ID card provider IDcentrix has completed its name change and is set to trade on the OTC under “IDCX.” This name change completes the reorganization of the company’s business contemplated by the share exchange agreement between the company (then known as Sterling Gold) and iDcentrix, a Delaware corporation, pursuant to which the company issued one share of its common stock for each outstanding share of the Delaware corporation. Following the share exchange, iDcentrix has 32,242,000 shares issued and outstanding, 12,375,000 outstanding common share purchase warrants exercisable to acquire 6,187,500 shares (each two warrants being exercisable to acquire one share), and outstanding options to purchase 1,000,000 shares of common stock.Details
Las Vegas-based Cash Systems reported revenue for the fourth quarter of $26.1 million, an increase of 4% year-on-year. However, the net loss was $5.6 million, compared to $5.2 million in the fourth quarter of 2006. During the quarter the Company obtained approval of the Company’s “powercash” operating system by Gaming Laboratories International; introduced “powercash” at Fantasy Springs Resort Casino; signeda LOI to provide the “powercash” product to The Wildwood Casino; secured an agreement to provide its full line of cash access services including “all-in-1atm” services, “casinopc” for cash advance services, and “ecash checking” to The Wildwood Casino; inked a new multi-year contract with Gold River Casino where Cash Systems will provide its full line of cash access services; and extended its multi-year contract with Choctaw Nation of Oklahoma for its Choctaw Casinos. For complete details on Cash Systems’ latest results visit CardData ([www.carddata.com]).
The pioneering service provider for payments via mobile phones has expanded its service to enable anyone to access mobile money transfers. Under the expansion non-customers can pick up payments without signing up for Obopay. By linking an existing checking or saving account — at any American bank — with Obopay, customers can send money directly from and receive money into that account using any mobile phone. Anyone can pick up money received by having it deposited directly into their existing bank account or by requesting a check, without having to sign up with Obopay. Obopay can be added to an existing bank account or used with a separate Obopay account — or both. Users don’t need to know a recipient’s banking information to send money, just their mobile phone number.Details
It is widely expected the Fed will cut interest rates deeply today perhaps by as much as 100 basis points. The action could lower the prime rate to 5%. According to CardTrak.com, the majority of credit cardholders with variable interest rate cards will benefit from the lower rates starting with statements that carry today as the closing date. Three of the nation’s top credit card issuers, who collectively control 58% of the market, are cutting rates monthly. Citibank uses the “Prime Rate” published in “The Wall Street Journal” two business days before the “Statement/Closing Date.” Chase uses the highest “Prime Rate” published in the “The Wall Street Journal” two business days before the “Closing Date” on the statement for each billing period. Bank of America uses the highest “Prime Rate” appearing in “The Wall Street Journal” on the last publication date of the calendar month that ends within that billing cycle. Also, American Express uses the “Prime Rate” published in “The Wall Street Journal” on the first day of that billing period or two days prior to the closing date of that billing period, whichever is higher. Approximately 87% of all major credit cards in the U.S. carry variable interest rates. Over the past year the average variable rate credit card has dropped from 16.59% to 15.49%.Details
Frank Quattrone and some former colleagues are launching a new financial services venture called Qatalyst Group, a technology-focused merchant banking boutique, headquartered in San Francisco. Qatalyst Partners will provide high-end merger & acquisition and corporate finance advice to technology companies globally. Qatalyst Capital Partners, its investing business, will make selective principal investments, typically alongside leading venture capital and private equity firms.Details
Prepaid card provider InComm and CVS/pharmacy received the “Best in Category” for Best Third-Party Card Retailer in the Prepaid Card Expo’s 2008 Paybefore Awards. CVS/pharmacy worked with InComm throughout 2007 to build its award-winning category by improving both the quantity and quality of its open and closed loop stored-value product offering. CVS/pharmacy offers more than 200 stored-value products, including third- party gift cards from all the most popular categories — music, restaurants, travel, electronics, toys and more. The award-winning product category at CVS is featured on permanent end-cap displays with large storybook panels that invite customers to peruse card products grouped by categories.Details
According to the recently updated Xinhua Finance eziData China Consumer
Confidence Index (CCCI), consumer confidence was up a half point for March
of 2008. Currently at 96.3, the index has been continuously slipping since
July of 2007 while consumer expectations rebounded by 0.9 point. Moreover,
on a localized scale, consumer sentiment was positive in Beijing and
Guangzhouin for the month, but fell in Shanghai. Specifically, sentiment
was up 2.4 points to 98.7 among Beijing consumers, up 2.8 points to 96.3
in Guangzhou and it was down 1.6 points in Shanghai to 91.2. Xinhua
eziData CCCI is conducted monthly and, for this month, was compiled on the
findings of 1,534 telephone interviews from March 1 to 15, 2008.
Discover Financial Services will host a “Financial Community Briefing” on Thursday, March 20 to update the financial community on the company’s performance and business objectives. Live audio of the meeting will be available on Discover’s corporate Web site at www.discoverfinancial.com. Presentation slides will be available shortly before the beginning of the meeting. A replay of the meeting will be available after 2:00 pm Eastern time.Details
A new report by Javelin Strategy & Research has found that 25-44 year-olds and consumers earning more than $100,000 per year are the most willing to use mobile P2P payments. Interestingly, 39% of 45-55 year-olds indicated that anytime, anywhere access to their money was important, but only a fraction of the group (14%) said they are likely to use mobile P2P payments. The same is true for 55 to 64 year-olds, who care more about sending and receiving money quickly than any other age group (39%), but only 11% are likely to use mobile P2P payments. This group’s cautious behavior may be explained by a lack of familiarity or trust in mobile devices and technology. Among 18-23 year old consumers, 23% indicated that avoiding cash and checks was their primary motivation to adopt the service.Details
INSIDE Contactless’ “MicroPass 4003” payment
microprocessor is ready for deployment in “MasterCard PayPass” products.
“MicroPass” is used to power contactless bank cards issued by more
than 25 U.S. and Canadian issuers, along with cards deployed in Asia,
Latin America and Europe. It is the most broadly available core
technology for contactless payments with 20 card and fob products from
major global and regional card manufacturers certified by the leading
card brands. Last year, INSIDE achieved more than 12 million deliveries of the “INSIDE MicroPass L4-2G,” the predecessor to the “4003,” to card
manufacturers for “PayPass” issuance in the U.S., Canada, Philippines, and Australia.