A Thing
The Green SheetGreen Sheet

The Green Sheet Online Edition

October 13, 2008 • Issue 08:10:01


Payments in brief: 1983 to 2008

To prepare for the silver anniversary edition of The Green Sheet, we scoured our archives for facts and figures to evoke the payments industry's evolution. Listed by publication date, here is a sampling of industry milestones over the last 25 years.

Oct. 15, 1986

GS Logo Transactions on general purpose cards total 3.64 billion, most done on imprinters (knucklebusters).

Oct. 31, 1986

GS Logo 32.8 percent of the U.S. public carry bankcards.

GS Logo Senate bill HR 1197, which would have capped all credit card interest rates at 8 percentage points over the yield for one-year treasury securities, is defeated.

Nov. 14, 1986

GS Logo MasterCard International wants San Francisco bank management consulting firm Edgar Dunn & Co. to convert 78 million credit cards in the United States from mag stripe to smart card microchip encoding.

April 29, 1994

GS Logo The Automated Clearing House begins testing check truncation. It will be a pilot program.

Feb. 10, 1995

GS Logo The Green Sheet writes, "While there are many things that ISOs do today for various elements of the payments industry, there is only one thing that ISOs uniquely bring to the process, and that is they can sell! ISOs need a national association which respects selling, focuses on this most valuable element of any business process, and is an advocate of the ISOs."

July 10, 1995

GS Logo First Financial Management Corp., owners of Nebanco and TeleCheck (the biggest check guarantee company at the time), plan to merge with First Data Corp., which recently purchased Card Establishment Services Inc., the CitiCorp Bankcard spinoff. The combined organization will control 53.8 percent of all bankcard acceptance in the United States.

April 15, 1996

GS Logo ISOs begin to sell Web services.

Sept. 30, 1996

GS Logo The Bankcard Services Association changes its name to the Electronic Transactions Association, signaling it has expanded its mission to include the entire payments industry, not just banks.

March 24, 1997

GS Logo The National Retail Federation joins Wal-Mart Stores Inc., Sears, Roebuck and Co., and The Limited Inc. in a multibillion dollar antitrust suit against Visa and MasterCard.

Dec. 1, 1997

GS Logo The Green Sheet announces its first ISO seminar to debut in January 1998.

Dec. 29, 1997

GS Logo The Green Sheet unveils its third annual check study.

June 29, 1998

GS Logo The ETA launches its Web site.

July 13, 1998

GS Logo Microsoft Corp. and First Data Corp. partner to introduce electronic bill presentment and payment (online bill payment).

Aug. 12, 2000

GS Logo E-Sign legislation is approved; e-signatures are given the same legal status as signatures on paper contracts.

Feb. 19, 2001

GS Logo Credit card truncation law in California to take effect Jan. 1, 2002.

March 19, 2001

GS Logo First Data plans to acquire TASQ Technology Inc.

March 11, 2002

GS Logo "On Feb. 15, 2002, PayPal debuted on Nasdaq, becoming the first Internet stock offering of the year, as well as the first successful stock offering in many months from a profitless Internet company," The Green Sheet writes.

May 27, 2002

GS Logo The Australian government prepares to limit interchange rates imposed by Visa and MasterCard.

June 24, 2002

GS Logo PanIP LLC sues 11 businesses, alleging the companies infringed on PanIP's online payment processing patents.

Feb. 10, 2003

GS Logo The National Association of Payment Professionals to hold first conference.

April 14, 2003

GS Logo First Data Corp. agrees to purchase Concord EFS Inc. for roughly $7 billion.

Aug. 25, 2003

GS Logo Organizers of the first Midwest Acquirers Association convention hope to get 150 attendees to come to Chicago. The final tally is 396.

Sept. 22, 2003

GS Logo Intuit Inc., makers of QuickBooks accounting software, agrees to acquire Innovative Merchant Solutions to enable Intuit to tap into the merchant account services market.

Feb. 23, 2004

GS Logo The Check Clearing in the 21st Century Act (Check 21) is set to go into effect in fall 2004.

May 10, 2004

GS Logo NOVA to acquire the portfolio of Union Bank of California.

Sept. 13, 2004

GS Logo McDonald's gets into contactless with MasterCard's PayPass.

Sept. 24, 2004

GS Logo Visa Cardholder Information Security Program rules are established.

Dec. 13, 2004

GS Logo Discover Network buys the Pulse network for $311 million.

GS Logo United Bank Card introduces free terminals.

Oct. 10, 2005

GS Logo Merchant cash advance heats up.

Oct. 24, 2005

GS Logo First Data and JPMorgan Chase & Co. merge their acquiring organizations to form Chase Paymentech LP.

March 13, 2006

GS Logo MasterCard pushes its initial public offering to the second quarter of 2006.

Apr. 24, 2006

GS Logo PIN debit theft skyrockets.

July 24, 2006

GS Logo MasterCard International changes its name to MasterCard Worldwide.

Aug. 14, 2006

GS Logo Visa U.S.A. plans to disclose its operating regulations to both merchants and U.S. Senators, effective Sept. 1, 2006, but with certain conditions.

Oct. 9, 2006

GS Logo Heartland Payment Systems Inc. establishes the Merchant Bill of Rights.

Oct. 23, 2006

GS Logo Plans are disclosed for Visa International, Visa U.S.A. and Visa Canada to merge and become Visa Inc. Visa Europe to become a licensee of Visa Inc.

Jan. 8, 2007

GS Logo Discover Financial Services LLC to spin free of parent company Morgan Stanley and go public in the third quarter of 2007.

Feb. 12, 2007

GS Logo A computer intrusion at level 1 retailer TJX Co. Inc. is disclosed and may have far-reaching consequences.

April 23, 2007

GS Logo Kohlberg Kravis Roberts & Co. to purchase First Data for $29 billion.

June 7, 2007

GS Logo New Arkansas law to cap early termination fees at $50, or one month's minimum charge, assessed on Arkansas merchants for early termination of contracts with nonbank processing companies.

Sept. 10, 2007

GS Logo A U.S. District Court rules against the AdvanceMe Inc. patent infringement lawsuit, opening up the merchant-funding floodgates for cash advance.

April 14, 2008

GS Logo Visa goes public, representing the biggest IPO in U.S. history.

April 28, 2008

GS Logo Discover agrees to purchase Diners Club International Ltd. from Citigroup Inc. for $165 million.

June 9, 2008

GS Logo The U.S. Court of Appeals rejects an appeal filed by AdvanceMe.

GS Logo The joint venture between First Data Corp. and JPMorgan Chase & Co known as Chase Paymentech to be broken up by the end of 2008.

July 14, 2008

GS Logo Visa caps interchange rates for debit and prepaid fuel transactions in an effort to help lower costs for oil companies and service stations, which can pass savings on to consumers.

Aug. 11, 2008

GS Logo The American Housing Rescue and Foreclosure Prevention Act of 2008 is signed into law; it requires acquirers to turn over merchant credit and debit card transactions to the Internal Revenue Service starting in 2010. end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

Prev Next

Current Issue

View Archives
View Flipbook

Table of Contents

New Products
A Thing