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BIOMETRICS FOR PAYMENT CARDS Norway-based Zwipe has figured out how to embed a fingerprint scanner into a standard payment card using the existing hot lamination process that dominates the global card
INVESTMENTS & ACQUISITIONS — SEPTEMBER 2014Turn to page 7 for a list of 88 mergers, acquisitions, and corporate financing deals that occurred in September of 2014. Prior issues: 1,049, 1,047, 1,045, 1,042, 1,041, 1,039, 1,037, 1,036
ALL U.S. PAYMENT CARDS PROJECTEDSpending for goods and services on general purpose and private label consumer and commercial credit, debit, and prepaid cards reached $4.996 trillion in 2013. Credit cards accounted for 52.78% of that spending compared to 47.22% for debit cards. The prior year credit cards had accounted for 52.81% and debit cards 47.19% of $4.635 trillion in purchase volume. In 2018, when spending is projected to reach $7.745 trillion, 55.42% is expected to be generated from credit cards and 44.58% from debit cards.When comparing purchase volume for all product types in 2013, Visa debit cards had the highest market share with 23.75%. Visa credit cards ranked second with 21.59%, followed by American Express credit cards (12.68%),
U.S. CREDIT CARDS PROJECTEDThere were 1.02 billion consumer and commercial general purpose and private label credit cards in circulation in the U.S. at year-end 2013, up 2.7% from 2012. The number of credit cards in circulation
U.S. DEBIT CARDS PROJECTEDVisa, MasterCard, and EFT network debit and prepaid cards, as well as private label debit (ACH) and prepaid cards generated $2.359 trillion in purchase volume in 2013, up 7.9% over 2012.
DYNAMIC CODES FOR WEB PAYMENTSOberthur Technologies (OT) now offers a means to secure online transactions by replacing the static 3- or 4-digit card verification code printed on the back of cards with a miniscreen in the same
SPENDGO LOYALTY TECHNOLOGYSpendgo has received a U.S. patent for technology that captures Level 3 sales data in transit from the POS terminal to the receipt printer. Transaction Link STL-V2 is an appliance that can be
TWITTER MONEY TRANSFERS/PAYMENTSConsumers in France using Groupe BPCE’s S-Money person-to-person (P2P) and person-to-business (P2B) money transfer application can now send funds using the online social networking
7 Investments & Acquisitions — September 2014
8 U.S. Credit & Debit Card Purchase Volume & Transactions Projected
9 U.S. Credit Card Outstandings 10 U.S. Payment Cards Projected —
Cardholders, Cards, Total Volume, Accounts, and Total Transactions
2 – 4 Fast Facts 5 Card-Not-Present Fraud
Fighting
INSIDE CHARTS
1%1%
3%3%
3%3%
4%4%
9%9%
13%13%21%21%
45%45%
Payment Cards in the U.S.Purchase Volume in 2013 (Bil.)
MasterCard$1,051.2
Amex$633.3
Visa$2,265.1
Store$169.6
Oil$62.7
Discover$127.1
EFT$453.1
Prepaid$220.1
© 2014 The Nilson Report
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FOR 44 YEARS, THE LEADING PUBLICATION COVERING PAYMENT SYSTEMS WORLDWIDE OCTOBER 2014 / ISSUE 1051
Hear first-hand the latest developments on how health plans, banks, providers, and vendors are aligning to achieve the monumental financial challenges presented by the ACA. Meet our distinguished faculty representing all 4 corners of the market. Speakers represent: Wells Fargo, Fifth Third Bank, KeyBank, Citi, SunTrust, St. Luke’s, Banner Health Network, University of Pittsburgh Medical Center (UPMC), HCA, Johns Hopkins Health System, Intermountain Logan Regional Hospital, Parallon, Blue Cross Blue Shield of Minnesota, Aetna, Kaiser Permanente, BlueCross BlueShield of South Carolina, Blue Shield of California, HCSC, Experian, NACHA, EHNAC, CAQH, WEDI, The Aristone Group, MNsure, Aite Group, HBMA, and more. Cost for the two-day conference is health plans $995, hospitals $695, standard rate $1,395 until December 5. (Use code NILSON300.) Contact Kathleen Daffner at SSN, (203) 209-0520, [email protected]. Visit www.hcpaymentsinnovations.com to see the complete agenda.
FEATURED CONFERENCE$300Subscribers to The Nilson Report will receive a $300 discount.
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5TH ANNUAL HEALTHCARE PAYMENTS INNOVATIONS 2015
Two-Day ConferenceJanuary 21-22, 2015The Point Hilton Tapatio Cliffs ResortPhoenix, Arizona
SAVE
ELAVON, a wholly owned subsidiary of U.S. Bancorp, now offers small and midsized merchants its new Fanfare loyalty program on Verifone’s VX520 countertop payment terminal and VX820 PIN pads. Guy Harris is President, North America at Elavon, (678) 731-5070, [email protected], www.elavon.com. Shan Ethridge is VP and General Manager, North America Financial Services Group at Verifone, (770) 754-3432, [email protected], www.verifone.com.
CRYSTAL CLEAR PAYMENTS, a payment products provider to com-munity banks in all 50 states, will offer its clients ATM and PIN debit card processing from Elan Financial Services. Dan Cook is CEO at Crys-tal Clear Payments, (435) 252-1390, [email protected], www.crystalclearpayments.com. Bryan Kratz is SVP and National Sales Director at Elan Financial Services, (513) 418-1880, [email protected], www.elanpaymentsolutions.com.
FIRST DATA has enhanced its Perka mobile loyalty solution by adding Perka beacon, a Bluetooth Low Energy device that communicates wire-lessly with the Perka app. Small to medium-sized businesses can place the beacon near a store entrance or POS terminal and sync with their Perka loyalty program. This automatically activates the customer’s loyalty profile, allowing merchants to greet them by name and offer rewards for purchases. Guy Chiarello is President, (212) 515-3171, [email protected], www.firstdata.com.
ETHOCA provides cardholder-confirmed fraud and customer dispute data from a global network of 20+ card-issuing banks, including seven of the top nine in the U.S. Merchants act on Ethoca’s real-time alerts to help stop fraud and eliminate chargebacks. Jason Howard is SVP, Global Sales, (512) 751-9992, [email protected], www.ethoca.com.
