MasterCard International announced it has established automatic data feeds from its Global Data Repository in St. Louis to six leading travel expense management solution providers. The direct connections enable organizations using MasterCard commercial cards to access their employees’ transaction data anytime, anywhere, helping to auto-populate and reconcile expense reports while enhancing productivity and control over general business expenses. MasterCard’s participating solution providers include: Captura, Concur, Extensity, Gelco Expense Management, Necho, and SPS International.Details
RI-based Retail Store Systems launched an electronic gift card payment system running on the IBM “eServer pSeries,” for Bob’s Stores throughout Connecticut, Massachusetts, New Hampshire, New York, Rhode Island and New Jersey. Bob’s electronic gift card system runs on the IBM eServer pSeries, and communicates with the IBM POS 4694 in each of Bob’s 37 stores. The IBM POS 4694 sends requests to the pSeries in order to sell, redeem, and inquire about electronic gift certificate accounts. Electronic Gift Cards are available online and in all of Bob’s Stores locations.Details
The Citigroup and MasterCard relationship deepens as MasterCard International announced this morning that Diners Club cardholders will soon have access to cash through its Cirrus ATM Network. Beginning in late August, most Diners Club cardholders with ATM PINS will be able to get cash with their Diners Club cards at ATMs in the global Cirrus ATM Network. Diners Club cardholders around the world will soon be receiving announcements about this expanded cash access through statements, newsletters and a global advertising campaign that includes in-flight magazines and airport signs in key international markets. New cards will start to carry the Cirrus logo on the back as the program rolls out. The Cirrus network has more than 790,000 ATM locations in more than 100 countries.Details
Shift4 has inked a deal with Planet Payment to provide unique multi-currency and international payment processing products and services for merchants worldwide. Customers from Canada, the United Kingdom, Japan, Australia and the Euro-zone countries will be able to pay in their local currency at Shift4’s merchants with their Visa or MasterCard — while the merchant gets paid the full amount of the transaction in U.S. Dollars as it does today. Powered by Planet Payment, transactions are converted from U.S. Dollars into the cardholders’ local currencies based upon an exchange rate that is competitive to that which is used by the card associations and issuing banks, as well as other payment methods popular for international travel and purchases.Details
CoLinear Systems has partnered with I4 Commerce to add the “Bill Me Later” payment option to CoLinear’s “Response” software. Because no application or account number is needed to complete a purchase, Bill Me Later is the first method of payment that addresses merchants’ and consumers’ needs for payment convenience and security. Customers receive instant purchase approval during the checkout process followed by a monthly bill that aggregates all purchases made at Bill Me Later Merchants.Details
Pacific Nakon is jointly working with eConnect to mass launch the eCashPad in conjunction with the ICasino Pay software to meet the needs of the present 6,000 Internet casinos to be paid with on-line cash. 1,000 eCashPads will be deployed at walk-in locations in major cities. Prepaid cards can then be purchased at these locations and the consumer can then use the eCashPad and the prepaid card to effect cash payments to a variety of recipients.Details
MBNA is bearing down on Citigroup’s leadership position in the card industry, as the affinity card king reported yesterday total managed loans of nearly $100 billion as of June 30th. MBNA tacked on $4.6 billion in outstandings during the second quarter, and signed up about 5 million new customers. At the end of the first quarter, Citigroup reported $105.4 billion in North America credit card loans. However, MBNA’s second quarter figures include approximately 8.0 million cardholders in the U.K., Ireland, Canada, and Spain. For 2Q/02, MBNA’s total managed loans grew at an annual rate of 10.6% and charge volume increased by 11.1%. MBNA also signed up 121 new affinity/co-branded card agreements during the second quarter. The company said it renewed more than 600 group contracts during the first six months of the year. The issuer also noted that its sports marketing sector has signed up more than 650 sports-related organizations in every major sport, and now has 9.1 million cardholders that carry nearly $10 billion in loan balances on MBNA sports-related products. MBNA’s delinquency and charge-offs are running between 5% and 6% higher than last year. For 2Q/02, MBNA’s delinquency rate was 4.80%, while charge-offs were 5.09%. For complete details on MBNA’s 2Q/02 performance visit CardData ([www.carddata.com]).
Mexico City-based BBVA Bancomer has conducted Mexico’s first EMV transaction utilizing VeriFone’s “Omni 3750” terminal. The smart card transaction was conducted at La Casa del Fumador in Mexico City. BBVA Bancomer is lthe first bank in Mexico to issue EMV cards. The solution is currently installed in approximately 10 retail locations, supporting both mag-stripe and chip credit card transactions. The “Omni 3750”, running the Verix multi-application architecture and VeriFone’s EMV software, has achieved EMVCo Level 1 and Level 2 Type Approval.Details
Toyota Motor and JCB reported it has signed up more than two million consumers in Japan for the Toyota TS Cubic smart card since the start of this year. At the end of 2001, the co-branded JCB card hit one million cardholders, according to The RAM Report ([www.ramreport.com]). The card, which offers J/Smart for credit/debit functions and loyalty functions for Toyota, was launched in April 2001. Toyota said this week that it projects five million cardholders by 2005. The company also indicated it is seeking a relationship with American Express.
MasterCard has entered the payroll card market with the launch this week of MasterCard Workplace Solutions. VISA introduced its payroll card program one year ago. The MasterCard Payroll Card integrates with current payroll processing systems managed by third-parties. Several MasterCard members are offering payroll cards using the MasterCard brand. These financial institutions include ABN AMRO, BANKFIRST, Citibank, Comerica, First Banks, Inc., J.P. Morgan Chase, and KeyBank. MasterCard says market research indicate that an estimated 15 million U.S. households, including approximately 7 million young adults between the ages of 16 to 19 receiving their first paycheck, have no banking relationships. MasterCard Workplace Solutions will also include additional programs designed to provide an ideal alternative to disbursements for employee incentives, meeting planning expenses, and travel per diems by interfacing with current company systems. The availability of MasterCard Workplace Solutions in each region, including Europe, Asia-Pacific and Latin America, is planned for year end.Details
PayPal, Inc. announced that the underwriters of its recent public offering have exercised their over-allotment option for an additional 900,000 common shares, priced at $19.00 per share. All of the shares were sold by selling stockholders.
Salomon Smith Barney served as bookrunning manager for the recent public offering; Bear, Stearns & Co. Inc., Merrill Lynch & Co., William Blair & Company, SunTrust Robinson Humphrey, SoundView Technology Group and D.A. Davidson & Co., acted as co-managers of the secondary offering.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy common shares.
PayPal enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. PayPal’s account-based network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system.Details
NJ-based Incurrent, a provider of Internet customer self-service solutions for the credit card industry, reported this week that enrolled users of CardSite hit three million cardholders this month. The CardSite platform is among the most widely adopted electronic banking systems in use today. Incurrent has developed and operates customer self-service and bill presentment sites for MBNA, Fleet, Sears, Metris, Certegy, First USA and Target.Details