The value of all cryptocurrency transactions will fall sharply this year to just over $30 billion, compared with over $71 billion in 2014. The surge in altcoin transactions in 2014 was overwhelmingly attributable to brief spikes in activity during the first quarter in Dogecoin, Litecoin and Auroracoin.
Amazon today unveiled Fire, the first smartphone designed by Amazon. Fire is the only smartphone with Dynamic Perspective and Firefly, two new breakthrough technologies that allow you to see and interact with the world through a whole new lens. Dynamic Perspective uses a new sensor system to respond to the way you hold, view, and move Fire, enabling experiences not possible on other smartphones. Firefly quickly recognizes things in the real world”web and email addresses, phone numbers, QR and bar codes, movies, music, and millions of products, and lets you take action in seconds”all with the simple press of the Firefly button.
Amazon today unveiled Fire, the first smartphone designed by Amazon. Fire is the only smartphone with Dynamic Perspective and Firefly, two new breakthrough technologies that allow you to see and interact with the world through a whole new lens. Dynamic Perspective uses a new sensor system to respond to the way you hold, view, and move Fire, enabling experiences not possible on other smartphones. Firefly quickly recognizes things in the real world”web and email addresses, phone numbers, QR and bar codes, movies, music, and millions of products, and lets you take action in seconds”all with the simple press of the Firefly button.
Global Cash Access Holdings announced financial results for the first quarter ended March 31, 2012. Fiscal First Quarter 2012 Highlights Operating income increased 69% quarter-over-quarter to $15.7 million EBITDA increased 51% quarter-over-quarter to $19.8 million Net income per share – diluted increased 267% quarter-over-quarter to $0.11 Cash EPS increased 133% quarter-over-quarter to $0.21 “We are…
USA Technologies wireless, cashless payment and M2M telemetry solutions for self-serve small-ticket retail industries is not increasing its credit and debit processing rates to its customers and will continue to accept Visa- branded debit and pre-paid cards in addition to all major credit cards, including Visa, MasterCard, Discover and American Express at its current processing rates. This is in response to MasterCard and Visa having increased regulated debit card interchange fees to the U.S. Federal Reserve regulated cap of .05% plus $0.22 per transaction as precipitated by the Durbin Amendment, a step that disproportionately impacts merchants who sell products or services for less than approximately eleven dollars per transaction.
Bank of America reported second-quarter 2010 net income of $3.1 billion, compared to net income of $3.2 billion a year ago, driven by lower credit costs. Bank of America agreed to sell its equity position in MasterCard, resulting in a pretax gain of approximately $440 million to focus on its core businesses and strengthen capital ratios. Its Global Card Services net income increased $2.4 billion compared to a year ago due to declining credit costs reflecting continued improvement in the U.S. economy; Revenue decreased $401 million from a year ago, driven by lower average loans and reduced interest and fee income primarily resulting from the implementation of the CARD Act, partially offset by the $440 million pretax gain on the sale of the MasterCard position. The division also reported a net loss of $9.9 billion due to the $10.4 billion goodwill impairment charge and would have otherwise reported net income of $529 million, compared to a net loss of $955 million a year ago.
People are realizing that their gift cards can be used online to purchase some of the larger items on their wish list. The problematic weather is also having an effect on consumers going to the stores. Since the best sales are right after Christmas, many consumers are turning to online stores to use their gift cards right away and have found that they can purchase things like that metal headboard that they have been eying. Gift card sales totals for the cards will rise nearly 5% to $91 billion in 2010 after falling for the past two years, with the need to cash in on those gift cards is in high demand. This, according to the Tower Group research firm, also shows consumers prefer the variety available in bedroom decor and accessories over other room-designated furniture.
U.S. Bancorp reported net income of $908 million for the 3Q/10, driven by a total net revenue of $4.6 billion for 50.6% growth over the year ago period and 18.5% higher than the previous quarter. Meanwhile, total net revenue was $4.6 billion for a 7.9% increase on the year ago period while the Payment Services division contributed $215 million for$142 million increase on the year ago period and a $34 million increase on the previous quarter, thanks in large part to higher total net revenue and a lower provision for credit losses. The Payment Services total net revenue increased $54 million since 3Q/09 while net interest income increased $32 million thanks to growth in credit card balances and improved loan spreads. The Payment Services’ contribution was $34 million higher than the previous quarter thanks to lower credit losses and higher total net revenue and total net revenue increased $17 million. Total noninterest income was $14 million higher on a linked quarter basis because of higher transaction volumes while net interest income increased $3 million due to wider loan spreads and higher volumes.