ENTERSEKT has received U.S. patent #8,862,097 for technology that covers fully out-of-band transaction verification communi-cation between handsets and online service providers’ servers. Christiaan Brand is Chief Technology Officer, (404) 698-1003, [email protected], www.entersekt.com.
3PEA INTERNATIONAL, a provider of prepaid card program manage-ment and account processing services for corporate, consumer, and government applications through its PaySign brand, will exclusively issue Visa-branded prepaid cards. Mark Newcomer is CEO at 3PEA, (702) 453-2221, [email protected], www.3pea.com. Cecilia Frew is Head of Prepaid Products at Visa, (650) 432-3200, [email protected], www.visa.com.
OPTIMAL PAYMENTS will offer merchants using its NETBANX payment gateway Virtual Piggy’s Oink payment method for teens and their families. Danny Chazonoff is COO at Optimal Payments, (514) 380-2701, [email protected], www.optimalpayments.com. Jo Webber is CEO at Oink, (310) 853-1950, [email protected], www.oink.com.
FINANCIAL TRANSMISSION NETWORK, INC. has expanded an existing payment processing relationship with DirectBuy, a membership club that helps members save money when making home and lifestyle purchases. DirectBuy will now leverage FTNI’s cloud-based, integrated receivables processing platform, ETran, to process and manage all online merchandise transactions in the U.S. and Canada. Kurt Matis is CEO at FTNI, (402) 933-8258, [email protected], www.ftni.com.
ZIPLINE is the new name for National Payment Card Association, provider of ACH-based debit card and mobile programs. Stephen Goodrich is CEO, (954) 449-9540, [email protected], www.zipline.biz.
PULSE, a Discover Financial Services company and top debit/ATM network, has launched PULSE InSights, a consulting service to help financial institutions analyze and improve card portfolio performance, marketing services, retail branch performance, customer experience, and contact centers. Annette Harris is Director of Marketing at PULSE, (832) 214-0172, [email protected], www.pulsenetwork.com.
U.S. BANK, the 6th largest issuer of Visa and MasterCard brand credit cards in the U.S., has been fined $9 million by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau related to sales of credit monitoring and identity theft products by its vendor, Affinion Group. The bank must also make restitution of $48 million to 420,000 cardholders. The sales occurred between 2003 and 2012. The bank terminated its deal with Affinion, which has subsequently tightened controls over how it confirms sales efforts.
FAST FACTS FAST FACTS
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Paul Boemer has been appointed Chief Strategy Officer at 1to1 Card, (630) 754-4800, [email protected]. Pascal Caillon has been appointed General Manager for North America at Proxama, (917) 740-1686, [email protected]. Andrew Gelb, formerly at Citi, has been appointed Lead, Financial Services at First Data, (212) 515-0164, [email protected]. Greg Stamatis has been appointed President at SecureBuy, (408) 478-9760, [email protected]. Todd Fuller has been appointed Vice President of Sales at Total-Apps, (949) 274-8975, [email protected]. Sanjiv Das, formerly at Citi, has been appointed Lead, International Business at First Data, (212) 515-0231, [email protected].
MANAGEMENT CHANGES
JUMIO now offers BAM Checkout, an all-in-one payment card and identification scanning technology for mobile retailers, which lets consumers bypass nearly all manual key entry when completing a mobile purchase. Consumers tap the “scan info” button embedded into the checkout page and hold their payment card and then their driver’s license up to their smartphone camera. The extracted data autopopulates the existing checkout fields. No photos of credentials are stored on the smartphone. David Pope is Marketing Director, 44 (203) 1026-961, [email protected], www.jumio.com.
WORLDLINE, a top provider in Europe of payment processing and transaction services, will now act as an agent in acquiring merchants onto the American Express network in Belgium on behalf of Alpha Card Merchant Services, a subsidiary of Alpha Card. Alpha Card is a joint venture between American Express and BNP Paribas Fortis. Mike Jordan is CEO at Alpha Card, 32 (2) 676-2180, [email protected], www.alpha-card.com. Willy Walraeve is CEO for the Benelux Countries at Worldline, 32 (2) 727-6019, [email protected], www.atosworldline.com.
GUESTLOGIX’S mobile payment sleeves have received PCI-PTS 4.x certification. They support all major smartphone and tablet operat-ing systems, and feature an integrated 2D scanner, magnetic-stripe reader, chip & PIN reader, and contactless chip reader. GuestLogix provides merchandising, payment, and business intelligence technol-ogy to airlines and other passenger travel industries. Dan Thompson is SVP, Global Strategy at GuestLogix, (416) 849-1566, [email protected], www.guestlogix.com.
PCI SECURITY STANDARDS COUNCIL will offer authorized PCI training in Nigeria, South Africa, Croatia, Turkey, and Bahrain through a partnership with U.K.-based LiquidNexxus, a provider of payment system, security, risk, and compliance training. LiquidNexxus will provide instructor-led courses for Internal Security Assessor, PCI Professional, and PCI Awareness classes. Russell Palay is Director of Training Programs at PCI Security Standards Council, (781) 876-8855, [email protected], www.pcisecuritystandards.org. Lucas Allen is CEO at LiquidNexxus, 44 (203) 322-9095, [email protected], www.liquid-nexxus.com. PLANET GROUP’S Acquire360 and Exception360 software products
now support the OptBlue program from American Express. Acquirers, merchant service providers, and independent sales organiza-tions licensing these accounting and settlement and/or chargeback processing products can provide their small and midsized merchants with a single interface for all major U.S. card brands. Sherry Magwire is Chief Technology Officer at Planet Group, (402) 964-1999, [email protected], www.planetgroupinc.com.
ANOVIA PAYMENTS will promote CardFlight’s SwipeSimple mobile point-of-sale product. SwipeSimple includes encrypted card readers and payment acceptance applications for iOS and Android devices, a real-time reporting and administrative dashboard for merchants, and a reseller portal for onboarding and portfolio management. Transactions will be processed by Anovia Payments through CardFlight’s PCI-DSS Level 1 compliant payment gateway. Kevin Jones is CEO at Anovia Payments, (469) 621-0161, [email protected], www.anoviapayments.com. Derek Webster is CEO at CardFlight, (646) 389-4450, [email protected], www.getcardflight.com.
