Utah-based Q Comm International has partnered with IPP of America and will resell IPP’s bill pay service on Verifone “3750” terminals. IPP provides consumers with bill payment services to regional and national vendors such as utility, cable, and wireless telecommunication companies. Q Comm International is a prepaid transaction processor that electronically distributes prepaid products from service providers to the point of sale. IPP is an alternative financial services provider offering electronic bill payment, prepaid long distance, wireless coupons, prepaid home phone, debit cards, wireless phone activation, money transfer, and merchant services.Details
The Smart Card Alliance is accepting nominations for its “Outstanding Smart Card Achievement” awards. Any North American-based organization or individual is eligible to win an OSCA award. The first category is for end users or issuing organizations deploying smart card technology. The second category is for supplier organizations, such as product and solution vendors and the third category is for an individual who stands out for his or her leadership, vision, support and commitment to the smart card industry. The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.Details
Triton’s “RT2000” ATM has emerged as a popular choice for outdoor placement with Phoenix-based Express Teller Services launching a pilot program at more than a dozen gas stations that do not house a storefront. Triton’s RT2000 provides merchants a low-cost, easy to service alternative to more expensive through-the-wall ATMs and provides an affordable new option for retailers that want an all-weather ATM that is visible and accessible to customers from the sidewalk, lobby, parking area, or mall atrium. Triton is a provider of off-premise ATMs and ATM management software in North America and has more than 133,000 installations in over 23 countries worldwide.Details
Credit card market share, based on gross dollar volume, has dropped 30 basis points over the past year from 83.3% to 83.0% as more merchants assess surcharges for credit card use. As a result, charge cards from American Express and Diners Club have gained ground despite more expensive merchant fees. According to the Reserve Bank of Australia, the market share of credit cards, based on gross dollar volume, has plummeted from a high of 86.3% in September 2003 to 82.8% in October 2004. Since then, the credit card share has bounced around 83%.
The RBA recently released data showing that the average merchant service fee charged by Bankcard, MasterCard and VISA in the second quarter was 92 basis points, down from 99 basis points a year ago, and from 140 basis points immediately prior to the interchange reforms. Since the reforms came into effect, the average merchant service fee charged by American Express has fallen by around 15 to 20 basis points to 2.36%, while the average fee charged by Diners Club has fallen by around five basis points to 2.31%.
Wincor Nixdorf announced the availability of the “BEETLE/iPRO”, a high-performance POS system featuring “Intel Pentium 4” and “Celeron” desktop processors. The BEETLE /iPRO supports open standards, allows flexible configurations, and delivers faster processing speeds, improving POS interactions. Wincor Nixdorf is a supplier of IT solutions to the retail and banking industries with net sales of EUR 1,576 million.Details
Phoenix-based Desert Schools FCU has expanded the use of Dynamic Card Solutions’ instant issue “CardWizard” software across the state of Arizona with the opening of its 50th branch. With instant issue, DSFCU now delivers cards on the spot, eliminates the risk of card theft and delivers debit card education along with new cards, which increases card activation rates and member usage. Dynamic Card Solutions is a developer of instant issuance and PIN selection solutions for banks, credit unions and retailers and is an instant issuance provider for Visa and MasterCard debit cards in the US. Desert Schools is Arizona’s largest credit union with more than $2 billion in assets.Details
Atlanta-based Equifax has acquired BeNow. The Company combines database management, analytics and support to better structure customer marketing campaigns to optimize relationships through vertical market expertise. BeNow will become part of Equifax Marketing Services. The company will maintain its presence in Wakefield, MA and its CEO Brad Neuenhaus will join Equifax as SVP. Terms of the acquisition were not disclosed.Details
TransUnion has suspended the offer of unlimited credit monitoring and unlimited credit reports for all three credit bureaus. Customers seeking to sign-up for the new service were informed that credit monitoring services were currently unavailable. The Company had no further information at press time. Last week, TransUnion announced a new service that offers unlimited access to the credit reports and scores of all three bureaus for $9.95 per month. The service also provides daily credit alerts that notify consumers of changes to all three credit reports and $25,000 in identity theft insurance with no deductible.Details
About 33% of Hibernia shareholders have elected to receive cash while 54% elected to receive Capital One common stock in the pending acquisition of Hibernia by Capital One. The maximum amount of cash that will be paid in the merger is fixed at $2,382,141,311. Capital One and Hibernia expect to complete the merger on September 1, 2005. Capital One and its subsidiaries collectively had 48.9 million accounts and $83.0 billion in managed loans outstanding as of June 30, 2005. Hibernia has $22.1 billion in assets and 321 locations in 34 Louisiana parishes and 36 Texas counties.Details
San Jose-based iLoop Mobile is teaming with MyMoneyPlus, an ATM/Debit card technology company to provide prepaid content cards and credit card purchases for mobile content. iLoop Mobile is a mobile application service provider for interactive mobile phone services, marketing initiatives and content distribution. MyMoneyPlus Card Corporation has developed a suite of prepaid debit cards. MyMoneyPlus cards are FDIC insured when registered and function as normal ATM/Debit cards with the capability of withdrawing cash worldwide.Details
The amount Americans are paying each month on their credit card bills continues to hover at record levels. After dipping in May, the average is now about 18.5% of the outstanding balance. One-year ago the monthly payment rate was about 17.3%. Approximately 42% of consumers pay-off credit card balances in-full each month, while 33% pay more than the minimum, according to a recent American Bankers Association survey. As a result of the steep rise in payments, the bank credit card industry has experienced sluggish growth in card loans. Most large issuers are posting growth around 3% to 4% per year in total credit card balances. The increase in the monthly payment rate has largely been attributed to debt consolidation via home equity loans. However, a significant portion is driven by cardholder behavioral changes due to penalty interest rates, universal default policies and rising fees.
MONTHLY PAYMENT RATES
(Prime Credit Card-Backed Securities)
Jul 04: 17.28%
Jan 05: 17.70%
Feb 05: 17.64%
Mar 05: 16.32%
Apr 05: 18.52%
May 05: 17.18%
Jun 05: 18.29%
Jul 05: 18.47%