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July 22, 2011

American Express Announces Second Quarter 2011 Financial Results

Amex logo 140pxAmerican Express has reported financial results for the second quarter 2011. Net income was $1.3 billion, up 31% from a year ago. Kenneth I. Chenault, chairman and chief executive officer, commented:
Cardmember spending was at an all-time high, growing 18% (15% adjusted for foreign exchange conversions) and we saw broad-based strength across the consumer, small business and corporate sectors globally. While net interest income was down from last year because of a lower yield on our portfolio, cardmember borrowing rose 2%, reversing the pattern of the past couple of years.

Glenbrook's Jacqueline Chilton at Direct Response Forum 2011 Conference

GP Logo Horizontal 140pxGlenbrook's Jacqueline Chilton will be on hand at the Direct Response Forum (DRF) 2011 conference to present Glenbrook Partners' research findings and insights on best practices in payments organization. This years DRF conference is being held August 8-10 in San Diego. Jacqueline's session, entitled "Organizing Your Payments Functions", is on the Wednesday the 10th.

If you're going to be in San Diego, , she'd love to meet you!

Report: Government-Administered, General-Use Prepaid Cards

FedThe Dodd-Frank Act requires the U.S. Federal Reserve to report annually to congress on the "use of general-use prepaid cards in federal, state, and local government-administered payment programs and the interchange transaction fees and cardholder fees charged with respect to the use of such general-use prepaid cards." The Fed has published its first report.

July 20, 2011

A Look at PayPal's 2Q2011 Financial Results

PayPal logo 140px PayPal's parent eBay announced financial results for 2Q2011.

eBay's Payments segment (including PayPal and BillMeLater) revenue was $1,073 million for the quarter, representing PayPal's first billion dollar quarter, and an increase of 31% year over year. Net total payment volume (TPV) for the quarter was $28.7 billion, an increase of 34% year over year. In term of revenue mix, Merchant Services (the off-eBay business) represented 65.6% of TPV, up from 61% a year earlier. Merchant Services net TPV now includes net TPV for Bill Me Later whether used within or outside of the PayPal wallet. BML purchase volume is no longer individually broken out. 49% of payments revenue was international.

Active accounts (defined as active in the last 12 months) reached 100.3 MM, up 15% year over year.

Giftango to Convert Plastic Gift Cards Into Digital Cards for Mobile Wallets

Giftango logo 140pxGiftango has announced "the release of its Mobile Wallet Conversion Platform, for securely converting plastic gift cards into digital forms of payment by inserting and leveraging a 2D barcode on the back of a plastic gift card. Giftango has assembled the infrastructure needed to help bring merchants, incentive houses, plastic card printers, and virtual payment technology companies together to drive consumer adoption of the mobile wallet."

Mazooma Micropay-in-a-Box Targets Discover Digital Goods Merchants

Mazooma logo 140pxMazooma has announced an "instant on" micropay-in-a-box solution that is available to Discover’s direct merchants using the Centinel® Universal Merchant Platform through CardinalCommerce Corporation.
“With Mazooma’s micropay-in-a-box solution, Discover merchants selling digital content can enjoy instant, online payments, as well as ease of implementation, less technical resources and consolidated settlement and reporting,” says Farhan Ahmad, General Manager, Prepaid & Director of Emerging Payments at Discover. “At Discover, we aim to provide our merchants with more payment choices, and we believe the relationship with Mazooma will do just that.”

July 19, 2011

Isis Forms Relationships with Visa, MasterCard, Discover, and AmEx

Isis logoIsis, the national mobile commerce joint venture between AT&T Mobility, T-Mobile USA and Verizon Wireless, has announced that "Visa, MasterCard, Discover and American Express will join Isis in making mobile commerce a reality for millions of U.S. consumers and merchants."
“Since the formation of Isis in November, we have been committed to building a mobile commerce platform that aligns and advances the interests of consumers, merchants and banks,” said Michael Abbott, chief executive officer for Isis. “By working with the nation’s payment networks – Visa, MasterCard, Discover and American Express – we significantly advance the vision of an open and secure platform that provides banks and merchants with a new and highly relevant way to connect with consumers.”

CorFire Announces Branded Suite of Mobile Technology Products

CorFire logo 05 13 11CorFire has announced a branded suite of payments-related technology products. "CorFire’s branded products include CorTrust, its Trusted Service Manager (TSM); CorPay, a robust mobile wallet platform; and Cor360, a set of mobile marketing services that includes location-enabled offers, gifting, and loyalty services."