Asia/Pacific, United States, Europe, Latin America, Middle East/Africa, and Canada
Also lists 265 Merchant Acquirers from 65 countries in all world regions
New for 2014
90 pagesFigures include cards in circulation and spending for more than
920 credit & debit card issuersfrom 116 countries in all world regions
Order Todaywww.nilsonreport.com/specialreport
FAST FACTS FAST FACTS
© HSN Consultants, Inc. 2014 THE NILSON REPORT 3OCTOBER 2014 / ISSUE 1051 / THE NILSON REPORT
CARDFORUM – CARDSESSION 2014: November 12, 2014. The Archa Theatre, Prague, Czech Republic. Estimated attendance: 300. Cost for the one-day conference is $253 (€200 not including VAT). Contact Roman Kotlan, Managing Director, at Bank Card Association (BCA)/Sdruzeni pro bankovni karty (SBK), 420 (604) 727-501, [email protected]. Register at www.cardforum.cardzone.cz. MOBILE MONEY & DIGITAL PAYMENTS GLOBAL 2014: November 18-20, 2014. The Wyndham Grand Istanbul Levent, Istanbul, Turkey. Estimated attendance: 150. Cost for the two-day conference is $2,481 and the one-day workshop is an additional $412. Subscribers to The Nilson Report will receive a 20% discount. (Use code MGNR20.) Contact Customer Services at Clarion, 44 (20) 7384-8384, [email protected]. Register at www.mobile-money-global.com.
2ND VIRTUAL AND DIGITAL CURRENCY CONFERENCE 2014: November 20-21, 2014. The Carlton Hotel, New York. Estimated attendance: 100. Cost for the two-day conference is $2,295. Subscribers to The Nilson Report will receive a $300 discount. (Use code TNR300.) Contact Nicole O’Neill at ACI, (212) 352-3220 x5257, [email protected]. Register at www.americanconference.com/virtualcurrency.
7TH CENTRAL EUROPEAN ELECTRONIC CARD WARSAW 2014 (CEEC 2014): November 26-27, 2014. The Novotel Centrum Hotel in Warsaw, Poland. Estimated attendance: 350. Cost for the two-day conference is $470. Contact Kama Milewska at Medien Service, 48 (22) 7173-795 or 48 (507) 199-793, kama.milewska@ apig.pl. Register at www.conkarta.pl.
MOBILE MONEY WALLET ASIA SUMMIT 2014: December 9, 2014. Kuala Lumpur, Malaysia. Estimated attendance: 200. Cost for the one-day conference is $1,295. Subscribers to The Nilson Report will receive a 15% discount. (Use code NIL15.) Contact Tom Evans at KCC Events, 44 (207) 093-4417, [email protected]. Register at www.mobilepayment-asia.com.
PREPAID CARD COMPLIANCE 2015: January 29-30, 2015. The Mandarin Oriental, Washington, D.C. Estimated attendance: 130. Cost for the two-day conference is $1,995 until Nov. 21 ($2,195 until Jan. 9, and $2,395 after that.) Subscribers to The Nilson Report will receive a $300 discount. (Use code TNR300.) Contact Gregory Shuryn at ACI, (212) 352-3220, [email protected]. Register at www.americanconference.com/2015/697/prepaid-card-compliance.
CONFERENCES & SEMINARS
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ZOOZ has expanded the payment options it offers retailers to include online purchases made with Alipay, China’s largest online payment service. Alipay has 300 million registered users. Sabrina Peng is President at Alipay International, 86 (571) 2688-8888 x37610, [email protected], http://global.alipay.com. Oren Levy is CEO at Zooz, 972 (73) 726-9669, [email protected], www.zooz.com.
GIESECKE & DEVRIENT has received certification for its dual-interface cards in Australia from eftpos, MasterCard, and Visa. G&D can now sell EMV-compliant cards for eftpos only, eftpos and Visa, and eftpos and MasterCard. Bruce Mansfield is Managing Director at eftpos, 61 (2) 8270-1828, [email protected], www.eftposaustralia.com.au. Uli Klink is Managing Director, Australia/Asia at G&D, 61 (3) 9765-1200, [email protected], www.gi-de.com.
CAPITAL ONE CANADA will be the exclusive credit card issuer for Costco Wholesale Canada. The no-annual-fee Capital One Platinum MasterCard doubles as a Costco membership card. Shane Holdaway is President at Capital One Canada, (416) 549-2500, [email protected], www.capitalone.ca.
BELL ID now offers Tokenization Manager software that issuers and merchants can use to improve security and fight card fraud by facilitat-ing tokenized payments. The software operates and manages a secure repository or “token vault” that maintains links between tokens and a card’s primary account number. Pat Curran is Executive Chairman, 31 (10) 885-1010, [email protected], www.bellid.com.
PAYVISION, a Netherlands-based card processor and acquirer, will offer its merchant clients, payment service providers, and independent sales organizations support to obtain PCI compliance through a part-nership with ControlScan. Joan Herbig is CEO at ControlScan, (678) 279-2641, [email protected], www.controlscan.com. Rudolf Booker is CEO at Payvision, 31 (65) 334-3239, r.booker@ payvision.com, www.payvision.com.
OPTIMAL PAYMENTS, a U.K.-based online payment service provider, has formed a partnership with Handpoint to provide mobile point-of-sale support to merchants in the U.K. and Ireland. Merchants can accept face-to-face chip and PIN card payments using Optimal’s NETBANX mobile application or use the Handpoint software applica-tion development kit for in-app purchases. All data is encrypted within the card reader and sent instantly to the PCI-DSS compliant payment gateway. David Gudjonsson is CEO at Handpoint, 44 (1223) 597-909, [email protected], www.handpoint.com. Danny Chazonoff is COO at Optimal Payments, (514) 380-2701, danny@ optimalpayments.com, www.optimalpayments.com.
DATACANDY (FORMERLY FANBOX), which offers loyalty and private label prepaid card software and processing to the retail and hospitality industries in Canada, has integrated with Blackhawk Network. Digital products from DataCandy will be distributed by Blackhawk. Lorne Schwartz is CEO at DataCandy, (514) 903-3282, [email protected], www.datacandy.com. Steve Dekker is Managing Director at Blackhawk Canada, (925) 226-9990, [email protected], www.blackhawknetwork.com.
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manufacturing industry. The technology lets cardholders initiate NFC-based contactless
card payments accompanied by thumbprint verification of their identity.
