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SellingPrepaid
they can also be printed for use at brick-and-mortar
retailers.
Sharing Card donates unused balances
NEWS
Fed urged to limit gift card fees
In a letter to the Federal Reserve Board, four consumer
groups urged the Fed to regulate and curb gift card fees
and address terms and conditions that undermine the
value of gift cards. The Fed is reviewing a set of proposed
gift card regulations as part of the Credit Card
Accountability Responsibility and Disclosure Act of
2009 (Credit CARD Act). New regulations are scheduled
to go into effect Feb. 22, 2010. The letter was penned
by Consumers Union, Consumer Action, Consumer
Federation of America and the National Consumer
Law Center and can be viewed online at www.consumers
union.org/pdf/gift-card-comments1209.pdf. The consumer
groups advised the Fed to cap the amount issuers can
charge for inactivity, limit fees on low-value cards, limit
when the inactivity fees can be charged, provide protection
from early expiration dates on gift cards, and provide
loss prevention for lost or stolen cards.
Virtual Visa a first in Canada
Following an agreement between VendTek Systems
Inc., Peoples Card Services (an affiliate of Peoples
Trust Co.) and 3V Transaction Services Ltd., VendTek
launched the 3V Virtual Visa card in Canada, which
VendTek claims is the first virtual, Visa Inc.-branded
prepaid card to be issued in Canada. Peoples Card
Services will act as the card issuer; VendTek will control
marketing and distribution.
ANNOUNCEMENTS
7-Eleven's game card sales soar
7-Eleven Inc. reported that its sales of prepaid game
cards in 2009 doubled over the past year. In response
to that demand, 7-Eleven doubled the number of titles
it carries. Using the game cards, gamers can spruce up
avatars (virtual personae in online games) or purchase
virtual weapons or enhanced abilities.
Virtual gift cards at vir tual mall
E-Gift Cards, Blackhawk Network's virtual gift card
program, is now available at GiftCardMall.com. The
cards can be purchased online and delivered via e-mail;
Conestoga Bank launched a patent-pending gift card
solution that allocates unused balances on cards to
charities. Richard A. Elko, Conestoga Bank President,
said fees can deplete balances on gift cards. "Our creative
team decided to take this behavior and transform it
into positive action that would benefit the community,"
he added.
MoneyGram prepays $40M
MoneyGram International arranged to pay to its debt
holders $40 million on its tranche B term loan under the
senior secured credit facility, which brings the total the
company has paid on its outstanding debt obligation in
2009 to $187 million.
ONE launches age-specific card
Open Network Entertainment Inc. unveiled the ONE
SafeCard, an age-specific prepaid card for online gamers
and social network users. "The ONE SafeCard not only
ensures that children are provided access to age-appropriate
gaming sites, but also enables parents to be able
to control where and when their children make in-game
purchases," said Pete Grubb, Vice President of Sales and
Marketing for ONE.
Commonwealth card wins Oscard
The Commonwealth Bank Travel Money Card won
the Best International Prepaid Card Oscard award in
Paris. The card, available at any Commonwealth Bank
branch in Australia, can be used wherever MasterCard
Worldwide-branded cards are accepted.
Western Union extending reach
The Western Union Co. launched transactional Web
sites in Belgium and Portugal. "Our international sites
posted 40 percent transaction growth in the third quarter
of 2009," said Gail Galuppo, Executive Vice President
and Chief Marketing Officer at Western Union.
Trustcash to add white-label option
Trustcash Holdings Inc. is developing a white-label
option for its e-commerce checkout system. The new
solution, which will be offered for a fee, will allow merchants
to customize elements such as headers, footers,
cascading style sheets and buttons with logos.
Univision launches gift card
Univision Communications Inc., a U.S.-based, Spanish-