« October 3, 2010 - October 9, 2010 | Main | October 17, 2010 - October 23, 2010 »
PayPal has announced the top 10 finalist in their PayPal X Developer Challenge - BetmeBig, iConsessionStand, Kabbage, Kachingle, LendFriend, OrderMapper, RFinity, SellAround. ShareABill, and SmartMarket. Short descriptions of each were included on the PayPal blog.
The grand prize winner will be announced at the PayPal Developers Conference on Oct 26-27 in San Francisco.
A recent online poll by Unisys reveals that U.S. consumers trust fingerprint biometrics over photo identification, PIN numbers or handwritten signatures to verify their identities when using a credit card or requesting personal information. "The online poll found that 63% of more than 300 respondents preferred fingerprints as the best method for identity verification and authentication as compared to photo identification (20%), PIN numbers (13%) and handwritten signatures (6%)."
Monitise has announced its enhanced technology platform which "incorporates a range of mobile banking and payment services to deliver fast, secure financial management by mobile phone across the world. The platform enables financial institutions, mobile phone networks, service providers, payment companies and processors to offer a wide variety of Mobile Money services in both developed and emerging markets."
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Glenbrook's Carol Coye Benson will speak October 29th at the UW Law School Conference - "Mobile Payments: Global Markets, Empowered Consumers and New Rules?". The one-day conference will explore the benefits of mobile payments to consumers – both in developed and developing markets and the types of regulatory approaches that will increase consumer adoption and provide incentives for businesses to compete in this emerging space. Carol's panel will focus on the question: "What Will it Take to Make Mobile Payments Mainstream in North America?"
Headline News is compiled by Glenbrook Partners:
Note: Throughout the day, as we spot interesting developments, this post is updated.
JP Morgan Chase has reported financial results for the third quarter 2010. For its Card Services unit, net income was $735 million, compared with a net loss of $700 million in the prior year. The improved results were driven by a lower provision for credit losses, partially offset by lower net revenue. Sales volume was $79.6 billion, an increase of $4.9 billion, or 7%. Excluding the Washington Mutual portfolio, sales volume was $76.8 billion, an increase of $5.6 billion, or 8%.
Merchant processing volume was $117.0 billion on 5.2 billion total transactions processed.
Ixaris has announced the launch of Ixaris Opn (pronounced "open"), an application development platform that helps developers create payment applications for financial institutions and specialized market segments.
With a long history of partnering with global payment networks such as Visa, MasterCard and Swift, Ixaris will offer financial institutions the means to offer payment services through a publicly-accessible application development and operating platform. Ixaris Opn avoids cumbersome integration with banks' own IT systems, thereby freeing them to bring new payment services to market. The development community can use the platform to create customized payment apps that can incorporate mainstream payment networks such as Visa or MasterCard prepaid cards, and bank transfers via SWIFT.READ MORE »
Discover has announced that it has signed a merchant acquirer agreement with First National Bank Alaska, furthering is growth in merchant acceptance.
The agreement with First National Bank Alaska also marks a significant milestone for Discover, representing the completion of a multi-year effort to secure agreements and implement merchant acquiring programs with all of the top 100 merchant acquirers in the United States.
Headline News is compiled by Glenbrook Partners:
Note: Throughout the day, as we spot interesting developments, this post is updated.
American Express and First National Bank of Omaha have announced a new card-issuing partnership, whereby First National Bank will issue American Express-branded cards on the American Express merchant network. First National Bank expects to begin issuing the new cards during the first half of 2011.
paysafecard has announced that its online prepaid voucher is now available in the US market.
"Unlike open loop prepaid cards that are common in the US, paysafecard vouchers do not charge any fees to the consumer. Customers also do not have to register themselves when using a paysafecard. Another specific characteristic of the voucher is that it is not limited to one particular game or online-shop. It can be used at any website that offers paysafecard as a payment method."
TCF National Bank announced that today it is filing a lawsuit challenging the constitutionality of the Durbin Amendment, which is part of the Wall Street Reform and Consumer Financial Protection Act of 2010.
“We believe these provisions violate our Constitutional rights on three separate grounds: the regulations take our property without just compensation and without Due Process of Law; and they also deny us Equal Protection under the law.”The Durbin Amendment orders the Federal Reserve Board to regulate the interchange fees that banks can charge retailers on debit card transactions in the U.S. The Merchants Payments Coalition had this reaction to the lawsuit.
Headline News is brought to you by Glenbrook Partners:
Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.
A recent paper from the Indian Institute of Technology Bombay explores why cash payments are so predominant in the Indian retail sector, in spite of the huge inroads made by payment cards in recent years.
The card payments data shows that even though we have 19 million credit cards, 190 million debit cards and half a million point-of-sale terminals, on an average there is just one transaction annually for every debit card and 11 transactions annually for every credit card.The paper looks at the problem from the perspective of banks, card companies, and merchants; and compares card practices in different countries.
Consumers’ views about the economy were unchanged from August to September, but the number of consumers feeling that their personal finances are getting worse rose for the sixth consecutive month and reached a nine-month high, according to the Discover U.S. Spending Monitor released late last week.
Planet Payment, an international multi-currency payments processor, today announced that Visa has decided to end to its moratorium on Dynamic Currency Conversion ("DCC") with immediate effect. "As a result of this announcement, Planet Payment's acquirer customers are able to activate new accounts and new merchant locations for DCC on both Visa and MasterCard in all regions."
The majority of bank customers continue to pay nothing in bank fees, according to a recent survey by the American Bankers Association. 67% of consumers spend $3 or less in monthly bank fees for services such as checking account maintenance and ATM access. 53% percent of customers pay nothing. 14% pay more than $10 per month.
Glenbrook's Erin McCune will be at Sibos 2010 in Amsterdam October 25-29. She's speaking on The Future of Business Payments and will be posting highlights from the International banking conference on our sister blog Payments Views and on Twitter. If you are attending Sibos and want to talk payments,
.
The US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that in August, total consumer credit decreased at an annual rate of 1.75%. Revolving credit decreased at an annual rate of 7.25%, and non-revolving credit increased at an annual rate of 1.25%.
Headline News is brought to you by Glenbrook Partners:
Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.
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