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March 28, 2012

Obopay Launches Comprehensive Disbursement Solution

Obopay logo 140pxObopay has announced the availability of 'Obopay Disbursements' which enables a company to disburse funds from their corporate account directly into a payees debit card account at another bank or to a branded prepaid card.
“Obopay offers the broadest range of disbursement and bulk payment solutions in the industry; enabling companies that need to issue high volumes of payments to disburse funds with speed, efficiency, security and scale,” said Obopay Vice President of Product Marketing David Schwartz. “Being a licensed money transmitter enables Obopay to make available to its partners unique services like instant disbursements. Instant disbursements allow our partners to take advantage of real-time interbank payments across payment networks, through our debit network connections. Our disbursement offering also takes advantage of our deep experience as a prepaid card program manager for leading brands.”

MasterCard Introduces New Tool to Predict eCommerce Fraud in Real Time

MasterCard logo 140pxMasterCard’s has announced a new tool called 'Expert Monitoring Fraud Scoring for Merchants' to help predict the potential for eCommerce fraud in real time.
“Fraudsters are becoming increasingly sophisticated in their approach, so online merchants must be even more vigilant in their efforts to protect the integrity of the online shopping experience for cardholders,” says Johan Gerber, Group Head, Global Network Products for MasterCard Worldwide. “Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”

Headline News - March 28, 2012

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.

March 27, 2012

BilltoMobile and Discover Partner for Mobile Payments

BilltoMobile logoBilltoMobile announced that it is entering into a marketing agreement with Discover which will enable the two companies to drive market-leading innovation and value in the rapidly-evolving digital goods, mCommerce, and mobile payments space.
The partnership with Discover is a significant milestone for BilltoMobile and validates its leadership position in the marketplace. Jim Greenwell, BilltoMobile's CEO commented, "This agreement with Discover enables BilltoMobile to better serve our consumers, merchants and carrier partners. Our product offering will expand as will the ability to serve marquee digital merchants."

March 26, 2012

Monitise to Acquire Clairmail for $173 Million

Monitise logo 140pxMonitise announced that it has entered into an agreement to acquire Clairmail for $173 million.
Currently, the combined businesses provide world-leading mobile money services to 13m registered end consumers via some of the world’s leading financial institutions such as the Royal Bank of Scotland Group, two of the largest card issuers in the US, Lloyds TSB, PNC Bank, U.S. Bank and Fifth Third Bank among others. Together the combined technology platforms process billions of transactions a year and over US$10bn of payments and transfers on a current weekly annualised basis.

March 22, 2012

Discover Reports Financial Results for 1Q2012

Discover logo 140pxDiscover Financial Services has reported financial results for the first quarter 2012. The company said Discover card sales volume grew 7% from the prior year to $25.6 billion, primarily driven by an increase in the number of customers using their Discover card. Credit card loans increased, ending the quarter at $45.9 billion, up $1.6 billion from the prior year. The delinquency rate for credit card loans over 30 days past due declined to 2.22% and the credit card net charge-off rate declined to 3.07%, each of which were record lows.

U.S. Bank and Plastic Jungle Partner on Credit Card Rewards

USBank logo 140pxU.S. Bank announced that it has partnered with Plastic Jungleto enable FlexPerks Travel Rewards Visa Signature cardholders to easily and safely exchange select merchants' gift cards for highly valued FlexPoints, reward points that can be redeemed for travel, merchandise and more.
“We’re continually seeking innovative ways for our FlexPerks cardholders to earn FlexPoints and offering a simple, safe and quick exchange of unredeemed gift cards for valuable FlexPoints is certainly an inventive approach,” said Cliff Cook, chief marketing officer for U.S. Bank Retail Payment Solutions. “With the holidays over and spring break time here, the gift card exchange is timely for cardholders looking to accumulate some extra FlexPoints for travel.”

March 21, 2012

AmEx Partners with Office Depot to Distribute American Express Prepaid Card

Amex logo 140pxAmerican Express announced that the American Express Prepaid Card, a prepaid reloadable Card with no monthly or maintenance fees, will soon be available at select Office Depot stores.
“Office Depot is pleased to offer a prepaid reloadable card for the first time to our customers,” said Farla Efros, Executive Vice President and Chief Merchandising Officer, Office Depot. “Reloadable prepaid cards are quickly gaining traction for many different uses. We are excited to offer the American Express Prepaid Card which delivers premium value with no hidden fees, enables our customers to use the card immediately upon purchase and is backed with the safety and security that is synonymous with American Express.”

MasterCard Survey Says U.S. Commuters Ready for Contactless Payments

Survey graphic 140pxA new survey released by MasterCard says that many of the top frustrations cited by U.S. commuters have to do with how they pay and that a majority recognize the benefits contactless payments can provide to improve the commuting experience.
“The grind of the daily commute should not be compounded by the way you pay just to ride mass transit,” said Catherine Murchie, Senior Vice President, MasterCard Worldwide. “From our survey, we know that commuters want a better way to buy their fare and open-loop contactless payment options such as MasterCard PayPass eliminate the need to wait in line, fumble for exact change or carry multiple fare cards so that it easier to board and be on your way.”

MoneyGram Joins ZipZap’s U.S. Payment Center Network

Zipzap logo 140x60pxZipZap has announced that MoneyGram International has joined its network of payment centers in the U.S.
“We are excited about this new partnership with MoneyGram because it enables us to offer those consumers using our service with a reliable and trusted payment center experience,” said Alan Safahi, Founder and CEO of ZipZap. “Through our agreement with MoneyGram, cash-preferred consumers in the U.S. will now have access to over 45,000 locations in ZipZap’s North American Payment Center Network.”

