VeriFone Posts Net Revenue Up 51% Y/Y

VeriFone Systems electronic payment solutions posted 4Q/11 (3Q/11) net revenues of $416 million, compared to $317 million in the previous quarter and $276 million for the comparable period of 2010 (“Q4 FY10”), a 51% year-over-year increase. This marks the sixth straight quarter that the growth rate exceeded 20% year-over-year. Meanwhile, gross margins were 40% for…

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Closed-Loop Prepaid Cards Sees Growth Across All Sectors

First Data Corporation released its “SpendTrend Closed-Loop” Prepaid Cards analysis for the month of November. Tracking U.S. same-merchant activations and redemptions of merchant-branded prepaid cards including spending, gift, incentive and promotional cards. Activation transaction growth led the way in November with year-over-year activation transaction growth at 12.3%. Specialty Retailers saw activation transaction growth of 19.4% growth in November. Casual Dining and Quick Service Restaurants also posted double-digit growth increases in November. Meanwhile, activation dollar volume rebounded in November with an overall growth of 16.7%, reversing a three-month slowdown of growth.

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Consumers in All 50 States Reduce Credit Card Debt

Since January, average credit card debt has fallen nearly 10% nationally to $6,503, while all 50 states showed reduced credit card debt. The states that decreased their debt the most include Mississippi, down 16% to $5,362; Alabama, down 14% to $5,750; and Kentucky, New Hampshire, Rhode Island and West Virginia, all down 13% to $6,151, $7,464, $6,090 and $5,956, respectively. Nationally, credit scores remain unchanged from last month at 661, but have fallen five points since January. This, according to CreditKarma, also shows the states that had the highest credit scores in November include California (680), New Jersey (679), Massachusetts (678), and Utah (675). Mississippi (621), South Carolina (635) and Arkansas (635) posted the lowest scores.

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Payvment Support Twitter m-Shopping

Payvment e-commerce platform, launched a new mobile shopping experience optimized to support Twitter’s new design. Shoppers can now click on a tweet in their stream to learn more about a featured product and immediately purchase it – or click “want” to add the product to their Wish List on their Payvment profile, making it easy to shop and share on the go. With this, Twitter becomes a vehicle for Payvment sellers to promote their products and for shoppers to discover and share them.

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Western Union Shows Spending Worries Consumers

The Western Union Company global payments research now indicates consumers in the United States, Brazil, the United Kingdom, United Arab Emirates and South Africa disclosed overspending as the No. 1 worry this holiday season. For example, in the U.S., 38 percent worry about overspending, and then eating too much (14 percent), finding the perfect gift (11 percent), seeing family (8 percent), and work commitments (5 percent) are also high on the list. In response, Western Union is announcing its “$50 for $5” promotion, allowing consumers to send up to $50 from participating Agent locations to loved ones in the U.S. for five dollars or send a Western Union gift card,* with a personalized greeting card and voice message.

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Heartland Payment Extends ConocoPhillips Contract

Heartland Payment Systems, one of the nation’s largest payments processors, has signed a five-year contract with ConocoPhillips, whereby it will continue to authorize debit and credit card transactions and will now also begin settling Visa and MasterCard credit card transactions at ConocoPhillips-branded locations nationwide. The expanded card processing agreement is being supported by a new partnership between Heartland and Barclays Bank Delaware, the U.S. operation of Barclaycard, which will be delivering the payment network sponsorship services for the ConocoPhillips transactions.

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Consumers Consider mPayments Safer Than Credit Cards

Research now shows 4 out of 5 consumers would spend more online if offered an easier and more secure way to pay while, by a margin of almost 4 to 1, consumers believe direct carrier-billed mobile payments are more secure than using credit and debit cards for online digital purchases. Also, online merchants could add aggregated yearly revenue of $109.8 billion, simply by offering an alternative “no-credit-card-required” way to pay at checkout. This, according to Javelin Strategy & Research and PaymentOne, also shows 4 out of 5 would spend more online if given an easier and more secure payment alternative to credit or debit cards.

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Citi Renames U.S. Private Label Cards Unit

Citi announced its U.S. retail credit card products and services division, formerly known as Retail Partner Cards, is being renamed Citi Retail Services. The new name best represents the unit’s industry leading breadth of products and services, including private label credit cards, digital, mobile and loyalty solutions and market insights provided to national and regional partners. Citi Retail Services, which offers the largest retail co-brand and loyalty programs in the country, has been an industry leader for nearly three decades with a portfolio of partners that includes some of the largest and most respected retail, automotive, and fuel brands in the country. Citi Retail Services will rejoin Citicorp effective January 1, 2012 as a business unit within North America Consumer Banking.

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Swipely Brings Expands Cash Rewards Program to 150 Retailers

Swipely loyalty and rewards program is expanding to help more than 150 retailers turn credit card transactions into interactions. Swipely gives these new merchant members a hassle-free way to understand, retain and engage customers with loyalty rewards and personalized offers without coupons or keychain cards. The system works with the credit and debit cards more…

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Chase Clarifies Checking Account Fees

Chase unveiled a revised summary guide for Chase Total Checking that makes its terms and conditions easier to understand for consumers. Chase collaborated with the Pew Health Group’s Safe Checking in the Electronic Age Project to develop a simple disclosure form that uses everyday words in a consumer-friendly format. Consumers can now more plainly see a description of fees and services, how to avoid certain fees, when deposits are available, and the order in which withdrawals and deposits are processed. Chase also is eliminating account closing fees to simplify and enhance the customer experience.

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North Shore Bank Implements Fiserv Rewards

North Shore Bank engaged Fiserv for consulting to create new checking products that would allow it to take advantage of disruptions in its market and position the bank to attract new customers and keep existing ones. The Bank also signed on for Relationship Rewards, the innovative solution that provides flexible incentives to recognize and reward a customer’s entire banking relationship. North Shore Bank was able to design a new checking product with the option to design many more without purchasing additional software. North Shore will now be able to easily introduce other product types to benefit and appeal to various customers simply by changing the system parameters.

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