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First Data gift-card glitch strikes after Christmas
January 7, 2008
Digital Transactions: The day after Christmas, First Data Corp.'s ValueLink unit, which processes prepaid-card transactions, delayed gift-card authorizations at some stores belonging to Wal-Mart Stores Inc. and others because of a processing glitch. The glitch was apparently resolved in a matter of hours and the cause and extent of the problem were not immediately clear. Gift card sales in November and December are expected to total $26.3 billion, up 6 percent from last year, according to the National Retail Federation.
Banking Executive SummaryTransaction ProcessingEFT NetworksPrepaid / Stored Value / Gift CardDebit / CreditOtherNorth AmericaBank / Credit Union
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