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.
Mercury Payment service appointed Andrew Patterson Chief Technology Officer. Here he will be responsible for software engineering, technology infrastructure, business intelligence, quality assurance, and architecture for the organization. With over a decade of technology and management experience, Patterson brings a wealth of knowledge and expertise to his role as CTO at Mercury. Patterson most recently served as the vice president of payments software and emerging products for Moneris Solutions where he led a number of key technology initiatives, including the design and development of many of their products and processing systems. He was also the director of software development at the same company. He holds a B.S. from Dalhousie University and an MBA from Queen’s University.
MasterCard enhanced cardholders options to redeem, exchange and trade their rewards points. Delivered through a relationship between MasterCard and Points International, the new options are based on the popularity of travel and experiences and expected to drive engagement and value to rewards programs offered by issuing banks participating in the MasterCard Rewards Platform. Following the initial integration, it is anticipated that program functionality will be available later this year.
MANGOPAY crowdfunding platforms and collaborative economy players is strengthening its offering with new functionalities and accepting seven further currencies (British pound, American dollar, Swiss franc, Polish zloty, Norwegian, Swedish and Danish krone) in addition to the euro. The Australian and Canadian dollar will also soon also be accepted. In-app payment using card “tokenisation” which allows merchants to receive payments without users leaving their platform. Meanwhile, test accounts for merchants and the option to go live directly via mangopay.com. MANGOPAY helps clients accept third-party payments, create and manage e-wallets (white label), split funds and collect fees in a simple, secure and transparent way.
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.
Fiserv announced Greenville Federal has selected the DNA account processing platform and a host of add-on solutions to better serve its nearly 12,000 customers. The Fiserv solution set provides the $150 million asset bank with a deeply integrated enterprise platform to improve efficiency and drive growth. DNA from Fiserv is the first open, person-centric core banking platform built for collaboration. DNA was developed using Microsoft’s leading .NET Framework for a state-of-the-art core platform that banks and credit unions can rely on for the long-term. With DNA, Greenville Federal benefits from 24/7 real-time processing, robust retail, mortgage and commercial banking capabilities, as well as a 360 degree view of its retail and business relationships. Integration with DNAweb, Mobiliti and Popmoney will help Greenville Federal offer a real-time digital banking experience with the ability to send and receive social payments.