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September 22, 2011

Australia: Payment Systems Board Annual Report 2011

Reserve bank australiaThe Payment Systems Board of the Reserve Bank of Australia has published its Annual Report 2011. The report contains lots of interested data and graphs on payments behavior, interchange fees, merchant service fees, etc. in Australia.

Payments Views - Mobile Billing in South Korea

GP Logo Horizontal 140pxOver on Payments Views, our sister blog, Glenbrook has posted an excerpt from its South Korea eCommerce Market Analysis report that describes how the bill-to-mobile phenomenon works in South Korea. Many consider South Korea the cradle of mobile billing and its interesting how the payment method has evolved over time.

Bottomline Announces Cross-Border Electronic Invoicing

Bottomline logo 140pxBottomline Technologies has announced it "has gone live with a secure, real-time solution for sending and receiving invoices electronically via the global SWIFT network. E-invoicing presents a significant opportunity for banks and their corporate customers to streamline paper-laden processes and reduce costs while increasing visibility into the financial supply chain."

American Express Merchant Financing Program

Amex logo 140pxAmerican Express has announced the launch of American Express Merchant Financing, "a set of financing products that provide qualified merchants with quick and simple access to cash for their business needs. Eligible merchants now have the opportunity to leverage their relationship with American Express to tap into a convenient and hassle-free source of capital, which is repaid automatically through settlement charges and accompanied by low fixed fees."

Intuit to Launch Prepaid Debit Card to Support GoPayment

Intuit logo 140pxIntuit has announced a number of new services designed to fuel Intuit's transformation from a software company to a connected services company. Included in the announcement was a new prepaid debit card for use as a Intuit GoPayment payout instrument.
To make it easier for small businesses to get started processing credit cards on a mobile device, GoPayment will soon enable users to deposit funds directly onto a prepaid debit card. This will make it faster to start taking payments because new users can sign up for GoPayment without needing to provide bank account details. For smaller businesses, it also provides a convenient way to keep their business finances separate from their personal funds. The prepaid debit card for GoPayment will be available later this fall.

Yesterday, Intuit held its annual investors day to update the investment community on progress and strategy –– including that of Intuit Payments. Slides and webcast available here.

Discover Reports Financial Results for 3Q2011

Discover logo 140px Discover Financial Services has reported financial results for the third quarter 2011. The company said Discover card sales volume was an all-time record of $26.3 billion in the quarter, up 9% from the prior year. Total loans grew 8% from the prior year to $54.1 billion and were up 3% from the prior quarter, with credit card loans up 2% from the prior year and 3% from the prior quarter. The delinquency rate for credit card loans over 30 days past due continued to decline reaching a new record low of 2.43%. The credit card net charge-off rate declined to 3.85%.

September 21, 2011

Cartera Commerce Closes Loop on Local Card-Linked Offers

Cartera commerce logo 140x60pxCartera Commerce has announced a new capability that enables card issuers to drive revenue from the local advertising market.
Cartera's new performance-based solution enables issuers to market thousands of local, card-linked offers to their customers, who redeem offers just by swiping their cards in local stores. Cartera securely and privately tracks transactions and automatically delivers savings and rewards back in cardholders' accounts in cash, points or miles.
In related news, Cartera also announced a strategic marketing agreement with TransFirst to offer this solution to TransFirst merchants.

Citi’s Worldlink Payment Services Adds New Currencies

Citi logo 140pxCiti has announced that its Global Transaction Services unit has enhanced its WorldLink Payment Services to "support payments in exotic currencies, such as the Chinese Renminbi (RMB) and Iraqi Dinar (IQD). In addition, WorldLink has developed its network to support current and future exotic currency offerings. These enhancements allow for significant reductions in settlement time, increased visibility of important transactional details and a reduction of volume capacity against exotic currencies."

Retail Decisions Launches ReD Fraud Alert

ReD logo 140x60psRetail Decisions (ReD)has announced the ReD Fraud Alert service, a new service which enables card issuers and merchants to exchange information in the fight against online payment fraud.
Using information normally exclusive to the issuer, ReD creates a channel to enable its merchants to use a customer’s full account profile to decide whether to accept or reject a transaction for items with a high ticket price.

PaymentOne Announces 7 Day Payout on Bill-to-Mobile Payments

PaymentOne logo 140pxPaymentOne has announced PayOne FastPay, "an industry-first mobile payments program that guarantees disbursements to merchants in as fast as seven days, dramatically reducing the typical 60-90 day waiting period for payouts required by carriers and other mobile payment vendors."

September 20, 2011

Regulation II - Frequently Asked Questions

FedThe Federal Reserve has released a set of frequently asked questions (and answers) about "General-Use Prepaid Cards and Circumvention and Evasion". Given the Regulation II exemptions for certain reloadable prepaid cards, there seems to be a lot of industry questions about what exactly can be done with a general-use prepaid card and still have the card considered exempt from Regulation II interchange caps.

