PYMNTS.com is set to host “What’s the Problem, What’s the Solution, Who Wins, Who Loses,” a half-day conference examining the potential impact of proposed Federal Reserve Board regulations on debit card interchange fees. Starting March 29th in Washington DC, the conference will address how under the proposed regulations, bank debit card fees charged to merchants for debit card transactions would drop by some 80%, and the subsequent massive revenue loss impacting banks. The conference will examine what the rules ultimately could mean for consumers, banks and economic efficiency. A final decision by the Fed is expected on April 21, 2011, unless Congress passes legislation to postpone the deadline to allow for further study.Details
Ceridian Stored Value Solutions (SVS) has officially set-up shop in China and will be exhibiting at the 9th annual China Department Store Summit, at the Hotel Kunlun in Beijing, March 31 through April 2. SVS is a leading provider of card-based programs that influence consumer behavior and increase client value by enabling the effective use of gift cards, incentives, promotional cards, consumer rewards and loyalty programs. It’s a global provider of prepaid solutions, delivering a fully dedicated gift card and promotional platform in 40 countries, 26 languages and 26 currencies.Details
Shanghai Rural Commercial Bank or SRCB had selected TCS BaNCS Core Banking solution to introduce new products to market and efficiently manage transformation across its overall business lines. The TCS BaNCS Core banking will cover the organizations core banking, deposits, loans, payments and card modules. TCS closed Thursday’s trading at Rs.1,093.45, up by 2.76% from the previous close at the BSE.Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Lloyds TSB has launched a new online “Airmiles Duo Rewards Hub” to help customers make the most of their Lloyds TSB Airmiles Duo Credit Card Account and boost their Airmiles balance. With this, Lloyds TSB is giving away a collective prize total of 1million Airmiles to 123 existing customers. The “Airmiles…Details
Telefónica O2 Germany broadband and mobile services and BOKU online mobile payments have forged their direct carrier billing relationship, allowing O2 customers to use BOKU’s payment platform to purchase virtual and digital goods ranging from EUR.09 to EUR30.00 by entering their mobile number. This will charge the purchase directly to their mobile phone carrier bill. This new partnership integrates the BOKU mobile payments platform into O2 Germany’s operator billing interface, offering support for one-off and subscription payments in Germany; full pricing granularity from .09 Euros to 30.00 Euros; authorization and capture APIs with refund support; In-App Billing support; and Web Billing support.Details
Spending by international Visa cardholders traveling to Mexico rose by 12% from 2009 to 2010 according Tourism Outlook: Mexico, an annual report released by Visa. Examining Visa cardholder spending over the past two years, the report indicates the tourism industry in Mexico saw international Visa cardholder spending increase from $4 billion in 2009 to $4.4 billion in 2010, proving the resiliency of Mexico’s tourism industry despite global and domestic hurdles. Travelers from the United States remained the strongest contributors to Mexico tourism revenue during 2010, where American travelers spent more than $3.1 billion on their Visa cards while traveling within Mexico in 2010, 7% higher than the the previous year. Visitors from Brazil had the largest year-over-year increase at 85 percent, followed by Colombia (62%) and Argentina (53%). International travelers used their Visa cards on general retail purchases such as clothing and food, which accounted for approximately 51% of all purchases on Visa cards, totaling nearly $2.3 billion. Other major merchant segments included lodging (17%), other travel and entertainment (7%), restaurants (5%), and airlines (4%).Details
Visa Canada and Great-West Life group benefits provider have kicked-off a new branded employee benefits payment card. Reducing the need for Great-West Life group plan members to pay out-of-pocket for health services and supplies covered by their benefits plan, the “Health SolutionsPlus” Visa payment card is issued by Peoples Trust, allowing access to a group plan member’s available healthcare spending account (HCSA) balance. Powered by the innovative card technology of Evolution Benefits, the Health SolutionsPlus Visa payment card allows cardholders to conveniently purchase covered health services and supplies from authorized providers simply by swiping their card.Details
Discover posted 1Q/11 net income of $465 million, compared to a $104 million net loss in the year ago quarter. This was thanks in part to card sales volume up 7% to $24 billion; credit having improved and with the credit card net charge-off rate having declined sequentially 99 basis points to 5.96%; credit card loans over 30 days delinquent having declined 47 basis points to 3.59%; payment services’ pretax income up 16% from the prior year; and payment services transaction volume up 21% since the year ago quarter to $43 billion.
