Visa supports the Canadian government’s goal to encourage transparency and merchant choice within the payments marketplace – two important pillars on which Visa has built its business domestically and internationally. Visa is pleased the Code will allow Canadians to have access to the innovative payment features and benefits that they have been missing, such as the ability to pay for goods more widely online, expanded international acceptance and new payment platforms such as Visa payWave. Visa is concerned that it does not go far enough in creating an environment that encourages meaningful competition in the Canadian payments arena, favours merchants at the expense of consumers and will further examine the Code and its implications. Digital currency and technological platforms like those offered by Visa continue to drive growth in the Canadian economy, and Canadian consumers have said they want new products that do more.Details
U.S. Bancorp reports that 1Q/10 merchant acquiring volume is up nearly $3 billion year-over-year to $60.0
billion, and over $2 billion since the previous quarter. Payment Services contributed $121 million of the Companyâs net income in the first quarter of 2010, an increase of 36.0 percent from the same period of 2009, and an 80.6% increase over the prior quarter. Net interest income increased $77 million (28.7 percent) due to strong growth in credit card balances and improved loan spreads, partially offset by the cost of rebates on the government card program. Total noninterest income increased $51 million (7.4 percent) year-over-year, primarily due to higher merchant processing services and corporate payment products revenues the result of volume growth including business expansion. Payment Servicesâ contribution in the first quarter of 2010 was $54 million (80.6 percent) higher than the fourth quarter of 2009. For complete detail on U.S. Bancorp’s latest results visit CardData (www.carddata.com).
MERCHANT ACQUIRING VOLUME HISTORICAL
Source: CardData (www.carddata.com)
Nandan Mer has been appointed Group Executive, Global Consumer Credit with MasterCard Worldwide, effective immediately. Mer was most recently CEO, United
Bank for Africa Investment& International Banking after having spent 20 years with Citigroup Consumer Bank, for whom he established and grew business in
India, Israel, Russia, and the United Kingdom. Mer will have global responsibility for the companyâs consumer credit products, with a focus on developing
competitive differentiation globally while deploying solutions at the local market level. He holds a MBA from the University of Massachusetts and will be
based in London.
Debit card solution provider Veritec has signed a
collaborative marketing agreement with NY-based PreVay to begin
marketing a unique “VISA blinx On-Off” banking and debit card that will
allow employers to pay employees electronically, transferring
FDIC-insured funds directly into their cards using Veritec’s Mobile
technologies, in addition to those of PreVay. The “blinx
On-Off” card features the ability to turn card use on and off, make real
time money transfers, and to provide notifications of card use.
Cardholders have security and convenience while traveling and managing
their funds, as well as transferring amounts from card to card or
account to account, in real time anywhere in the world. Veritec
technology can be deployed on both a closed or open loop processing
platform. The card will also allow
both banked and un-banked employees to send funds to whomever they wish,
using their combination payroll, bank and debit-card via mobile phone.
Additional cards can also be ordered for friends and relatives.
Veritec, through its subsidiary Veritec Financial Systems, Inc.
processes debit, pre-paid and gift
card transactions for debit card issuers and sponsoring organizations.
Veritec’s instant issued MTC and blinx On-Off card programs,
on Veritec’s mobile banking platform, are connected to Security First
Bank of Fresno, California.
The Smart Card Alliance has opened nominations for its prestigious “Outstanding Smart
Card Achievement” (OSCA) awards, announcing two new categories honoring
innovative products and services in payments and security markets.
Nominations are open in four award categories: “Outstanding Issuing Organization Award” to be presented to
an organization that is issuing smart card technology to its internal
clients or external customers for their use in North America.
“Outstanding Innovation in Payments Technology Award” will go
to an innovative new, or existing payments-related product or service
using smart card technology for use in a payments application.
“Outstanding Innovation in Security Technology Award” for
an innovative new, or existing security-related product or service
using smart card technology for use in an identification,
authentication, or access security application and “Outstanding Individual Leadership Award” for
an individual who stands out for his or her individual contributions to
the smart card industry in North America based on a professional record
of leadership, vision, support and commitment to the smart card industry.
The 2010 OSCA winners will be announced at the Smart Card Alliance Gala
Awards Dinner on Tuesday, May 18th at the Camelback Marriott Hotel in
Scottsdale. The Smart Card Alliance 2010 Annual Conference will address “Smart Cards
in Action,” focusing on the issuers and users of smart card technology
in payments, security, and mobile markets.
Facebook e-commerce solution provider
Payvment has rolled out the “Facebook Fan Incentive Pricing” feature for its Payvment e-commerce
solution for sellers on Facebook to
provide instant product discounts to users that become Fans or âLikeâ
their Facebook page. Now any brand or seller with a presence on Facebook
can finally provide direct rewards to current and potential customers by
tying the action of becoming a Fan to sales discounts. Sellers can
provide an electronic coupon or instant discount to potential and
current fans by simply enabling the feature via Payvmentâs free
storefront application for Facebook. Payvmentâs universal shopping
cart allows shoppers to carry their goods with them across thousands of
Payvment-powered storefronts on Facebook.com. This increases the chance
of completing sales, because the item remains in the cart until the
customer either removes it or completes the purchase. It even remains in
the cart when the user leaves Facebook. The resultâitems are less likely
to be forgotten and abandoned and Payvment automatically updates
product pricing and availability.
