NACHA - The Electronic Payments Association was in the process of revising its official commentary to Regulation E to the Electronic Fund Transfer Act. The change would permit service fee collection without written authorization from consumers, which was at odds with another rule requiring separate transactions and signatures for service fee collection.
The Infrared Data Association formed the Infrared Financial Messaging Special Interest Group to establish one worldwide standard upon which hardware and software manufacturers could base universally applicable wireless payment solutions. The standard would pertain to devices exchanging transaction data within close proximity of each other.
Providian Financial Corp. reportedly conducted the first credit card payment transaction using smart chip technology. The company had previously issued more than 1 million smart cards to consumers. The cards could be used for traditional POS transactions, as well as for Internet transactions utilizing smart card readers connected to consumers' computers.
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