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« October 11, 2009 - October 17, 2009 | Main | October 25, 2009 - October 31, 2009 »

October 23, 2009

RBS WorldPay to Process National Payment Card Debit Cards

RBS WorldPay has announced that National Payment Card Association (NPCA) debit cards can be processed by RBS WorldPay. According to RBS WorldPay, "NPCA offers merchants a card acceptance solution with significantly lower transaction fees than traditional credit or debit cards." READ MORE »

Accelerating Credit CARD Act Effective Dates

In an editorial titled "Credit Card Chicanery", the New York Times continues its editorial efforts to get Congress to accelerate the effective dates for the Credit Card Accountability, Responsibility and Disclosure Act - writing that "it is time that Congress looked out less for the credit card companies and more for American consumers."

Hypercom, Heartland Align on End-to-End Data Encryption

Hypercom and Heartland Payment Systems have announced a strategic relationship to deliver integrated, high-security payment systems to retailers nationwide and implement Heartland’s end-to-end encryption E3™ solution. READ MORE »

October 22, 2009

CyberSource Names Michael Walsh as President and CEO

As part of its third quarter earnings announcement earlier today, CyberSource announced that, effective January 1, 2010, its Board of Directors has promoted Michael Walsh to President & Chief Executive Officer of CyberSource. Walsh has been with CyberSource for over ten years and has served as Senior Vice President of Worldwide Sales for the last five years. CyberSource's founder, current Chairman and CEO Bill McKiernan will continue in the role of Executive Chairman.

American Express Reports Financial Results for 3Q09

Earlier today, American Express reported financial results for the third quarter 2009. Overall for the quarter as compared to the prior year, billed business declined 11% to $156.6 billion, total cards in force declined 4% to 88.4 million and average basic cardholder spending declined 5% to $2,898. Receivables outstanding declined 31% in the Amex owned portfolio and 20% in the managed portfolio. The average merchant discount rate declined slightly from 2.56% to 2.54%.

John Partridge Named President of Visa Inc.

Visa Inc. yesterday announced that John Partridge has been named President of the company. Partridge was formerly Chief Operating Officer. According to Visa, "he will continue to report to Joseph W. Saunders, Chairman and CEO of Visa Inc., and will oversee all client, marketing and product functions globally, enabling Visa to more effectively and efficiently allocate resources among markets to enhance its service to clients and speed Visa's growth."

Mobile Payments: Making Money with NFC

The NFC Forum has made available a presentation given at the CTIA conference earlier this month titled "Making Money with NFC" that was presented by Debbie Arnold (NFC Forum), Dave Wentker (Visa, Inc.), Matt Ronning (SONY), David de Kozan (Cubic), and Mohammad Khan (ViVOtech). If you're interested in a good background on the current state of NFC-based mobile payments and other applications, this presentation provides a great overview.

Headline News - October 22, 2009

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

October 21, 2009

A Look at PayPal's 3Q2009 Financial Results

PayPal_logo-140px.jpgPayPal's parent eBay announced financial results for the third quarter 2009 today. PayPal's revenue grew 15% year over year to $688 MM. PayPal's purchase volume grew 19% to $17.7 billion. Active registered accounts reached 78 MM, up 19% year over year. PayPal's revenue ("transaction revenue rate") was 3.67% with transaction processing expense rate at 1.16% and a transaction loss rate of 0.25%.

A presentation on the results is available online. Bill Me Later's volume for the quarter was $200 MM, essentially flat with the prior quarter. BML's outstanding portfolio balance was $561 MM. Net chargeoffs in the BML portfolio were 11.5%, up from 11.1% in the prior quarter.

A transcript of today's eBay conference call is available from SeekingAlpha.com.

Mary Meeker's Economy + Internet Trends Presentation

Annually at the Web 2.0 Summit for the last several years, Morgan Stanley's Mary Meeker has given a presentation on her views about the market as well as the most interesting trends in technogy, Internet, etc. This year's presentation was given yesterday in San Francisco and is available online. If you're at all interested in what's happening with mobile, Meeker's slides are a must read!

