18
JCB 19
Japan: JCB and Collis launch contactless card testing product 19
JP Morgan Chase 19
Canada: Chase announces changes to Sears Club loyalty program 19
US: Sheetz and Chase Card Services announces changes Sheetz co-brand 19
US: JP Morgan Chase lauched prepaid card for the reciept of the unemployment benefit 19
MasterCard 20
Taiwan: MasterCard announces the official lauch of contactless transport card 20
US: MasterCard announces PayPass acceptance at US Airports parking areas 20
RBS 20
UK: RBS announces balance transfer offers 20
TSYS 21
Qatar: TSYS to offer EMV-compliant issuance processing services 21
UK: Norwich Union and TSYS announce prepaid rewards card pilot 21
Visa 21
Canada: Visa to launch Visa PayWave 21
Singapore: Visa and Maybank launch person-to-person (P2P) payments service 22
US: Visa and Creative Mobile Technologies partner to bring contactless payments to thousands of New York Taxis 22
US: Wells Fargo and Visa launch mobile payment pilot 22
Westpac 23
Australia: Westpac forced to block cards after security breach 23
Pacific: Westpac introduces Westpac American Express card 23
M&A, Partnerships, and Organic Growth 24
Roundup of the key developments in Q2 2007 24
Organic growth and expansion 24
Several major banks have commenced yuan business in China 24
Barclaycard launched its first credit cards in India and United Arab Emirates 24
Merger and acquisition activity 24
Several players have looked to make strategic acquisitions 25
New partnerships and contract renewals 26
Strategic partnerships have also proved a popular entry route into developing markets 26
Bank of America (incl. MBNA) 26
Canada: MBNA to purchase CUETS 26
China: Bank of America and China Construction Bank enter into credit card joint-venture 26
US: Bank of America announces acquisition of LaSalle 27
Barclaycard 27
India: Barclaycard launches first credit card in India 27
United Arab Emirates: Barclaycard launches credit cards in the UAE 28
BBVA 28
US: BBVA approves the capital increase for the acquisition of Compass Bank 28
Citigroup (incl. Diners Club) 28
China: Citi officially launches as a locally incorporated bank in China 28
UK: Citgroup announces acquisition of Egg 29
Erste Bank 29
Croatia: Erste Bank completes acquisition of Diners Club Adriatic 29
First Data 29
Canada: First Data extends processing contract with Laurentian Bank of Canada 29
Germany: First Data extends processing contract with Dresdner Bank to 2012 30
Group: KKR to purchase First Data 30
Saudi Arabia: First Data announces five-year card processing contract with Saudi issuer 30
US: First Data finalizes acquisition of Instant Cash Services 31
US: First Data closes acquisition of FundsXpress 31
GE Consumer Finance 31
Poland: GE Money in talks to acquire BPH stake from UniCredit 31
US: GE Money extends credit card issuing agreement with Lowe's to 2016 31
US: GE Money extends card issuing agreement with the Andersons 32
Grupo Santander 32
Group: Grupo Santander together with RBS and Fortis to acquire ABN Amro 32
Italy: Santander completes Intesa Sanpaolo stake sell-off 32
HSBC 32
China: HSBC launches locally incorporated bank 32
Russia: HSBC obtains retail banking license 33
KBC 33
Russia: KBC acquires majority stake in Absolut Bank 33
Serbia: KBC completes takeover of A Banka 34
RBS 34
Group: RBS together with Grupo Santander and Fortis bid to acquire ABN Amro 34
US: RBS and Bank of America end talks over LaSalle dispute 34
US: RBS Lynk to process credit cards for Alon USA 34
Standard Chartered 35
China: Standard Chartered launches first sub-branch 35
TSYS 35
US: TSYS renews renews processing contract with MMS 35
Westpac 35
China: Westpac receives approval to open Shanghai branch 35
Staffing and Strategy 37
Bank of America 37
US: Steve Raftopoulos to head Bank of America's Middle market M&A efforts 37
Barclaycard 37
Spain: Barclays appoints its new top executives in Spain 37
Capital One 38
Group: Capital One to announces 2,000 job losses in cost-cutting initiative 38
Citigroup 38
Group: Citigroup unveils global brand advertising campaign 38
Discover 38
Group: Discover announces board changes following the spin-off from Morgan Stanley 38
Erste Bank 39
Romania: Erste Bank announces changes to its management team 39
First Data 39
South Korea: First Data appoints new CEO of South Korea Operations 39
HSBC 39
Asia: Emerging markets specialist becomes CEO for HSBC in Asia 39
JCB 39
Japan: JCB announces the new brand slogan 39
Japan: JCB appoints new President and CEO 40
JP Morgan Chase 40
US: Gordon Smith appointed head of credit card group 40
MasterCard 40
Global: MasterCard and FIFA Reach Settlement 40
Nordea 41
Group: Nordea announces new group stucture 41
RBS 41
South Korea: RBS Appoints Sy Choi as Head of Global Banking & Markets for South Korea 41
Standard Chartered 41
Asia: Standard Chartered appoints as Chief Executive for North East Asia 41
Visa 42
Global: Visa announces corporate restructure 42
Global: Visa announces new chairman and CEO 42
Global: Visa Confirms Global FIFA Relationship 42
Appendix 44
Methodology 44
Further reading 44
Ask the analyst 44
Datamonitor consulting 44
Disclaimer 44
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