Alto Global Processing: GBP3,170 is spent online with Visa every second at UK-based merchants

GBP100 bn was spent online with Visa at UK-based merchants in the year to August 2013, equating to GBP3,170 being spent every second. This is according to figures from Visa Europe who also reveal that GBP1 in every GBP4 of all spend with Visa at UK merchants is now spent online.

E-commerce is exploding, with UK merchants attracting spend from well beyond the country’s borders with almost a fifth of e-commerce spend from outside the UK. International spend with Visa at UK merchants totalled GBP16bn, with GBP7bn of that spend from outside Europe. The top five international spenders were: the USA at number one, Italy at number two, and France, Japan and Germany at three, four and five respectively.

Total annual online spend with Visa at UK merchants has doubled in four years: in 2009 GBP50.2bn was spent online with UK merchants, a total that was surpassed in the first six months alone in 2013 (GBP52bn).

UK consumers are leading the world when it comes to online spend. In February 2013, Ofcom announced in a report that internet shopping is now more popular in the UK than any other major country, as consumers in the UK spend an average of GBP1,083 a year on internet shopping compared to just GBP842 in Australia (the second highest country studied). Fuelling this uptake is UK consumers’ high adoption rates of smartphones and tablets.

Visa Europe is developing products and services that will help merchants to tap into the burgeoning opportunities that e-commerce present. Leading this response is the development of V.me by Visa, its digital wallet which a range of merchants and banks have already signed up to.

Marc O’Brien, Managing Director at Visa UK said: “In just four years we have seen online spending at UK clothing merchants with Visa nearly double in growth from GBP1 in £7 in 2009, to GBP1 in GBP4 in 2013. In fact, online spending with Visa is now at an unprecedented scale across all sectors including airlines, supermarkets and services, indicative of the ever increasing preference to make purchases online, largely fuelled by the explosion in smartphones and tablets.

“At Visa Europe, we are enabling merchants to take advantage of the possibilities that e-commerce present by making sure that online spend is safe, through Verified by Visa, and convenient through the introduction of V.me by Visa, our digital wallet. Wherever customers are based, no matter what they buy, we are working with merchants to make sure that their customers have the best quality, safest and most convenient online spending experience.”

Source: http://www.paymenteye.com/2013/09/30/gbp3170_is_spent_online_with_visa_every_second_at_uk-based_m/#.UkmaCuAgaFk

Please visit http://www.paymenteye.com for more news!

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Alto Global Processing: PayByGroup Announces Public Beta Launch: Eliminates Hassles Around Group Purchasing

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–500 Startups alum PayByGroup, a free, web-based application to eliminate the hassle and reduce those “awkward moments” associated with multiple-party purchases, today announces its official public beta launch. With collaborative consumption on the rise and the proliferation of social platforms and collaboration tools making communication easier, but still not solving the problems of real commitment and payment, PayByGroup is an instinctive choice for consumers accustomed to purchasing, gifting, and renting with close friends, family members, and other tight-knit communities.

“The platform is a game-changer in terms of eliminating the friction often associated with these activities and providing a simple channel for users to spread the word to potential participants via email, Facebook and Twitter.”

PayByGroup enables group organizers to determine who is truly engaged and committed before making a purchase. The platform can be applied to a wide array of categories including ticket purchases (think sports and music), kids’ activities that require parental coordination, and group gifting for special occasions like weddings, baby showers, and retirement parties. For consumers who regularly spearhead travel or large-scale purchases with extended family or friends, PayByGroup’s solution is a boon:

“For many people, finding out who is committed and what everyone owes takes quite a bit of time, energy and coordination, and frankly can be quite uncomfortable,” said Camilo Acosta, CEO of PayByGroup. “The platform is a game-changer in terms of eliminating the friction often associated with these activities and providing a simple channel for users to spread the word to potential participants via email, Facebook and Twitter.”

PayByGroup’s intuitive setup process allows organizers to choose how to split the cost, and the service can even adapt to charging different amounts based on how many people join.

Added Mr. Acosta: “Given that no one is charged until a minimum threshold is reached, everyone that joins in is assured they won’t be left going alone. Our dashboard is designed to allow group purchase coordinators to track the progress of their ‘event’ and watch the status of fund collecting.”

A tracker located on the screen shows what percentage of the funding goal was met and how much money has been committed to date. Once the funding goal of the group purchase has been met, the organizer is notified, the credit cards provided by the participants are charged, and the funds are transferred to the organizer’s bank account within 3-5 days.

About PayByGroup

Mountain View, California-based PayByGroup is a member of the 500 Startups investment family and was founded to alleviate the hassles of group purchases. Frustrated by the lack of a service allowing them to easily pay by group for their purchases, the founders developed PayByGroup to alleviate this pain and fill a much needed void in today’s group-minded, collaborative marketplace.

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Source: http://www.paymentsnews.com/2012/10/paybygroup-beta-launches-group-purchasing-solution.html

Contacts

talkTECH Communications

Kristen Tischhauser, 310-994-6441
Kristen@talkTECHcomm.com

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Alto Global Processing – Starbucks: We’ll be Passbook-ready before October

By  of CNET

Starbucks says it will be integrated with Apple’s Passbook by the end of the month.

The company announced the news on Twitter this morning, providing no further information about features or carryover for current Starbucks card holders.

A Starbucks spokesperson told CNET that an update to the company’s iPhone app will let current Starbucks Card owners add their account to
Passbook.

