Credit scores have remained stable as US consumers begin to pay down seasonal spending and the economy recovers, with the April average sitting at 670, up just one point since the beginning of the year. Credit card debt amongst consumers with a credit card decreased 4% in April to its lowest level in 2010; however, credit card debt is still 16% higher than the 2009 low of $6,641. This, according to Credit Karma’s “U.S. Credit Score Climate Report,” also showed consumers in the San Diego Metro Area showed the biggest decrease in credit card debt by paying down 10% of the balance on their credit cards to $6,464. The Miami MSA came in second with an 8% decrease in credit card debt to $6,640. In terms of states, consumers in West Virginia and Idaho decreased the balances on their credit cards by 8% and 9% respectively. The average consumer with an open account had $7,701 in credit card debt; $177,186 in home mortgage loans; $50,889 in home equity; $14,873 in auto loans and $27,777 in student loans throughout April.Details
INSIDE Contactless has shipped over 200 million MicroPass intelligent payment platform product
with production volume doubling in the 18 months since reaching 100 million units in November
2008. MicroPass is designed to power open
standard contactless and dual-interface bank card payments along with
other value-added applications in all global regions. Based upon a RISC
architecture and optimized to the demanding requirements of contactless
transactions, each of the MicroPass family of products is designed to
meet the demands of issuer organizations in the bank card and mobile
payments, transit, ID and access control markets. Consumers enjoy added
convenience, speed and ease of use afforded by
contactless payments, while issuers and merchants enjoy faster
transaction times, increased spending per transaction, lower operational
costs and penetration into the cash payment market.
Wright Express fleet payment processor has joined the
PCI Security Standards Council. As a
Participating Organization, Wright Express will work with the Council to
evolve the PCI Data Security Standard (DSS) and other payment card data
protection standards. As a Participating Organization, Wright Express will now have access to
the latest payment card security standards from the Council, be able to
provide feedback on the standards and become part of a growing community
that now includes more than 500 organizations. Adhering to the PCI DSS represents an
entityâs best protection against data criminals. The PCI DSS is endorsed by American Express, Discover Financial Services,
JCB International, MasterCard Worldwide and Visa.
SolidTrust Pay is now offering payment options, including online credit card processing, direct bank transfers, and a Visa/Debit card program facilitated through First-Pay.com and Globewallet, which allows members to withdraw their funds directly from their STPay accounts onto a prepaid debit card for use anywhere VISA is accepted. Their growing international customer base has allowed SolidTrust Pay to open up numerous options for customers outside of North America – including cheque deposit options in 50 countries. STPay is MLM, network affiliate, and new business friendly, and makes every effort to offer credit card merchant processing and e-wallet services that allow merchants to accept payments from customers around the world. Through continuing efforts to provide hassle-free processing for businesses who may not qualify for accounts with some of their leading competitors, SolidTrust Pay has developed a large module of merchant tools and upgrades that allow merchant account holders to customize their processing! In the past year, SolidTrust Pay has introduced such options as the Transparent API, instant credit card processing, and the Corporate account level which offers protection against chargebacks and online fraud. SolidTrust Pay endeavors to offer merchants account services they need at prices they can afford.
SolidTrust Pay (STPay) has established a customer base approaching 150,000 members from around the world. The company was established in an effort to provide alternatives for those seeking online payment processing and e-wallet services. As customers and business people themselves, they understand the need to bridge the gap between merchants and clients in a seamless manner and have worked tirelessly to provide that service.
Low-to-moderate income (LMI) consumers have not significantly changed their overall spending patterns during the last 12 months and are still being affected by the financial recession. LMI consumers are spending the largest percentage of their funds in the âFinanceâ category (31.13%) which includes cash withdrawals and rent payments, according to the quarterly âSpending and Savings Indexâ prepared by NetSpend Corporation unbanked consumer services. Based on cardholder data from more than one million US NetSpend customers, among this income demographic, 15.92% of funds are spent on Home; 14.51% on utilities; 10.86% on groceries; and 8.39% on Auto/Gas/Transportation. Although relatively flat, the biggest LMI spending gains were seen mainly in Finance (1.33%), Auto/Gas/Transportation (.78%) and Home (.7%). The largest declines were in the categories of Utilities (-1.78%) and Travel & Entertainment (-.91%). Spending on Food, Personal & Professional Services and Groceries remained largely unchanged.
NetSpend Spending/Savings Index Y/Y
Category 1Q/09 1Q/10
Finance 29.80% 31.13%
Home/Apparel 15.21% 15.92%
Utilities 16.29% 14.51%
Groceries 10.46% 10.86%
Auto/Transport 7.62% 8.39%
Personal Services 6.91% 6.69%
Travel/Entertain 6.70% 5.80%
Food 4.37% 4.10%
Average Savings $47.97 $55.93
Capital One has launched its “Venture for Business” premium rewards credit card. Offering small business owners double miles on every purchase, up to 15,000 bonus miles within the first three months and a flexible redemption without typical restrictions, “Venture for Business” card provides cardholders a one-time 5,000 mile bonus when an employee card is activated within the first 60 days. With the new program, there are no limits on when, where or how double miles are earned, no retailer specifications or spending categories, no separate rewards enrollment or re-enrollment requirements, and no limit on the number of miles cardholders can accumulate. When redeeming for travel, cardholders multiply the cost of the purchase by 100 to determine how many miles are needed. Additional “Venture for Business” features allow cardholders 2 miles per dollar on all net purchases, every day; no rewards expiration; no special spending categories; no separate rewards enrollment requirements; 10,000 bonus miles when $1,000 is spent on the card in the first three months; free flight on any airline, any time, with no blackout dates; redmption for travel, cash back, gift cards, merchandise or charitable donations; and no foreign transaction fees.Details
Communication software and data service provider Related Content Database has unveiled a quick and easy way for
consumers to buy products directly with PayPal during programming from
cable television services, Blu-ray players, and other connected TV
devices. RCDb demonstrated a purchase of a music soundtrack directly
from a movie on demand on a cable set-top box. The user simply enters a
PIN number from the TV remote control to buy and pay directly from their
PayPal account. RCDb offers communication software and data services to content owners,
network service providers, and consumer electronics manufacturers.
