Beyond Plastic
Trends in the Payment Card Industry
by
Book Cover & Preview Text
The crumbling of the subprime mortgage loans and subsequent failures of banks and investment firms sent shockwaves that reverberated throughout the nation and the world in 2008. Fannie Mae and Freddie Mac failed so miserably that they were taken over by the U.S. government. Washington Mutual, Wachovia Bank, Bear Sterns, and Lehman Brothers were among the many well-known financial companies that survived only through acquisition. As a result of this economic debacle, ten of the largest United States banks were -- and still are -- required to set aside $75 billion to prepare for potential losses that could result from a deepening recession. Then along came the government's helping hand to AIG, further weakening confidence in the U.S. economy. The auto industry stood in line waiting for its handout, too, and now a part of General Motors is owned by U.S. taxpayers. To make matters even worse, many investors saw their portfolios drop about 40% over several months. In early 2009, investor confidence remained shaken. By Q3, the market had started to rebound, though the upward trend was anything but steep. Bernard Madoff, a former Wall Street icon, had managed to bilk investors out of $50 billion. As a result of his Ponzi scheme, wealthy investors lost their fortunes, charities watched their capital shrink, and middle class workers' retirement portfolios evaporated practically overnight. Add to this scenario the bad news of declining home values, a rising foreclosure rate, soaring unemployment, and plummeting interest rates, and you have a financial meltdown not seen since the Great Depression. This bleak economic picture does not mean, however, that payment card industry leaders will fall to their knees, groveling for a handout, like some of the major automobile companies, investment firms, or banks have done. It doesn't mean that consumers will suffer in the long term by having to give up credit cards, debit cards, and other convenient forms of payment. What it does mean is that the payment card business -- which, for the purposes of this book, refers to the industry that provides credit cards, debit cards, and prepaid cards, such as gift cards -- will need to look at new markets, emerging technologies, and innovative programs to attract and retain the right customers.
Formats
Book Details
About the Book
Beyond Plastic: Trends in the Payment Card Industry
Explore the credit card industry and its impact on consumers, business and the economy. How will the current economic climate affect the way people and businesses spend money and use credit? How will the change in our economy impact the growth of debit cards and other forms of electronic payments and technology?
Beyond Plastic: Trends in the Payment Card Industry will answer these questions and more.
It will explore how innovations in technology, payment programs, and new markets will lead the way in the new economy; what the new Consumer’s Rights and Responsibilities are and what they mean to you; the legal issues that will change the credit landscape; and how to protect against fraud and leverage payment technology to your advantage.
Know who the big players are in the industry, how their decisions affect the global market, and how the credit wars will be fought and won. Discover new markets in developing nations and how this cultural shift will affect the face of credit cards and the electronic payment industry in years to come.
Payment cards are the foundation of many small businesses in the United States. Without them in today’s world, most companies would never get the chance to exist. New markets will open; others will eventually disappear. Beyond Plastic: Trends in the Payment Card Industry provides a comprehensive take on where we have been in this industry, and a look to where we are going.
About the Author
Michael A. Brooks is the founder and CEO of Transaction Management & Solutions, Inc., a developer of next generation online customer payment management tools for the online merchant. Before founding Transaction Management & Solutions, Inc., Michael offered his tactical development and marketing skills to up and coming organizations in the direct response and payment card industry.
He has an extensive background in the development of advanced strategies and comprehensive online merchant payment solutions, designing and implementing marketing programs and methodologies, and throughout the years, has built strong alliances with the major payment card industry associations, banks, processors and ISOs.