LifeLock Aquires Lemon Wallet

LifeLock, Inc. announced the acquisition of mobile wallet innovator Lemon for approximately $42.6 million in cash. In addition, in connection with the transaction, LifeLock has agreed to issue equity customary for a transaction of this size that will vest over the next three years. In conjunction with the acquisition, LifeLock also launched a new app that utilizes Lemon technology to help consumers manage and protect their digital identity. This transaction marks the next step in LifeLock’s evolution by adding a comprehensive mobile platform to the company’s integrated identity protection services for consumers.

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Commonwealth Bank offers PayPass

Commonwealth Bank, in partnership with MasterCard and Samsung Electronics Australia, became the first bank globally to offer its customers MasterCard® PayPass™ payments capabilities via Near Field Communication (NFC) enabled Samsung GALAXY S4 devices. The world first collaboration1 delivers a next-generation shopping experience and simplifies the ways customers pay for everyday goods and services. The CommBank offering has been made possible by a convergence of hardware, software and mobile banking technologies, which leverage Mobile MasterCard PayPass technology and Samsung’s global NFC payment infrastructure which processes transactions using the CommBank app on Samsung GALAXY S42 (i9505 and i9507) smartphones sold in Australia.

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3D Secure with EMV

TSYS announced the release of a white paper titled “EMV is Not Enough: Considerations for Implementing 3D Secure.” The paper considers the impending U.S. migration to Europay, MasterCard, and Visa (EMV) chip to combat fraud, but concludes that there are additional steps issuers must consider to mitigate fraud risk. This report concludes that there are clear lessons to be learned in the U.S. from the UK’s introduction of EMV ” and the resulting rise in card-not-present fraud.

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Welch ATM Announces Appointment

Welch ATM is pleased to announce that Chad Ward has joined the company as Vice President of Operations. Mr. Ward comes to the Welch ATM team from Red Ridge Finance Group, a merchant bank headquartered in Chicago, where he was Chief Financial Officer. At RedRidge, Chad was responsible for the finance, accounting and investor relations functions as well as operational oversight of the company’s professional services divisions.

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Open Market Flexibilty for ATM Routing

ATMIA has issued a position paper urging payment networks to work collaboratively with ATM deployers to retain open market flexibility in making routing choices. EMV migration is more complex in the United States where multiple networks exist and further confusion has resulted from court rulings on the Durbin Amendment. ATMIA retained Tremont Capital Group, Inc. (www.tremontcapitalgroup.com) to conduct a thorough analysis of routing choices.

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Debit Network Alliance

Ten leading PIN debit networks in the United States have formed a new company, Debit Network Alliance, to provide a structure for the governance, deployment and implementation of the EMV debit standard. The goal of this collaborative effort is to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S. through a common governance structure that fosters regulatory compliance, equal access and ability to innovate for all debit networks, routing choice for merchants, and portability for issuers.

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DSR Falling

The Debt Service Ratio (DSR) of American consumers has finally fallen into single digits for the first time since 1980. According to the Federal Reserve the DSR declined to 9.89% in the second quarter of this year. RAM Research predicts the DSR will decline to at least 9.79% in the fourth quarter. The household DSR is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. The slowdown in credit card debt, the migration to more debit card use and very low mortgage rates, are major factors in the DSR decline. The Federal Reserve is expected to release the third quarter DSR within the next week.

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Positive Impact on Credit Outstanding Fleeting

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] With the total outstanding revolving US consumer credit up 7% in October from last year to an adjusted $856B from $846B, any positive momentum achieved in 2013 is a fading memory. Continuing to grow, October revolving credit outstanding is still not as high as the 2008 figure of $1trillion and is…

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UK Forecast

While the U.K. has done very well in a recovery, expanding by 3% this year, the country is still dealing with a downturn in exports, persistent unemployment and lower productivity. While, the current OECD Composite Leading Indicator (CLI) for the U.K is 1.9% for September, it will likely drop to 1.8% for the fourth quarter according to RAM Research. The Bank of England says it has no plans to make any changes in interest rates or policies anytime so, reflecting the U.S. domestic stance. The CLI is a subset of Main Economic Indicators and comprises a set of component series selected from a wide range of key short-term indicators. The CLI is designed to provide qualitative information on short-term economic movements, especially at the turning points, rather than quantitative measures. Therefore, the main message of CLI movements over time is the increase or decrease, rather than the amplitude of the changes. Rate of change at end of the calendar quarter month compared to the corresponding year-ago month. Not Seasonally Adjusted.

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Gen Y Consumers Paying Their Bills

The 2013 Billing Household Survey from Fiserv, Inc. has found consumers are paying their bills in more ways than ever before, with the number of consumers paying bills from smartphones and tablets growing significantly. Gen Y in particular prefers a variety of channels and immediate payment options, and uses the mobile channel to manage billing and payment more than other generations. As more of these young consumers take on bill payment responsibility, a growing Gen Y effect will influence how billers are innovating and offering services based on changing consumer preferences.

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Latest SpendTrend Analysis

First Data Corporation released its First Data SpendTrend® analysis for Oct.31, 2013 through Dec.2, 2013 compared to Nov. 1 through Dec. 3, 2012. SpendTrend tracks same-store point-of-sale data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations. November dollar volume growth of 4.4% marked a downtick from October’s growth of 6.8%. Although the cold and dry weather at the end of the month offered perfect holiday shopping weather, several portions of the country earlier in the month dealt with blasts of snow hindering shopper foot traffic.

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WorldPay Announces Latest Transaction Processing Client

WorldPay payment processing announced Valve, creators of best-selling game franchises and leading technologies selected its payment services for processing video game transactions globally. Valve required a payment provider that could optimise global reach and maximise transaction acceptance amongst video gamers, particularly during Steam’s eagerly anticipated holiday sales. Valve chose WorldPay based on WorldPay’s experience processing within the video game industry and long-standing international experience. WorldPay provides scalable payment services that will grow alongside the Steam platform, supporting new technologies and territories.

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