Western Union 1Q/14 revenues increased 2% compared to the prior year period, or 4% on a constant currency basis. Consumer-to-Consumer (C2C) revenues increased 3%, or 4% constant currency, while transactions increased 9%. Transaction growth continued to benefit from the previously implemented pricing actions in key corridors, as well as strong performance from westernunion.com online money…
MasterCard posted a 1Q/14 net income of $870 million, up 14%, and net revenue was $2.2 billion, a 14% increase versus the same period in 2013. A 14% increase in gross dollar volume, on a local currency basis, to $1.0 trillion; An increase in processed transactions of 14%, to 9.8 billion; and An increase in…
While the U.S. and Canada rack up huge Card-Not-Present (CNP) fraud losses, Europe is much better managed, particularly in the UK. Visa Europe reports that its overall fraud rate is a mere 4.5 basis points (bps) of Gross Transaction Volume (GDV). However, the CNP fraud rate is 10 bps in the UK, compared to 63 bps on France, 27 bps in Germany, 22 bps in Italy and less than 10 bps in the UK.
Vantiv, Inc. announced financial results for the first quarter ended March 31, 2014. Revenue increased 8% to $537.6 million in the first quarter as compared to $498.0 million in the prior year period. Net revenue increased 6% to $288.5 million in the first quarter as compared to $272.9 million in the prior year period, primarily due to a 6% increase in transactions. On a GAAP basis, net income attributable to Vantiv, Inc. was $28.1 million or $0.18 per diluted share during the first quarter, compared with $26.1 million or $0.18 per diluted share in the prior year period.
Social Finance peer-to-peer lending refinanced more than half a billion dollars in student loans, with the number of schools represented having grown nearly 800% to more than 550 universities over the past year. SoFi has streamlined the lending process with a pain-free online application, mobile document upload, and helpful customer service via text, email, or phone. Borrowers can combine their Federal and private loans into a single monthly payment, and customize payment terms to fit their lifestyle. Unlike traditional lenders, SoFi borrowers become members in a powerful community with programs to reach life milestones such as entrepreneurship support, job placement assistance, unemployment protection and exclusive access to new financial products.
MasterCard announced the New Zealand launch of its ground-breaking digital payments technology MasterPass this week. MasterPass is the digital platform from MasterCard that gives shoppers a seamless, secure and speedy checkout – regardless of where they may be and what device they may be using. MasterPass eliminates the need for consumers to enter detailed shipping and card information to complete their online shopping at MasterPass merchant sites.
Ukash announced Betfair has signed up to their popular service which enables customers to use cash to transact online with Betfair. Betfair customers who pass strict verification processes will be able to make cash deposits into their account through Ukash vouchers, which are available from over 50,000 sale points in the UK, with a reverse process being available to make cash withdrawals. The service is available on both desktop and mobile. Ukash enables players to spend cash securely online with unique 19 digit codes to pay directly on thousands of websites that accept Ukash transactions worldwide.
Worldpay Group announced that it has acquired Cobre Bem Tecnologia payment solutions. Worldpay’s eCommerce division will further strengthen its global reach, giving its customers access to a wide range of payment products in Brazil, Argentina, Colombia, Chile and Mexico. Cobre Bem is a payment service provider that offers single point access to popular local payment methods in Latin America, including eight different credit/debit card types and more than 20 banks for direct online transfers, direct debit and Boleto Bancario. Cobre Bem will continue to operate its current business model, and the existing Cobre Bem management team will join the senior leadership of Worldpay’s eCommerce business unit. In addition, Worldpay has committed to further investments in Cobre Bem’s technology and product offering, as well as to bringing Worldpay functions such as Relationship Management, Corporate Support and Implementation to Sao Paulo and Buenos Aires – guaranteeing a consistent customer engagement model around the world.