MERCHANT ACQUIRING VOLUME HISTORICAL
1Q/08: $64,853,000,000
2Q/08: $66,940,000,000
3Q/08: $66,941,000,000
4Q/08: $58,630,000,000
1Q/09: $57,877,000,000
2Q/09: $59,725,000,000
3Q/09: $62,011,000,000
4Q/09: $60,729,000,000
1Q/10: $63,437,000,000
2Q/10: $72,952,000,000
3Q/10: $68,620,000,000
Source: CardData (www.carddata.com)
Global Cash Access 2Q/10 revenue dropped 9.1% since the year ago figure of $173.0 million to $157.2 million, thanks mostly to a weakening gaming sector and consumer revolving credit. Additionally, operating income was $13.7 million, a decrease of 29.0% over the $19.3 million recognized in the prior yearâs second quarter. Earnings before interest, taxes, depreciation and amortization were $17.8 million, a decrease of 25.2% compared to the same period in the prior yearâs second quarter. Income from continuing operations in the second quarter of 2010 was $5.9 million, down 35.2% from the second quarter of 2009.
Moody’s Investors Service confirms the ratings on the two outstanding classes of Credit Card Receivables-Backed Notes issued by SCORE Credit Card Trust. These notes are backed by an undivided co-ownership interest in a $529 million revolving pool of consumer credit card receivables generated by holders of the Sears Card. Moody’s confirmation of the ratings is primarily driven by stabilization of the SCORE’s charge-off and delinquency rates following the addition to the pool of eligible accounts in March. From 2007 into late 2009, charge-offs rose steadily from under 4.0% to 7.0%. In March 2010, the Seller completed an addition of highly seasoned accounts to the existing pool. The new accounts added approximately $100
million in receivables balances to the existing $475 million pool. The credit card receivables in the Trust are originated and serviced by JPMorgan Chase Bank N.A. (Toronto Branch) which is rated Aa1/P-1.
Heartland Payment Systems payments processing announced 1Q/10 systems revenues of $411million and GAAP net income of $14.2 million. Net revenues totaled $103.8 million, an increase of 5.4% compared to $98.5 million in year-ago period. Card processing volume for the three months ended March 31, 2010 was $14.4 billion, an increase of 7.2% compared to1Q/09, thanks to contributions from the ramp up in Discover and American Express activity, as well as growth in other SME merchant volume. In the first quarter of 2010, operating income as a percentage of net revenues was 2.5%, reflecting the economyâs impact on net revenue growth. Additionally, small and Mid-Sized merchant (SME) transaction processing volume was $14.4 billion, up 7.2% compared with 1Q/09; Transactions processed for Large National merchants of 685 million, up 6.8% compared with 1Q/09; Quarterly net revenue was $103.8 million, up 5.4% compared with 1Q/09; 94.6% of new merchants installed were on HPS Exchange compared to 91.2% in 1Q/09; and a 370 basis point sequential improvement in same store sales performance (1.5%) relative to the 1Q/09.
HEARTLAND PAYMENT SYSTEMS REVENUES
1Q/09: $372 million
2Q/09: $417 million
3Q/09: $443 million
4Q/09: $420 million
1Q/10: $411 million
Source: CardData (http://www.carddata.com)
Recent stabilization in the unemployment rate combined with positive early stage delinquency trends are partially to thank for volume trends having grown 2.3% year-over-year for 1Q/10 amongst the top six general purpose card issuers, compared to an average decline of 14.4% in 1Q’09. This is expected to translate into lower credit card portfolio losses in the second half of 2010, although Fitch notes recent legislative and accounting changes will provide some challenges in the near-term. Issuers re-priced card portfolios in 2009 in preparation for the CARD Act. The Act currently places various restrictions on card interest rates and fees and are soon to require penalty fees be reasonable and proportional.