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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

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