Visa to Answer for Swipe Fees to the European Union

Visa Europe is in some hot water today with the European Union for restricting competition and raising prices for consumers with “swipe” fees. This after the European Union has been fighting Visa and MasterCard for ‘exorbitant’ swipe fees the associations charge merchants. Having brought antitrust charges against Visa Europe in April 2009, less than a week after suing MasterCard, the European Union is now anticipating fee reductions for European consumers, which- by the way- are less than one-third of the fees in the United States.

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MasterCard Net Revenue Up 9% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard posted its 2Q/12 net income of $713 million, up 17% from the year ago period, and a net revenue of $1.8 billion, up 9% from 2Q/11. Meanwhile, the card issuer reported a 15% increase in gross dollar volume to $890 billion; a 29% increase in processed transactions to 8.5 billion;…

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First Data Revenue Down 2% From 2Q/11, Up on 1Q/12

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data posted its 2Q/12 consolidated revenue down $64 million by 2% to $2.7 billion, compared to a year ago on a $92 million decline in debit network fees partially offset by an increase in merchant acquiring revenue. Revenue is however, up slightly from the first quarter of the year, when…

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MoneyGram in Search of ‘Ultimate Cricket Fan’

Cricket fansnow have the chance to prove their intense love for the sport and compete to win an all-expense-paid trip to this year’s ICC World Twenty20 (T20) in Sri Lanka. That’s because MoneyGram is conducting a search for the “Ultimate Cricket Fan” to serve as ambassador, reporter and blogger during the matches in September and October. The contest is open to cricket fans in Bangladesh, Canada, India, Pakistan, Saudi Arabia, Sri Lanka, United States, United Kingdom, and UAE. To continue the ongoing commitment of bringing the MoneyGram community closer, MoneyGram will select two lucky and committed fans to travel to Sri Lanka as part of the “Ultimate Cricket Fan” contest. The winner will receive an all-expense-paid trip to Sri Lanka for the T20 games, as well as tickets to all events, a laptop, tablet notebook, digital camera, t-shirts and other memorabilia, and a stipend of $100 per day.

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Bongo Rewarded Data Security Compliance

Bongo International has received PCI-DSS Level 1 Service Provider Certification for payment data security in the eCommerce industry. To ensure certification, Bongo passed a rigorous audit of data storage, encryption measures, network systems, access controls, threat and vulnerability management, monitoring and testing procedures, and security policies. Bongo International, LLC was founded in 2007 to overcome the challenges associated with International Cross Border e-Commerce transactions by both Consumers and Businesses.

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PayByPhone Lets Drivers use Cell to Pay for On-Street Parking

The City of Seattle has dispatched PayByPhone to introduce a pay-by-phone payment service for its 13,000 on-street paid parking spaces, allowing drivers to use their cell phones to pay for parking. PayByPhone payments are made by entering the block’s unique location number and the length of parking time desired. Customers will only have to sign up once with their credit card and license plate either online, via the app or by phone, which can be done quickly and easily at the point of parking. Drivers can also choose to receive a text message reminder before their parking time expires, with the option to add time remotely (subject to time limit restrictions) and receive parking receipts by email.

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Security Management Partners Launches PCI Consulting

Security Management Partners independent information security consulting is now certified as a Qualified Security Assessor (QSA) for PCI DSS. SMP has fulfilled the rigorous testing and training requirements of the Payment Card Industry Security Standards Council and is now one of a preferred group of providers qualified to assess any organization’s compliance to the PCI DSS standards.

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Wright Express Posts Revenue Up 8%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Wright Express business payment processing and information management solutions posted total revenue for 2Q/12 increased 8% to $153.1 million from $141.3 million for the second quarter of 2011. Wright Express uses fuel-price derivative instruments to mitigate financial risks associated with the variability in fuel prices in North America. Average number of…

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Comdata Supports Cardless Fuel Transactions

Love’s Travel Stops implemented its RFID cardless fueling technology on Comdata’s financial processing software, in conjunction with DFConnect, at all travel stop locations. More than 100 of Love’s locations will have cardless fueling technology available for professional drivers by the end of August and the entire Love’s network of travel stops will have it available in September. RFID technology automates the fueling process with the use of low-cost RFID tags in professional drivers’ vehicles. The software and RFID equipment are designed to detect a truck’s RFID tags in the fueling lane and turn on dispensers wirelessly, with little or no driver data input. Pumps are automatically turned off by RFID software after a truck leaves the fueling bay, which can reduce fuel theft incidents.

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Mvelopes Launches Mobile Payment Service

Mvelopes launched its Mobile Bill Pay service for its iPhone, iPod touch and iPad apps to instantly pay bills and budget while on the go. The Mvelopes Mobile Bill Pay lets users pay bills from multiple accounts and lets users transfer money from one bank to another. Payments and transfers are automatically tracked and forecast for future payment to help users stay organized and on budget. The new Mobile Bill Pay feature integrates seamlessly with the Mvelopes online budgeting and money management solution that uses tried-and-true “envelope budgeting” principles to help users reduce debt, save for the future. The new Mobile Bill Pay Service is now available on the Mvelopes Premium plan for $9.95 per month.

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