[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] General purpose and private label credit, debit, and prepaid cards generated $4.409 trillion in payments for goods and services in 2012, and U.S. merchants paid $66.51 billion in fees to handle that business. Merchants paid $69.81 billion the prior year on $4.105 trillion in purchase volume, according to The Nilson Report,…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] NCR reported 2Q/13 revenue of $1.54 billion, up 9% from the year ago figure, and income from continuing operations of $86 million, compared to the year ago figure of $89 million. An identification of those special items, and the impact of pension and those special items on income from continuing operations…
Lootsie, a new rewards program for mobile, social and casual games that benefits gamers, game developers and advertisers alike, launched today for iOS and Android platforms at Casual Connect USA. Lootsie is an unintrusive rewards layer that doesn’t disrupt or compete with the gaming experience. The platform rewards players for reaching in-game achievements, making purchases and engagement activity, providing them with points they can redeem for real-world goods such as gift cards, prizes, special offers and more. Lootsie comes to market several developers, including Babaroga, One Spear Entertainment, First Post Studios, Sabertooth Interactive, Matty Rich Games and Social Gaming Network (SGN) When users play Lootsie-enabled games, they receive a notification bar – similar to a text message – as they reach achievements the developer has set, alerting them to a Lootsie Point value they’ve earned for that achievement and what rewards they may be able to redeem. Gamers can redeem Lootsie Points at their convenience in the game, via the Lootsie app (coming soon), or online at www.lootsie.com.
PULSE debit/ATM network and Paydiant cloud-based mobile wallet and offer redemption platform, are working together to provide an easy-to-use mobile commerce solution for PULSE participants. The Paydiant solution will enable PULSE financial institution and merchant partners to quickly deploy contactless payment and cash access functionality to better serve their mobile-minded customers. Paydiant’s mobile wallet platform is software-based and works with both new and existing smartphones – including iPhone® and Android™ devices already in the hands of millions of consumers. It also works with existing point-of-sale (POS) terminals used by participating merchants today without requiring new hardware.
SWIFT has awarded the 2013 SWIFT Certified Application Payments label to ACI Money Transfer System™ for the sixteenth consecutive year. The SWIFT accreditation for payments recognizes that Money Transfer System supports SWIFT’s highest requirements for the processing of payments. ACI has also integrated the updated SWIFTRef directories within Money Transfer System – showing ACI’s commitment to providing customers a smooth transition to the new directories. In addition, ACI Global Trade Manager™ achieved the 2013 SWIFT Certified Application Supply Chain Finance for the sixth year in a row. The label is granted to trade finance applications supporting SWIFT Trade Services Utility (TSU) messages and workflows.
Citi unveiled a series of music, sports, dining, comedy, theater and family experiences exclusively for Citi ThankYou cardmembers. As part of the new entertainment benefits of Citi ThankYou, Citi designed this special events lineup based on the interests of ThankYou cardmembers. Ranging from youth sports clinics to intimate culinary events, comedy shows and VIP concert access, these experiences are another example of how Citi is delivering more access to entertainment. Tickets to each special event can only be purchased with a Citi ThankYou card. The Citi ThankYou Preferred card now offers twice as many ThankYou Points for each dollar spent on both dining out and entertainment at no annual fee. ThankYou Points can be redeemed for a wide variety of rewards on thankyou.com like electronics and digital music downloads, and concert tickets on LiveNation.com. In addition, the Citi Private Pass entertainment access program offers Citi credit and Citibank debit card customers access to thousands of events including preferred seating, early access, VIP experiences, complimentary tickets and more.
Citi’s ThankYou Preferred card now rewards cardmembers for doing what they love by offering two points per dollar spent on dining out and entertainment at no annual fee. New and existing ThankYou Preferred cardmembers earn two ThankYou® Points per dollar on dining at restaurants and entertainment purchases from takeout to fine dining, music downloads to movie rentals, as well as tickets to sports and entertainment events. ThankYou Preferred cardmembers will continue to earn one point per dollar on other purchases. Citi announced a lineup of special events exclusively for Citi ThankYou cardmembers that will begin in August and take place in select U.S. major cities.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard announced a 2Q/13 net income of $848 million, up 19% from the year-ago period, while net revenue was $2.1 billion, a 15% increase versus the same period in 2012, both on an as-reported basis and adjusted for currency. Net revenue growth was driven by a 13% increase in gross dollar…
Fiserv announced that General Colin L. Powell (Ret.) will deliver a keynote address at Forum 2013, the annual fall conference for Fiserv credit union clients. Other highlighted guest speakers include Dan Mica, former U.S. congressman and past president and CEO of the Credit Union National Association (CUNA), and Marcus Buckingham, author of seven best-selling books on strengths in the workplace. Forum will be held Sep. 9 – 12 at The Venetian and The Palazzo in Las Vegas. Forum 2013 is focused on helping credit unions deliver financial experiences that deepen member relationships and drive growth. In addition to the general session speakers who will provide new perspectives on leadership, innovation and management, Forum 2013 will feature sessions across five content tracks: Digital and Mobile Revolution; Payments Transformation; Member-Driven Experience; Risk and Compliance Impact; and Efficiency, Performance and Analytics.
The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms:
“From the very beginning, retailers and restaurants knew the Federal Reserve Board of Governors had grossly misapplied the swipe fee law, also known as the Durbin Amendment. They failed to heed Congress’ call to set fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction. Instead, the Board manufactured a standard that was two to three times higher than the Fed staff recommended.
“As a result, small ticket transactions, such as those imposed on convenience stores and restaurants, skyrocketed under the misapplied law.
“Congress clearly told the Fed to introduce competition and transparency into the debit card marketplace by making multiple networks available, so as to reduce swipe fees for merchants and their customers. The Fed failed to do so, and the court rightly ruled against them as a result. Today’s decision is the first step in setting these initial wrongs right and will ensure that swipe fee reform is done correctly.”
MoneyGram signed an agreement to acquire Nexxo Financial’s full-service money transfer kiosk business and to become the preferred money transfer and bill payment partner for Nexxo Financial. MoneyGram will acquire approximately 200 kiosks primarily located in California, Illinois and Texas. These kiosks will offer automated, self-service money transfers to MoneyGram agents worldwide allowing consumers to pay bills utilizing MoneyGram’s bill payment network. The move to expand MoneyGram’s use of self-service channels is a strategy in line with recent statistics. The FDIC has estimated that 60 million U.S. residents do not use formal banking channels as the primary method for their day-to-day financial services. This points to a growing need for convenient and affordable means to transfer funds.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fiserv 2Q/13 revenue of $1.14 billion compared to the year ago figure of $1.02 billion for a 12% increase. Meanwhile, 1H/13 djusted revenue was $2.22 billion, compared with $2.04 billion in the same period in 2012 for a 9% increase. Adjusted earnings per share from continuing operations in the second quarter…