Regulators are turning a spotlight on cybermoney's snags
Article Abstract:
The US Treasury Dept and the Group of Seven industrialized countries are separately setting up boards of regulators to examine issues related to electronic money. The Group of Seven committee will focus on the international cooperation required to govern transactions on the Internet. Governments are concerned about the opportunity for counterfeiting and money laundering. The US board will also examine consumer protection for smart cards pre-loaded with cash. The Federal Deposit Insurance Corporation has already declared that money loaded on smart cards is not insured by the federal government, so there is little recourse if the card is lost. The US does not require that stored-value card issuers be banks, and the issuers are not regulated in any way, opening the door to possible abuses. Industry groups say that the technologies are so new that they should not be regulated.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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Credit cards on Internet given a lift
Article Abstract:
Visa International and Mastercard International are developing a standard for electronic credit card transactions that will make it easier for companies to offer electronic commerce on the Internet. Mastercard is basically agreeing to join a standard that Visa is developing with Microsoft. The companies are planning to make the standard an open system that will allow other companies to join. Visa will pay a transaction fee to Microsoft for every transaction that relies on Microsoft software and Mastercard will either license this software or develop its own software. The decision to develop a standard also signals the intention of the credit card companies to get serious about stopping independent companies from developing technologies that use its credit cards and charge fees to use those cards.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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Cable industry ready to fight to offer Internet access
Article Abstract:
The cable television industry today will introduce the Cable Broadband Forum, an organization that will focus mostly on market research and publicity of the sector's modem technology. The move deepens the cable industry's resolve to battle telephone companies over developing domestic high-speed Internet access. Tele-Communications, Time Warner, Microsoft and Intel are backing the Cable Broadband Forum, according to the forum. Microsoft and Intel earlier in 1998 joined a phone group to create modems that are 20 times faster than current models. Frontier's Globalcenter subsidiary plans to introduce Internet Cable Express, a product that will allow small- and medium-sized cable companies to place customers on-line without spending millions to bolster their networks.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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