March 20, 2012

March 19, 2012

Payments Views - PayPal Takes on Square and the Square Wannabes

GP Logo Horizontal 140pxOver on Payments Views, Glenbrook's Erin McCune blogs about the recent PayPal Here announcement, and her take on what it means to Square and the Square Wannabes.
The story here is simplicity. The merchant fee for PayPal Here transactions is 2.7%. Slightly lower than Square, and about the same as Intuit GoPayments. The big differences is access to funds. Just like online merchants, offline merchants are credited sales into their PayPal account in real-time as purchases complete.

Fiserv to Expand Popmoney P2P Payments Capabilities with MoneyGram

Fiserv logo 60pxhFiserv announced it will be adding MoneyGram’s money transfer services to the menu of money movement options available to financial institutions and consumers through the Popmoney, Fiserv's person-to-person payments product.
“With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts,” said Neil Platt, senior vice president and general manager of payments, CashEdge Division, Fiserv. “Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money.”

Intuit GoPayment Hits the Campaign Trail

Intuit logo 140pxIntuit has announced that GoPayment has been enhanced for political donations.
“We saw a need to help fundraisers significantly increase their political donations, especially at events or when going door-to-door, when not everyone has cash or checks,” said Chris Hylen, vice president and general manager of Intuit’s Payment Solutions division. “We’ve enhanced GoPayment specifically for campaign donations. With just one swipe, fundraisers can easily increase their donations while collecting all information needed to help them meet their reporting requirements.”

Overdraft Fee Revenue in the U.S. Falls 4.5% to $31.6 Billion in 2011

Survey graphic 140pxAccording to a recent study by Moebs Services, banks received $31.6 billion in overdraft fee revenue in 2011, a decline of 4.5% from 2010.
The Moebs study found that the national median price for an overdraft fee increased to $29, up from $27.50 in 2010. According to Michael Moebs, CEO of Moebs Services, financial institutions increased the prices of overdrafts to cover anticipated costs brought on by the heightened regulatory environment of the FDIC and the implementation of Dodd Frank Act.

These figures reflect the findings of a February 2012 survey of 2,273 banks and credit unions completed by Moebs $ervices, an independent economic research firm.

March 15, 2012

PayPal Launches 'PayPal Here' for Mobile Payments Acceptance

PayPal logo 140pxPayPal has announced PayPal Here, a new "global mobile payment solution that allows small businesses to accept almost any form of payment."
They can accept payments by swiping cards with a fully encrypted thumb-sized card reader, or use a phone camera to scan and process cards and checks. It also allows them to invoice directly from the mobile app and, of course, accept PayPal in a brand new way.

Official website with all the details is http://www.paypal.com/here/. The PayPal Blog also has a nice summary post with the mandatory how-it-works video.

BOKU Secures $35 Million Investment From NEA, Telefónica and Others

Boku logo 140x60pxBOKU announced that it has secured $35 Million in funding. Investors include New Enterprise Associates (NEA), Telefónica Digital, as well as previous investors.
“Payments are going mobile and we want to be at the forefront of this trend,” said Matthew Key, Chairman & CEO, Telefónica Digital. “BOKU has quickly established itself as a true innovator in the mobile commerce space and this investment gives us access to their tools, infrastructure and know how, ideally complementing our own mobile payments expertise. In addition to the investment we are also embarking on a global partnership with BOKU to enhance our operator billing capabilities and the overall payment experience through our future mobile wallet services.”

Additional participants in the round include Andreessen Horowitz, Benchmark Capital, DAG Ventures, Index Ventures and Khosla Ventures.

Discover Implements 2013 EMV Mandate in U.S., Canada and Mexico

Discover logo 140pxDiscover announced it is implementing a 2013 EMV mandate for acquirers and direct-connect merchants in the U.S., Canada and Mexico. "This industry alignment will streamline certification and deployment efforts and enable a manageable transition for all parties involved, including issuers, merchants and acquirers."

First Data Releases February 2012 SpendTrend

First data logo 140x60px First Data has released its First Data SpendTrend analysis for the full month of February 2012 compared to February 2011.
February’s overall year-over-year dollar volume growth was 8.9%, a healthy increase from January’s growth of 7.0%. Overall dollar volume growth continued its positive upward trend in February. Improving economic conditions provided consumers with more confidence and income to spend.

SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.

Headline News - March 15, 2012

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.

March 14, 2012

Consumers and Mobile Financial Services

FedThe U.S. Federal Reserve has released the findings from an online survey, conducted in December 2011 and January 2012, examining the use of mobile technology to access financial services and make financial decisions.
One out of five American consumers used their mobile phone to access their bank account, credit card, or other financial account in the 12 months ending in January 2012 and an additional one out of five indicated they would likely use mobile banking at some point in the future.

The full "Consumers and Mobile Financial Services" report is located here.

Discover Announces First Internationally-Issued Discover Cards

Discover logo 140pxDiscover Financial Services has announced it has expanded its franchise agreement with Diners Club Ecuador (DCE) to include issuance of Discover cards in Ecuador. This is the first time in company history that Discover cards will be issued beyond U.S. borders.

Federal Reserve Reports Consumer Credit for January 2012

FedThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at an annual rate of 8-1/2 percent in January. Revolving credit decreased at an annual rate of 4-1/2 percent, while nonrevolving credit increased at an annual rate of 14-3/4 percent."

March 13, 2012

PayPal Unveils New Digital Wallet at SXSW 2012

PayPal logo 140pxSam Shrauger, VP of global product and experience at PayPal, presented the new PayPal Digital Wallet at SXSW. The full story of what is included is sketched out on the PayPal Blog. For a behind-the-scenes guided tour of the wallet features there are two videos on the eBay ink blog that are worth watching. Targeted availability for PayPal users is late May 2012.

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