PayPal Opens Shop in AZ and Hires Hundreds

PayPal is opening a new technology development center in Scottsdale, Arizona and plans to hire hundreds of local technical professionals over the next twelve months. PayPal Vice President of Site Operations and Infrastructure Jim McGuire said the company is now accepting resumes from experienced applicants, who can apply for positions at https://www.paypal.com/jobs. The PayPal technology center has openings for technical professionals with expertise in product development, operations and infrastructure design, engineering and support. PayPal, an eBay company, enables any individual or business with an email address to send and receive payments online securely and easily using a bank account, credit card or stored balance.

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PaySquare Powers CUP Card Acceptance

PaySquare and China UnionPay have signed an exclusive partnership wherein PaySquare becomes the exclusive provider for acceptance of the “CUP” credit card brand in the Netherlands.
Clients from Belgium, Luxembourg and other parts of Europe can also contact PaySquare if they are interested in accepting credit cards from China UnionPay as a means of payment. In 2005, the number of outbound
Chinese travelers amounted to 31 million exits. Over 150,000 Chinese
visited Holland last year with total expenditures of US$40 million.
PaySquare is one of the largest players in the Benelux for the
acceptance of international means of payment.

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Fastcase Deploys Peppercoin’s Solutions

Washington, DC-based Fastcase has deployed Peppercoin’s “Small Payment Suite” to enable users to access legal research for as little as $4.99 for each case. Traditionally, high prices for legal research sources have discouraged students, nonprofit groups and concerned citizens from searching case law and statutes. Legal research, which can cost $100 per search or $500 per hour, remained largely the domain of law firms and other businesses. Peppercoin is a small payments technology company transforming routine card transactions into new revenue opportunities.

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Bankruptcy Filings Hit an 8th MO High

Bankruptcy filings are slowly but surely rising above the 10,000 per week level. However, the figures remain well below the 35,000 per week level experienced one-year ago, prior to the full implementation of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” During June filings topped 46,000, the highest level since October when the reforms went into effect. The number of filings in the first quarter is the lowest number of quarterly filings in the last 20 years. According to CA-based Lundquist Consulting 1Q/06 Chapter 7 consumer filings were 80% lower 1Q/05. According to the Administrative Office of the U.S. Courts, consumer and business bankruptcy filings hit a record 667,431 petitions in the fourth quarter, but, dropped to a record low of 116,771 petitions in the first quarter of this year. (CF Library 3/27/06; 6/2/06)

MONTHLY FILINGS
Nov 05: 21,457
Dec 05: 32,480
Jan 06: 34.411
Feb 06: 39,636
Mar 06: 42,724
Apr 06: 44,989
May 06: 43,780
Jun 06: 46,118
Source: CardData (www.carddata.com)

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BofA Renews Three Major Affinity Cards

Bank of America this morning confirmed long-term extensions of three of the longest and most successful affinity marketing agreements in the USA. The National Education Association, Ducks Unlimited and the American Automobile Association all agreed to renew their former MBNA agreements with BofA. BofA acquired MBNA at the start of 2006. The NEA and Ducks Unlimited partnerships were first signed more than 20 years ago. The endorsing agreement with Ducks Unlimited has yielded more than $60 million dollars in contributions for wetland and associated habitat conservation. More than 150,000 Ducks Unlimited members in North America presently hold “Ducks Unlimited” VISA, MasterCard or American Express cards. The AAA agreement covers more than 40 million U.S. members. The NEA represents 2.8 million educators.