Passbook, which went out as part of iOS 6 earlier this week, is a new application from Apple designed to store membership cards, tickets, coupons, and boarding passes — a bit like a digital wallet. As an added feature, Passbook does a few things paper and plastic can’t, like alert you to changes, and pop up to be readily accessed based on your location.

Starbucks already announced that it would be integrating with Passbook, though did not provide a timetable. Nonetheless Apple has promoted the company as one of the initial partners, along with Fandango, Target, and Major League Baseball, the last of which CNET gave a spin this week at a MLB game.

The relationship between Apple and Starbucks dates back to 2007 with a deal that had Apple offering a special Starbucks section of its iTunes Music Store, with Starbucks-curated music picks that would appear when iPhone or iPod Touch users were on the store’s Wi-Fi network. Starbucks has since gone on to offer the Pick of the Week program, as well as developed a first-party application that lets users pay for drinks with their iOS device.

Source: http://www.cnet.com/news/starbucks-well-be-passbook-ready-before-october/

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Alto Global Processing: Coming this May – Glenbrook’s Advanced “Payments 2012” Workshop

Are you ready for an update on the fast-changing payments industry landscape? If so, plan to join us for an in-depth look at the most important trends and players shaping the payments industry in 2012 – an Advanced Payments 2012 Workshop being held on May 15 in Santa Clara, CA. This workshop is specially designed as an update for alumni of our Glenbrook Payments Boot Camp. Here’s what we’ll cover:

  • Two business models that matter
  • Three trends that are changing the industry
  • Five players that are defining payments innovation
  • Ten newcomers you should be watching

Visit our Payments 2012 website for more information and links to online registration, or contact Glenbrook partner Carol Coye Benson with any questions.

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Alto Global Processing – The Social Credit Card: AmEx Syncs With Twitter To Turn #Hashtags Into Savings

Special thanks to Fast Company and the writer Austin Carr for allowing us to share this story

Today, American Express unveiled a new program with Twitter to let cardmembers sync accounts with the social network, and earn savings from big brands such as Whole Foods, Best Buy, and Zappos–just by retweeting certain hashtags.

With the partnership, AmEx helps fortify its role as the credit card for the social media generation–and, apparently, following through on the whole Social Currency idea beyond offering membership points rewards. In addition to its partnership with Twitter, the company, which boasts more than 90 million cardholders worldwide, has already rolled out a national program with Foursquare for check-in deals and Facebook for rewards through Likes. AmEx aims to be the connective tissue between merchants and consumers on social media that will provide a mix of offers, data, and branding to its members.

As with Foursquare, the process of syncing your AmEx account to your Twitter account is a quick, one-time process. Once linked, U.S. cardholders have the opportunity to earn rewards by tweeting special offers from hashtags. “Tweet #AmExWholeFoods, get $20 back 1x on next $75 in-store purchase,” Whole Foods might tweet. Once the consumer tweets the #AmExWholeFoods hashtag, the offer is automatically loaded into that member’s account, ready to be redeemed effortlessly the next time he or she shops at Whole Foods.

“Twitter is already being used as a platform to connect buyers and sellers, but no one has really nailed it in terms of proving that Twitter conversations can drive directly to commerce, or that tweets can really be linked to transactions,” says Dave Wolf, VP of global business and market development at AmEx. “That’s what we’re really excited about doing.”

The benefit of the service is as much about the deal for the consumer as it is the data for the merchant. “We can go to Whole Foods or any merchant we work with and give them information and analytics,” says AmEx vice chairman Ed Gilligan. “How many people used the offer? What was the size of the shopping cart when they checked out? Did that customer come a week later or a month later?”

In other words, AmEx has finally developed a way to demonstrate a tweet’s ROI–and not just in terms of commerce. The deals will also have a benefit on Twitter, leading to “more trending topics, more followers, and more conversations,” says Leslie Berland, SVP of digital partnerships and development at AmEx. “Are our followers growing? Are people talking about our business? Are people engaging with our content?”

It’s a social strategy AmEx has used to take the friction out of the point of sale, and turn something as simple as a hashtag into a potential future transaction. It’s also a social strategy we should expect AmEx to continue to pursue beyond Facebook, Foursquare, and Twitter.

“We want to go where our cardmembers are,” Berland says. “So when you talk about Instagram, if they presented an opportunity where it evolved into something that would be a natural fit for this, we would definitely look at it. We are looking at platforms that both have scale, and that we’re able to put our technology in in a very authentic way. But yes, we can do this with a variety of different partners, and we, candidly, have many partners beating down our doors to do exactly that.”

Source: http://www.fastcompany.com/1823041/social-credit-card-amex-syncs-twitter-turn-hashtags-savings

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Alto Global Processing – How Consumers Pay: Adoption and Use of Payments

The Boston Fed has published a Working Paper entitled “How Consumers Pay: Adoption and Use of Payments“.

For the first time, we estimate the number of payment methods adopted by consumers conditional on having access to a bank account, as the unbanked consumers’ payment choices are much more limited than those of consumers with bank accounts. This paper follows the analysis in Schuh and Stavins (2010), but with improved data, allowing us to estimate a better model of payment behavior. As in the previous study, cost is found to significantly affect payment use, indicating that the recent increase in the cost of debit cards issued by some banks may lead to a reduction in U.S. consumers’ reliance on debit cards for transactions.

To see the full publication please visit : How Consumers Pay: Adoption and Use of Payments

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