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August 02, 2012

August 01, 2012

Google Transitions Wallet to the Cloud

Google logo 140px Google has announced a new version of the Google Wallet mobile app that draws on card data stored in the cloud.
To support all credit and debit cards, we changed our technical approach to storing payment cards. The Google Wallet app now stores your payment cards on highly secure Google servers, instead of in the secure storage area on your phone. A wallet ID (virtual card number) is stored in the secure storage area of the phone, and this is used to facilitate transactions at the point of sale. Google instantly charges your selected credit or debit card.

The Google Wallet app is still dependent on one of just six Sprint or Virgin Mobile phones in order to complete an NFC transaction at an NFC-enable terminal.

MasterCard Announces 2Q2012 Financial Results

MasterCard logo 140pxMasterCard has announced financial results for the second quarter 2012.
  • Net revenue for the second quarter of 2012 was $1.8 billion, a 9% increase versus the same period in 2011. On a constant currency basis, net revenue increased 13% compared to the same period in 2011.

  • Worldwide purchase volume during the quarter was up 13% on a local currency basis versus the second quarter of 2011, to $661 billion.

  • As of June 30, 2012, the company’s customers had issued 1.8 billion MasterCard and Maestro-branded cards.

  • Cross-border volume was up 17%.
Press release, supplemental operating results, and an accompanying investor presentation are available on the MasterCard Investor Relations website.

First Data Reports Second Quarter 2012 Financial Results

First data logo 140x60pxFirst Data has reported its financial results for 2Q2012.
Consolidated revenue for the second quarter was $2.7 billion, down $64 million, or 2%, compared to a year ago on a $92 million decline in debit network fees partially offset by an increase in merchant acquiring revenue. Debit network fees are passed directly to customers and therefore did not impact operating income. Adjusted revenue, which excludes certain items including debit network fees, increased $43 million, or 3% year-over-year to $1.7 billion.

Cross-Industry Coalition Created to Support Move to EMV in US

SmartCardAlliance logo 140px The Smart Card Alliance announced the formation of an independent, cross-industry organization, the EMV Migration Forum, to support the alignment of the EMV implementation steps required for global payment networks, regional payment networks, issuers, processors, merchants, and consumers to successfully move from magnetic stripe technology to secure EMV contact and contactless technology in the United States.

Fed Releases Final 'Durbin' Rule on Fraud Prevention Adjustment for Debit Card Issuers

FedThe Federal Reserve Board recently announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect as an interim final rule -- holding the adjustment at no more than 1 cent, but simplifying the elements required to be included in an issuer's fraud-prevention policies and procedures.

July 30, 2012

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