Zwipe set out to add biometric security to the existing point-of-sale infrastructure and worked with POS terminal manufacturer Verifone to test its technology,
which features very efficient energy usage. Only proximity to a contactless card reader is required to initiate a signal to an embedded Secure Element (SE) in the card, which holds the mathematical representation of a fingerprint. The SE is manufactured by Oberthur Technologies.
The first transaction occurred in May of this year on credit cards issued by Sparebanken DIN in Norway. Getin Bank in Poland is currently testing with debit and prepaid cards. Merchants signed to accept MasterCard’s PayPass contactless chip are participating.
The cards in Norway and Poland use an embedded battery to power the scanner and access
the SE. However, tests in 2015 in North America, Latin America, Asia/Pacific, and Africa will involve newer Zwipe technology, which does not require a battery.
Funding for Zwipe has come from angels, the Norwegian government, investors who supported a Series A financing round in October 2013, and MasterCard, which worked with Zwipe to amend card authorization requirements for the tests.
Kim Humborstad is CEO at Zwipe
in Oslo, Norway, 47 (98) 076-064,
[email protected], www.zwipe.no.
CA Risk Analytics is the latest card-not-present (CNP) fraud fighting platform from CA Technologies.
The new platform incorporates patent-pending behavioral neural network authentication models powered by advanced machine learning techniques. It can take data (type of browser, device identifications, IP address, and more), apply machine learning, and run the results through the neural networks to create
a risk score. Firefox and Chrome are the browsers fraudsters prefer.
Machine learning is well suited to understand local market differences. It helps Risk Analytics distinguish between legitimate and fraudulent behavior by learning individual cardholder, peer group, and other patterns, so that it can quickly identify anomalous activity.
Neural networks work well in understanding global similarities among fraud practices. They are
universal function approximators, which are highly adaptive and very effective in reducing false positives.
The latest iteration of the CA fraud fighting technology retains its predecessor’s rules engine for issuers and acquirers and adds a score to give risk managers a challenge to their engine’s parameters.
CA Risk Analytics has been optimized to work with merchants who use 3-D Secure protocol to fight online fraud. However, shopping cart abandonment rates can reach up to 30% because cardholders can’t remember their password or knowledge-based authentication information.
Risk Analytics assesses in real-time the fraud risk tied to transactions from cardholders registered for
3D Secure and provides a score that allows issuers to reject authorization requests even before 3D-Secure authentication has occurred.
Revathi Subramanian is Senior VP, Data Science at CA
Technologies in San Diego, California, (858) 452-4413,
[email protected], www.ca.com.
Prior issue: 956
NFC-based contactless payments with thumbprint verification.
Firefox and Chrome are the browsers fraudsters prefer.
BIOMETRICS FOR PAYMENT CARDS from page 1...
CARD-NOT-PRESENT FRAUD FIGHTING
© HSN Consultants, Inc. 2014 THE NILSON REPORT 5OCTOBER 2014 / ISSUE 1051 / THE NILSON REPORT
integrated with 98% of existing POS systems with receipt printers. It is installed under
the counter and used to capture card transactions as well as those involving cash and mobile.
Transaction Link can be paired with Spendgo’s customer-facing interactive display, NFC reader, beacon device, or Android tablet. Customers input their phone number and are advised about any reward available to them or given the opportunity to accumulate points for a larger reward.
Because Spendgo takes only printer data, not terminal data, it is not subject to PCI DSS compliance rules. Spendgo’s POS integration and API can be used to create SMS-based campaigns, email marketing, push notifications, social media, and card-linked campaigns.
Results can be tracked down to the line item. The system can also tie sales information to a
particular cashier, allowing for an evaluation of employee impact on the rewards program.
Spendgo’s technology, which is available on a white-label basis, has been deployed at 800 U.S.
retail locations, including Jamba Juice, since its launch last year. Another 2,000 locations will be live by the first quarter of 2015. Spendgo has a small sales staff working with select midsized retailers directly and is looking to expand its partner network to reach additional merchants.
The company has received $2.5 million in funding from angel investors as well as a strategic
investor since 2010. It is looking for additional capital to create scale.
Ivan Matkovic is CEO at Spendgo
in San Francisco, California, (415)
906-5250 x101, [email protected],
www.spendgo.com.
location that displays dynamic numbers, which can be changed at time intervals set by card issuers. The
payment cards use technology from NagraID Security, which OT purchased
in August. The cards integrate the
miniature screen with an embedded chip and battery. The code changes dynamically according to an algorithm in the chip.
Cardholders don’t need to take any action to generate the dynamic code. Merchants don’t need to make any changes to the payment page on their e-commerce sites. Card transactions enter the payment networks exactly as transactions do when accompanied by static codes.
If cards are stolen or account data is hacked, criminals lose the ability to sell the stolen data with the 3- or 4-digit card verification code, reducing
the value to any potential buyer wanting to commit online fraud.
Issuers or their third-party cardholder account processor need to install an OT server to verify the dynamic codes created for online payments. OT also provides consulting services.
NagraID Security has been working on display card technology for 10 years. It has developed a global network of card vendors and systems integrators who resell its technology.
Pilot tests for dynamic code cards will occur this quarter with customers on three continents. Commercial availability is scheduled for 2015.
Eric Duforest is Managing Director of the Payment
Business at Oberthur Technologies in Colombes cedex,
France, 33 (1) 7814-7601, [email protected],
www.oberthur.com.
Prior issues: 1,014, 1,007, 1,006, 965, 962, 957, 951, 882
Results can be tracked down to the line item.
The code changes dynamically ac-cording to an algorithm in the chip.
SPENDGO LOYALTY TECHNOLOGY from page 1...
DYNAMIC CODES FOR WEB PAYMENTS from page 1...
