HSBC - North America’s retail services business today announced it has formed a strategic alliance with electronic payment network operator Debitman Card, Inc. to accelerate growth in Debitman’s debit card platform, known as “The Retailer’s Network.”
About Debitman
Debitman created and operates the Retailer’s Network, the only national, interoperable electronic payment network for retailer-issued debit cards. Founded in 2000 with a commitment to lowering interchange fees for card transactions and generating revenue for card-issuing retailers, the company is privately held and headquartered in San Mateo, California. For more information, visit www.debitman.com
HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for many of the world’s premier retailers and manufacturers and has more than 60 active merchant relationships. HSBC Retail Services is the new name of predatory lender Household International, now part of HSBC Finance Corporation.
“Many of the referenced merchants - over 60 of them - are either financially troubled or continue to declare bankruptcy. “Nowhere in this release do you see a commitment to the customer” said Household - HSBC Watch consumer advocates. “In fact the store branded credit card market is losing favor with merchants, while a debit card usually means the person is willing to accept identity theft through loss of their card and too lazy to write a check” said one researcher. “The main advantage is through remote purchases such as reserving a hotel room or renting a car, but a card could be used at the military PX in Iraq when the bank account being debited is in the United States and receives direct deposits, but in that case one could still write a check.”
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