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Wilmington, North Carolina once had a thriving Black middle class and an elected interracial government. In 1898 white supremacists used violence to overthrow that government, kill Black residents and drive many others from the city.
MORE →Reflects the personal views, recollections, and perspective of the author, Mike Davis.
This is a personal recollection on the Move fire on May 13, 1985
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A decoupled debit card is a debit card in the US that is not issued by and not tied to any particular retail financial institution, such as a bank or credit union. This is based on the ability in the US ACH Network payment system to make an electronic payment from any bank or credit union without needing to use a card issued by the bank or credit union. A third party, such as a retailer, can create a decoupled debit card which will use this system to make a payment from the customer's checking account. They may do this as part of a loyalty scheme or to reduce their own debit card processing costs.[1]
In May 2007, Capital One began a one-year decoupled debit card experiment.[2] This card was novel in that prior to this launch, a debit card was always tied to a traditional financial institution. Capital One's MasterCard-branded decoupled card did not require an account be opened with a retail financial institution, and was made in partnership with the Ukrops grocery chain, based in Capital One's hometown of Richmond, Virginia. The card was also tied to a reward program offered by Ukrops. The one-year experiment ended in May 2008,[3] and was followed by a national rollout of its own version of a decoupled debit card tied to its own reward program.[4]
Decoupled Debit gained the attention of the financial services industry in May 2007 when Capital One announced they were going to add a decoupled debit card product. At the time Capital One did not offer checking accounts—only credit cards and this was a strategy to offer a debit card without actually owning the checking account relationship. The one year pilot ended without Capital One citing specific reasons as to why, leaving the industry with only speculation as to why.
Today, decoupled debit cards are typically issued and branded by retailers without any association to a national network such as Visa, MasterCard or Amex. The retailer has complete control over the issuing of the cards to their customers and the processing of the payment. By definition, decoupled debit cards are processed via the Federal Reserve ACH System as the mechanism for reaching a consumer’s checking account as a debit to their account for their purchase. The payment side of the product operates like an electronic check, but the product is more than just a payment card.
When the Durbin Amendment became law in October 2011, there was new speculation that this was the end of decoupled debit. At the time there were only two main companies offering decoupled debit: Tempo and National Payment Card Association. Tempo did in fact close their doors shortly after the roll-out of the Durbin Amendment—National Payment Card Association (NPCA) did not and is still thriving today in 2013.
Why one survived Durbin and the other did not is a function of their differences in business models and program structures. Tempo had a product model tied to Discover and accepted signature debit which resulted in a pricing model and risk profile that would no longer be attractive to retailers under Durbin.
National Payment Card Association has a different pricing model – generally a fixed price per transaction of $.15 that retailers pay in processing fees, which is still very competitive even under Durbin regulation. The company also has a well articulated and easily understood value proposition for retailers:
Retailers reap swipe fee savings when they have a National Payment Card program when compared to what they pay in swipe fees for accepting Visa, MasterCard, AMEX, etc. The savings are used to fund rewards to the retailer’s customers which provides the incentive to the consumer to carry another payment card in their wallet.
The Target Red Card program is an example of how the value proposition works. Consumers enroll with Target, provide their checking account to be debited and receive 5% discount at the register when they use the Red Card to pay.
NPCA on the other hand has developed their niche in c-store petroleum. The programs offer consumers an instant price rollback at the pump of anywhere between 3 cents and 10 cents off per gallon of fuel purchased. The programs offer another benefit to retailers and that is in building a customer data base. Since the consumer enrolls (generally online) into the program, the retailer gains baseline information about their cardholders (name, address, phone number, email addresses, etc.) and they gain the ability to track spending. This is information banks typically have when a customer uses a bank-issued payment card. Now the retailer has the information and can mine the data for use in targeted marketing to their customers.