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123Send CR7 Services1 * U.K. 3pay Wirecard1 $17.8 Turkey Adaptive Path Capital One1 * U.S. AirSig Foxconn2 $2.0 Taiwan Authy undisclosed round3 $2.0 U.S. Bango new shares offering4 $9.6 U.K. Baremetrics General Catalyst Partners5 $0.5 U.S. Bay Coins angel funding6 * U.S. Bionyms Series A7 $14.0 Canada BitGo undisclosed round8 * U.S. Brink Software PAR Technology1 * U.S. Capquest Arrow Global1 $258.0 U.K. CardLab Blackhawk Network1 * U.S. Cellfire Catalina1 * U.S. Central Credit Recovery General Credit Services1 * Canada Checkout Finland OP-Pohjola1 * Finland Cignifi Series B9 * U.S. Clear2Pay FIS1 $476.3 Belgium Coinapult undisclosed round10 $0.8 Panama Coinify undisclosed round11 * Denmark CoinPlus seed funding12 $0.2 Luxembourg Comesterogroup Suzo-Happ1 * Italy Concur Technologies SAP1 $8.30 U.S. Conversant Alliance Data1 $2,300.0 U.S. Corporate Billing Nat’l Bank of Commerce13 * U.S. CR7 Services undisclosed round14 $15.9 U.K. Credit Junction seed funding15 $2.0 U.S. Credit Karma growth equity funding16 $75.0 U.S. Curbstand undisclosed round17 $3.0 U.S. Dictao Mo1rpho1 * France DipJar seed funding18 $0.4 U.S. DocuSphere Tungsten1 * U.S. Dwolla undisclosed round19 $9.7 U.S. E la Carte undisclosed round20 $35.0 U.S. Eagle Processing ITS Equity Group1 * U.S. Earthport private placement21 $42.8 U.K. Ebates Rakuten1 $1,000.0 U.S. Ezeatm DirectCash Payments1 $12.4 Australia Ezidebit Global Payments1 * Australia FIS (gaming business) Global Payments1 * U.S. FiveStars Series B22 $26.0 U.S. FreeCharge Series B23 $33.0 India Gem seed funding24 $2.0 U.S. GFX Partners AFEX1 * Canada Identiv common stock offer25 * U.S. Ingogo undisclosed round 26 $9.1 Australia Invoice2go undisclosed round27 $35.0 Australia iSignthis Otis Energy1 * Australia ItzCash Series C12 $15.0 India KnCMiner Series A28 $14.0 U.S. Koinify undisclosed round29 $1.0 U.S. LightSpeed Retail Series B30 $35.0 U.S.
Logic Group Barclaycard1 * U.K. Magna Carta Chess iX1 * Netherlands maxiPago Rede1 * Brazil Meijer Alliance Data Retail Serv.31 * U.S. Millennium Inmar1 * Canada Millicom Kalixa32 * U.K. Moka seed funding33 * Indonesia MTI Money Transfer MoneyGram1 * U.K. Multimedia Games Global Cash Access1 $1,200.0 U.S. Net Element Crede Capital Group34 $15.9 U.S. Net Trans Service Onyx Payments1 * Norway Nexxo MoneyGram35 * U.S. Omnypay undisclosed round36 $1.5 U.S. PAI (PayChoice) Sage Group1 $157.8 U.S. Pango Mobile undisclosed round37 $6.5 Israel Parago Blackhawk Network1 $290.0 U.S. Parkmobile BMW Group38 * Netherlands Payoneer Nyca Partners38 * U.S. PayPal eBay39 * U.S. PayPlug crowd funding40 $1.1 France Paystation Trade Me1 * New Zealand Plyce undisclosed round41 $2.4 France Qubit Series B27 $26.0 U.S. Red Dot Payment Series A42 * Singapore Revive Prepaid National Gift Card43 * U.K. SB Tax Products Green Dot1 $320.0 U.S. Shopkick SK planet1 $200.0 U.S. SkyMall Ventures Connexions Loyalty1 * U.S. Square undisclosed round44 $150.0 U.S. Sunwin Services Group Cardtronics1 $56.4 U.K. Telr Innovate Payments45 * UAE/Singapore Tink Series A46 $4.0 Sweden Transactis undisclosed round47 $11.0 U.S. Traxpay Series B48 $15.0 Germany TrueAccord undisclosed round49 $5.0 U.S. Welcome Real-time Collinson Group1 * France
*Terms not disclosed. (1) Acquisition. (2) Acquired 10% equity stake. (3) Led by Idealab. (4) Pending board approval. (5) First investment from $10 billion Stripe Platform Fund. (6) Led by Rizwan Virk. (7) Investors include MasterCard. (8) From BitFury Capital. (9) Investors include American Express Ventures. (10) From First Mark. (11) From Seed Capital. (12) Undisclosed investors. (13) Purchased majority interest. (14) By ISIS Equity Partners. (15) Led by GLIF. (16) Led by Google Ventures. (17) Undisclosed private inves-tor. (18) From Project 11 Ventures. (19) From CME Group. (20) Includes venture capital and debt financing. (21) Led by Oppenheimer Fund. (22) Led by Menlo Ventures. (23) Led by Tequoia Capital. (24) Led by First Round Capital. (25) Pending. (26) Led by UBS. (27) Led by Accel Partners. (28) Led by Creandum. (29) Led by IDG Partners. (30) Led by iNovia Capital. (31) Purchased private label card portfolio. (32) Formed a joint venture. (33) From East Ventures. (34) Swapped debt for equity. (35) Purchased kiosk business unit. (36) From Global Internet Ventures. (37) From D.H. Rondor. (38) Undisclosed equity investment. (39) Spin-off in 2015. (40) And other private inves-tors. (41) Led by Calogo and BpiFrance. (42) Led by Wavermark Pacific. (43) Purchased majority interest. (44) Existing investors including Goldman Sachs. (45) Merger. (46) Led by Synstone Capital. (47) Led by Safeguard Scientifics. (48) Led by Commerzbank. (49) Led by Khosla Ventures.
© 2014 The Nilson Report
AmountCompany Buyer/Investor (mil.) Country
AmountCompany Buyer/Investor (mil.) Country
Investments & Acquisitions September 2014
© HSN Consultants, Inc. 2014 THE NILSON REPORT 7OCTOBER 2014 / ISSUE 1051 / THE NILSON REPORT
MasterCard credit cards (11.21%), and MasterCard debit cards (9.83%).
In 2018 Visa credit card purchase volume is projected to have a greater share at 24.29% than Visa debit cards at 23.16%. American Express’s credit card share is projected to grow to
13.23%. MasterCard’s credit card share is expected to increase to 11.67%, and its debit card share is expected to increase to 10.30%.
Consumer and commercial general purpose and private label
credit, debit, and prepaid card purchase transactions in the U.S.
reached 91.47 billion in 2013. Debit cards generated 68.82% and credit cards generated 31.18%. Purchase transactions are projected to reach 128.81 billion in 2018, with 65.83% from debit cards and 34.17% from credit cards.