American Express Launches “Link, Like, Love” App on Facebook

Amex logo 140pxAmerican Express has launched a new Facebook app called "Link, Like, Love" that delivers cardmember deals and experiences based on the likes, interests and social connections of cardmembers and their Facebook friends."
Starting today, on the American Express Facebook page, cardmembers can link their cards to the program and choose their favorite deals; American Express will send statement credits to cardmembers’ accounts as they shop online or in stores, without the need to pre-purchase anything, print out or show a coupon at the point of sale. In the coming months, American Express will also deliver Membership Rewards® points offers, entertainment access, exclusive content and special events through the application, all based on a cardmember’s Facebook social graph.

American Express also unveil a “Go Social” offer tool for small businesses to distribute coupon-less, location-based cardmember offers in Facebook Places and other digital platforms.

PrepaYd to Offer Its Own Wireless Services on the Sprint Network

Prepayd logo 140pxPrepaYd, Inc. has announced that it has entered into a agreement with Sprint to become a Mobile Virtual Network Operator (MVNO) and will be able to provide its own branded wireless services using the Nationwide Sprint Network.
“The prepaid debit card business is in a Hyper Growth phase right now. Our customer base and the customers we market towards understand the benefits of prepaying for services. We believe Prepaid Wireless is a perfect product for us to offer and it fits our company’s long term business development plans,” stated Rick Galasieski, SVP PrepaYd, Inc and President of PrepaYd Wireless, Inc.

NewComLink Secures $10 Million in Series B Funding

Newcomlink logo 140pxNewComLink, "a technology pioneer in retail credit solutions", has announced that it has received $10 million in a Series B round of financing from Austin Ventures and StarVest Partners.
“NewComLink is transforming the retail credit industry with a technology platform that brings new efficiencies to financing,” said NewComLink Co-Founder and CEO Suneet Paul, a global finance visionary who was a founding executive at Dell Financial Services and was instrumental in building it from ground zero to a large, multi-billion dollar business. “Many of today’s consumers are under-served, to the tune of tens of billions in lost retail sales each year. NewComLink unlocks value by improving consumers’ access to credit at point of need – benefiting retailers, consumers and lenders all at the same time.”

Transactis and Data Impact Complete Merger

Transactis logo 140pxTransactis and Data Impact, both providers of electronic accounts receivables solutions, have announced a merger of the two firms:
"By combining Data Impact and Transactis, we have created a single comprehensive provider that serves the diverse receivables processing needs of both business-to-consumer and business-to-business organizations," noted Transactis Chairman and CEO Joe Proto. “Collectively, our two growing companies process over $2 billion in payments annually and serve some of the largest banks in North America and their billers.”

Bank of America Reports 2Q2011 Financial Results

BankofAmerica logo 140pxBank of America has reported financial results for the second quarter 2011.
Global Card Services reported net income of $2.0 billion, up $1.2 billion from the year-ago quarter as lower credit losses more than offset a $1.4 billion decline in revenue. The lower revenue reflected a drop in net interest income from lower average loans and yields, as well as lower noninterest income due to the gain on the sale of the company’s MasterCard position in the second quarter of 2010.

Total purchase volume (debit and credit) increased by 9% from the first quarter, in line with seasonal trends, and 6% from a year ago.

July 18, 2011

U.S. Bank Introduces VITAband

USBank logo 140pxU.S. Bank has announced VITAband, a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information.
The VITAband allows customers to simply “Tap & Go” when making purchases at merchant locations that accept contactless payments. It also links to a customizable Emergency Response Profile (ERP) that provides medical professionals with fast access to critical medical information in the event of an emergency. U.S. Bank employees began testing the VITAband in multiple states in the second quarter of 2011, making U.S. Bank one of the first major card issuers in the United States to pilot this new technology.

Revo Payments Releases Beta Version of Integrated Facebook Payment Apps

Revo payments logo 140pxRevo Payments has announced the (beta) release of the first Facebook Payment Applications for a number of vertical markets including Property Management, Education, Non-Profits, and B2B.
The Revo (PAAGO) Facebook Apps enable Facebook users to pay: Tuition, Donations, Rent, Homeowner Dues, and business invoices within Facebook. Payors can elect to pay by credit card, eCheck, ACH, Paypal, or Facebook Credits. Facebook users (Payors) benefit from the ability to make payments without leaving Facebook, while using any payment type.

American Express and Sprint Collaborate to Promote Serve

Amex logo 140pxAmerican Express and Sprint have announced an agreement that will provide Sprint customers with easy access to Serve, American Express' recently launched digital payments platform.
“Sprint is pleased to join with American Express to offer this convenient tool for sending and receiving money to friends, paying bills and making purchases online,” said Kevin McGinnis, vice president-Product Platforms, Sprint. “Our relationship with American Express is a great example of Sprint’s open enablement strategy. Sprint brings practical, easy-to-use apps and services to our customers from trusted brands like American Express.”


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