Credit card loans ended the quarter at $44.3 billion, a 3% decline from the prior year, while net interest income increased $46 million from the prior quarter. Payment Services pretax income of $43 million in the quarter was up $6 million by 16% from the year figure thanks to an $11 million increase in revenues. Payment Services dollar volume was a record $43.2 billion for the first quarter, up 21% from the prior year, driven by higher Diners Club International, third-party issuers volume and PULSE, which saw transactions up 29%.Details
Planet Payment payment and data processor posted its 4Q/10 total revenue up 32% to $15.5m from the year ago figure of $11.7m with multi-currency revenue up 47% to $12.5m from the year ago figure of $8.5m. Gross profit for the period was up 22% to $5.0m from $4.1m in 3Q/09 while adjusted EBITDA for the quarter increased to $0.4m from $0.2m in Q3’09. For all 2010, Total revenue was up 37% to $64.7m; Gross Profit increased 26% to $20.5m (2009: $16.3m); and
Multicurrency Revenue increased 56% to $52.1m (2009: $33.3m). This performance was thanks in part to the Company having expanded to exponentially around the globe with new operations and multicurrency processing services in Singapore, Sri Lanka, the Maldives, Brunei, the Philippines, the United Arab Emirates and South Africa. Additionally, active merchant locations grew 66% to approximately 16,760.
First Data has obtained the consent of certain of the lenders under its senior secured credit facilities to the extension of the maturity date of approximately $1.2 billion of revolving credit commitments and approximately $5.3 billion of term loans under its senior secured facilities. First Data has also obtained majority lender consent to, among other things, permit it to reduce the revolving credit commitments subject to the Revolver Extension while maintaining the revolving credit commitments not subject to the Revolver Extension in their original amount. The extension amendment permits First Data to determine the aggregate principal amount of term loans under its senior secured facilities subject to the Term Loan Extension, which amount may be less than the current amount consented to by the term loan lenders under the senior secured facilities and is currently expected to be approximately $5.0 billion. The Revolver Extension is expected to extend the maturity date of certain revolving credit commitments and revolving credit loans under First Data’s senior secured revolving credit facility to the earliest of June 24, 2015, if on such date the aggregate outstanding principal amount of First Data’s 9.875% Senior Notes due 2015 and 10.55% Senior PIK Notes due 2015 exceeds $750.0 million.Details
ACI Worldwide electronic payments software and solutions improved its “BASE24-eps,” “BASE24-atm” and “BASE24-pos.” Having all been validated under the PCI’s PA-DSS, the processing systems allow users to remain fully compliant with the industry standards for data security. As a PCI participating organization, ACI is actively involved with the PCI community and standards. ACI’s Security Engineering organization consults with product architects and customers to implement solutions that will meet the requirements defined by those standards.Details
The U.S. Bank “AccelaPay” reloadable prepaid mobile banking application has been honored as the “Best in Category for Virtual or Mobile Prepaid Application” at the 2011 Paybefore Awards. U.S. Bank was selected by a panel of five industry experts who served as judges for the Awards, which recognizes the best products and programs in the prepaid business. In January, judges chose three (sometimes four) winners in 17 different categories. These winners then vied for “best in category” distinction at an awards ceremony March 7.This is the fourth Paybefore award for U.S. Bank. Paybefore chose the U.S. Bank AccelaPay mobile banking application as a 2011 Paybefore Awards winner in January.Details