Buxfer, an online money tracking service, has announced they will be using Amazon's new Flexible Payment Service to make online payments between users in the US - and they're offering it free of charge (certain limitations) through the end of August. Going forward, Buxfer will be charging the receiver of funds for the payment by passing through the fees Amazon charges them for FPS. Buxfer only supports payments funded from the sender's Amazon Payments account balance or from the sender's bank account - but not from a sender's credit card (presumably because Amazon FPS, like PayPal, does not support personal account holders receiving credit card payments). See their blog post here. Jim Bruene also reports on Buxfer on his Netbanker blog.
The developers of JungleDisk, an application that allows you to store files securely on Amazon's S3 storage service, have introduced JunglePayments, a service built on top of Amazon's new Flexible Payment Service. JunglePayments "wraps" Amazon FPS and allows web site developers to quickly create links that can be used by their web site users for making payments using Amazon FPS. Here's a description of how it works.
Amazon has introduced Amazon Flexible Payments Service (Amazon FPS) - calling it "the first payments service designed from the ground up specifically for developers. The set of web services APIs allows the movement of money between any two entities, humans or computers. It is built on top of Amazon's reliable and scalable payment infrastructure." The service has been introduced in "Limited Beta". More background - on the story behind Amazon FPS and some of the companies that will be using Amazon FPS - is available on the Amazon Web Services Blog.
The July issue of the First Annapolis Navigator is now available. This issue includes a special feature article with Roger Alexander, CEO of euroConex, as well as "Wal-Mart Financial Services: Revolution or Evolution?", "The Fundamentals of Expanding Your Prospect Universe", "Online Bill Payment Dynamics of Smaller Financial Institutions", and "Expansion of Credit Cards to New Socio-Economic Segments in Latin America."
Matt Hines writes for Infoworld about reactions from some enterprise IT leaders regarding Version 1.1 of the Payment Card Industry (PCI) Data Security Standard (DSS). "Bob Russo, general manager of the PCI Security Standards Council, said that the feedback the organization has received regarding the standard, including the newest additions, has been largely positive."
Ross Kerber writes for the Boston Globe about recent activity related to the TJX data breach case - including some guilty pleas in Florida by card counterfeiters using some of the stolen card information. But the actual perpetrators of the data breach itself have yet to be identified.
Brandon McGee of Huntington National Bank guest blogs at the Mobile Money & Banking blog about the deployments of mobile banking services at the top 10 US banks - of which 5 are already live with mobile banking services.
PayPal has announced that it is now "offering consumers more ways to pay online with PayPal Pay Later, a new convenient and secure service that allows merchants to offer promotional financing. Buyers that choose the promotional offer can defer payments for purchases on participating merchant web sites, allowing them to shop now and pay later."
A new study titled "Who Pays? The Winners and Losers of Credit Card Deregulation" published by the non-partisan research center Demos examines who bears the cost of credit card deregulation. According to Demos, the study "reveals how low-income families, African Americans, Latinos and single females bear a disproportionate amount of the cost to subsidize "competitive" credit card offers by paying excessive fees and high interest rates."
TowerGroup has announced a new research report titled "Mobile Peer-to-Peer Payments: Verizon Wireless and Obopay Take a Short Step Down a Long Road" that finds that "while online peer-to-peer payments and their mobile counterparts are not new to the payments arena, the use of mobile devices to exchange payments between consumers is still in its infancy. The newly announced deal between Verizon Wireless and Obopay is novel, given the fact that a major U.S. mobile operator has chosen to partner with a startup technology vendor to support peer-to-peer payments by means of a downloadable application on mobile phones."
Javelin Strategy and Research has announced its "2007 Card Issuers’ Identity Safety Scorecard" - including describing "the security features of a dream credit card that put consumers in the driver’s seat when it comes to protecting them from identity fraud and knowing exactly what’s happening with their accounts. Javelin also announced the top credit card issuers that provide the best features that prevent, detect and resolve identity fraud."
MasterCard has announced financial results for second quarter of 2007 reporting net revenues of $997 million, up 17.8% over the same quarter last year of which about 2% of the growth was due to currency fluctuation. MasterCard's gross dollar volume grew 13.3% to $555 billion while transactions processed grew 15.2% to 4.6 billion. Worldwide purchase volume rose 14.8%, on a local currency basis, during the quarter to $414 billion. MasterCard's presentation on its 2Q07 results is available online.
In a post titled "Who will pay? And how?", Dave Birch blogs about the emerging payment alternatives for eCommerce payments (PayPal, Bill Me Later, and Google Checkout) and suggests that merchants who have become increasingly frustrated about the costs of traditional payment card acceptance now have new choices available.
Last week, Visa Inc. updated its SEC filings to include several exhibits to its original filing - including Visa USA's Master Agreement with JP Morgan Chase, its Amended and Restated Agreement with Bank of America, and various loss sharing agreements between Visa USA and certain of its member banks relating to pending litigation.
ID Analytics has announced the "results of new analytical research on U.S. identity fraud by geography. The research, which is based on actual and attempted frauds rather than on consumer victim reports, examined data from January through December 2006 to determine where identity fraud is most rapidly increasing."
Ian Kehoe writes for the Irish Business Times that Dublin-based PayPal International "has moved a significant portion of its business to Singapore for accounting and taxation purposes."
We have received news of the following recent management changes:
Christopher Peterson of the University of Florida - Levin College of Law has written a paper titled "Usury Law, Payday Loans, and Statutory Slight of Hand: An Empirical Analysis of American Credit Pricing Limits" (PDF).
Visa International's Latin American and Caribbean Region has announced that POS volume increased 26 percent to US$116.3 billion during the four quarters ending on March 31, 2007.
A recent survey commissioned by Cardways.com revealed that "81 percent of men and women prefer to receive gift cards for their birthday. Electronics ranked second followed by clothes and tickets to a show or sporting event."
Parago, a provider of rebate, incentive and promotion solutions, has announced "FSV Payment Systems has been selected as a strategic partner for prepaid services. In the newly formed partnership, FSV Payment Systems will manage prepaid card processing while their partner, Meta Payment Systems will provide issuing bank services."