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October 22, 2010

SEPA - Beyond Theory Into Practice

sepa_logo_140px.pngThe European Central Bank has published the seventh in a series of progress reports on the Single Euro Payments Area (SEPA) (PDF). The bank reports in on progress over the last two years and provides guidance on the way forward in multiple areas -- SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD), Cards, eSEPA (online payments), security, infrastructure, migration, and governance of retail payments and cash services.

Glenbrook's Russ Jones at PayPal X Innovate 2010

PayPalX_logo-140px.pngGlenbrook's Russ Jones will be at PayPal X Innovate 2010 in San Francisco October 26-27. He's speaking in a session entitled "Commercial Payments: Challenges and Opportunities for Developers", and will be posting his reaction to the conference on our sister blog Payments Views. If you are attending PayPal X Innovate and want to say hello, .

Mobile Photo Bill Pay

mitek_logo_140px.pngMitek has announced a new app that lets users pay bills with their smartphone camera.
After establishing online-bill-payment arrangements as part of their banking account, users of Mobile Photo Bill Pay can initiate e-bill-payment sessions on their smartphones, then simply snap photos of the bills they want to pay, verify the payment information and click on the app's "PAY" button.
The app eliminates the hassle of users setting up information for individual payee accounts because Mitek technology extracts the data from the photo image and automatically provides it to the financial institution's bill-processing system in the required format.

Sears Expands Payment Methods to Support Installment Payments

sears_logo_140px.pngSears has added yet another new payment option to its existing suite of financing solutions – the Sears Monthly Payment Plan. The new plan offers a more controlled form of borrowing for shoppers who want to avoid unexpected finance charges. The basic terms are 48 equal payments on purchases over $750, with APRs as low as 12.99%, subject to credit approval. Financing is provided by GE Money Bank.

Headline News - October 22, 2010

Headline News is compiled by Glenbrook Partners:

Note: Throughout the day, as we spot interesting developments, this post is updated.

October 21, 2010

American Express Announces Third Quarter 2010 Financial Results

Amex_logo_140px.pngAmerican Express has reported financial results for the third quarter 2010. Net income was $1.1 billion, up 71% from $640 million a year ago.
"Cardmember spending rose a strong 14% with the largest increases coming from businesses where we've been making significant investments: charge and premium co-brand products, corporate cards and cards issued by our bank partners," said Kenneth I. Chenault, chairman and chief executive officer.

PayPal Now Supports Online Banking Top-Up and Send Money in Malaysia

PayPal_logo-140px.jpgPayPal and the RHB Banking Group have announced the availability of a new service that lets RHB customers use their checking or savings account to instantly top-up a PayPal account. RHB also plans to launch PayPal's Pay Anyone product next week. PayPal blogs about this development here.

New Consumer Payment Preferences Study

survey_graphic_140px.pngHitachi Consulting and BAI have announced the results of a new study on consumer payment preferences in the United States. The results call out the significance of the Millennial Generation (ages 18 to 34) which has the highest debit card ownership ((80%). The study also shows that "88% of consumers said they do not currently use mobile payments for in-store purchases, nor do they plan to use them in the next two years, despite the media hype on mobile payments."

The research was sponsored by First Data Corp., FIS, MasterCard, PULSE, and U.S. Bancorp.

VeriFone and Gemalto Forge Strategic Partnership

Gemalto_logo_140px.pngverifone_logo_140px.pngVeriFone and Gemalto have announced a comprehensive strategic partnership to jointly pursue new chip card solutions based on the global EMV payment standard. The two companies are also in exclusive discussions for VeriFone to acquire Gemalto's point of sale (POS) solutions business. As part of the partnership, Gemalto will also be the preferred supplier of Machine-to-Machine (M2M) wireless modules and related solutions for VeriFone payment systems.

October 20, 2010

A Look at PayPal's 3Q2010 Financial Results

PayPal_logo-140px.jpgPayPal's parent eBay announced financial results for the third quarter 2010 today.

eBay's Payments segment (including PayPal and BillMeLater) revenue was $817.0 million for the quarter, an increase of 22% year over year. Net total payment volume (TPV) for the quarter was $22.4 billion, an increase of 26% year over year, an up slightly from the previous quarter. In term of revenue mix, Merchant Services (the off-eBay business) represented 62% of TPV, up from 61% in the prior quarter.

PayPal's revenue ("transaction revenue rate") decreased slightly to 3.57%, along with a slightly higher transaction processing expense rate of 1.18% and a stable transaction loss rate of 0.17%. Active accounts (defined as active in the last 12 months) reached 90.5 MM, up 16% year over year.

Bill Me Later's volume for the quarter was unchanged at 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 7.28%, down from 8.56% in the prior quarter.