The highest market share of purchase transactions at merchants in 2013 was Visa debit cards with 35.07%. Visa debit’s share is expected to fall to 33.94% by 2018, while Visa credit cards, which accounted for 14.14% in 2013, are expected to increase to 16.90% by 2018.
MasterCard debit cards, which had a 13.82% share in 2013, are expected to grow to 15.13% in 2018. EFT network debit cards, excluding those claimed by Visa and MasterCard — accounted for 13.03% of purchase transactions in 2013. These PIN-based transactions are projected to fall to a 10.84% share by 2018. MasterCard credit cards, which had a 7.03% share in 2013, are expected to increase to 7.19% by 2018.
There were 5.93 billion credit, debit, and prepaid cards in circulation in 2013, up 6.2% from 2012. By 2018 the number of cards in circulation will grow to 7.06 billion, with debit cards increasing by 964.6 million, led by private label prepaid cards (up 722.2 million). Credit cards are projected to increase by 160.9 million, led by store cards (up 75.7 million).
Purchase transactions are project-ed to reach 128.81 bil. in 2018.
Millions 2008 Share 2013 Share 2018 Share Chg. 13 vs. 18
CREDIT CARDS 23,214.3 37.05% 28,209.7 31.18% 44,017.0 34.17% 56.0%Visa 9,257.0 14.77% 12,787.7 14.14% 21,765.0 16.90% 70.2%MasterCard 6,270.0 10.01% 6,356.8 7.03% 9,260.3 7.19% 45.7%Amer. Express 3,176.9 5.07% 4,459.7 4.93% 7,371.5 5.72% 65.3%Discover 1,639.2 2.62% 2,137.2 2.36% 2,732.1 2.12% 27.8%Store 1,776.7 2.84% 1,624.8 1.80% 2,017.0 1.57% 24.1%Oil Co. 1,084.3 1.73% 833.5 0.92% 861.7 0.67% 3.4% The Rest 10.2 0.02% 10.0 0.01% 9.5 0.01% –4.5%DEBIT CARDS 39,446.9 62.95% 62,258.3 68.82% 84,795.6 65.83% 36.2%Visa 21,012.7 33.53% 31,726.7 35.07% 43,713.8 33.94% 37.8%MasterCard 7,464.0 11.91% 12,504.6 13.82% 19,488.1 15.13% 55.8%EFT Networks 5,960.9 9.51% 11,789.5 13.03% 13,961.5 10.84% 18.4%Prepaid (1) 4,985.3 7.96% 6,115.7 6.76% 7,221.2 5.61% 18.1%ACH 24.0 0.04% 121.8 0.13% 411.1 0.32% 237.5%TOTAL 62,661.2 100.00% 90,468.0 100.00% 128,812.6 100.00% 42.4%
(1) Private label prepaid. © 2014 The Nilson Report
Purchase Transactions
Billions 2008 Share 2013 Share 2018 Share Chg. 13 vs. 18
CREDIT CARDS $2,154.28 58.92% $2,637.08 52.78% $4,291.23 55.42% 62.7%Visa $824.38 22.55% $1,078.55 21.59% $1,880.88 24.29% 74.4%MasterCard $547.41 14.97% $560.12 11.21% $903.66 11.67% 61.3%Amer. Express $465.23 12.72% $633.29 12.68% $1,024.30 13.23% 61.7%Discover $106.21 2.91% $127.11 2.54% $171.51 2.22% 34.9%Store $143.14 3.92% $169.60 3.39% $226.96 2.93% 33.8%Oil Co. $62.93 1.72% $62.68 1.25% $77.20 1.00% 23.2% The Rest $4.99 0.14% $5.73 0.11% $6.73 0.09% 17.5%DEBIT CARDS $1,501.76 41.08% $2,359.26 47.22% $3,451.73 44.58% 46.3%Visa $817.98 22.37% $1,186.51 23.75% $1,793.10 23.16% 51.1%MasterCard $308.88 8.45% $491.07 9.83% $797.36 10.30% 62.4%EFT Networks $219.40 6.00% $453.09 9.07% $561.92 7.26% 24.0%Prepaid (1) $153.40 4.20% $220.15 4.41% $262.72 3.39% 19.3%ACH $2.10 0.06% $8.44 0.17% $36.64 0.47% 333.9%TOTAL $3,656.04 100.00% $4,996.34 100.00% $7,742.97 100.00% 55.0%(1) Private label prepaid. © 2014 The Nilson Report
Purchase Volume
ALL U.S. PAYMENT CARDS PROJECTED from page 1...
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is projected to grow to 1.18 billion by year-end 2018. Purchase volume for goods and services generated by these consumer and commercial general purpose and private label credit cards reached $2.637 trillion in 2013, an increase of 7.7% over 2012. Credit cards are projected to generate $4.291 trillion in purchase volume in 2018.
Between 2013 and 2018, Visa credit cards are expected to have the highest percentage increase in purchase volume among all brands — up 74.4%.
American Express is projected to have the industry’s second largest percentage increase, up 61.7%. This Amex purchase volume includes cards issued by third parties for use on the American
Express merchant network. Currently, Bank of America, Bank of Hawaii, Barclays, Citibank, First National of Nebraska, Synchrony Financial, Pentagon Federal Credit Union, USAA, U.S. Bank, and Wells Fargo are issuers of American Express brand cards.
MasterCard credit card purchase volume is expected to grow by 61.3% over the next five years.
Discover is projected to grow 34.9%. Purchase volume projections for Discover also include spending on cards issued by third parties such as Amalgamated Bank of Chicago, First National of Nebraska, Synchrony Financial, and UMB.
Private label cards, used mainly for purchases at branded chain stores and gasoline retailers, are expected to see growth of 30.6% over the next five years.
Purchase transactions on all general purpose and private label credit cards in 2013 totaled 28.21 billion, up 6.8% versus 2012. Credit card purchase transactions are expected to reach 44.02 billion in 2018. The average number of purchase transactions per cardholder in 2013 was 170, or 14 per month. This is expected to increase in 2018 to 244 annually, or 20 per month.
Outstandings on all general purpose and private label consumer and commercial credit cards reached $843.15 billion at year-end 2013, up 3.1% from year-end 2012. Outstandings are projected to reach $1.062 trillion at year-end 2018.
