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April 16, 2008

PayPal's First Quarter 2008 Financial Results

eBay reported first quarter 2008 financial results earlier today - saying that 'PayPal had a strong quarter with $582 million in net revenue, an increase of 32% year-over-year. Net total payment volume (TPV) for the quarter was $14.42 billion, an increase of 34% year-over-year. Growth in global active accounts increased to 60.2 million, representing 17% year-over-year growth.' READ MORE »

A Look at PRBC

In an article titled The Credit Rating in Your Shoe Box, Ben Levisohn and Brian Burnsed write for Business Week about Pay Rent, Build Credit (PRBC). "They've captured the attention of lenders right now who want growth in new markets [like the unbanked]," says Michael Turner of Political & Economic Research Council (PERC), a public policy group.

Debix Expands National Identity Protection Network

Debix has announced the national launch of the expanded Debix Identity Protection Network. Debix says its network is 'the first and only identity protection solution that is with you during an attack and proactively stops identity theft at the moment it is attempted.' READ MORE »

Signs of a Dead Mobile Web?

Our friend Tim Oren sends us off to read Jeff Nolan's post asking whether the mobile web is dead? Jeff writes: 'Stop the insanity! The mass market does not use the mobile web as a regular mode of interacting with the bigger web!' Read the comments to his post as well.

Tim also points us to Russell Beattie's lament from earlier this week about his startup, Mowser, shutting down. Russell writes: 'The argument up to now has been simply that there are roughly 3 billion phones out there, and that when these phones get on the Internet, their vast numbers will outweigh PCs and tilt the market towards mobile as the primary web device. The problem is that these billions of users *haven't* gotten on the Internet, and they won't until the experience is better and access to the web is barrier-free - and that means better devices and "full browsers".'

What's a mobile banker to think of all this?

Consumers Want Banks to Decline Debit Card Overdrafts

The Center for Responsible Lending has published results from a survey titled 'Consumers Want Informed Choice on Overdraft Fees and Banking Options' icon_PDF_small.gif conducted by Opinion Research Corporation that found 'respondents overwhelmingly prefer that debit card purchases be declined at the checkout if these would otherwise result in an overdraft fee.' READ MORE »

Banking on Barney Frank, Credit Cardholders' Bill of Rights

Stephanie Mencimer writes for Mother Jones magazine about Massachusetts Congressman Barney Frank who is also chairman of the House Financial Services Committee.

The Committee's Subcommittee on Financial Institutions and Consumer Credit is holding a hearing tomorrow continuing its review of H.R. 5244, “The Credit Cardholders’ Bill of Rights: Providing New Protections for Consumers", introduced by Subcommittee Chairwoman Carolyn B. Mahoney of New York. Today's hearing was preceded by an initial hearing on the bill held on March 13. READ MORE »

AAA Announces Enhanced Prepaid Card Program With Visa

AAA has announced it has enhanced its prepaid card products using Visa Inc. and MetaBank as key program partners. The new AAA Visa TravelMoney card and Visa Gift card are now available at participating AAA locations across the country. READ MORE »

First Data Introduces FD50 POS Terminal

First Data Corp. has announced the introduction of the First Data FD50 - calling it 'an affordable point-of-sale terminal featuring solid design and construction, easy operation and state-of-the-art security.' READ MORE »

Merchant Link Sees Continued Growth of TransactionVault

Merchant Link has announced that it has seen a significant increase in the adoption of its credit card payments security product, TransactionVault, by quick service, casual and table service restaurant organizations nationwide, including Perkin's, Zaxby's, Famous Dave's, La Madeline, and Ruth's Chris Steak House. READ MORE »

Orbiscom Promotes Single Use Card Number Offering

In a press release, Orbiscom has announced that 'millions of consumers are taking control over risks from identity theft and online fraud with a free security service from Orbiscom. The service is available from credit card and online payment issuers and generates disposable numbers linked to a real account that can only be used within constraints specified by the card holder. As a result, merchants and unauthorized persons are prevented from seeing direct financial details in transactions that do not require the physical card, like online or by phone.' READ MORE »

JPMorgan Chase Reports 1Q2008 Financial Results

JPMorgan Chase reported first quarter 2008 financial results this morning - its Card Services unit reported net income of $609 million, a decline of $156 million, or 20%, from the prior year. READ MORE »

UK's First Prepaid Debit Card With Built-In Proof-of-Age

UreLife has announced 'the UK's first ever prepaid card to incorporate Government-approved proof-of-age verification.' By combining a prepaid Visa debit card with a colour photograph and PASS (Proof of Age Standards Scheme) accredited proof-of-age hologram, the card provides a new way for parents and retailers, and for the first time online retailers, to stop underage spending on age-restricted goods. READ MORE »

AdvanceMe Establishes Merchant Portfolio Valuation Service

AdvanceMe has announced the creation of a Portfolio Valuation Services Unit, designed to assist banks and other financial institutions in gauging the market value of recently acquired or prospective Merchant Cash Advance portfolios. READ MORE »

Updates from the TAWPI Payments in Transition Conference

Forte Financial's Erin McCune is blogging from this week's TAWPI Payments in Transition Conference in Las Vegas. TAWPI = The Association for Work Process Improvement.

Juniper Research Forecasts Mobile Banking Services Growth

A new report by Juniper Research titled 'Mobile Financial Services: Banking & Payment Markets 2007-2011' forecasts that the number of consumers accessing banking services and products via their mobile phones will reach 816 million by 2011, a tenfold increase on the number using such services in 2007. READ MORE »

Innovative Card Technologies Partners with RSA

Innovative Card Technologies, developers of the ICT DisplayCard for e-banking, e-commerce and data access authentication, has announced a two-year supply and license agreement with RSA. Under the terms of the agreement, Innovative Card Technologies’ one-time passcode authentication cards will be available to RSA’s customers worldwide. READ MORE »

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