Trans-Fast Remittance money transfer made available its online service in the Philippines, letting customers send money online directly to any bank account throughout the country. Trans-Fast also provides home cash delivery within 24 hours to key cities, as well as a cash card that can be credited in real time. All remittances online are automatically entered into a promotional weekly drawing. The company offers users 24×7 customer support over the phone & web chat.
MoneyGram International, a leading global payment services company, announced that it has successfully expanded its global network to 200,000 agent locations. This significant milestone was reached with the addition of SRD MP and its partner Bimedia, a value-added services provider for tobacco and news retailers throughout France, which will bring MoneyGram money transfer services to 2,500 tobacco shops across the country. SRD MP, which has signed a five-year contract, will serve as a super-agent and will sign additional retail agents across the country. This partnership â MoneyGramâs first in France with a non-bank agent â will create a new channel for distribution, enable key retail network growth opportunities, and dramatically expand MoneyGramâs presence in France. The relationship is a positive example of the European Union’s Payment Services Directive (PSD) instituted in 2009, which allows for retailers and other non-bank organizations to provide payment services that were previously offered only by financial institutions in the EU. In celebration of opening of its 200,000th agent location and in recognition of the events taking place in different regions across the world, MoneyGram is donating a total of $200,000 to non-profit organizations working in El Salvador, China and organizations working in Ivory Coast and Senegal, parts of Africa that rely on remittances from France. Among the agencies receiving funds are the Pan American Development Foundation in El Salvador, ChinaSource in China, Friends of Therese Haury in Ivory Coast, and Grameen Foundation for microfinance programs in Senegal.
A new report has calculated that rewards payment cards accounted for 77% of credit card volume in 2005, compared to just 40% in 2001. The research found that credit card spend on rewards card is growing at a CAGR of 31%, compared to 12% for non-reward cards. The white paper by FischerJordan says that basic rewards offerings are becoming a market necessity; no longer a competitive advantage, but instead a commodity. The form says it is clear that program cost containment coupled with commoditization will spur a change in program substance and management. Reengineering will give way to a revision of traditional program economics, including a change in program structure and management. Coalition programs, white labeling, and association rewards will provide the models of industry externalization. The external result of these changes will be that the largest loyalty programs will emerge bigger, permeating multiple industries; while internally, program value will be unlocked, turning a cost center into a profit generating activity.
Direct mail remains the king of credit card marketing. A new study by MD-based Vertis found that 48% of consumers said they learned about a credit card company via direct mail. Other sources include friend or relative (7%), at their bank (7%), special event/in-person promotion (4%), Internet (3%), or telemarketer (3%). Half the number of seniors said they read financial/credit card direct mail compared to Generation Y respondents (21% vs. 42%, respectively). When selecting a credit card, 22% of adults were attracted to money back incentives, while 19% liked to earn points for merchandise, airline tickets and hotel stays. Other incentives, such as a sign-up bonus or higher membership level, appealed to less than 10% of the adults. Vertis also found among credit card holders, that 51% pay off their balance in full each month, while 35% make partial payments and claim that their balance is reducing. Senior adults (81%) are more inclined to pay off credit card balances each month compared to Young Baby Boomers (42%) and Generation X and Y adults (39% for both). Vertis says 36% of adults surveyed said that they did not even own a credit card.