From the abstract: "This paper summarizes discussions from a workshop hosted by the Payment Cards Center on August 13, 2009. The workshop examined the changing nature of data security in consumer electronic payments. The center invited the chairman and CEO of Heartland Payment Systems (HPS), Robert Carr, to lead this discussion and to share his experiences stemming from the data breach at his company in late 2008 and, as important, to discuss lessons learned as a result of this event. The former director of the Payment Cards Center, Peter Burns, who is acting as a senior payments advisor to HPS, also joined the discussion to outline HPS's post-breach efforts aimed at improving information-sharing and data security within the consumer payments industry."
eBay's Payments segment (including PayPal and BillMeLater) revenue was $795.6 million in revenue for the quarter, an increase of 28% year over year. Net total payment volume (TPV) for the quarter was $21.4 billion, an increase of 34% year over year. Active registered accounts reached 81.0 MM, up 15% year over year. PayPal's revenue ("transaction revenue rate") was 3.54% with a transaction processing expense rate at 1.14% and a transaction loss rate of 0.20%.
Bill Me Later's volume for the quarter was 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 11.14%, down from 11.53% in the prior quarter.
From the introduction: "Our overriding contention is that, to enable and accelerate further development everyday payments, more innovation will be essential. But we use the term “innovation” in its broadest sense. In some instances a big, sweeping change may be necessary. More often, a small tweak or a minor calibration can pay huge dividends."
All webinars are scheduled at 10:30 Pacific and run for one hour. More detail on the topic of each session - as well as information on fees and links to online registration - are on the Glenbrook website.
In her article, Morgenson expresses her frustration that new fees are already beginning to be implemented - for example, charging consumers a $1 monthly fee to receive credit card statements by mail. Say writes "Proof, yet again, that if you close the door, they will come in through the window. And if you close the window, they blow through the door."