Tel Aviv-based Trivnet has joined the GSM Association and the Cellular Telecommunications & Internet Association to contribute to the development of an industry standard for mobile payments. Trivnet’s “e/m-Payment” platform enables operators to create an environment trusted by all parties, for both digital and physical content, goods and services. It supports both micro and macro-payments over mobile and fixed technologies. Trivnet provides a core payment platform that interacts with three key modules: “Stored Value Account,” “Billing on Behalf of Others,” and “e-Wallet.”Details
Trivnet, a leading provider of payment platforms for e-commerce and m-commerce, announced that it has joined two leading mobile industry associations. Trivnet intends to use its membership of the GSM Association (GSMA) and the Cellular Telecommunications & Internet Association (CTIA) to contribute to the development of an industry standard for mobile payments, and help further drive the market for reliable, carrier-grade payment solutions.Details
The Belgian government is introducing the country’s first electronic identity
cards” this month. The new “Electronische Identiteitskaart” card is based on “Java Card” technology. The “EID” project is the single largest government deployment of Java Card
technology in Europe. The Belgian government expects to distribute over 10 million “EID” cards.
JCB has co-developed and adopted a new smart card process that produces convex letters in clear plastic on the face of the card plastic without causing depressions on the reverse of the card. As a result, the internal antenna and chip used in contactless smart cards are not damaged. JCB worked with Toppan Printing and Maxell to launch the international brand certification process for the new “Convex Letter Card” technology for smart cards. The new card printing technology will be used on JCB’s own new combined employee ID and credit card to be launched next month. When brand certification is complete, JCB will be deploying it into the international market through JCB brand card issuers.Details
A recent report from the Ministry of Health and Welfare indicates that 27.4% of homeless people in the country have been issued credit cards. According to the report, homeless consumers owe slightly less than $2 million of which 87% is past due. The Financial Supervisory Service recently reported that card payments, 30+ days overdue, increased 23% to $6.3 billion in January from $5.1 billion in December. The FSS wants credit card issuers in South Korea to raise $8 billion to cover the losses.Details
Adding to the woes of South Korean card issuers, a recent report from the Ministry of Health and Welfare indicates that 27.4% of homeless people in the country have been issued credit cards. According to the report, homeless consumers owe slightly less than $2 million of which 87% is past due. The Financial Supervisory Service recently reported that card payments, 30+ days overdue, increased 23% to $6.3 billion in January from $5.1 billion in December. The FSS wants credit card issuers in South Korea to raise $8 billion to cover the losses. Many of the country’s card issuers are cutting expenses and raising capital.Details
Bank of America reported this morning that its credit card income was up 18% to $681 million in the first quarter as outstandings grew by 9.4%. Charge-offs declined from 5.43% one year ago to 5.25% for 1Q/03. Delinquency (30+days) increased slightly, while 90+ day delinquency declined 4bps. For the first quarter BofA’s 30+ day delinquency rate was 4.18% compared to 4.16% one year ago. Delinquency (90+ days) declined from 1.95% one year ago to 1.91% for 1Q/03. At the end of the first quarter, BofA’s outstandings stood at $29.1 billion compared to $26.6 billion one year ago. For complete details on BofA’s 1Q/03 performance visit CardData ([www.carddata.com]).
Citigroup reported this morning that profits for its credit card business in North America increased 14% in the first quarter to $635 million. Credit card outstandings for North America increased 6% and charge volume was up 4% in the first quarter. At the end of March, Citigroup had $115.5 billion in credit card outstandings compared to $108.5 billion on year ago. Charge volume for 1Q/03 was $57.1 billion compared to $54.9 billion one year ago. However, Citi’s account base has declined 5% over the past year, ending 1Q/03 at 86.7 million open credit card accounts. Citi’s charge-offs declined from 6.33% one year ago to 6.04% for 1Q/03. Delinquency (90+ days) also declined from 2.13% for 1Q/02 to 1.91% for the first quarter 2003. For complete details on Citigroup’s 1Q/03 performance visit CardData ([www.carddata.com]).
Traverse Bay Entertainment has signed an agreement to use the innovative products and services of Global Cash Access, the leading supplier of cash access and customer relationship marketing technologies to the gaming industry. The contract includes Turtle Creek Casino in Williamsburg, Mich., and Leelanau Sands Casino in Peshawbestown, Mich..Details
The U.K.’s fourth grocery retailer has signed a contract with Euronet Worldwide’s e-pay subsidiary to launch electronic top-up services. Safeway, which supports approximately 8 million U.K. shoppers every week, will now enable consumers to add prepaid minutes to their mobile phone accounts at its more than 480 grocery outlets. The new e-pay service is fully integrated with Safeway’s own electronic point-of-sale system. With the Safeway deal, Euronet’s e-pay will now provide top-up services to four out of the five leading supermarket chains in the U.K. The company currently supports top-up purchases for mobile service providers at more than 50,000 POS terminals in approximately 18,000 retail locations. Euronet acquired e-pay in February.Details