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September 18, 2012

Square Closes Series D Financing Round with $3.25 Billion Valuation

Square logo 140px Square announced that it has closed its Series D financing round at a $3.25 billion valuation. Investors participating in the round include Citi Ventures, Rizvi Traverse Management, and Starbucks Coffee Company.

One year ago, Square had approximately 150 employees and processed over $1 billion in payments on an annualized basis. Today, Square has over 400 employees and is processing over $8 billion in payments on an annualized basis.

Western Union, MasterCard Partnership Creates Largest U.S. Reload Network

WesternUnion logo 140pxWestern Union and MasterCard have announced that all cardholders with MasterCard rePower-enabled prepaid cards issued by any bank in the U.S. can now reload their cards at more than 45,000 Western Union Agent locations in the United States.

“Before you can use a prepaid card to shop online or pay bills, you must first be able to add funds to it,” said Mike Hafer, Senior Vice President, Global Prepaid, Western Union. “And it is easy to find a Western Union location and have the funds available almost immediately. Just visit your neighborhood Western Union location and you leave with the funds conveniently loaded on your prepaid card.”

LexisNexis Releases 4th Annual 'True Cost of Fraud' Study

LexisNexis logo 140pxAccording to a new study released by LexisNexis Risk Solutions, for every $100 in fraudulent transactions, retailers surprisingly incurred a 'true' cost of $270.

Findings from the study show the cost of fraud is on the rise compared to last year. This year’s cost of $2.70 per $1.00 in merchandise is up $0.40 from last year’s level of $2.30. One of the areas of major fraud growth is the mobile sector. This year, mobile merchants paid $2.83 for every $1.00 lost compared to just $2.00 for 2011, an increase of more than 40 percent. The analysis in the study shows that criminals are shifting more attention to merchants that use a broader array of sales interaction methods, including browser, applications, text and evolving near-field communication methods.

The 4th annual LexisNexis True Cost of Fraud Study examines how fraud affects retail merchants, financial institutions and U.S. consumers, as well as identifies and quantifies the losses involved in a fraudulent retail transaction.

Tabbedout Introduces Mobile Payments SDK for Hospitality Apps

Tabbedout logo 140pxTabbedout announced the availability of their Software Development Kit (SDK) to make it easy for multi-unit restaurant chains and the third party app developers and agencies they work with to incorporate mobile payment functionality into their own mobile apps.

“We wanted to develop an SDK that makes it easy for third parties that work with restaurant chains to add our core mobile payment features,” explained Kelly Harper, vice president of product development for Tabbedout. “With our POS integrations, restaurants can quickly incorporate the SDK into their apps and be up and running in no time, without the need for expensive hardware.”

MoneyGram, Gemalto to Offer International Money Transfers on Mobile Devices

MoneyGram logo 140pxMoneyGram and Gemalto have announced a global agreement to provide MoneyGram services over Gemalto’s LinqUs Mobile Money solution.

MoneyGram’s money transfer platform will be integrated with Gemalto’s LinqUs mobile payment platform solution, allowing customers to send international transfers from a mobile phone to one of MoneyGram’s 284,000 locations worldwide or receive transfers directly to their mobile wallet. Gemalto Mobile Financial Services clients, including banks and mobile operators, will be able to connect directly to MoneyGram’s global network and offer convenient and secure mobile remittance services.

Seamless Launches SEQR App for Small Businesses

Seqr logo 140pxSeamless has announced that it will soon be launching a payment solution for smartphones, tablets and computers - "SEQR Mobile Pos" - for small businesses. "That means that people such as craftsmen, market traders and café owners can use their mobile phone to safely and conveniently accept mobile payments. It is totally free to set up, and its transaction fees are much lower than for card payments."

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