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Payments News
from Glenbrook Partners

• A Look at Credit Card Issuers Raising Rates - In an article titled "Credit Card Issuers Raising Rates Ahead of New Law", Nancy Trejos writes for the Washington Post about how some US credit card issuers are raising fees and interest rates ahead of the date when new rules take effect early next year - "much to the irritation of Congress and consumer advocates."
• Bling Nation Announces $8 Million in Series A Funding - Mobile payments provider Bling Nation has announced receiving $8 million in Series A funding with $6.3 million coming from lead investor Lightspeed Venture Partners. The remaining $1.7 million was raised primarily from Meck, Ltd., which invested an initial $5.3 million in Bling Nation, and CampVentures. Founded in 2007, Bling Nation transforms mobile phones into intelligent and versatile wallets. The company enables consumers to pay merchants with the tap of a mobile phone instead of using a credit card or cash. In addition to consumer convenience, merchants reduce interchange fees, and banks increase income. “Bling Nation is enabling innovative mobile payments...
• Headline News - July 2, 2009 - NYCE Looks to 2010 for SafeDebit Rollout, Pilot Later This Year 41st Parameter Names J. Peter Selda as Chief Executive Officer Paymetric Adds to Management Team to Position Company for Strategic Growth MarketWatch: Visa secures $1 bln via stock sale in Brazil Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.
• Glenbrook's Newest Partner: Jacqueline Chilton - Glenbrook Partners, a leading financial services consulting and research firm, has named Jacqueline Chilton as a partner in the firm. As a respected consultant in the payments industry, Jacqueline offers clients expertise in opportunity assessment, strategy development, and business case justification across multiple disciplines including payment cards, risk and compliance, and processor platforms. “Jacqueline offers Glenbrook a breadth of experience addressing client challenges related to payments," said Scott Loftesness, a managing partner with Glenbrook. "She has worked closely with our clients to expand their knowledge of the global payments marketplace dynamics, the potential implications, and possible solutions.” Prior to joining...
• Fitch: June US Credit Card Chargeoffs Up 62% vs 2008 - Fitch Ratings reports that credit card chargeoffs in June were 10.44%, 62% higher on a year over year basis. 60+ day delinquencies set yet another record high at 4.45% this month after dropping seven basis points (bps) in May. Given delinquency and bankruptcy trends, Fitch expects chargeoff increases to decelerate in the coming quarter, although actual improvements are not foreseen at this time.
• Obama Administration Proposes Specifics for Consumer Agency - Yesterday, the Department of the Treasury sent to Congress specific language for a bill that would create the Consumer Financial Protection Agency. The agency will be dedicated to looking out for American families when they take out loans or use other financial products or services – with a mission to promote access and protect consumers from unscrupulous practices across the market. This new agency will implement and enforce the new credit card bill signed into law by President Obama and Congress and have authority to combat the worst abuses in mortgage markets. This legislation creates an agency to promote transparency,...
• NYCE Finds Consumers Interested in Secure Online Payments - NYCE Payments Network has published results from a consumer survey finding that "consumers who limit their online shopping say they would make more purchases online if their financial institution offered them a safe payment method." A summary presentation on the survey findings is available online. The research, conducted by marketing research firm Analytica Inc., surveyed 2,608 consumers for their attitudes about shopping online and their reasons for choosing the payment methods they use. The findings indicated that consumers remain concerned about the security of their personal information when shopping online: Of respondents who had never purchased on the Internet, 43.5...
• Headline News - July 1, 2009 - NYTimes.com: Bank Fees Rise as Lenders Try to Offset Losses Visa Signature Partners with Fandango for Exclusive Movie Ticket Perks Reuters: US fines American Express over convenience checks Merchants' Choice Markets Hypercom Optimum to 41,000+ Retailers MasterCard Canada Welcomes Senate Committee's Rejection of Price Controls and Support of Debit Competition 24/7 Wall Street: Citigroup (C) To Jack Up Credit Card Rates On 15 Million Accounts AuctionBytes: BofA, First Data Joint Venture Looks at Mobile Payment Processing Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to...
• JP Morgan Takes a Look at PayPal - The PayPal Blog notes that JP Morgan has recently published an "in-depth analysis on the PayPal business".
• 2008 Global Payment Card Market Survey Results - The Smart Payment Association (SPA), a group of the industry's largest manufacturers of payment smart cards, has announced findings from its 2008 market monitoring activity - undertaken in order to get a better understanding of the current status of the payment smart card market and its key trends. "A lot of industries were severely affected by the financial crisis. Despite a slowdown in the SPA payment smart card shipments at the end of 2008, the smart card manufacturers are not as heavily impacted as others can be", said Marie-Jane Denis, President of the Smart Payment Association. "High volumes continue to...