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$MA will broaden its QR-based solutions to offer QR codes that can be scanned by either consumers or merchants under a common set of global specifications, starting July, 2017. The use of QR codes in certain markets complements the investment in contactless payments to provide merchants a fast and secure way to accept payments.
$AAL partners with $MA to collaborate with Stand Up To Cancer (an initiative created to raise funds to accelerate innovative cancer research) this holiday season. Starting Nov. 28, 2017 through Dec. 12, 2017, American will reward AAdvantage members with 25 miles for every dollar donated to this initiative through the Miles to Stand Up program.
Maestro cards issued in the third quarter slipped 5%. Maestro cards are mostly used in cross-border transactions as they are co-branded with a domestic player. $MA feels that users switching from Maestro to Mastercard would be beneficial, as the latter can be used on domestic and cross-border transactions resulting in more revenue to the company.
$MA is investing in its proprietary blockchain platform, and it has filed multiple patents on this front. The initial focus would be to open up the APIs for its B2B customers, as it sees huge potential in them. Blockchain technology would help customers to address issues on privacy, scalability and flexibility to use the network in a seamless way.
$MA’s 3Q earnings jumped 21% to $1.4Bil due to increased consumer spending and higher transaction volumes. Gross dollar volume (GDV) improved 11% to $1.35 trillion. GDV is a key metric to monitor because $MA charges fees to its stakeholders based on GDV. In Sept., US consumer spending recorded its biggest increase in more than 8 years.
During 3Q17, $PYPL announced a partnership with Skype to allow users in 22 countries to send money to other Skype users with PayPal via their Skype mobile app. $PYPL also announced the expansion of its partnership with $MA into Canada, Europe, Latin America and the Caribbean and the Middle East and Africa. $PYPL acquired Swift Financial in 3Q17.
The Clearing House (TCH) and $MA said they are partnering to enable TCH to provision and manage Mastercard-branded tokens on behalf of banks. This enables TCH to support current and future token capabilities ranging from mobile payments to remote purchases and Internet-of-things (IoT) transactions.
$USB announced yesterday that its Voyager fleet cards will be using EMV M/Chip technology from $MA. Voyager is the first fleet card network to use the technology. $MA introduced the M/Chip solution last year to improve transaction time at the terminal. Post the liability shift deadline of Oct. 2015, migration towards EMV-based cards started in US.
Gary Flood who is heading $MA's products and services has decided to move on. Flood is leaving the firm after having a long stint of more than 3 decades. Starting next year, the payment giant has also made some changes in the reporting structure, where few members of the top management will report directly to Banga.
$MA appointed Fabrizio Burlando as president of prepaid management services. In this role, he will lead the team that works with issuers and merchants to manage their prepaid programs and bring them to market within as quickly as three months. Burlando joined $MA in 2008 and was most recently the European lead for Mastercard Advisors.
Telecom giant $VZ has appointed Rima Qureshi as EVP and Chief Strategy Officer, effective November 6. Qureshi, a former CEO of Ericsson North America, will succeed Roy Chestnutt who has decided to step down by year-end. At Verizon, she will report to Chairman Lowell McAdam. Currently, Qureshi is member of the boards of $MA and Great West Lifeco.
Payments network provider $MA is adding its contactless payment to Garmin's vivoactive3 smartwatch. $GRMN unveiled vivoactive3 today at IFA show. Users can enter/scan their card details using $GRMN's Connect app. One can pay by tapping the device near a contactless terminal at more than 6.6MM locations globally.
$MA started a pilot project in Poland for contactless payments targeting SMBs. Using smartphones, businesses just need to install an app and start a merchant account with no additional costs. $MA is partnering with Elavon, Mobeewave and Polskie ePlatnosci for the project with 200 SMBs initially. Transaction limit is capped at PLN 50 (USD 14).
$MA is bringing its contactless payment to Fitbit Ionic. Fitbit Ionic is the first smartwatch launched by $FIT, expected to be available in October. Users can load their eligible cards onto the smartwatch as they do in a normal digital wallet. One can pay by tapping the device near a contactless terminal at more than 6.6MM locations globally.
Digital payments provider $MA reported revenue growth of 13% reaching $3.1Bil, while net income increased 20% to $1.2Bil. Growth drivers for 2Q were increased Gross Dollar Volume (GDV), higher switched transactions and cross-border volumes. As of June 30, 2017, $MA's customers had issued 2.4Bil Mastercard and Maestro-branded cards.
$V, which competes with $MA and $AXP, lifted its financial outlook for FY17. Net revenue is expected to grow 20% on a nominal dollar basis compared to the previous growth guidance of 16-18%. GAAP EPS growth is expected to be in low double-digits on a nominal dollar basis and non-GAAP EPS is expected to grow about 20%.