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April 28, 2011

A Look at PayPal's 1Q2011 Financial Results

PayPal logo 140pxPayPal's parent eBay announced financial results for 1Q2011.

eBay's Payments segment (including PayPal and BillMeLater) revenue was $992 million for the quarter, an increase of 23% year over year. Net total payment volume (TPV) for the quarter was $27.4 billion, an increase of 28% year over year. In term of revenue mix, Merchant Services (the off-eBay business) represented 63.0% of TPV. Active accounts (defined as active in the last 12 months) reached 97.7 MM, up 16% year over year. Bill Me Later's volume for the quarter was $0.32 billion, up 42% year over year.

The Payments segment contributed 38.9% of total revenue for the quarter.

Visa Invests in Mobile Payment Provider Square

Visa logo 140pxMany media outlets are reporting that Visa has invested an undisclosed amount in mobile payments provider Square. The Wall Street Journal's All Things Digital has a good summary. Glenbrook's Scott Loftesness also shared some of his thoughts on Square's progress over on Payments Views in post entitled "Yep, It’s Hip to Be Square".

April 27, 2011

Pew Finds Checking Accounts Contain Risky Terms and Conditions

Pew 150"One hundred eleven pages. That is the median length of the checking account disclosures consumers are supposed to read and understand before opening an account at any of the 10 largest banks, according to documents analyzed in a new report from the Pew Health Group's Safe Checking in the Electronic Age Project."

Visa Releases Mobile Acceptance Best Practices

Visa logo 140pxVisa has announced the release a set of mobile acceptance best practices for merchants, software developers and device manufacturers who are using consumer mobile devices, such as smartphones and tablet computing platforms to facilitate the acceptance of card payments.

In related news, Square said it would support the new Visa best practices.

MoneyGram and InComm to Offer MoneyGram Xpress In-lane Money Transfer Service

MoneyGram logo 140pxMoneyGram and InComm have announced an agreement where InComm will assist MoneyGram in the distribution and activation of MoneyGram Xpress packages in select outlets in InComm’s network of more than 225,000 retail locations.

“We are pleased to introduce this new money transfer service and bring a whole new level of ease and convenience to our consumers,” said Stu Kiefer, MoneyGram vice president of product management. “Prepaid money transfers allow consumers to pay for the transfer amount and fees at the same time as they make other retail purchases and then actually make the transfer when convenient for them – online or by phone. The product broadens ways to access money transfer services and for many, assists with time and money management.”

April 26, 2011

Survey Says Small Businesses Want Electronic Payment from Their Banks

Survey graphic 140pxCashEdge has announced the results from its 2011 Small Business Payables and Receivables Survey, which found "that there is a strong desire among small businesses to accelerate and simplify current payable/receivable processes and a willingness to adopt new electronic payment solutions in support of this. Importantly, most of these small businesses also report a strong loyalty to their bank, representing a key opportunity for banks to provide these payment services."

U.S. Treasury to "Retire" Paper Check for New Recipients of Social Security and Other Federal Benefits

Treasury logo 80pxThe U.S. Department of the Treasury has announced that it is retiring the paper Social Security check for millions of baby boomers and others applying for federal benefits, "a move that will save taxpayers $1 billion over the next 10 years. Beginning May 1, 2011, anyone newly applying for Social Security, Veterans Affairs or other federal benefits will need to choose an electronic payment method – paper checks will no longer be an option."

Survey Says 85% of Consumers Believe Online Fraud Is a Growing Concern

Survey graphic 140pxThreatMetrix has announced some results of a joint study with the Ponemon Institute that reveals consumers' growing concern over online fraud.

Results showed that 85% of survey respondents reported being worried and dissatisfied with the level of protection online businesses are providing to stop fraudsters today, which is up 5% from a 2009 Ponemon study that asked the same question. 42% of respondents, in fact, said they have been the victim of online fraud. Of those, 80% said they did not report the crime, however, and only 19% said they reported it only to the online business directly.

April 25, 2011

April 21, 2011

Visa Delivers Real-Time Discounts and Promotions to Mobile Consumers When and Where They Shop

Visa logo 140pxVisa has announced with Gap, "a leading global specialty retailer", to deliver real-time discounts and promotions to consumers via SMS text messages. Gap customers who opt-in to participate in the service are notified of money-saving discounts or promotions in real-time while shopping.

GoPayment iPad App Now Available in the Apple App Store

Intuit logo 140pxIntuit has announced that its iPad-optimized GoPayment app is now available on the App Store.

This optimized version of the GoPayment app makes mobile payments easier with a new layout that takes full advantage of iPad's large, high-resolution display and Multi-Touch interface. It also includes new features such as the ability to add product photos, making it easier to find a product and complete a sale. GoPayment is also compatible with the free Intuit Credit Card Reader letting users save time by swiping credit cards instead of entering card data manually.

Capital One Reports 1Q2011 Financial Results

CapitalOne logo 140pxCapital One has reported first quarter 2011 financial results. In its credit card business, first quarter Domestic Card purchase volumes grew $3.0 billion, or 13.8%, from 1Q2010 but declined by $2.0 billion, or 7.3%, compared to 4Q2010 due to seasonal patterns. The net charge-off rate for Domestic Cards improved 108 basis points to 6.20% from 7.28% in the prior quarter.

April 20, 2011

American Express Announces First Quarter 2011 Financial Results

Amex logo 140pxAmerican Express has reported financial results for the first quarter 2011. Net income was $1.2 billion, up 33% from $885 million a year ago.

“Record earnings this quarter reflect credit quality and billed business trends that are among the best we’ve seen,” said Kenneth I. Chenault, chairman and chief executive officer, American Express. “Cardmember spending was up 17 percent, with broad-based strength across all our businesses segments. After several years of decline, our lending portfolio leveled off and total revenues grew at the healthiest pace since before the recession.