Facebook Credits Numbers

Facebook logo 140pxeMarketer has released projections on Facebook's worldwide revenue over the coming years. Most of the focus is on ad-derived revenue, but they are also projecting $470 million in Facebook Credits revenue for the company in 2011. (This means eMarketer is projecting $1.56 billion in Facebook Credits TPV this year. - Ed)

The Mobile Payments and NFC Landscape: A U.S. Perspective

SmartCardAlliance logo 140pxThe Smart Card Alliance has released a white paper that explains and compares the different approaches to mobile payments in the U.S. –– integrated NFC, non-integrated contactless, bar codes, cloud-based wallets, and text messaging. The white paper, entitled "The Mobile Payments and NFC Landscape: A U.S. Perspective" is free and available for download now.

American Express Acquires Virtual Currency Platform Provider

Amex logo 140pxTechCrunch is reporting that American Express has acquired Sometrics, a virtual currency platform and in-game payments provider serving the online game industry, for $30 million. Supposedly, Sometrics will be used within American Express' Serve digital payments platform. No details have been disclosed, but AmEx has confirmed the acquisition with a tweet.

Weemba to Connect Borrowers with Professional Lenders

Weemba logo 140pxWeemba has announced a new social network site designed to put borrowers and lenders on an equal footing.
“The inability for individuals and businesses to find a good loan is choking the economy and making an already challenging economic environment even worse,” said Annette Gallagher, CEO for Weemba. “Weemba aims to relieve this issue by creating a kind of open marketplace where borrowers and lenders can seek out the best match for themselves. It’s simple, straight-forward and increases the probabilities of borrowers getting their desired loans.”

Global Report Finds Cross-Border Payments Opportunities

Earthport logo 140x60pxEarthport has announced the results of a new report that provides a detailed understanding of the ideal cross-border payment solution from the perspective of both payment professionals and payment initiators. The global survey, which is based upon responses from professionals across the financial ecosystem, was conducted by payments strategy consulting firm Glenbrook Partners.

The full report can be downloaded here. READ MORE »

Glenbrook is Live Blogging FinovateFall 2011

GP Logo Horizontal 140pxOver on Payments Views, Glenbrook’s Bryan Derman is live blogging the two-day marathon of financial technology demos at FinovateFall 2011 in New York. The format for Finovate is fast and furious. No PowerPoint – all demo. Each company has seven minutes. You can also track the Twitter coverage using the hashtag #finovate.

Headline News - September 20, 2011

On the web:

On the wires:

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

September 19, 2011

Sprint Launches First Google Wallet

Sprint logo 140x60pxSprint and Google have announced the rollout of Google Wallet to all Nexus S 4G customers.
“Sprint is thrilled to be the first U.S. carrier to offer Google Wallet,” said Fared Adib, vice president of Product at Sprint. “Nexus S 4G is the first to receive new versions of Android software, and today’s upgrade puts the near-field communications, or NFC, chip in the phone to work so customers can have a secure virtual wallet on their phone. NFC capabilities on smartphones open the door to a new level of convenience and security.”

At launch today, Google Wallet supports Citi MasterCard credit cards and the Google Prepaid MasterCard, powered by First Data. Google says it plans to support additional cards.

Visa and Google Sign Licensing Deal to Boost Mobile Payment Adoption

Visa logo 60pxhVisa Inc., Visa Europe and Google have announced that Google has received a worldwide license to Visa payWave, Visa's NFC-based payment technology.
The agreement sets the stage for Visa-issuing banks worldwide to enable Visa account holders to add their credit, debit and prepaid accounts to Google Wallet -- a mobile application that turns a smart phone into a digital wallet. This is the latest effort by Visa and Google to simplify the consumer shopping experience by enabling them to make mobile payments using their mobile phones.

Fiserv and Wells Fargo to Deliver Integrated Foreign Currency Exchange

Fiserv logo 60pxhFiserv and Wells Fargo have announced they are "delivering advanced foreign currency exchange capabilities through WireXchange from Fiserv, a flexible automated solution for completing end-to-end wire transfers."

Payments Views - Zigging and Zagging Towards Mobile Payments in the US

GP Logo Horizontal 140pxOver on Payments Views, our sister blog, Glenbrook's Scott Loftesness shares his thoughts on the current state of play of mobile payments in the US market.
The traditional players are zigging – away from mag stripe card technologies (with, perhaps, the exception of Citi and its work with Dynamics) toward a world of NFC/contactless payments. Meanwhile, it seems that PayPal isn’t waiting for that world. Instead, it’s zagging toward a speedier implementation of, arguably, a new and convenient way to pay that’s card-less and avoids the requirements of rebuilding so much of the payments ecosystem.

Dynamics Announces 'Chip and Choice' Card Technology

Dynamics logo 140pxDynamics Inc. has announced 'Chip And Choice' technology that brings the the firm's multi-purpose, dynamic card capabilities to the world of EMV.
Dynamics’ Chip & Choice™ technology includes two chips – a secure, embedded chip and an exposed chip. A user can select different payment options by pressing different buttons on the card. Dynamics’ secure, embedded chip then writes a different, temporary chip profile into the exposed chip based on the user’s selection. In doing so, a user can select and use different payment applications even with readers that do not support such applications. This level of flexibility, unique to Dynamics payments cards, negates the needs for costly infrastructure updates in order to deliver powerful new functionality to merchants, networks, card issuers and consumers.

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