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October 01, 2012

ECB Report Examines The Costs Of Making Payments In The EU

European central bank 140x60px A new report released by the European Central Bank (ECB) analyses the social and private costs of making retail payments in 13 European countries and discovers that they are substantial, amounting to around €45 billion, or almost 1% of their combined GDP. If extrapolated to cover the 27 Member States of the European Union (EU), these costs would be around €130 billion.

“This study is a true joint venture of the ECB and the national central banks involved,” said Benoît Cœuré, Member of the ECB’s Executive Board. “Its results underline how much retail payment services matter for European society and in the economy as a whole. The study will shed light on the debate about how the European market for payment services will look in the future and how overall cost efficiency can be improved even further.”

The study finds that cash payments account for nearly half of the total costs. As the most commonly used payment instrument, cash has, on average, the lowest social costs per transaction, at €0,42, closely followed by debit cards with costs of €0,70 to society.

FIS Launches PayNet Real-time Payments Network

FIS logo 140pxFIS has announced the launch of PayNet, "the industry’s first global real-time payments network for domestic and international money movement for both retail and commercial trade."

“There has been a distinct global market shift toward real-time authorization and settlement as the key to driving emerging digital payment opportunities,” said Anthony Jabbour, executive vice president, FIS North American Financial Institutions. “PayNet addresses this shift – empowering organizations to drive significant efficiencies, revenues and profit within such categories as E-commerce, retail, commercial and mobile P2P, bill pay and mobile payments. We are extremely pleased with the added value PayNet will bring to FIS and our clients, as well as how it will revolutionize the payments industry.”

PayNet is a non-card-based solution for eCommerce, P2P, bill pay, mobile and international money movement. The solution leverages FIS’ network assets for real-time account access, settlement between parties, interchange processing, multi-currency conversion and exception processing.

Braintree Launches 'Instant Approval' Product and Pricing

Braintree logo 140pxBraintree announced that it has introduced a new 'instant approval' product and pricing plan called Braintree Instant. Merchants can now start accepting payments within minutes using Braintree, without a waiting period for a merchant account or underwriting approval.

“Braintree started with the principle of making payments easily accessible for developers and start-ups, and we've helped thousands of businesses through rapid growth,” said Bill Ready, Braintree’s CEO. “Now, developers and start-ups can begin accepting payments in a matter of minutes, with the confidence that Braintree has them covered with everything they'll need as they grow their business into the next Uber, Airbnb, LivingSocial or AngryBirds. That includes over 130 foreign currencies, recurring billing, faster funding times and next generation mobile capabilities.”

In addition to immediate approval, Braintree is also introducing simpler, flat pricing plan of 2.9% plus $.30 per transaction.

Gemalto Acquires Mobile Payment Platform From Ericsson

Gemalto logo 140pxGemalto announced that it closed the acquisition of Ericsson Internet Payment Exchange AB ("IPX") with the exception of operations in USA, from Ericsson.

"Acquiring IPX is a natural step for us in supporting the ramp up of MNO and mobile service providers related payment and identity services," said Olivier Piou, CEO of Gemalto. "IPX's positioning, as an international player built on Ericsson advanced technology, is really a perfect fit with Gemalto".

As part of the transaction, Gemalto is also acquiring Ericsson's Trusted Service Manager (TSM) activity. IPX will join Gemalto's Software & Services business line in the Mobile Communications segment.

PointsPay Launches Mobile Wallet to Convert Points and Miles Into Cash

Pointspay logo 140x60pxPointsPay, part of Loylogic, announced that it as launched its PointsPay mobile app, "the world's very first mobile-based wallet for redeeming loyalty points and miles at the point of sale (POS)."

"Millions of consumers participate in multiple loyalty programs, but struggle with lack of options and choice when it comes to redeeming and spending their hard-earned rewards. The ideal scenario is a loyalty solution that allows them to convert their points or miles into any currency, and to use that currency however they want," said Dominic Hofer, Founder and CEO of Loylogic and PointsPay. "PointsPay addresses this need on behalf of loyalty programs and their millions of members."
PointsPay lets loyalty program members convert points or miles into more than 150 currencies, to spend in-store or online at over 30 million merchants worldwide.

Discover Reports Financial Results for 3Q2012

Discover logo 140pxDiscover Financial Services has reported financial results for the third quarter 2012. The company said card sales volume grew 4% from the prior year to $27.2 billion. Credit card loans ended the quarter at $48.1 billion, up 4%, or $1.9 billion, from the prior year. Credit card loan delinquencies and net charge-offs reached historic lows with a delinquency rate for loans over 30 days past due of 1.81% and a net charge-off rate of 2.43%.

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