Prior issues: 1,028, 1,005
Visa purchase volume will have the highest percentage increase.
$50Bil. $100 $150 $200
200820132018
$250 $300 $350
Visa
MasterCard
Store
Amex
Discover
$400
Billions 2013 Share 2018 Chg.
Visa $336.10 39.86% $428.58 27.5%MasterCard $240.68 28.55% $303.32 26.0%Amer. Express $97.88 11.61% $130.37 33.2%Discover $59.13 7.01% $68.50 15.8%Store $100.16 11.88% $122.21 22.0%Oil Co. $7.00 0.83% $6.98 –0.2% The Rest $2.20 0.26% $2.14 –2.8%CREDIT CARDS $843.15 100.00% $1,062.10 26.0%
© 2014 The Nilson Report
Outstandings
38 41 44
22
24
24
252121
7
6
5
5
5
4
2008
2013
2018
Credit CardPurchase Volume
Market Shares 2008–2018
Visa up 556 basis points; American Express up 227 basis points; MasterCard down 435 basis points; Store cards down 136 basis
points; Discover down 93 basis points. ©2014 The Nilson Report
U.S. CREDIT CARDS PROJECTED from page 1...
© HSN Consultants, Inc. 2014 THE NILSON REPORT 9OCTOBER 2014 / ISSUE 1051 / THE NILSON REPORT
Purchase volume is projected to reach $3.452 trillion by 2018, up 46.3% over 2013.
Visa and MasterCard transactions are settled through VisaNet and BankNet. EFT transactions are settled through Star, Pulse, Nyce, Accel, and other
PIN-based networks. Private label debit cards, such as those issued by Target, Nordstrom, Shell, and ZipLine (formerly National Payment Card Association) for its oil company and retail merchants, are settled through the automated clearinghouse network (ACH).
Purchase volume on EFT network debit cards grew 7.0% in 2013 versus 2012. This is exclusive of PIN-based Interlink volume reported by owner Visa with its debit card figures, and PIN-based volume settled through MasterCard’s BankNet.
Purchase volume on MasterCard debit cards was up 9.5% last year. Visa debit card purchase volume was up 7.3%.
Purchase volume on ACH debit cards was up 20.0%. Purchase volume on private label prepaid cards grew 8.5%.
Visa debit card purchase volume is projected to grow to $1.793 trillion by 2018. MasterCard debit purchase volume will grow to $797.36 billion, and EFT network volume is projected to reach $561.92 billion.
ACH debit volume is projected to reach $36.64 billion, and private label prepaid cards are projected to generate $262.72 billion.
Purchase transactions on debit cards totaled 62.26 billion in 2013, up 8.0% over 2012. Transactions on debit cards are expected to reach 84.80 billion in 2018. The biggest percentage increase in growth will be on ACH debit cards.
The biggest percentage increase will be on ACH debit cards.54 50 52
21
23
21
1519
1610
9
8
2008
2013
2018
Debit Card Purchase VolumeMarket Shares 2008–2018
Visa down 252 basispoints; MasterCard up 253 basis points;
EFT Networks up 167 basis points; Prepaid down 260 basis points; ACH up 92 basis points.
©2014 The Nilson Report
Millions 2013 Pct. of Adults 2018 Pct. of Adults
CREDIT CARDS 166.0 68.46% 180.0 71.01%Visa 104.4 43.06% 131.0 51.67%MasterCard 78.5 32.38% 96.0 37.86%Amer. Express 37.0 15.26% 42.2 16.63%Discover 46.6 19.22% 45.2 17.82%Store 99.8 41.17% 129.7 51.15%Oil Co. 28.7 11.83% 27.1 10.67% The Rest 87.3 35.98% 64.5 25.43%DEBIT CARDS 193.9 79.97% 210.5 83.05%Visa 162.2 66.91% 173.4 68.40%MasterCard 133.1 54.90% 155.7 61.41%EFT Networks 191.9 79.13% 205.8 81.19%ACH 20.3 8.39% 47.2 18.60%
© 2014 The Nilson Report
Cardholders
Millions 2013 Share 2018 Chg.
CREDIT CARDS 1,024.0 17.26% 1,184.9 15.7%Visa 254.1 4.28% 326.8 28.6%MasterCard 178.3 3.01% 204.2 14.5%Amer. Express 53.1 0.90% 66.0 24.4%Discover 63.6 1.07% 61.4 –3.3%Store 335.1 5.65% 410.8 22.6%Oil Co. 33.2 0.56% 32.8 –1.0% The Rest 106.7 1.80% 82.9 –22.3%DEBIT CARDS 4,907.1 82.74% 5,871.7 19.7%Visa (1) 431.2 7.27% 550.3 27.6%MasterCard (1) 158.3 2.67% 252.0 59.2%EFT Networks (1) 296.0 4.99% 328.7 11.1%Prepaid (2) 4,262.4 71.87% 4,984.6 16.9%ACH 20.3 0.34% 47.2 131.8%TOTAL 5,931.0 100.00% 7,056.5 19.0%(1) Debit cards carry a Visa or MasterCard logo in addition to EFT system logo(s). Therefore, the debit card total is less than the sum of the figures shown. (2) Private label prepaid cards.
© 2014 The Nilson Report
Cards
U.S. DEBIT CARDS PROJECTED from page 1...
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Prepaid cards carrying the American Express, Discover, MasterCard, and Visa brands are counted with the debit card figures of those respective brands, not in the private label prepaid card category.
Visa debit cards had the highest increase in purchase transactions in 2013 over 2012 (up 2.20 billion), followed by MasterCard debit cards (up 1.20 billion), EFT network debit cards (up 0.87 billion), private label prepaid cards (up 0.35 billion), and ACH debit cards (up 0.02 billion).
ACH debit cards had the highest percentage growth (up 16.0%), followed by MasterCard (up 10.6%), EFT networks (up 8.0%), Visa (up 7.4%), and private label prepaid cards (up 6.0%).
Visa debit card purchase transactions are projected to reach 43.71 billion in 2018, followed by MasterCard debit at 19.49 billion transactions, EFT networks with 13.96 billion, private label prepaid cards with 7.22 billion, and ACH
debit card purchase transactions at 0.41 billion.
There were 4.91 billion debit cards in circulation in 2013, up 7.0% from 2012. By 2018, it is projected that there will be 5.87 billion.
