credit card and debit card use boost australian gdp
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A global study of electronic payments released by Visa shows credit card and debit card usage in Australia added almost $ 20 billion to the countries GDP from 2008 to 2012.

Card usage in Australia increased from 50 percent to 58 percent in 2012, growing GDP by 0.47 percent and adding $ 20 billion to the Australian economy, claims the report under taken by Moody’s Analytics. 

“It demonstrates that card usage makes the economy more efficient, yielding a meaningful boost to economic growth,” says Visa Country Manager Vipin Kalra.

Kalra also stated that Visa has much higher goals for the future. It’s estimated that around 21 percent of Australians do not have a debit card, 36 percent don’t have a credit card and more than 24 percent of transactions in 2012 were made in cash.

“Imagine the economic benefit if we connected more Australians to electronic paymenys, giving them secure and immediate access to all their financial resources,” Mr Kalra said.

Globally the impact of electronic payments is estimated around US$ 983 billion or the equ…………… continues on

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Firms use evolving technology to keep credit card information safe
News from Scottsbluff Star Herald:

Longtime Omaha florist Frank Piccolo remembers taking orders for bouquets by hand, writing down all the customer’s information — including the customer’s credit card number.

“Looking back at those days, at how insecure credit card privacy was, it’s amazing,” Piccolo said. “You had all kinds of people having access to orders with these numbers on them.”

Today, Piccolo’s flower shops use Teleflora’s secure point-of-sale network to process sales, and customers’ credit card information is no longer kept at the shop or on its computers, Piccolo said.

“It’s not in anything that anybody could come back a few hours later and get their hands on,” Piccolo said.

Keeping credit card numbers off retailers’ servers is just one strategy in an escalating fight against hackers who break into retail sales networks and sell credit card numbers on the black market.

A number of firms with operations in Omaha, including First Data and PayPal, are at the front line of fighting hackers, not an easy game to win.

When the payment processor says, “I’m going to build a bigger wall,” the hacker says, “I’m going to build a bigger slingshot,” said Cliff Gray, who consults on payment data security for an Omaha-based company, the Strawhecker Group.

The stakes are high for merchants whos…………… continues on Scottsbluff Star Herald

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