MasterCard continues to outpace Visa in the second quarter as profits near $1 billion. In the U.S., gross dollar volume (GDV) rose 9.2% to $339 billion, compared to $319 billion in the prior quarter, and $310 billion in the year ago quarter. At the end of the second quarter MasterCard had 344 million cards-in-force in the among 308 million accounts.
ACI Worldwide announced 2Q/14 revenue of $255 million, up $47 million by 23% from the year ago figure while organic revenue was up 4%. Meanwhile, the 12-month backlog increased by $2 million from last quarter to $885 million, while our 60-month backlog increased by $14 million from last quarter to $3.92 billion. Net income skyrocketed…
Preferred Rewards is now available for clients in California, Oregon, Arizona and Idaho. Clients with a Bank of America personal checking account and a three-month average combined balance of $20,000 or more across their checking, savings and/or Merrill Edge® investment accounts can enroll. And, as clients’ combined balances grow, so do their benefits and rewards. With a three-tier structure – Gold, Platinum and Platinum Honors – clients have additional opportunities to earn, save and get more back based on their tier. There is no fee to enroll in the Preferred Rewards program for qualified Bank of America clients. Onca clients. Clients’ three-month average balance will be reviewed monthly for the opportunity to achieve additional benefits.
Visa’s CEMEA region, dominated by prepaid payment cards, jumped 27% in the second quarter driven by cash advance volume. Visa has an estimated 307 million cards-in-force (CIF) currently in the CEMEA region, compared to 289 million in Q2/13. The total number of accounts rose to an estimated 306 million in Q2/14, compared to 291 million for Q2/13.
PayByPhone announced its mobile parking payment app is available in the Amazon Appstore for Amazon’s new Fire phone, as well as Kindle Fire devices. PayByPhone’s parking meter stickers feature a passive electronic chip that stores information such as the meter number. Users simply wave or tap their NFC-enabled phones over the sticker on the meter to automatically launch the PayByPhone app. The mobile payment system recognizes the user and identifies the exact parking location. The PayByPhone app is the simple, secure, and convenient way to pay for your parking in cities such as Seattle, San Francisco, Miami, Vancouver, London, Paris and more. PayByPhone allows drivers to charge their parking to a credit card, eliminating the need for cash at the parking meter. Features such as text message reminders before time expires, and adding more parking time from the app (within the allowable restrictions) greatly reduce the chance of a parking violation.
Ingenico Group announced its 1H/14 revenue of €703 million is up 20% from the year ago figure. Meanwhile, net income of €75 million is up 53% while organic growth was up between 14 and 16%. This is thanks in great part to a multi-local strategy, namely in emerging markets such as China. The first pilots…
Bill Me Later Is Now PayPal Credit, PayPal Working Capital Exceeds $150 Million and Both are Going Global – Gary Marino, SVP, Global Financial Services & North America. Since the pilot program launched last September, more than 20,000 businesses have collectively borrowed more than $150 million in PayPal Working Capital business loans through our lending partner, WebBank. The program is also expanding to the UK and Australia to fuel business growth. Businesses in these countries will have access to capital in minutes once they apply and are approved through a simple online interface. PayPal Working Capital allows these businesses to repay with a share of their sales they choose, and don’t repay on days they don’t have sales. Because the program uses a business’s sales history, there iis no credit check or extensive documentation required. The loan charges a single, affordable fixed fee instead of periodic interest so businesses know the cost of the loan up front. It’s that simple.
Evolving Credit Landscape
Offering these products more broadly is a sign of the power that credit brings to both merchants and consumers. Merchants can leverage credit as a tool to secure capital and grow their businesses. Additionally, they can offer credit with flexible payments options for their customers and immediate sales, while consumers experience freedom of choice when buying what they want – when they want it. We recognize this value isn’t limited to our US customers, so we are going global.
WorldRemit is introducing the ability to send money to Thailand. The upgrade to WorldRemit’s Thai service enables workers living overseas to send money back home without the need for an additional foreign exchange transaction at the receiving bank.International remittances are an important contributor to the economy of Thailand, with an estimated US $5.5 billion being received in 2013, according to the World Bank. The amount of money received from overseas by people in Thailand has seen an average increase of 25% per year, compared to an annual increase of just 5% between 2004 and 2008.
PayPal now lets users order ahead and pay for goods and services at 1500 brick and mortar locations through its latest partnership with Rabobank-backed MyOrder MyOrder. The integration with PayPal enables users to order and pay for food or drinks ahead of arriving at a cafe; to pay at the table in a restaurant without calling over the waiter, or pay for parking without searching for the closest meter. The online payments outfit has been steadily expanding its business to the high street and through the mobile device. Last year, of the $180 billion of payments processed by PayPal, $27 billion were made from a smartphone or tablet, up 99% on the previous year. Alongside apps for iOS and Android devices, PayPal last week added support for Amazon’s new Fire phone, available for download from the Amazon app store.