MoneyGram and CashEdge Form Strategic Alliance

cashedge_logo_140px.pngMoneyGram_logo_140px.pngMoneyGram and CashEdge have announced that they plan to integrate their respective money transfer and payment services platforms so that "recipients of Popmoney payments would be able to direct receipt of their funds to any of MoneyGram's 200,000 retail agent locations in more than 190 countries. This would enable Popmoney customers to send money to recipients who can then direct the funds to be picked up at an international MoneyGram location, to recipients who may lack a traditional bank account, or to those who simply prefer to withdraw funds as cash." READ MORE »

mopay Extends Market Coverage to 80 Countries Worldwide

mopay_logo_140px.pngmopay has announced that it "now connects its mobile payment platform to 80 countries worldwide. With almost 100 percent coverage in Europe, North and South America and Australia, mopay recently expanded its footprint to South Korea and India, further extending its reach in the Asian market."

Bank of America Reports 3Q2010 Financial Results

BankofAmerica_logo_140px.jpgBank of America has reported financial results for the third quarter 2010. In its Global Card Services unit, the bank reported "a net loss of $9.9 billion due to the $10.4 billion goodwill impairment charge. Excluding this charge, Global Card Services would have reported net income of $529 million, compared to a net loss of $955 million a year ago. Revenue decreased $1.5 billion from a year ago, driven by lower average loans, reduced interest and fee income primarily resulting from the implementation of the CARD Act and the impact of recording a $592 million reserve related to future payment protection insurance claims in the U.K."

October 19, 2010

Global Payments Volumes Continued to Grow in 2009 Despite Impact of Financial Crisis

capgemini_logo_140px.png"Confirmed by the European Central Bank’s recent announcement of 4% growth in the EU, global payments volumes continued to grow in 2009, despite economic pressure from the financial crisis according to findings from the World Payments Report 2010, announced recently by Capgemini, RBS and Efma. This followed a period of overall growth in non cash-payments which accelerated to 9% in 2008 from 7% in 2007. The rate of growth in non-cash payments volumes in 2008 was far faster in developing economies, such as China (29%), South Africa (25%) and Russia (66%), than in mature markets, such as North America which had a growth rate of 4%."

BlueCava Announces Series A Funding Round

bluecava_logo_140px.pngBlueCava recently announced the closing of a $5 million round of series A funding, which included two billionaire entrepreneurs - Mark Cuban and Tim Headington. BlueCava is positioning itself as a credit bureau for devices, providing information about good, bad, and historical activities conducted from desktop computers, mobile devices, and game consoles. The company hopes to find opportunities fighting online fraud and providing enhanced target marketing services. READ MORE »

Consumers See Mobile Payments as Reason to Stay with or Change Banks

Obopay has announcedObopay_logo_140px.png the results of a recent survey exploring consumer attitudes about mobile payments and banking in the U.S. 53% of consumers interested in a mobile payment service would consider changing banks if another bank offered the service. 70% of those responding indicated that if the service allowed them to get paid, send or receive money by mobile phone, it would be an incentive to remain at their bank.

FIS Acquires Global Consulting Firm Capco

FIS_logo-140px.jpgFIS has announced that it has signed a definitive agreement to acquire Capco, a global financial services business and technology consultancy.
“Combining Capco’s collaborative consulting services with FIS’ industry leading core banking and payments solution suite will enable both organizations to better leverage our individual strengths while providing our respective clients with a unique blend of market expertise, technology solutions and strategic support.”
Capco has more than 1,000 professionals worldwide. READ MORE »

PapayaMobile Comes to Android

papaya_logo_140px.pngPapayaMobile is an Android-centric mobile software company that has recently announced a new capability to support in-app purchasing on Android phones. They have launched an SDK for developers that offers buyers the choice of funding purchases through Zong, Billing Revolution, or Adknowledge's Super Rewards.

October 18, 2010

American Express and SAP Join Forces to Launch Integrated Payment Solution

Amex_logo_140px.pngAmerican Express and SAP have announced a joint effort to develop an integrated solution enabling SAP customers in the United States to process electronic payments more seamlessly with American Express. "As part of the agreement, American Express will license SAP NetWeaver PI technology and SAP will be the first company to deploy the new integrated Buyer Initiated Payments/PI solution. The companies plan to make the solution available in the first quarter of 2011."

The Mobile Shopping Revolution

survey_graphic_140px.pngLightspeed Research has announced the results of a new study showing that half of mobile users in the U.S. have made purchases from their mobile phone. "Phone apps or games were the most popular items purchased via mobile, music and ringtones coming a distant second and third." The survey also includes survey data on mobile payment preference, cut by age and gender.

The full survey results are available for download.

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