Back to the Future: Visa's Super Smart Cards

We recently had an email from a long-time Visa colleague of ours that brought back memories of some of the early work that Visa did on smart cards back in the late 1980's-early 1990's. The most famous of those was the Visa Super Smart Card.

Paul Steger runs a web site that collects lots of information about Visa (and Mondex) smart cards - for us that's like a trip down memory lane!

GAO Releases Report on Credit Card Debt Collection Practices

The U.S. Government Accountability Office (GAO) has released a report, "Credit Cards: Fair Debt Collection Practices Act Could Better Reflect the Evolving Debt Collection Market Place and Use of Technology".

The GAO said it was asked by Congress to examine (1) the federal and state consumer protections and enforcement responsibilities related to the credit card debt collection; (2) the process and practices involved in collecting and selling delinquent credit card debt; and (3) and issues that may exist related to some of these processes and practices.

Ingenico Launches Payment PDA

Ingenico_logo-140px.jpgIngenico has announced the launch of the Payment Personal Digital Assistant (PayPDA), the Ingenico iPA280. According to the company, by "combining secure card payment and PDA functionality, the unique Ingenico device transforms the sales environment into a mobile POS, offering superior quality of service and a complete purchasing experience. This includes secured payment through instant access to online value added applications - from online databases and web based business applications to stock and timetable queries, GPS location services, order processing and even lottery sales." READ MORE »

Australia: Annual Report of the Payment Systems Board

The Payment Systems Board of the Reserve Bank of Australia has published its Annual Report 2009. The report contains lots of interested data and graphs on payments behavior, interchange fees, merchant service fees, etc. in Australia.

Using Contactless Stickers as Loyalty Cards

INSIDE Contactless has announced a partnership with ADELYA, a Software-as-a-Service company specializing in contactless and mobile loyalty and relationship programs, to enable consumers to conduct retail loyalty, ticketing, low-end ID and other transactions using the mobile phones they already have. INSIDE Contactless is providing ADELYA with PicoPass contactless stickers to transform mobile phones into contactless loyalty cards. More than 300,000 loyalty cards embedded with contactless stickers have already been deployed throughout France to customers of a children's clothing retailer. READ MORE »

October 20, 2009

Class Action Lawsuits Filed Against Major Banks re Overdraft Fees

Lieff Cabraser Heimann & Bernstein, LLP today announced the filing of a series of nationwide class action lawsuits against Bank of America, Wachovia, U.S. Bank, JPMorgan Chase and Citibank in the United States District Court for the Southern District of Florida in Miami for abusive overdraft fees. READ MORE »

Secure POS Vendor Alliance Adds New Members

Four electronic payment companies - Chase Paymentech, Mustang MicroSystems, Inc., Semtek Corporation and Transaction Network Services - have joined the Secure POS Vendor Alliance (SPVA), a non-profit business organization founded by Hypercom, Ingenico S.A. and VeriFone. The SPVA works to advance compliance of existing payment card security standards, protect cardholder information and defend merchants and acquirers against security breaches. READ MORE »

Use of Contactless Chip Cards Can Reduce U.S. Payments Fraud

The Smart Card Alliance has released a new white paper titled "Fraud in the U.S. Payments Industry: Fraud Mitigation and Prevention Measures in Use and Chip Card Technology Impact on Fraud" developed by its Contactless and Mobile Payments Council.

"Criminals are known to exploit the weakest link in a payments infrastructure. With issuers in the rest of the world moving to EMV, it is likely that criminals are going to move counterfeit card activities to the U.S., attacking both U.S. and international issuers," said Randy Vanderhoof, executive director of the Smart Card Alliance. "If the United States wants to avoid an incoming tide of higher loss, the industry must be willing and able to make investments in emerging technologies." READ MORE »

Fifth Third Bank to Issue RevolutionCard from Revolution Money

Revolution Money has announced that Fifth Third Bank has joined its Revolution Money network as an issuing bank. According to Revolution, "the combination of Fifth Third Bank’s card-issuing capabilities with Revolution Money’s marketing and customer servicing and communication capabilities will provide a robust platform for expanded adoption of RevolutionCard."

