According to the company, "consumer spending made a comeback in March. Same-store dollar volume and transactions increased at their highest rate in two years, marking the first double digit growth since first quarter 2008. Dollar volume growth was 11.5% (10.2% excluding Gasoline Stations) and transaction growth was up 10.1% (9.8% excluding Gasoline Stations), up from 8.4% and 6.9%, respectively, in February. Several key factors contributed to the growth including a 10.0% increase in tax refunds, stabilized unemployment and early Easter spending."
A copy of the full report is available online.
Jay says it's important that payment service providers "finally realize that it is much more effective to sell their services by educating merchants and selling on the strength of their offerings - rather than keeping things dark and scary and selling on merchant’s trepidations."
Are you seeking to expand your ecommerce efforts globally? Contact Jay!
Over on TechCrunch in an article titled "Next Jump Takes Over MasterCard’s New Rewards Program, MasterCard MarketPlace", Erick Schonfeld writes that "Next Jump takes an algorithmic approach to reward both good shoppers and good deals."
Among the many new features for end-users and developers is a new mobile advertising platform that Apple is calling iAd. iAd provides application developers with a way to integrate a powerful advertising revenue stream right into their applications - and to receive a majority of the revenue from the advertising. To learn more about iAd, watch this video of today's announcement event - the iAd discussion begins about 44 minutes into the video.
What are the implications of this for financial services players? Do you have a mobile application strategy? If so, have you thought about whether advertising is a component of your app - or not?
You can bet that the most innovative financial services mobile app developers will be focusing on the new iAd capability as 4.0 nears launch this summer. Whether incumbents do - or not - will be fascinating to watch!
According to NACHA, "year-over-year comparisons demonstrated strong volume increases in ACH native electronic payments — Direct Deposit, consumer Internet transactions, and B2B transactions — and in back office check conversion. In addition, NACHA is reporting a continued positive trend in risk mitigation, witnessed by the ongoing decline in the unauthorized debit volume."
I’ve concluded that for something to be a social payment, it’s got to be social. It’s got to involve multiple parties paying at once. Or multiple parties being paid at once. Or one party buying and another party paying. On and on."
Plan to join Russ and Glenbrook's Erin McCune for a session titled “Web 2.0 and the Emergence of Social Payments” at the upcoming NACHA Payments 2010 conference in Seattle. Glenbrook will also be exploring this topic in an upcoming webinar - Social Payments – Scenario Analysis - that will be held May 5th, 2010. Registration is now open.