To beef up its Internet technology infrastructure, First Data Corp. acquired Achex Inc., an online payment provider founded in 1999. And to enhance its debit business, First Data gained a 60 to 65 percent equity interest in NYCE Corp., owner of the NYCE electronic funds transfer network.
More than 5,000 information technology pros attended Retail Systems 2001. The show boasted 115,000 square feet of exhibit space and 350 exhibitors, many of whom showcased new products. Payment-related highlights included integrated gift card solutions, a new POS operating system, a digital check imaging printer and a guard designed for touch-pad protection.
American Express Co. discontinued its Online Wallet in June 2001. The major card brands were still pushing the concept, but e-wallets for online purchases weren't catching on. "Theoretically, electronic wallets spare users the hassle of retyping personal information at each website they visit," American Banker reported. "But the people have appeared indifferent to this advantage."
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