PayPalâs e-commerce capabilities are now pre-integrated for cable
operators that deploy the RCDb web services platform on their networks
so they can better monetize TV and movie content through the integration
of established web services. With more than 84 million active accounts in 190 markets and 24
currencies around the world, PayPal enables global ecommerce. PayPalâs
service makes it fast and easy for members to send money without sharing
financial information, with the flexibility to pay using their account
balances, bank accounts, credit cards or promotional financing. The
company’s open payment platform, PayPal X, allows developers to build
innovative payment applications on multiple platforms and devices.
Discover Network has launched American Union Financial Services (AUFS) and Amalgamated Bank of Chicago (ABOC) Discover card, initially offered nationwide to select Joint Council Teamster local union members and their families. The AUFS/ABOC Discover card provides cardholders with benefits such as no annual fee, a low annual percentage rate, AmalgaMiles travel rewards, and zero liability on fraudulent transactions. Amalgamated Bank of Chicago was founded in 1922 by the Amalgamated Clothing Workers Union and has always been dedicated to serving America’s working people. As Amalgamated Bank grows, it provides new banking products and services to better serve our customers – unions and union members across the US.Details
Multi-layer fraud prevention solutions provider UVeritech
is now a reseller of the “B-5000 scanner” and “Documetrics Database” by L-1 Identity Solutions secure
credentialing. The agreement authorizes UVeritech to resell the B-5000 scanner and
Documetrics Database to commercial customers in North America expanding
its product offerings of state-of-the-art image and identity data capture.
Documetrics Database incorporates both ID-Passport and
ID-License. ID-Passport is a comprehensive database of International
Civil Aviation, Organization (ICAO) Machine Readable, and Travel
Documents (MRTD) consisting of worldwide passports, e-passports, visas,
national IDs, and alien card information. UVeritech is a leader in multi-layer fraud
prevention and counterfeit money detection solutions such as UV
scanners, automated currency detection, image capture, verification and
VA-based security provider MaxID has introduced “the MaxIDentity Suite” of software applications to verify
identity and government-issued credentials including smart cards, driverâs licenseâs and passports.
The “MaxIDentity Suite” contains a series of ready-to-use applications to
read PIV, PIV-I, TWIC, FRAC and CAC smart cards as well as passports,
ePassports, Seafarer ID cards and driverâs licenses.
The product can be purchased using the Software-As-A-Service (SaaS)
model, so organizations can pay a low monthly fee for the application
suite as an alternative to purchasing outright. The suite will be
available on the MaxID line of multimodal products including the iDL500,
iDL520, and iDL750 offerings. Beginning on September 1 a trial version
of the product will be included with each multimodal computer shipped
from MaxID which allows the user to try the application suite for 60 days before signing up for a subscription.
MaxID Corp maintains a global research and
development team. It’s advanced biometric handheld devices are
manufactured in the United States and are distributed worldwide. More
than 25,000 identity devices are being deployed worldwide by customers
such as the US Department of Defense, the US Department of Homeland
Security, border and law enforcement agencies, and power generation and
maritime facilities. The MaxIDentity Suite was jointly developed by MaxID Corp and RILEEN
Innovative Technologies, Inc. a member of MultiModal ID, LLC.
China is strongly focusing on the improvement of payment system, environment and regulation. The 4th Annual Payment China Conference in Beijing May 10-11 brought together officials from payment services, the World Bank, European Central Bank and the Bank of China to discuss the evolution of and innovations in payments in the world’s fastest growing consumer economy. Online payment platform provider mPayy CEO Conrad Sheehan moderated a panel discussion entitled “Alternatives in Global Payment Networks: Disruption, Efficiency, and Security,” on Tuesday May 11th. The panel covered disruptive innovations, including mobile payments, contactless NFC payments, and the manner in which new companies are driving enhanced consumer convenience and security and material cost savings and fraud reduction for merchants.Details
Al Paisley has joined First Republic Bank private banking. Bringing with him more than 25 years’ financial services experience, Paisley will work with First Republicâs team to provide business banking services such as lending services, deposit services, cash management, foreign exchange, online banking, and business escrow. He most recently comes from Citibank, where he was VP for the past 15 years. Paisley earned a Bachelor of Science degree in Finance/Accounting from University of Southern California. Founded in 1985, First Republic Bank has offices in San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Seattle, Boston, Greenwich and New York City.Details