On a going forward basis, the real payoff for decoupled debit might very well end up to be mobile payments. The most noted program in this early life cycle of mobile payment using decoupled debit is Cumberland Farms SmartPay. In this program, consumers can have a mobile payment app, a traditional mag stripe card, or both. The program tracks lifetime savings within the app and coupons and promotions can be delivered to the app while the Cumberland Farms customers are fueling.
In October 2013 payments technology firm FIS announced a new private label, decoupled debit product called InterPayment. InterPayment utilizes proprietary FIS technology and payment processing platforms.
Source: Wikipedia. Article content is retrieved live through the MediaWiki API.
A decoupled debit card is a debit card in the US that is not issued by and not tied to any particular retail financial institution, such as a bank or credit union. This is based on the ability in the US ACH Network payment system to make an electronic payment from any bank or credit union without needing to use a card issued by the bank or credit union. A third party, such as a retailer, can create a decoupled debit card which will use this system to make a payment from the customer's checking account. They may do this as part of a loyalty scheme or to reduce their own debit card processing costs.
A stored-value card (SVC) or cash card is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card. Like cash, payment cards can be used anonymously as the person holding the card can use the funds. They are an electronic development of token coins and are typically used in low-value payment systems or where network access is difficult or expensive to implement, such as parking machines, public transport systems, and closed payment systems in locations such as ships. Stored-value cards differ from debit cards, where money is on deposit with the issuer, and credit cards which are subject to credit limits set by the issuer and are connected to accounts at financial institutions. Another difference between stored-value cards and debit and credit cards is that debit and credit cards are usually issued in the name of individual account holders, while stored-value cards may be anonymous, as in the case of gift cards. Stored-value cards are prepaid money cards and may be disposed when the value is used, or the card value may be topped up, as in the case of telephone calling cards or when used as a fare card. The term closed-loop means the funds and/or data are physically stored on the token or card in the form of binary-coded data. This is unlike payment cards where data is maintained on the card issuer's computers. Like payment cards, value can be accessed using a magnetic stripe, chip or radio-frequency identification (RFID) embedded in the card; or by entering a code number, printed on the card, into a telephone or other numeric keypad.
A credit card (or charge card) is a payment card, usually issued by a bank, allowing the card's users to purchase goods and services, or withdraw cash on credit. Card use thereby accrues debt that must be repaid later. A normal credit card differs from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. By contrast, credit cards allow consumers to build a continuing debt balance, subject to interest charged at a specific rate. Moreover, a credit card differs from a charge card in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. A credit card also differs from a debit card, which can be used like currency by the card's owner. In June 2018, there were 7.75 billion credit cards in the world. In 2020, there were 1.09 billion credit cards in circulation in the United States; with 72.5% of adults (187.3 million people) having at least one credit card.
The Iranian identity card is the primary identity document in Iran. Every citizen age of 15 and above, whether resident or not, needs to apply for such a card, which bears their unique national identity number, given name, surname, birth date, and postal code. The current version of this card is called the national smart card (Persian: کارت هوشمند ملّی) and is the successor of the national card (Persian: کارت ملّی). This card is intended to reduce the need for the more valuable Iranian identity booklet, which is issued at birth. The National Organization For Civil Registration began issuing national smart cards in 2015. At the time, the application was voluntary. As with other smart cards, the national card features a smart chip and an RFID. The Iranian authorities initially advertised this card as a means of secure participation in elections that guarantees voting integrity. On the back of the card it says it is legally required to notify Civil Registration of address changes. In the near future, identity booklets will be replaced by these cards. It will also replace Iranian banks' debit cards in August 2023. Based on the latest announcement by the National Organization for Civil Registration of Iran, the validity of all Iranian identity cards that have expired will be extended until 20 March 2027 (end of 1405 based on Iraninan Calendar), and there is no need to replace them.
Before the 1921 destruction of Tulsa’s Greenwood District, Black residents had created a remarkable center of business and community life. The district included stores, professional offices, entertainment venues and homes owned by Black citizens. Understanding Greenwood means learning what was built—not only what was burned.
MORE →Madam C.J. Walker