ACH debit cards are expected to increase to 47.2 million by 2018. MasterCard debit cards are
projected to grow to 252.0 million. Visa debit cards are projected to increase to 550.3 million. Private label prepaid cards are projected to grow to 4.98 billion. EFT network debit cards are projected to increase to 328.7 million.
Prior issues: 1,028, 1,005, 984
Billions 2013 Share 2018 Chg.
CREDIT CARDS $2,743.67 47.96% $4,433.31 61.6%Visa $1,126.64 19.70% $1,951.08 73.2%MasterCard $586.71 10.26% $936.10 59.6%Amer. Express $637.00 11.14% $1,029.11 61.6%Discover $135.91 2.38% $185.50 36.5%Store $169.60 2.96% $226.96 33.8%Oil Co. $73.14 1.28% $91.20 24.7% The Rest $14.68 0.26% $13.37 –8.9%DEBIT CARDS $2,976.67 52.04% $4,278.89 43.7%Visa $1,593.61 27.86% $2,337.37 46.7%MasterCard $656.37 11.47% $1,019.30 55.3%EFT Networks $498.01 8.71% $622.76 25.1%Prepaid (1) $220.15 3.85% $262.72 19.3%ACH $8.53 0.15% $36.73 330.6%TOTAL $5,720.34 100.00% $8,712.20 52.3%
(1) Private label prepaid. © 2014 The Nilson Report
Total Volume Millions 2013 Share 2018 Chg.
CREDIT CARDS 30,883.2 31.55% 46,251.4 49.8%Visa 12,849.8 13.13% 21,843.5 70.0%MasterCard 6,382.8 6.52% 9,297.3 45.7%Amer. Express 4,485.6 4.58% 7,401.2 65.0%Discover 2,178.5 2.23% 2,789.3 28.0%Store 1,624.8 1.66% 2,017.0 24.1%Oil Co. 922.5 0.94% 975.3 5.7% The Rest 2,439.2 2.49% 1,927.7 –21.0%DEBIT CARDS 66,988.8 68.45% 90,524.8 35.1%Visa 35,233.2 36.00% 47,955.2 36.1%MasterCard 13,728.6 14.03% 20,975.8 52.8%EFT Networks 11,789.5 12.05% 13,961.5 18.4%Prepaid (1) 6,115.7 6.25% 7,221.2 18.1%ACH 121.8 0.12% 411.1 237.5%TOTAL CARDS 97,872.0 100.00% 136,776.2 39.8%
(1) Private label prepaid. © 2014 The Nilson Report
Total Transactions
Millions 2013 Share 2018 Chg.
CREDIT CARDS 818.8 54.06% 940.4 14.8%Visa 211.2 13.94% 261.9 24.0%MasterCard 146.0 9.64% 163.7 12.1%Amer. Express 41.1 2.72% 49.4 20.1%Discover 53.8 3.55% 50.3 –6.5%Store 303.4 20.03% 358.2 18.1%Oil Co. 9.6 0.64% 8.6 –10.4% The Rest 53.7 3.54% 48.1 –10.3%DEBIT CARDS 695.8 45.94% 881.8 26.7%Visa 336.9 22.24% 413.8 22.8%MasterCard 154.0 10.17% 234.6 52.3%EFT Networks 193.5 12.77% 211.0 9.1%ACH 11.5 0.76% 22.5 95.5%TOTAL 1,514.7 100.00% 1,822.2 20.3%
© 2014 The Nilson Report
Accounts
© HSN Consultants, Inc. 2014 THE NILSON REPORT 11OCTOBER 2014 / ISSUE 1051 / THE NILSON REPORT
service Twitter. Recipients must also be S-Money and Twitter users. Funds can be added to deposit
accounts.S-Money
accounts were introduced in 2011. They are open to anyone in France with a bank deposit account. Users do not have to be BPCE customers. So far, 100,000 people in France have opened S-Money accounts. They link a Visa, MasterCard, or Cartes Bancaire
(CB) card to load prepaid funds and a bank account to receive deposits.
These S-Money accounts can send funds to another consumer or they can be used to pay for a purchase at the point of sale if the merchant is also an S-Money account holder.
S-Money with Twitter money transfer capability became available on October 14. To send money, the payer Tweets the Twitter handle of S-Money (@SmoneyFR) and hashtag with the French word for “send” (#envoyer) and the amount and
then adds the Twitter handle of the payee (@nameofrecipient).
There are no fees to senders transferring payments and no minimum amounts. There are national banking regulations in France that cap electronic transfer amounts. P2P transactions cannot exceed $315 (€250) and P2B transactions cannot exceed $630 (€500).
There are no fees to consumers who Tweet money transfers and subsequently move funds from their S-Money account into a bank account.
However, companies and charitable organization recipients are charged 1.2% of the amount deposited up to $635 (€499,99) and 1.0% for deposits ranging from $635 (€500) to $2,535 (€1,999). Over that amount the charge is 0.8%.
After verifying that the sender’s Twitter handle is linked to an S-Money account and matching it to a payment order, BPCE sends a notification to the sender asking them to open their S-Money app and to confirm the transfer amount.
Recipients use the 6-digit PIN created when they opened their S-Money account. Once confirmed the bank initiates the transfer.
BPCE integrated S-Money transfers via Tweets using
Twitter’s application programming interface. Twitter was notified once BPCE was ready to launch. There is no official partnership or signed agreement between the organizations.
Because the initiating P2P or P2B transmissions are public rather than private Tweets, S-Money payment information can be viewed by all Twitter users. Approximately 500 million Tweets are sent worldwide every day. Almost half are outside the U.S. The overwhelming majority are public.
BCPE hopes that marketers and advertisers will use the S-Money Twitter transfer capability in their campaigns.
Armand dos Santos is Chief
Technology Officer for S-Money at
Groupe BPCE in Paris, France,
33 (1) 5840-6095,
www.s-money.fr.
Approximately 500 mil. Tweets are sent worldwide every day.
TWITTER MONEY TRANSFERS/PAYMENTS from page 1...
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© 2014 HSN Consultants, Inc. THE NILSON REPORT All Rights Reserved. Reproducing or allowing reproduction or dissemination of any portion of this newsletter in any manner for any purpose is strictly prohibited and may violate the intellectual property rights of HSN Consultants, Inc. dba The Nilson Report.
David Robertson, PublisherOct 31, 2014
