At the end of the first quarter 2014 (Q1/2014) American Express (AmEx) net income increased 7.5% year-on-year (Y/Y) and 7.4% quarter to quarter (Q/Q), driven mainly by continued strong growth in the Global Network & Merchant Services (GNS).
Chase Sapphire Preferred, in partnership with Bon Appétit hosted the second annual Chase Sapphire Preferred GrillChallenge, Thursday, May 8, during the eighth annual Vegas Uncork’d by Bon Appétit. The winning student, Brooke, received a $20,000 scholarship, and the runner-up, Kelly, was awarded $5,000 to fund their culinary educations, courtesy of Chase Sapphire Preferred. As a presenting sponsor of Vegas Uncork’d by Bon Appétit, Chase Sapphire Preferred offered cardholders the ability to redeem credit card rewards points or purchase tickets to select Vegas Uncork’d events – and enjoy exclusive perks, such as a VIP lounge at the Grand Tasting featuring bites from Nobu Matsuhisa, a private brunch featuring cuisine prepared by executive chef Julian Serrano of Picasso at Bellagio and exclusive meet-and-greets with chef François Payard.
American Express announced the winners of the Epic Everyday Getaway contest. More than 7,000 Americans submitted snapshots and selfies along with a short story describing their favorite #EveryDayMoments. Photo submissions captured Americans’ favorite VIPs (their kids, loved ones and friends) in fun, silly, memorable and inspirational everyday moments. Each winner and a guest will get their own “Very Important Person” treatment when they head to NYC June 18-21, 2014 for a three-day experience. The Card, designed for multi-taskers juggling family, work and personal lives, rewards Card Members for how often they shop” not just how much they spend. Use the Card 20 or more times on purchases in a billing period and earn 20% extra Membership Rewards ® points on all those purchases less returns and credits.
Virtual Piggy, Inc., provider of Oink, the award-winning payment technology for families and teens, today announced that it has partnered with commerce solutions provider Gorilla Group. Oink is the only payment technology designed to allow retailers and game publishers to reach under 21 consumers in a safe, legal and effective manner compliant with the FTC and other international regulations. This innovative technology serves as a digital family wallet that is available online or via mobile and allows safe, secure transactions – all within parental controls.
eGlobal has acquired the assets of The Best There Is Inc. (T.B.T.I.). T.B.T.I. provides ATM services to a number of large hospitality properties around the country. This transaction was signed and closed on May 5, 2014. eGlobal delivers specialized ATM solutions to merchants, distributor partners and financial institutions, enabling and enhancing services they provide to their customers. eGlobal consults with hospitality clients on optimal ATM placement for every location, depending on property type, seasonality and traffic-flow patterns.
SafeCharge International Group Limited (“SafeCharge”), (AIM: SCH), the international provider of payments services, risk management and IT solutions for online businesses and Ladbrokes plc, a leader in the global betting and gaming market, today announces that Ladbrokes has successfully deployed SafeCharge’s suite of payment technologies including: one-click deposits, payment optimization and PCI compliance solution thereby enhancing users’ online payment experience and user-data security.
ACI Worldwide electronic payment and banking systems’ conferences are preeminent customer events with senior IT and business leaders from leading financial services, processors and retail organizations. This year’s EMEA event, May 13-16 in Lisbon, Portugal, brings together many of the region’s industry thought leaders to hear more about the Disruption Opportunity”how financial experts, retailers, and technology leaders are navigating a disrupted payments landscape, preparing for the future and prospering. Additional sessions will focus on all aspects of the payments industry, including wholesale payments, online banking, merchant acquiring and card issuing, as well as ATM driving, payments fraud, retailer payment processing and mobile. ACI extends thanks to this year’s EMEA sponsors, including: HP, IBM, Integrated Research, Phoenix Interactive, Stratus Technologies, Thales e-Security, XYPRO Technology, Bell ID, Futurex, Polar Moment and Spectrum.
i2c GM, International, Scott Salmon, will be in Dubai next week addressing the Cards & Payments Middle East conference. With prepaid card usage surging in the Middle East, the topic of prepaid profitability has become a key focus of bank and financial services executives in the region. Mr. Salmon’s session is designed to provide targeted and actionable tips for helping prepaid programs attain profitability quickly. The session is based on a white paper released by i2c called “The New Approach to Managing Prepaid Programs”. Interested parties may obtain a free copy of the paper by downloading it from the i2c website or by visiting the i2c stand in the Cards & Payments Middle East exhibition hall.
Digital River Commerce-as-a-Service solutions signed a global payments agreement with Morinda, Inc., a direct-selling company that markets nutritional, health and wellness products. Morinda is using the Digital River World Payments solution to build a localized European payments program that supports online sales of its lifestyle products across Russia, Hungary, Latvia, Lithuania, Poland, Romania and the Czech Republic. The Digital River solution will offer Morinda customers online credit card payments in seven different local currencies. Through Digital River World Payments, Digital River offers online merchants more than 180 international and local payment options, and over 170 transaction and display currencies. In 2013, the company processed more than $30 billion in online transactions.
General purpose payment card activity on the world’s two largest networks rose 7.6% year-on-year (Y/Y), but down 1.8% quarter-to-quarter (Q/Q) in the first quarter of this year (Q1/2014). The Gross Dollar Volume (GDV) reported by Visa (VS) and MasterCard (MC) for Q1/2014 came in at slightly over $1 trillion, compared to $1028 billion in the prior quarter and $933 billion in the year ago quarter.
Pamela Joseph, vice chair at U.S. Bancorp and head of the company’s payment services division, was recently honored by the Electronic Transaction Association with the 2014 Distinguished Payments Professional Award. Joseph is recognized not only for her business acumen but as a thought leader on the role financial institution play in the evolving payments industry. In addition to her daily business activity, Joseph leads the Women Leaders in Action (WLA), a women’s resource group uniting women across U.S. Bank Payment Services with a mission to provide support for community-based programs. The Distinguished Payments Professional award is intended to recognize an industry leader, acknowledged trend-setter, role model, and positive contributor to the efficacy and overall image of the industry.
Thanks to chip technology and fraud detection, debit card fraud losses in Canada reached a record low last year, declining 23% year-on-year (Y/Y) and sinking 79% (Y/Y) after peaking in 2006. Interac reported debit card losses climbed from $94.6 million in 2006 to a record high of $142.3 million in 2009 and then reversed course in 2010, declining to 2013’s record low of $29.5 million.