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May 09, 2011

Tabbedout and MICROS Launch Mobile Payment Offering in US

Tabbedout logo 140pxTabbedout - a new way to open, manage and pay a restaurant tab with a mobile phone - announced it is now fully integrated with POS technology provider MICROS Systems.

“Tabbedout’s approach marks a radical shift in the mobile payment landscape,” said Michael L. Russo, Chief Technology Officer, MICROS. “We partnered with Tabbedout as the integrated solution to provide our merchants with the peace of mind of security encryption on the back end, coupled with the marketing capabilities and social media integration on the front end.”
In related news, Tabbedout also announced that is has completed a $5.75M Series A funding round.

Payment Alliance International Goes Mobile with “Cardless” ATM Transactions

PAI logo 60pxhPayment Alliance International (PAI) and MagTek have jointly announced the deployment of MagTek’s Qwick Codes across PAI’s nationwide network of over 50,000 ATM machines.

“Qwick Codes illustrates our goal of expanding and improving the consumers’ ability to use their smartphones to conduct everyday financial transactions,” said Andy Deignan, MagTek vice president of global marketing and strategy. Deignan adds, “In line with offering the high level of security MagTek is known for, static card data converted into a one-time use Qwick Code can be used to retrieve cash at any supported ATM, effectively eliminating the risk associated with compromised ATMs rigged with card skimmers.”

Federal Reserve Reports Consumer Credit for March 2011

FedThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at an annual rate of 3 percent in March, with revolving and nonrevolving credit increasing at a similar rate. In the first quarter, consumer credit also increased at an annual rate of 3 percent."

Visa Reports Fiscal 2Q 2011 Results

Visa logo 140pxVisa has announced financial results for the Company's fiscal 2Q 2011 ended March 31, 2011 with GAAP net income for the quarter of $881 million on GAAP net operating revenue of $2.2 billion, an increase of 15% over the prior year. Fiscal 2Q 2011 highlights include:

  • Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2010, on which fiscal second quarter service revenue is recognized, was a positive 15% over the prior year at $897 billion.
  • Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2011, was a positive 13% over the prior year at $861 billion.
  • Cross border volume growth, on a constant dollar basis, was a positive 13% for the three months ended March 31, 2011.
  • Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2011, were 12 billion, a positive 13% increase over the prior year.
Client incentives, which are a contra revenue item, were $451 million and represents 17% of gross revenues. A webcast replay is available on the Visa investor website.

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