Revolution Money Chairman Ted Leonsis appeared on CNBC this morning to discuss the deal with Fifth Third. He was joined by Jim Robinson III, former Chairman and Chief Executive Officer of American Express, who recently invested in and joined the board of Revolution Money and Steve Case, Co-Founder of AOL and Chairman of Revolution, LLC. READ MORE »

INSIDE Contactless Launches Initiative to Jumpstart Mobile Payments

INSIDE Contactless has announced an initiative that it says "creates a new class of mobile payment solutions that banks, brands, transit agencies and others can deploy quickly, easily and in a highly targeted way starting in 2010. INSIDE has already engaged with several innovative technology companies that share its vision to develop a variety of mobile payment solutions based on INSIDE's proven, certified MicroPass(r) platform that will enable existing mobile phones to support mobile payments, as well as transit, ID and access control applications. A number of these solutions expected to reach the market as early as this fall." READ MORE »

First Data, Yahoo! Partner for SME Business Payments

FirstData_logo-140px.jpgFirst Data has announced a relationship with Yahoo! Inc. to provide merchants with "easy-to-implement eCommerce solutions for small and mid-size merchants eager to extend their businesses to the Internet. First Data will provide merchants with point-of-sale terminals and payment processing services to complement Yahoo! Merchant Solutions and Web Hosting subscription-based products, which allow small businesses to set up their online stores and catalog web sites with simple design tools and tracking features." READ MORE »

October 19, 2009

Dodd Unveils Bill Addressing Checking Account Overdraft Fees

Senator Chris Dodd has announced the The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a new bill he is introducing to "protect Americans from excessive checking account overdraft fees." READ MORE »

TCF Announces New Consumer Checking Account Product

TCF National Bank has announced that it will begin offering a new checking account product to customers called TCF Convenience Checking during the first quarter of 2010. According to the bank, its new Convenience Checking account "will eliminate the per item NSF fee and the returned item fee as well as offer many FREE checking benefits." READ MORE »

Fifth Third Bank Issues World Debit MasterCard

MasterCard has announced that Fifth Third Bank is now issuing the World Debit MasterCard card - which MasterCard calls "the industry’s only premium debit card that provides U.S. consumers with access to enhanced rewards, unique offers and savings opportunities and greater purchase protection. By offering World Debit MasterCard to its customers, Fifth Third Bank is now providing a custom-tailored debit product that meets the unique, everyday spending needs of its high-spend and reward-seeking debit cardholders." READ MORE »

Mazooma, PETCO.com Partner for Provide Instant Debit Transactions

Mazooma, a real-time online debit payment solution for U.S. consumers, has announced that PETCO has signed an agreement to integrate the Mazooma solution on its Web site, PETCO.com. According to the two companies, "PETCO will now be able to provide a real time, bank authenticated debit payment option for its U.S. consumers, allowing online shoppers to easily and securely pay for their purchases with cash." READ MORE »

Coinstar Expands Prepaid Solutions

Coinstar E-Payment Services has announced that it is expanding its Pay As You Go product offerings including a new Amazon MP3-branded Gift Card, a GoCash Game Card for prepaid online gaming offerings, and two new nFinanSe Discover® branded cards in the reloadable prepaid and gift card categories. READ MORE »

Prepaid Cards Cheaper than Low Balance Checking/Debit Accounts

The Network Branded Prepaid Card Association has announced that, according to an economic study recently completed by Michael Flores of Bretton Woods, "consumers who opt to use a network branded prepaid card could pay as much as 35-70% less in fees as compared to low balance checking and debit accounts, making prepaid cards a far more cost-effective, valuable financial tool for many." READ MORE »

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