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« March 11, 2012 - March 17, 2012 | Main | March 25, 2012 - March 31, 2012 »

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.


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