Separately, MG Siegler reports for TechCrunch on Blippy's recently closed $11.2 million round of funding led by August Capital.
“Cardmember spending was up 16 percent, rebounding strongly from the recessionary lows of last year,” said Kenneth I. Chenault, chairman and chief executive officer. “Credit metrics also continued the improvement that began in the second half of 2009.”
Now in its fifth year, the study finds that overall satisfaction of retail banking customers averages 748 on 1,000-point scale in 2010—a slight decrease from 749 in 2009. The brand image of banks has also continued to decline, with customers perceiving banks as being more profit-driven than customer-driven, compared with 2009. In addition, the percentage of customers who say they “definitely will not” switch banks during the next 12 months has decreased significantly during the past three years to 34 percent in 2010, compared with 46 percent three years ago in the 2007 study.
In an article titled "How Facebook plans to fuel the app economy with Facebook Credits", Dean Takahashi writes for VentureBeat about Credits.
In an article titled "A Look At The Future of Facebook Credits", Jason Kincaid writes for TechCrunch - in particular about App2user Credits - "a set of promotions that allow users to earn Facebook Credits in ways that don’t involve paying with their credit card."
eBay's Payments segment (including PayPal and BillMeLater) revenue was $809.3 million for the quarter, an increase of 26% year over year. Net total payment volume (TPV) for the quarter was $21.3 billion, an increase of 35% year over year. Merchant Services (the off-eBay business) was 59% of TPV, up from 57% in the prior quarter. Active registered accounts reached 84.3 MM, up 15% year over year. PayPal's revenue ("transaction revenue rate") increased to 3.59% with a transaction processing expense rate at 1.13% and a record-low transaction loss rate of 0.18%.
Bill Me Later's volume for the quarter was 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 9.49%, down from 11.14% in the prior quarter.
According to Fiserv, "George Warfel, consulting director, Global Payment Solutions, Fiserv, formulated these nine principles based on time-tested learning and observations across a range of payments products. Adding to the development were focus group-based insights gleaned from banks and bank customers concerning the latest innovations in payment systems (including mobile and web-site based payments)."
That growth in "integrated devices" (smart phones, etc.) is impressive - now making up half of AT&T's subscribers.
M-PESA’s market success can be interpreted as the interplay of three sets of factors:
- Pre-existing country conditions that made Kenya a conducive environment for a successful mobile money deployment;
- A clever service design that facilitated rapid adoption and early capturing of network effects;
- A business execution strategy that helped M-PESA rapidly reach a critical mass of customers, thereby avoiding the adverse chicken-and-egg (two-sided market) problems that afflict new payment systems.
In particular, Foer favors defining debit cards as really being just "plastic checks" - which shouldn't be charged fees on an ad valorem basis. And, he seeks to have the Federal Reserve "limit credit card interchange fees to their actual cost, fairly determined, plus a reasonable profit."
JP Morgan Chase again topped the list of originating FIs - although Wells Fargo and Bank of America (#2 and 3 respectively) had significantly higher growth rates vs. Chase's decline of 7% in originating volume.