Independent payment processor TelPay Incorporated initiated its first
electronic payment in March of 1985. TelPay pioneered the concept of combining payments into one deposit and sending
detailed remittance reports for billers. This streamlined process allows
any biller partnered with TelPay to increase operational efficiencies.
Today, it offers a patented payment service called “Get Paid Faster”,
which enables businesses of any size to accept electronic payments. It
allows businesses to offer their customers a quick and convenient
payment option that helps them realize faster turnaround on their
accounts receivable. It also helps businesses reduce or eliminate
merchant fees charged by credit card companies. TelPay is the largest independent payment processor in Canada,
processing over 21 million payments worth over 12 billion dollars annually.
Semi-conduction supplier Altera has announced its next-generation
28-nm “Stratix V FPGA family”, the industry’s highest bandwidth FPGA.
Offering up to 1.6 Tbps of serial switching capability, Stratix V FPGAs
leverage a myriad of new technologies and a leading-edge 28-nm process
to reduce the cost and power of high-bandwidth applications. The Stratix
V FPGA family provides up to 1.1 million logic elements (LEs), 53-Mbits
embedded memory, 3,680 18×18 multipliers and integrated transceivers
operating up to an industry-leading 28 Gbps. The family includes four
variants that address a broad range of applications in the
wireless/wireline communications, military, broadcast, computer and
storage, test and medical markets. The devices also
incorporate the industry’s highest level of application-targeted hard
intellectual property (IP) for increased system integration and
performance without the cost and power penalty.
Paymetric secure enterprise payment acceptance solutions announced the first quarter of 2010 saw a 150% growth in the number of signed customer agreements and a 200% growth in monthly recurring revenue year-over-year. Paymetricâs XiPay On-Demand and XiSecure On-Demand solutions enable companies to manage, accept and integrate virtually every type of electronic payment in any enterprise system in an extremely secure, cost-effective way utilizing Software-as-a-Service (SaaS) delivery and tokenization technology, respectively. Paymetric also added to the executive team a new chief operating officer, vice president of SaaS operations and vice president of channel sales. Paymetric supports virtually every type of electronic payment in any enterprise system where payment is accepted.Details
Monthly payment rate (MPR), the amount that cardholders pay on their
credit card debt dropped in March by 55 basis points. Historically, the
MPR declines slightly in January, as has been the case since the start
of the current recovery, a trend lost last year with the onset of the
recession. Among managed credit card outstandings, the MPR declined to
18.79% in March. This represents a 19% increase compared to the same
period last year. Consistent with seasonal patterns, MPR usually
experiences a drop in March due to the fewer number of collection days
during the February collection period. However, the rate of decline this
year was much lower, by only 2.84% month over month.According to
CardData, the MPR one-year ago stood at 15.66%. The drop was driven by
seasonal factors as well as fundamental changes in cardholder payment
MONTHLY PAYMENT RATES
Mar 09: 15.66%
Apr 09: 17.31%
Jun 09: 16.04%
Jul 09: 17.12%
Aug 09: 16.96%
Sep 09: 16.59%
Oct 09: 17.77%
Nov 09: 17.66%
Dec 09: 17.23%
Jan 10: N/A
Feb 10: 15.95%
Source: CardData (www.carddata.com)
BMO Financial Group strongly supports and will abide by the new voluntary Code of Conduct for the Credit and Debit Card Industry in Canada. Mike Kitchen, SVP of Product Management stated, “We believe that the Minister of Finance has struck a good balance between shifting control over the cost of card acceptance to the merchant, while allowing the payment system in Canada to continue to evolve in the best interest of Canadians and “We are delighted that BMO customers, whether travelling to the United States or elsewhere, can continue to enjoy the security and convenience of carrying less cash by using the BMO Debit Card for debit point-of-sale purchases through the Maestro network.”Details
Citigroup today reported 1Q/10 net income of $4.4 billion or $0.15 per diluted share, and revenues having grown $7.5b to $25.4b. RCB net credit losses were $2.2 billion, up $122 million or 6%, due to an increase in loans 90+ days past due in the fourth quarter of 2009 in Citi-branded cards. The $4 million net loan loss reserve build was down from $71 million in the prior quarter. EMEA RCB net credit losses were $97 million, down $41 million or 30%. The $10 million net loan loss reserve release in the quarter compared to a $10 million net build in the prior quarter. Net credit losses in Retail Partner Cards were $1.9 billion, down 2% sequentially, reflecting loss mitigation efforts and continued decline in loans. International net credit losses declined $172 million, or 22%, sequentially to $612 million, reflecting continued improvement in credit trends. Provisions for credit losses and for benefits and claims declined $2.4 billion sequentially to $8.6 billion, the lowest level since the first quarter of 2008. Total provisions for credit losses and for benefits and claims of $8.6 billion declined $2.4 billion or 22% sequentially, to the lowest level since the first quarter of 2008.Details