American Express’ U.S. Small Merchant Group has partnered with Birchbox, Bonobos and Rent the Runway to present Online’s Day Off, a two-day event that kicks off with a thought-leadership panel on September 18, followed by a one-day shopping event on September 20.
Paytoo is the first Mobile Wallet to offer cardless options to the unbanked population. GENMEGA, PAYMENT ALLIANCE and PAYTOO Mobile Wallet improve customer convenience and provides new services such as money transfer or the ability to give a PIN to family members so they could have cash access in times of need. Once at the ATM, consumers can redeem a one-time pin generated from their PAYTOO® Wallet for a selected amount or they can just do a regular withdrawal by entering their phone number and security code. This technology provides an extra level of security to each account and account holder, as mobile phone verification is needed to make a transaction and the potential threat of card skimming is no longer an issue.
DFC Global Corp international diversified financial services company serving primarily unbanked and under-banked consumers announced at the Company’s special meeting of stockholders a majority of the outstanding shares of DFC Global common stock voted to approve the acquisition of DFC Global by an affiliate of Lone Star Funds (“Lone Star”). Houlihan Lokey Capital, Inc. is acting as financial advisor to DFC Global in connection with the transaction. Pepper Hamilton LLP is acting as DFC Global’s legal advisor. Jefferies LLC is acting as lead financial advisor to Lone Star Funds and Credit Suisse Securities (USA), LLC is acting as financial advisor. Jefferies Finance LLC and Credit Suisse AG are providing debt financing commitments for the acquisition.
DFC Global serving primarily unbanked and under-banked consumers has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (“Lone Star”) in a transaction, including the assumption of net debt, valued at approximately $1.3 billion. Upon completion of the transaction, DFC Global will become a privately held company. Under the terms of the agreement, DFC Global stockholders will receive $9.50 in cash for each share of DFC Global’s common stock they own. This represents a premium of approximately 5.8% to DFC Global’s closing stock price on April 1, 2014, and a premium of 12.3% to DFC Global’s 30-day volume weighted average stock price for the period ended April 1, 2014. The agreement was unanimously approved by DFC Global’s Board of Directors. The transaction is subject to customary closing conditions, including receipt of stockholder approval and certain approvals from both U.S. and foreign regulators. Competition-related approval requirements are expected to be limited in number. The acquisition requires the affirmative vote of the holders of a majority of the outstanding shares of the Company’s stock, which will be sought at a special meeting of stockholders. The transaction is expected to close in the third calendar quarter of 2014.
Adyen multichannel payment solutions released findings from its analysis of how applying 3D Secure to all transactions can positively or negatively impact conversion rates on a per-country basis. Indicating 3D Secure has a positive impact on conversion rates in countries such as India, Russia and the United Kingdom, but has a negative impact in France, Germany and the United States when implemented on all transactions. However, the report shows that when 3D Secure is implemented only on specific segments it can actually increase conversions in these markets. Developed by the MasterCard and Visa card schemes, 3D Secure is an additional security layer for authenticating cardholders online. Traditionally, online merchants have adopted a binary view: they either implement 3D Secure across all transactions or not at all. By analyzing transactions processed on its payment platform, Adyen has detailed data about the impact of 3D Secure across its portfolio in selected countries. India, Czech Republic, Russia and the United Kingdom show the highest uplift in conversion rates where 3D Secure has been implemented on all transactions. In India, the uplift is almost 30 percent, and in the United Kingdom it is around 2.5 percent.
PAYFONT identity protection appointed Ken Howes, ex Executive Director, Edgar, Dunn & Company, the global payments consultancy and also formerly HSBC Head of Payments; Colin Grannell, former Managing Director of Visa UK Limited; John de Lavis, the US-based former Chief Product Officer at MasterCard and former Chief Operating Officer at Netspend and Metapay, and Belgium-based Erik Van Winkel, former Senior Executive at MasterCard to help drive and deliver Payfont’s go to market strategy. Attracting the above industry heavyweights gives significant credence to Payfont’s potential, following on from its successful patent grants and significant security validation by top cybercrime professionals. This validation includes verification of how significant Payfont is in drastically reducing the risk of identity fraud whilst still providing a very easy experience. Banks and credit card companies are potential initial customers for the new system, although the Payfont team also have sights on bringing its trusted identity system to healthcare, child and vulnerable adult online protection, legal, government and business services.
MasterCard is making some of the company’s proprietary technology solutions available to other U.S. debit networks to provide an option to support debit EMV transactions and reinforce the company’s continued support of the U.S. migration to the EMV standard. MasterCard will allow acquirers to brand transactions originating from the Maestro AID (application identifier) for all debit networks within the United States. This is part of the MasterCard initiative to advance the future of electronic payments in the U.S.
Epay have partnered with WorldPay to allow retailers the ability to process credit and debit card payments through their epay terminal using their Streamline technology. Not only will retailers benefit from earning excellent commission rates from existing products, epay retailers can now also increase spending from customers who prefer to make purchases using their credit/debit cards, whilst processing card payments at competitive rates. In addition to providing payment processing for all major debit and credit cards including MasterCard and Visa, epay’s new terminal with Streamline technology also offers a range of card payment options to process transactions in a face to face environment using fixed, portable, and mobile card acceptance devices. epay’s new VX 520 terminal with built in card processing technology can also be connected to broadband to bring transaction speeds down to as little as two seconds.
Ginger Schmeltzer has joined Fiserv as senior VP, Emerging Payments, Digital Payment Solutions to lead the development and execution of enterprise-wide initiatives to facilitate the delivery of new payment services. Initially focusing on the rapidly evolving mobile payments market Schmeltzer comes to Fiserv a seasoned financial industry professional with significant experience spanning both digital channels and payments. She was most recently senior vice president of Digital Channel Management at SunTrust Bank where she oversaw online banking, mobile banking and digital money movement technologies. Here she developed and executed strategies for mobile financial services, person-to-person payments and electronic billing and payment.
American Express OPEN launched its second-annual “Big Break for Small Business” (www.facebook.com/OPEN), a national contest designed to transform the way small businesses connect and engage with customers online. This year, American Express OPEN is giving every small business that enters educational and brand-building tools, as well as $50 in Facebook advertising credits. American Express Cardmembers and merchants who enter will receive $100 in Facebook advertising credits. The five winning small businesses will receive house calls from American Express OPEN and Facebook branding experts, who will provide in-depth marketing and strategy sessions as well as $25,000 in cash to put the strategies into action. The winners will learn how to use Facebook to build their brands and better market their products and services to their existing customer base and reach new customer segments. Each winner will get practical and personal training on best practices using Facebook Pages, Ads and Social Plugins, and will receive consultation on their current use of Facebook.
Blaze Mobile mpayment and NFC solutions has been awarded an allowance for a new patent for mobile banking and payment transactions. This new patent covers any mobile banking transactions that comprise bill payment, peer-to-peer (P2P) funds transfer, funds transfer between bank accounts, between credit cards, and between bank accounts and credit cards. In all cases, the patent covers the funding of the banking transactions using Near Field Communications (NFC) technology. Users can choose to pay a bill, or to send or receive a money transfer, and complete the entire process conveniently in a store, home or office.
Orange unveiled ‘Quick Tap Treats’ – the UK’s first mobile contactless retail reward scheme, in partnership with the EAT. restaurant chain. Quick Tap Treats will allow all Orange customers with NFC enabled handsets to simply tap their mobile phone on specially designed posters at any of the 110 EAT. outlets* so they can receive a…