Credit Card Debt Drops 3% Over Holidays?

Credit trends show total debt per consumer (excluding mortgage) for the nation increased to $25,709 in the fourth quarter of 2010, up 2.2% from the $25,163 figure in 3Q/10. Though total debt generally rises in the fourth quarter because of holiday shopping, among other things, TransUnion found that credit card debt actually declined nearly 3% during this period as lines of credit, revolving loans and installment loans increased. The total active credit population in Canada is 24.91 million consumers, up from 24.85 million consumers at the end of 2009, for whom credit card borrower debt declined to $3,688 in the quarter after two straight quarterly increases. Credit card debt is down 2.7 percent compared to the fourth quarter of 2009 ($3,790). Meanwhile, the national credit card delinquency rate (the ratio of credit card accounts 90 days or more delinquent) increased to 0.36%, up 5.9% over the previous quarter, but is down 7.7 percent from 0.39 percent since 4Q/09.

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Hypercom Posts 4Q/10 Revenue Up 19%

Hypercom is projecting 4Q/10 net revenue of approximately $140 million, up $23 million by 19% from the $117 million in the year ago period and by approximately 12% over the 3Q/10 net revenue of $125 million. This is thanks to 63% year-over-year growth in Asia-Pacific; 24% growth in Southern EMEA; and 15% in the Americas (15%). Meanwhile, cash is expected to increase to approximately $57 million at December 31, 2010 from $38 million at September 30, 2010 driven primarily from positive cash flow from operations. For all of 2010, net revenue is expected to increase approximately $61 million, or 15%, as compared to 2009. The quarterly performance is also a reflection of stock gains on the unsolicited Verifone, all-stock acquisition of Hypercom, announced in the Fall.

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Western Union Expands mMoney Service in EMEA

Western Union global payment services is set to ink agreements to expand its “Mobile Money Transfer” service throughout 18 countries in EMEA with the Etisalat Group mobile operator. This will let Etisalat’s subscribers send and receive Western Union Money Transfer transactions using their mobile “wallets,” or accounts tied to their mobile phones. Subscribers who initiate transactions from their mobile phones would be able to send funds to a receiver for cash payout at more than 400,000 Western Union Agent locations in 200 countries and territories. In addition, Etisalat subscribers would be able to send funds to other selected mobile subscribers who have mobile wallets. In 2010, Etisalat Group closed the year by reaching 135 million customers, and 2% revenue growth over 2009.

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eServGlobal Expands mMoney Solution to Syriatel

eServGlobal telecoms software vendor specializing inMobile Money and Value-Added Services (VAS) has partnered with Syriatel to extend its “PayMobile” solution with Mobile Money services to its subscriber base. Syriatel has over 6.4 million subscribers, for whom “PayMobile” will let conduct money transfer, bill payment and salary disbursement. The “PayMobile” solution is a mobile money and recharge solution, deployed in more than 30 countries, used every day by more than 250 million underbanked worldwide.

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PayDQ & MasterCard Offer Remote Payment and Presentment

MasterCard and PayDQ have signed remote payment and presentment partnership to streamline the paper check payment process. This partnership was formed with the intention of increasing customer receivables over 20% thanks to easier payments and accelerated revenue. PayDQ and MasterCard Remote Payment and Presentment System (RPPS) will electronically modify customer’s receivable process, no longer requiring its customers to wait for banks to issue receivable paper checks which need to be validated, processed, reconciled and then received.

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U.S. Bank Names Payment Services CIO

Dominic Venturo has been promoted CIO with the U.S. Bank payment services division from CIO retail payment services. In his new role he will identify business opportunities and emerging technologies that meet customer needs as customers understand them today or how they envision them in the future to broaden from retail payments to include innovation for larger businesses and targeted business sectors in the United States and internationally and will establish capabilities supporting mobile payments for the bank. Venturo has been with U.S. Bank for 12 years, having held various senior management positions in the payments businesses, and holds a bachelor’s degree in finance from Oregon State University and is a graduate of the Pacific Coast Banking School at the University of Washington Graduate School of Banking.

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NXP and Giesecke & Devrient Partner For Mass Deployment

NXP Semiconductors and Giesecke & Devrient (G&D) have completed the full validation of a joint software solution offering secure interfaces between the handset, NFC functionality and secure elements such as the SIM card. This solution enables NFC to be integrated securely into mobile handsets based on the Android platform and other operating systems. The availability of an integrated secure NFC software solution within the NFC ecosystem represents a breakthrough for the future deployment of NFC-based services, which will offer consumers and the industry a vast array of mobile services, such as mobile payment and mobile ticketing. The new software-based secure NFC solution provides full flexibility to support all modes provided by the NFC technology.

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Fiserv Improves Convenience ePayment

Fiserv financial services technology has updated its “CheckFree RXP” online bill payment platform and the “ZashPay” P2P payments. These updates make payments even faster and more convenient for users with extended next-day payment cut-off time, longer payment history and a Quick Start Page that utilizes recommendation technology to speed the bill set up process for new users. They can schedule payments for the next business day until 10:00 p.m. ET. This new cut-off time applies to most bills, and represents a significant extension from the current cut-off time of 5:00 p.m. ET. Fiserv is already able to process more than 80% of the payments made through “CheckFree” RXP the same day or the next day and estimates with the later cut-off time up to 14% more payments can now be processed by the next day.

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LML Subsidiary to Power First Data Payment Platform

LML Payment Systems’ subsidiary Beanstream Internet Commerce has entered into an agreement to provide the web-based transaction processing services behind First Data’s eCommerce products in Canada. Using Beanstream technology, First Data will offer Canadian merchants the ability to accept payments through a variety of online transaction processing tools, including website forms, shopping carts, recurring billing, batch processing, and a virtual terminal for Internet, mail order/telephone order and other non face-to-face processing applications.

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RewardsNOW Hires New VP, Sales

Jeff Weikert has joined RewardsNOW turnkey loyalty programsmanagement team as Vice President of Sales, bringing to the role over 30 years’ experience in the financial services industry in a variety of executive roles. He was most recently Executive VP, Business Development at Verient. He also served as Senior VP and GM of the bill payment business unit at CheckFree, responsible for managing the business unit’s overall efforts, including sales, account management, product management, marketing and business policy serving top financial institutions in the US. He holds an undergraduate degree from the University of Dayton (Ohio) and a Masters in Business Administration from Georgia State University.

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Intuit Extends mProcessing Solution

Intuit will continue to offer the “GoPayment” mobile payment app for processing credit cards, charging no monthly fee, due to a high level of demand. This will let small businesses affordably start processing credit cards on their mobile phones. Since the initial offer, Intuit has more than tripled the number of customers signing up for GoPayment each day. GoPayment was introduced two years ago as one of the first mobile payment services on the market. It was designed to help people easily and quickly get paid via their mobile devices wherever they do business. GoPayment is available for iOS, Android and Blackberry.

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