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« August 12, 2012 - August 18, 2012 | Main | August 26, 2012 - September 1, 2012 »

August 23, 2012

Study Reveals 15 Million US Consumers of Small-Dollar Credit Products

CFSI Logo Small The Center for Financial Services Innovation (CFSI) released a new study that uncovers reasons why consumers use potentially harmful small-dollar credit products and highlights the need for better high-quality credit solutions.
“Every year, millions of American consumers use small-dollar credit products for quick access to cash,” said lead author, Rob Levy, Manager, Innovation and Research at CFSI. “These products — payday loans, pawn loans, direct deposit advance loans, auto title loans, and non-bank installment loans — often come with high fees or interest rates and can lead consumers into a cycle of repeat usage and mounting debt. Our goal with this study was to see where the market is today, and encourage development of high-quality credit as defined by affordability, transparent marketing, a structure that supports repayment without creating a cycle of repeat borrowing, and offering the opportunity for credit-building.”

The study, supported by the Ford Foundation, surveyed over 1,100 small-dollar credit (SDC) consumers, plus an additional 500 non-SDC consumers for comparison.

August 22, 2012

PayPal and Discover to Bring PayPal to Millions of In-Store Locations

PayPal DiscoverPayPal has announced an extension of its offline strategy by teaming up with Discover to bring PayPal to more than 7 million merchant locations across the U.S.
"We couldn't be more thrilled to work with Discover. This relationship quickly extends PayPal's reach to millions of merchant locations nationwide and is a milestone moment for us that will create new benefits for Discover merchants without requiring new hardware or software,” said Don Kingsborough, PayPal’s Vice President of Retail. "This relationship will deliver a truly seamless digital wallet, available most places consumers shop offline, which offers the speed, simplicity and security already enjoyed by 113 million active PayPal customers online."

Rollout to merchants will launch in April 2013.

August 21, 2012

2012 Debit Issuer Study

Pulse logo 140pxAccording to PULSE, debit issuers participating in the 2012 Debit Issuer Study expect to see a 15% growth for PIN debit, and 8% growth in signature debit transactions this year.
The debit market is expanding at the low-end, with small-ticket transactions continuing to displace cash. While the average ticket on a debit transaction is $38, the median is just $19, with more than 30 percent of transactions now less than $10.

Visa to Launch Point-to-Point Encryption Service

Visa logo 60pxhVisa has announced a new service, 'Visa Merchant Data Secure with Point-to-Point Encryption', that will be marketed through acquirers in early 2013 to merchants.
"Merchants large and small have expressed an interest in encryption as a way to protect cardholder data in their payment systems and simplify their security protocols," said Ellen Richey, Chief Enterprise Risk Officer, Visa Inc. "Since encrypted data can't be used to commit fraud, Visa's point-to-point encryption solution can significantly reduce the risk and impact of data compromises."

Revel Systems Brings iPad iPOS System To Supermarket Industry

Revel systems logo 140x60pxRevel Systems has announced the release of its iPOS system designed specifically for supermarkets and grocery stores.
Revel Systems is about building a platform for all commerce to interact, and our Grocery POS system has been in development for over a year to provide our customers with the features they really want and need to run their businesses,” said Lisa Falzone, CEO and co-founder of Revel Systems. “The payment industry is super competitive right now, not to mention that these specialty stores want sleek design with attachment to best-of-breed peripherals."

Hardware connections for all the usual peripherals (PIN pad, printers, etc.) is done wirelessly via the Revel Router. The new configuration also has built in support for Dwolla and LevelUp. This photo nicely captures the idea.

August 20, 2012

August 19, 2012

Payments Views - Bankers to NACHA: 1978 Is Modern Enough for Us!

GP Logo Horizontal 140pxGlenbrook's Carol Coye Benson is disappointed at the lack of banking industry support for moving to same day ACH. According to Carol, she files this kind of banker thinking in her “don’t worry about online music, CD’s work just fine” folder. Read Carol's full commentary on this issue over on our PaymentsViews.com sister site.

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