Payment Alliance International retail ATM solutions announced signed an agreement to brand 22 ATMs located at Rite Aid stores in Kern County, Calif. PAI will own and operate the ATMs, which will be outfitted with Kern Schools’ branding. Kern Schools’ members will have surcharge-free access to cash at these new ATM locations. PAI operates one of the largest ATM networks in the United States, with equipment at more than 60,000 retail locations across the country. As part of the network, the company provides ATM services for approximately 1,500 Rite Aid locations nationwide.
Payment cards in the Asia-Pacific (AP) region continue to be a red-hot market for Visa as gross dollar volume (GDV) is the highest Visa region outside the U.S., excluding Visa Europe (not part of Visa, Inc.). South Korea also continues its love affair with Visa cards, with the distinction of the highest household debt rate in the world, quickly approaching the $1 trillion milestone. Bank of Korea data show the consumer debt service ratio in South Korea is more than 150% of disposable income.
Every year we analyze this metric, and some issuers respond that they do invest in R&D (Research and Technical Development); it’s just plugged into other larger areas of the P/L, like “G&A,” or “Operating Expense.” Yet, if it is so important to the long term survival of any organization, why is it “buried,” or “plugged;” why not exposed to the light of day? A buried expense cannot be a function truly (or well) managed.
The credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) dropped on a yearly basis from 1.61% in Q4 2012 to 1.48% in Q4 2013. In a sign that consumers continue to deleverage, average credit card debt per borrower also declined from $5,376 in Q4 2012 to $5,325 in Q4 2013.
MasterCard has racked up more than $4 trillion in global gross payments card volume during 2013. MasterCard reported net revenue for Q4/2013 was $2.1 billion, a 12% increase versus the same period in 2012. Also, a 14% increase in gross dollar volume (GDV), on a local currency basis, to $1.1 trillion; an increase in cross-border volumes of 18%; and an increase in processed transactions of 13%, to 10.4 billion for Q4.
Square Cash introduced a new feature that enables anyone to request money from an individual or group in seconds. Since its launch last October, customers across the country have been using Square Cash to send millions of dollars to one another each week. The new feature makes it easier than ever to request money – whether you’re a coach collecting dues for little league uniforms or planning a group birthday dinner for a friend, Square Cash is fast and free.
TransFirst has teamed up with the GeeBo app, a secure, cashless mobile shopping solution designed to protect the credit card information of customers. The GeeBo app is a secure, end-to-end payment processing solution that allows convenient, cashless shopping for consumers directly from their smartphone or mobile device. Through the Quick Check feature on the app, a customer logs into their account and enters the merchant’s Quick Check store number. The user-friendly wallet service enables shoppers to pay for goods and services without swiping, faxing or handing over their credit card at the point of sale. The secure GeeBo app securely stores payment credit card information so there is never a need to carry cash or to show a payment card to a participating merchant. Customers can shop knowing that their personal information is protected and secure.
Heartland payment processor hired branding and strategic marketing expert, Michael McMillan, as chief branding officer to lead branding and marketing initiatives to drive business objectives and build brand preference and equity for Heartland products and services. For 20 years, McMillan was chief executive officer of McMillan Associates, a visual communications firm he founded in 1984. More recently, he has toured globally as an inspirational speaker and was president of McMillan Media, where he focused on thought leadership and consulting engagements on the topics of creative thinking, innovation and making positive change. McMillan’s clients have spanned Fortune 100 corporations, small entrepreneurs, sports and music legends, and non-profit organizations and institutions.
Citi ThankYou Rewards members have two new ways to use their Citi ThankYou Points for an account credit to cover a recent purchase, or to make a donation to charity. With ThankYou Select and Credit, available ThankYou Points can be used to cover purchases in certain categories made with an eligible consumer Citi credit card that participates in ThankYou Rewards. ThankYou members can also use their available points to make a donation to a wide variety of charitable organizations on www.thankyou.com/pointworthy. ThankYou members can use their points to receive a statement credit to cover those eligible purchases made during their current credit card billing cycle on Citi Account Online. Donate with Points is a new ThankYou Rewards feature that lets ThankYou members use their available ThankYou Points to make a donation to a wide variety of charitable organizations.
New Media Insight Group, Inc. announced the Company has launched its mCard Cloud Payments solution in the United States. mCard Cloud Payments allow merchants to accept payments from a consumer’s mobile, mCard wallet on any wireless or Internet connected device. Consumers click “send payment” and the merchant clicks “accept” on their iPod Touch, iPhone, Android, iPad, Tablet, Mac, PC or Laptop. mCard Cloud Payments allow retailers to accept payments from anywhere in their store. A restaurant server could accept the payment at the diner’s table or a clothes vendor or salon could accept a payment in any department in their store.
Servebase will now be legally known as PXP. With significant investment over the last three years the organisation is now primed for growth and scalability, which will assist customers in achieving their own business objectives. Therefore, it is logical that in moving into the next phase a new company name was required to reflect the new values, culture, uniqueness and offerings to the payments market. The new name PXP was born out of a simple equation of the core components that are central to what the business is all about: people multiplied by platform, delivers intelligent payment solutions that allow customers to gain strategic advantage for their businesses.
The leading trade associations representing the merchant and financial services industries announced a new cybersecurity partnership. The partnership will focus on exploring paths to increased information sharing, better card security technology, and maintaining the trust of customers. Discussion regarding the partnership was initiated by the Retail Industry Leaders Association (RILA) and the Financial Services Roundtable (FSR), joined by the American Bankers Association (ABA), the American Hotel & Lodging Association (AH&LA), The Clearing House (TCH), the Consumer Bankers Association (CBA), the Food Marketing Institute (FMI), the Electronic Transactions Association (ETA), Independent Community Bankers of America (ICBA), the International Council of Shopping Centers (ICSC), the National Associations of Convenience Stores (NACS), the National Grocers Association (NGA), the National Restaurant Association (NRA), and the National Retail Federation (NRF).