This week payments professionals around the country are descending upon Las Vegas to get the latest trends in the industry. The rollout of EMV chip cards continues to be a hot topic with the likes of Javelin Strategy Research, Vesta Corporation and EMVCo delivering sessions at Money20/20 on the state of the U.S. EMV rollout.
Have a Starbucks card in your wallet? Chances are it was produced at a facility in Southern Nevada.
Same goes for your hotel key cards.
And it may even be the case for your credit and debit cards.
Retailers understand why the holiday season seems to start a little earlier each year. And even though the consumer in all of us might cringe as retailers adorn Christmas trees right next to the Halloween costumes and Thanksgiving tableware, we know that a longer holiday season means more sales and a more profitable year. But are you really doing all you can with those extra weeks of holiday sales? The smartest and most strategically positioned retailers are leveraging their gift card strategies to reap the biggest return on this year’s holiday season.
In 2010, the federal government passed the Durbin amendment (named for U.S. Senator Dick Durbin, D-Ill.), which essentially caps debit interchange fees. It not only limits the profitability of debit card programs but also causes many issuers to cut back or eliminate rewards programs in their debit portfolios.
Fifty-four percent of those 2014 breaches related to identity theft; 17 percent to financial access; and 11 percent to account access. And in that year, 32 data records were lost or stolen every second—averaging out to almost 2.8 million a day. In a world of widespread breaches, card issuers must look at reissuance as an opportunity.