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PAYPASS MOMENTUM

MasterCard Worldwide reports it has seen a 55% increase in the issuance of its payment card and other payment devices, such as the “PayPass 3-D Soccer Ball Key Chain” and the “PayPass Watch” during the
first five months of 2006 in the Asia-Pacific region. To-date more than 7 million “PayPass” cards and devices have been issued worldwide. As of the end May, MasterCard has introduced eight significant “PayPass” pilots, programs and collaborations in the Asia-Pacific region. In April, MasterCard launched its first “PayPass” pilot program in Australia with Commonwealth Bank; while in Korea, MasterCard collaborated with Samsung Card and three mobile phone companies, SK Telecom, LG TeleCom and KTF to pilot the use of mobile phones as contactless payment devices. Additionally, in Japan, MasterCard announced its first full scale roll-out of “PayPass” in collaboration with Orient Corporation and IKSPIARI, and celebrated the launch of a pilot program with Pocket Card and ITOCHU Enex in Japan. In February, MasterCard collaborated with Fransabank in Lebanon to pilot a smart credit card enhanced with “PayPass.” In June, MasterCard in conjunction with Chinatrust Commercial Bank announced the launch of the world’s first watch equipped with MasterCard “PayPass.”

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PayPass Heads Underground For a Pilot

A six-month contactless payment trial got underway this week in select New York City subway stations utilizing the MasterCard “PayPass” technology. Chosen participants in the test will be able to pay for their fare using a contactless Citi credit card, Citibank MasterCard debit card or payment tag on a specially equipped reader built into the subway turnstile. The trial will take place at select Lexington Avenue Line 4, 5, 6 stations, between the 138th Street stations in the Bronx, two stations in Queens, and Borough Hall Station in Brooklyn. Trial participants can “pre-pay” or “pay as you go.” During the first four months of the trial, all participants in the trial will receive three free rides compliments of Citibank and MasterCard. Participants who pre-pay on the website will receive an additional three free rides, for a total of six free rides. The pilot leverages technology from On Track Innovations, design from Ziba, fare collection solutions from ACS and contactless terminals from Lipamn’s Dione.

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Eight Firms Team for the PASS Consortium

IP Commerce, BankServ, SWIFT, Chase Paymentech, CIT Group, Internet Commerce Corporation, PayPal and Pay By Touch have teamed to create and deploy a software infrastructure which will enable small businesses to complete financial transactions as secure services from a desktop PC. The “PASS” (Payments as a Secure Service) consortium will enable small businesses using “Windows Vista” to perform secure financial transactions over the Internet, creating new revenue models and payment abilities for thousands of small businesses throughout the U.S. Currently, small businesses interface with credit card companies and financial services firms in the financial ecosystem through highly proprietary relationships based on one-to-one technology connections. “PASS” redefines this relationship by enabling Independent Software Vendors, System Integrators and Value-Added Resellers to create service-oriented financial management solutions in software applications fulfilled by best-in-class providers through a single service provisioning system.

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Discover Launches a Big Fall Promotion

Discover has launched a new fall promotion that offers cardholders an opportunity to earn a 5% “Cashback Bonus” on certain purchases in 15 different categories. The “Get Set for Fall” program offers the extra rebate on apparel and home purchases from the Gap, Kohl’s, Famous Footwear, Marshalls, T.J. Maxx, Linens ‘n Things, and Pier 1 Imports; Office supplies and computers from Dell, Office Depot, OfficeMax, and Staples and tuition payments, from preschool to college. The Get More program is free to Discover cardholders.

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Amp’d Mobile to Offer the Obopay Service

Redwood City, CA-based Obopay has teamed with Amp’d Mobile to offer a new mobile payment service to all Amp’d subscribers. Amp’d Mobile will promote the service to all Amp’d subscribers, and in addition, the two companies agreed to an aggressive joint promotion on university campuses across the country this fall. Obopay will bring to market the first complete mobile payment service in the U.S. Amp’d Mobile is the first integrated mobile entertainment company for youth, young professionals and early adopters, and the only 3G carrier in the US specifically targeting that demographic.

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Asta Funding Gets a New Round of Funding

NJ-based Asta Funding has obtained a new three-year credit facility of $175 million with an expandable feature which allows the Company the ability to increase the line to $225 million. Asta Funding, Inc., is a leading consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables.

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