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« August 1, 2010 - August 7, 2010 | Main | August 15, 2010 - August 21, 2010 »

August 13, 2010

Group Payments Startup Raises $7.5 Million Series B Funding

wepay_logo_143px.png WePay has announced a $7.5 million funding round led by Highland Capital Partners, with participation from existing investor August Capital. WePay also indicated that it has experienced 'dramatic' early growth since its April 2010 launch, with payment volume increasing 80% in July.

The New York Times Bits column recently profiled WePay. Glenbrook also looked at group payments earlier this year.

FIS Announces MOU for Brazilian Card Processing Joint Venture

FIS_logo-140px.jpgFIS has announced that Banco Bradesco has recommitted to a Joint Venture and expanded card processing relationship.

According to the MOU and under the ten-year services agreement, FPS will provide comprehensive, fully outsourced card processing, call center, collection and back office services for Banco Bradesco’s private label and bankcard portfolios. FPS and Bradesco are working to complete the conversion of Bradesco’s 14 million bankcards during the fourth quarter of 2010, bringing the total number of cards processed on behalf of all FPS clients to more than 40 million.
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First Data Releases July 2010 SpendTrend

FirstDataCorp_logo.jpgFirst Data has released its First Data SpendTrend analysis for the full month of July 2010 compared to July 2009.

After three consecutive months of decelerating growth, July 2010 card spending growth improved due in part to an easy year-over-year comparison. Same-store dollar volume growth was 8.5% (8.2% excluding Gasoline Stations) and transaction growth was also higher at 9.2% (9.1% excluding Gasoline Stations) in July, compared to June’s growth of 6.8% and 7.3%, respectively.
SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at US merchant locations.

PayPal Now Supports Direct Bank Funding in Singapore

PayPal_logo-140px.jpgPayPal and DBS Bank, Singapore's largest bank, announced the immediate availability of a new service that lets DBS/POSB customers use their bank accounts to fund their PayPal accounts. Funds are pushed from a DBS iBanking session using bill pay. The details are here; PayPal blogs about it here.

August 12, 2010

Consumers Still Opting in to Banking Overdraft Reform, Despite Confusion

According to a recent Mintel Comperemedia consumer survey, awareness of the new Reg E overdraft legislation is surprisingly high with 60% of online adults aware of the upcoming changes.

But "Most consumers are unable to define exactly what Reg E will cover, making banks' efforts to promote it that much more difficult," comments Susan Wolfe, VP of financial services at Mintel Comperemedia. "In other words, consumers are aware that changes are coming to their overdraft programs, but are not exactly sure what it means for them."

Bling Nation Partners with Two Local Banks in Texas for Mobile POS Payments

BlingNation_logo-140px.pngBling Nation today announced partnerships with American National Bank and Guaranty Bond Bank, to offer mobile POS payments to customers and local businesses in Mt. Pleasant, Texas. Bling Nation now has agreements with more than 15 banks and its service has been deployed in communities across the US including Palo Alto, CA; Woodland Park, CO; Saratoga Springs, NY and Clarksville, TN.

August 11, 2010

KeyBank Launches Mobile Money from Fiserv to Entire Customer Base

fiserv_logo.gifKeyBank is among the first US banks to offer mobile banking to all customers, independent of online banking enrollment -- it can be used by those who use online banking as well as offline clients who use the branch channel. Mobile Money from Fiserv incorporates technology from Atlanta-based mobile banking and payments solution provider M-Com. READ MORE »

August 10, 2010

PULSE Releases 2010 US Debit Issuer Study

Pulse_logo-140px.pngA new study of debit cards in the US market commissioned by PULSE indicates financial institutions are employing new tactics to increase debit card use:

According to the fifth-annual study, 72 percent of issuers view improving the performance of their debit portfolios by increasing penetration, activation and usage as a top priority this year. One of the key tactics issuers are using to accomplish this objective is the deployment of instant issuance technology.
With instant issuance, cardholders receive a debit card at the branch as part of the process of opening a demand deposit account, rather than receiving their card in the mail. READ MORE »

First Data Reports Financial Results for 2Q2010

FirstDataCorp_logo.jpgFirst Data reported its financial results for the second quarter ended June 30, 2010 with consolidated revenue of $2.6 billion, up 18% - primarily driven by the Bank of America Merchant Services alliance.

For the quarter, the net loss attributable to First Data was $171 million, a 13% improvement from the $196 million loss reported a year earlier.

US Retail Q2 2010 eCommerce Spending Up 9%

comScore_logo-140px.jpgcomScore has released its Q2 2010 U.S. retail eCommerce sales estimates, which showed that online retail spending reached $32.9 billion for the quarter, up 9% versus year ago. This growth rate represented the third consecutive quarter of positive year-over-year growth following a year of flat or negative growth rates. READ MORE »

August 09, 2010

Firethorn Shows Its SWAGG

Firethorn_logo_140px.pngQualcomm's Firethorn subsidiary announced that American Apparel is the latest retailer to sign up for its upcoming SWAGG mobile application. What is SWAGG?

SWAGG is Firethorn’s direct-to-consumer offering, with “smart” technology that gives consumers the ability to purchase, personalize and exchange gift cards directly from a mobile device. SWAGG will also provide consumers mobile access to account information, special offers and loyalty programs.
To view a demo of the SWAGG mobile application, log onto http://www.swagg.com/. READ MORE »

Credit Card Trends of the Top 20 Major US Metropolitan Areas

experian_logo_140px.pngExperian has released its findings on credit card trends, which provide insight into U.S. card usage. The results show that "New Yorkers lead the way with the highest number of open cards, and Phoenix residents have the fewest. A closer look at New York reveals that while its residents have more open cards, the data shows they aren't using those cards as much as some of the other cities, such as Atlanta, where the highest average monthly balance is $6,753 on revolving accounts. San Francisco and Houston have the lowest average monthly balance, with $5,323 and $5,328, respectively."

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