Edgar, Dunn & Company (EDC) independent payments consultancy has released its “Citi Tap and Pay mobile NFC proximity payments pilot – Bengaluru, Results & Findings” white paper. The white paper captures views, perspectives and conclusions on the Citi “Tap and Pay” pilot service launched in the city of Bengaluru in July 2009. With over 3000 customers, 250 merchant locations and nearly 50,000 purchases made, the white paper reported positive customer feedback on all key fundamentals such as customer interest, usage and satisfaction. The pilot was conceived by Citi Growth Ventures, and spearheaded by Citibank India, in collaboration with Nokia, Vodafone, MasterCard and ViVotech.
International Bank of Commerce (IBC Bank) has signed a multi-year agreement to implement Online Resources Corporation’s “Internet” bill payment solution. IBC
Bank has been a client of Online Resources for remittance payment services since 2000 and chose to upgrade its bill payment services by converting to Online
Resourcesâ hosted solution. The hosted solution offers a bill payment user interface seamlessly integrated with the Bankâs online banking service. IBC Bank will
implement Online Resourcesâ next generation bill payment solution as well, which integrates usability, marketing and payments best practices. IBC Bank has $11.5
billion in assets while Online Resources provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption.
PBA Member Invenstar demonstrated its “TouchSuite Salon” all-in-one touch screen salon management POS system at Bronner Bros International Hair Show in Atlanta Feb 20-Feb 22. The “TouchSuite” all-in-one system and low price tag were well received, thanks to its software makes life easy with 3-touch booking, client management and marketing, texting, email, promotions, gift cards, credit cards, multiple renter accounts, product scanning and retail management and inventory reporting. TouchSuite “Salon” offers a full suite of business solutions and comes with complete hardware and TouchSuite Salon POS software.
March is Fraud Prevention Month, for which Interac Association payment network is reminding Canadians to continue to practice debit card safety routinely. The company itself is transitioning to the latest generation of chip payment card technology. Chip technology will significantly reduce debit card skimming and the production of counterfeit cards. With this, Interac is encouraging consumers to shield their PIN with your hand or body; check statements; memorize the PIN; and to notify the issuing financial institution in the event of a lost/stolen card. Interac is recommending retailers treat PIN pads like cash and out-of-sight when not in use; monitor PIN pads for suspicion; surveillance cameras; exercise due diligence when hiring; and to remind customers to protect their PINs when entering.
The Discover U.S. Spending Monitor was up 2.3 points to 87.5 this month, thanks to more optimism on the economy and increased discretionary spending. Although only 35% are currently concerned about additional expenses and their income changing in the month of March, there is little indication, however, consumers are planning to increase spending anytime soon with 57% intending to keep spending intentions flat. This, however, marks only the third month over the past 2 years this figure did not decline. With 49% expecting no additional expenses or income over the next month, 41% expect to spend the same in March as they did in February on discretionary items, a 4-point increase; 33% plan on spending the same as the prior month on home improvement purchases, also a 4-point increase; and 38% plan on spending the same on major purchases like a vacation, a 3-point increase. Still, 57% continue to rate the economy as poor; 46% felt the economy was deteriorating, a 3-point decrease from January; and only 29% felt economic conditions were improving, a 2-point increase from the prior month.
EnStream mobile commerce company has introduced its “Zoompass Tag” wireless payment device. The “Zoompass Tag” is designed in the form of a sticker that can be attached to a mobile phone, allowing consumers to tap their phones at checkout to make purchases at retail stores. The Zoompass mobile application is accessible on most mobile phones in Canada and can also be used to send money quickly and securely. Payment is automatically drawn from the user’s Zoompass stored value account, and remove the need for coins and cash. Moreover, the Zoompass Tag and Zoompass application allow consumers to monitor their purchase transactions in real-time.
At the American Express OPEN Womenâs Business Summit in Houston, “Count Me In for Womenâs Economic Independence” named Sarah Stevens of Charlotte, NC the grand prize winner of the Make Mine a Million $ Business RACE (M3RACE) year-long business growth competition for women entrepreneurs. Her company, Stevens Technologies, achieved the greatest year-over-year increase in gross annual revenue by 131% to $1,544,262, while having increased the number of employees who have health benefits, 401k packages and paid leave from 12 in 2008 to 21 in 2009. Stevens is also to receive a year of marketing, advertising and media resources. The M3RACE national initiative is committed to helping post-start-up women entrepreneurs grow million-dollar enterprises and has empowered women to grow their entrepreneurial ventures, providing more than 75,000 women entrepreneurs nationwide with vital business growth resources.
Pentagon Federal Credit Union (PenFed) has introduced its “PenFed Promise Card,” offering no fees and a low rate for purchases. The “PenFed Promise Card” features a 7.49% introductory purchase APR for the first 36 months, then adjusted to a variable rate of Prime (currently 3.25%) plus 6.74%. Absolutely free of the standard industry fees that traditionally accompany most cards, the “PenFed Promise Card”charges no late fees, over-limit fees, balance transfer fees, cash advance fees, foreign transaction fees, returned check fees. Pentagon Federal Credit Union, established in 1935, has more than 950,000 members and assets in excess of $14.5 billion, and provides worldwide service to Army, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel.
Data communication provider TNS has released its Q4 results.
Total revenue for the fourth quarter of 2009 increased 69.6% to $137.5
million from fourth quarter 2008 revenue of $81.1 million.
Fourth quarter 2009 GAAP net loss was $5.7 million, or $(0.21) per
share, versus fourth quarter 2008 GAAP net loss of $1.0 million, or
$(0.04) per share. Included in the GAAP net loss for the fourth quarter 2009 results are
the following items related to the refinancing of the May 2009 Credit
Facility in November 2009: The write off of $21.9 million, or ($0.52)
per share, of deferred financing fees and original issue discount; and
The write off of $3.3 million, or ($0.07) per share, of term loan call
premium. Earnings before interest, taxes, depreciation, and amortization (EBITDA)
before stock compensation expense for the fourth quarter of 2009
increased 86.8% to $39.3 million versus $21.0 million for the fourth
quarter of 2008. Adjusted earnings increased 80.4% to $18.4 million, or $0.69 per share,
for the fourth quarter of 2009 compared to adjusted earnings of $10.2
million, or $0.40 per share, for the fourth quarter of 2008.
CardinalCommerce enabler of payment brands is commending Visa, MasterCard and JCB for developing and introducing to market the “Verified by Visa”, “MasterCard
SecureCode” and “J/Secure” authenticated payment programs. With the rising threat of online fraud and identity theft, CardinalCommerce recognizes Visa,
MasterCard, and JCB are taking a proactive approach to the matter. In doing so , the organizations have taken the lead and put their reputations at stake to
help make electronic commerce safer. Visa, MasterCard, and JCB, furthermore, have built the foundation and infrastructure for online and mobile authentication
with 3-D Secure-based protocols recognizing authentication as being technology-neutral, rather than dependent on singular end-user interface technology-centric
Merchant Warehouse merchant accounts and credit card processing has made available two new mobile payment processing applications for “MerchantWARE Mobile” virtual payment processing for the Google Android and Windows Mobile platforms. With 2010 unofficially being dubbed âThe Year Smartphones Become Mobile Credit Card Terminals,â “MerchantWARE Mobile” is offering its mobile payment processing for secure compliant credit card processing applications and portable card readers. With it, all credit card data (swiped or keyed) is securely transmitted and stored at Merchant Warehouse’s secure data vault, not the mobile device.