All articles by Verdict Staff
Verdict Staff
Chase announces Q1 2011 results
JPMorgan Chase announced its card services division accrued a net income of $1.3bn, up from a net loss of $303m at the same point last year, in its Q1 2011 results. The improved results are claimed to be driven by a lower provision for credit losses and were partially offset by lower net revenue.
Redemption reservations
All products and services need to earning their keep, writes Siobhan Moore. Can prepaid cards still pay their way under 2EMD?It goes without saying in the commercial world, that any good or service offered by a business needs to pay for itself. The same principle applies to prepaid products. Usually, revenues on prepaid products are generated through fees charged to the customer for card usage. In most cases, the profit margins on prepaid products are thin and businesses rely on volume of products sold andor transactions made using the product to make them economically viable to operate. The ability to apply a fee at key stages during the products lifecycle is key to a business.
Hypercom brings EMV to Dubai Metro
Dubai is one step closer to realising self-service ticketing using chip and PIN cards across its 49 Metro stations as payment technology provider Hypercoms payment systems and terminals have received full EMV certification.Hypercoms Artema Modular self-service payment systems and Artema Compact countertop terminals are designed to bring speed ticketing to Dubais four million Metro passengers per month. The EMV certification of the technology solutions is claimed to mean that travellers on Dubais urban railway network will be able to use their chip and PIN cards in a secure transaction.
M-payments much more secure than cards
M-payments will become much more secure than card payments as payment via plastic is growing riskier by the day says a Federal Reserve Bank of Atlanta myth-dispelling blog.Cindy Merritt, assistant director of the Retail Payments Risk Forum writes that the technologies that enable our current payments are becoming increasingly obsolete and vulnerable to fraud as the US remains reliant upon mag-stripe technology.
European ATM fraud down 14%
The European ATM Security Team (EAST) has reported a 14% drop in ATM related fraud losses in 2010, with total losses of 268 million reported (down 44 million from 312 million in 2009).
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US FI’s ‘wait-and-see’ approach to m-payments
A survey commissioned by financial services technology solutions provider Fiserv has revealed US banks and credit unions believe the m-payments market needs to further mature before they will make any sizeable investments in the technology.The research, conducted by Forrester Consulting, shows while the banks and credit unions surveyed plan to enhance the value of mobile banking by enabling support for newer operating platforms and devices and adding more robust functionalities, they hold more of a wait-and-see attitude towards m-payments.
ReD looks to boost Japan’s cross-border e-commerce
Payment fraud prevention provider Retail Decisions (ReD) has joined forces with Japanese product forwarding service Tenso, in a deal that is touted as a major step forward for the countrys e-commerce. In collaboration with its Japanese partner, principal IT service consultant and provider NDS, ReDs payment fraud prevention system ReD Shield will be deployed in a bid to screen all online sales through Tenso.com a subsidiary of e-commerce service the NetPrice group.
Poor m-payments user experience costs businesses
The mobile channel is still fraught with user experience challenges that may be costing businesses in abandoned sales and brand damage, according to a survey by research firm Harris Interactive.Four in five (84%) US adults have encountered problems while conducting mobile payments and 63% said they would be less likely to buy from the same company via other purchase channel if they experienced a problem carrying out a mobile transaction, revealed the research commissioned by customer experience management solutions provider Tealeaf.
UK card spending slows during Q1 2011
March suffered low spending growth in the UK as the pent-up consumer demand left by the Arctic conditions of December dissipated, according to the UK Expenditure Index.The research, produced by Visa Europe and financial information services company Markit, showed consumer spending grew 4.4% in Q1 2011, when compared to the same point last year.
Wright Express acquires rapid! PayCard
Payment processor Wright Express has acquired emerging SME-focused payroll debit card provider rapid! PayCard in a bid to broaden its corporate payment solutions offerings. The deal is claimed to jump-start Wright Express entrance in to the domestic prepaid market, believing its current client base to be prime candidates for a prepaid payroll product.