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July 19, 2012

July 18, 2012

A Look at PayPal's 2Q2012 Financial Results

PayPal logo 140x60pxPayPal's parent eBay announced financial results for 2Q2012.
PayPal ended the quarter with 113.2 million active registered accounts, a 13% increase over the second quarter of 2011. PayPal revenue increased 26% year over year, driven primarily by increased penetration on eBay as well as continued merchant and consumer adoption and strong growth in Bill Me Later. PayPal's net total payment volume (TPV) grew 20% year over year to $34.5 billion.

eBay reported that the PayPal 'take rate' rose to 3.94% in 2Q2012, up 21 basis points from a year earlier. Management also indicated that it expected PayPal mobile to transact $10 billion in volume in 2012.

Bank of America Reports 2Q2012 Financial Results

BankofAmerica logo 140px Bank of America has reported financial results for the second quarter 2012.
Noninterest income declined $510 million to $2.6 billion, primarily from the implementation of debit card interchange fee rules as a result of the Durbin Amendment and a gain on the sale of certain portfolios in the second quarter of 2011. Provision for credit losses, primarily within the Card Services business, increased $731 million from the year-ago quarter to $1.1 billion as portfolio trends began to stabilize. Net charge-offs declined to $1.7 billion in the second quarter of 2012 from $2.6 billion in the year-ago quarter.
The number of new U.S. credit card accounts opened in the second quarter of 2012 was up 7% from the year-ago quarter. During the second quarter of 2012, the number of BankAmericard Cash Rewards cards grew by 37% to 1.4 million.

MasterCard Business Network Gives SMBs the Purchasing Power of Big Business

MasterCard logo 140px MasterCard has announced availability of the MasterCard Business Network to provide SMBs with purchasing discounts, enhanced T&E capabilities, and streamlined expense management.
“Smaller businesses don’t think of themselves as small, they just haven’t finished growing yet,” said Ed Glassman, group executive, Global Commercial Products, MasterCard Worldwide. “Through one, integrated site, the MasterCard Business Network is designed to help them grow by delivering some of the critical infrastructure capabilities that can help them save time and money, whether they are purchasing supplies, booking travel, entertaining clients or simply trying to get a handle on their overall expense management.”

The site, www.mastercardbusinessnetwork.com, is powered by Rearden Commerce’s Deem commerce platform.

American Express Releases Second Quarter 2012 Financial Results

Amex logo 140pxAmerican Express has reported financial results for the second quarter 2012, including net income of $1.3 billion, up 1% from a year ago.
“Consumer, small business and corporate cardmember spending, along with the business volumes generated by our network of bank partners, remained healthy despite a very uneven economy,” said Kenneth I. Chenault, chairman and chief executive officer. "Overall cardmember spending rose 7%, or 9% adjusted for foreign currency translations. That’s slower than the increases we’ve seen in the recent quarters, but it comes on top of a very strong performance a year ago, and continues to grow faster than most of our large issuer competitors.

July 17, 2012

Openbucks Raises $4.8 Million For its Gift Card Payment Network

Openbucks logo 140x60px Openbucks announced the closing of a $4.8 million Series A funding round led by Yahoo co-founder, Jerry Yang, with the participation of Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels.
The Openbucks Gift Card Payment Network enables consumers who don't have credit cards or a bank account, or who prefer to keep their financial information private, to pay for online goods and services using the gift cards of major retailers. The regular gift cards of Subway, CVS Pharmacy, Burger King, Shell, Circle-K and CITGO are now accepted through the Openbucks Network as a form of payment at thousands of online checkouts. This provides millions of unbanked and underbanked consumers, including teenagers, with a free, safe and convenient way to pay online using trusted brands.

JPMorgan Chase - Card Services 2Q2012 Financial Results

Chase logo 140px JPMorgan Chase has reported financial results for the second quarter 2012. Highlights for Card Services include:
  • Net income of $1.0 billion, a decrease of $80 million, or 7%, compared with the prior year. The decrease was driven by a lower reduction in the allowance for loan losses compared with the prior year.

  • Card Services net revenue as a percentage of average loans was 11.91%, compared with 12.60% in the prior year and 12.22% in the prior quarter.

  • Credit Card sales volume (excluding commercial cards) was $96.0 billion, up 12% compared with the prior year and 10% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since 1Q082.

Merchant processing volume was $160.2 billion, up 17% from the prior year and 5% from the prior quarter; total transactions processed were 7.1 billion, up 20% from the prior year and 4% from the prior quarter.

Tapingo Secures $3.5 Million Funding From Carmel Ventures

Tapingo logo 140x60pxTapingo, "a provider of a mobile commerce platform enabling students to use their phone to order and pay for food and goods at merchants on and around college campuses", announced that it has secured its first institutional financing round from Carmel Ventures.

Citi Reports 2Q2012 Financial Results

Citi logo 140px Citigroup has released financial results for the second quarter 2012. In its North American Consumer Banking sector, Citi reported that its Citi-branded cards revenues declined 8% to $2.0 billion versus the prior year period. Citi-branded cards loans also declined 3% from second quarter 2011

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