April 19, 2011

Glenbrook to Speak at Upcoming Chicago Federal Reserve Conference

GP Logo Horizontal 140pxGlenbrook's Erin McCune will be speaking at the upcoming Chicago Federal Reserve conference May 19-20 focused on "The New Face of Retail Payments: Markets, Strategies, and Regulations." She'll be discussing social payments and emerging social-mobile payment business models along with panelists from Verifone, PayPal, and VISA. If you haven't registered for the Chicago Fed's 11th Annual Payments Conference you can do so here - but do so soon, as there are limited spaces and the conference is sure to sell out.

BillFloat and Online Resources Announce Partnership

Billfloat logo 140pxBillFloat has announced that it has entered into an agreement with Online Resources Corporation. "Under the strategic agreement, Online Resources will extend its biller-direct suite of electronic bill payment, presentment and receivables solutions by marketing BillFloat as a consumer payment option. BillFloat helps consumers avoid late fees, bank overdraft charges and expensive loans when paying critical bills during a cash flow crunch."

April 18, 2011

April 14, 2011

Payments Views - Western Union's Small Business Payment Solution

GP Logo Horizontal 140pxOver on our sister blog, Payments Views, Glenbrook's Erin McCune takes a look at Western Union's Small Business Payment Solution, interviewing Brian Harris, Vice President of Marketing and Product Management. This post, entitled "FX for the Little Guy", is the third in a new series of Glenbrook profiles on major players in electronic B2B payments.

AisleBuyer Debuts Card Capture Technology

Aislebuyer logo 140pxAisleBuyer has announced that it has added card capture technology to its roster of mobile retail solutions.

"Card capture is a natural extension of our mobile self-checkout strategy," said Dan Preston, CTO of AisleBuyer. "By enabling payments through computer vision technology, retailers have an easier way for customers to pay, thus increasing customer satisfaction with the shopping experience."
Once a card has been scanned, software extracts the card data and pulls it into a secure form where it can be submitted as a CNP payment for an in-store or online purchase.

Headline News - April 14, 2011

On the wires:

On the web:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 13, 2011

American Express and Payfone Announce Strategic Mobile Checkout Alliance

Payfone logo 140pxAmex logo 140pxAmerican Express and Payfone have announced a strategic alliance to create a new global mobile checkout service.

“This alliance brings together Serve’s unified online, mobile and real-world functionality with Payfone’s advanced mobile authorization and payment services to deliver a seamless payment solution,” said Dan Schulman, Group President, Enterprise Growth, American Express. “The alliance is an important next step for the international roll out of Serve. We look forward to working with Payfone as we evolve the Serve platform to provide the most advanced payment solutions for buyers and sellers, while setting new standards in security, simplicity and reliability.”
In related news, Payfone announced a $19 million round of funding from American Express, Verizon Investments, and Rogers Ventures.

Wells Fargo to Pilot EMV Chip Technology for International Travelers

Wells fargo logo 140pxFargo has announced that its piloting a Visa-branded EMV card for international travelers.

“U.S. issuers and merchants rely primarily on magnetic stripe technology,” said Eric Schindewolf, vice president of product development for Wells Fargo Consumer Credit Card. “However, many parts of the world have adopted chip-enabled payment cards as a primary means of authentication, which has been problematic for customers who travel abroad and were unable to use their credit card. By combining traditional magnetic stripe along with the EMV chip technology, we hope our customers will have the convenience to use their credit card no matter where they are in the world.”
The pilot is the industry’s first chip program by a national bank and includes 15,000 Wells Fargo consumer credit card customers who travel internationally.

Visa Boosts Spending Visibility and Makes Compliance Easier for Businesses

Visa logo 140px Visa has announced the global launch of Visa IntelliLink Compliance Management, a web-based solution offering enhanced control, compliance and cost-savings for businesses using commercial card programs.

Visa IntelliLink Compliance Management converts commercial card transaction data into information that card program managers at government agencies and private sector enterprises can use to minimize and deter commercial card misuse, such as using cards for personal expenses. A complement to the Visa IntelliLink product suite, this new service gives organizations a more detailed view of commercial payment program data, complementing existing card management and issuer reporting systems for a 360 degree view of commercial payment solution activity.

April 12, 2011

What's Up With Glenbrook

GP Logo Horizontal 140px New boot camps, new webinars! Glenbrook’s industry education webinars for April, May and June are now open for registration, as are fall boot camps in New York City and the San Francisco Bay Area.

Payments Essentials Webinars - Tuesdays 10:30am - 11:30am PDT, $149
Apr 26, 2011 - Card Acquiring – Vendor Evaluation – A Merchant’s View
May 03, 2011 - Cross Border B2B Payments
May 10, 2011 - Small Business Payments – Best Practices
May 17, 2011 - Prepaid Essentials
May 24, 2011 - Mobile P2P Payments in the U.S.
May 31, 2011 - eCommerce Payments Acceptance – Europe
Jun 07, 2011 - Durbin – Where We Are Now
Jun 14, 2011 - eCommerce Payments Acceptance – Asia
Jun 21, 2011 - Online Wallets, Shopping, and Digital Content
Jun 28, 2011 - Card Essentials

Payments Boot Camps – Two day “deep dive” into the industry, $1995
May 18-19, 2011: Santa Clara, CA - with Scott Loftesness and Carol Coye Benson
Oct 04-05, 2011: Santa Clara, CA - with Scott Loftesness and Carol Coye Benson
Oct 26-27, 2011: New York, NY - with Bryan Derman and Carol Coye Benson
Dec 07-08, 2011: Santa Clara, CA - with Scott Loftesness and Carol Coye Benson

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