Sprint's Galaxy Nexus: Can a Second Google Wallet Phone Ignite Mobile Payments?

ePaymentNews 3 new results for NFC Mobile Payment

Sprint's Galaxy Nexus: Can a Second Google Wallet Phone Ignite Mobile Payments? Wired News Avivah Litan‪ Wallet, of course, is Google's mobile payments platform that hooks directly into the Near Field Communication (NFC) chips being deployed in many smartphones. In theory, you could load your Google Wallet with cash, and use it to buy small ... See all stories on this topic »

Poken Founder and Chief Product Officer Stéphane Doutriaux to Present at NFC ... Albany Times Union OTA Training adds world-renowned expert in NFC to its NFC Bootcamp™ Seminar Series. OTA Training, the creator of the most comprehensive series of globally delivered RFID education and hands on training, announced today an agreement with industry ... See all stories on this topic »

A1, Paybox launch NFC payments trial in Austria Telecompaper (subscription) Telekom Austria Group's domestic subsidiary A1 has announced a trial of NFC mobile payments with Paybox Bank in selected Merkur supermarkets and McDonald's restaurants. The trial will allow customers to pay for purchases up to EUR 25 using their ... See all stories on this topic »

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Heads Up! Nokia Catching Up With Apple and Google

ePaymentNews 1 new result for "Near Field Communications"

Heads Up!  Nokia Catching Up With Apple and Google Wall St. Cheat Sheet By Gina Smith Nokia (NYSE:NOK) has partnered with Brazilian online payments company PagSeguro to create a Near Field Communications peer-to-peer payment service that will allow Nokia smartphone users to pay sellers for items and services and transfer ... See all stories on this topic »

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What the Hell Happened to Google Wallet's Cash-Free Future?

ePaymentNews Alert                7 new results for NFC Mobile Payment

NFC mobile payment will be the norm by 2020, says study Know Your Mobile (blog) The study, which looked at a random sample of 1021 'technology stakeholders and critics in the mobile payments industry', said 65 per cent of respondents believe most consumers will have fully embraced NFC by 2020. Not everyone was quite so sure NFC ... See all stories on this topic »

what the? What the Hell Happened to Google Wallet's Cash-Free Future? Gizmodo On the hardware side, the product launched in September 2011 with the Samsung Nexus S as the only device equipped with the Secure Element NFC chip required to operate Google Wallet's mobile payments. The Galaxy Nexus has since come aboard. See all stories on this topic »

Sprint and LG launch Optimus Elite: entry-level specifications, planet-saving ... Engadget LG Optimus Elite also is enabled with Near Field Communication (NFC), allowing users to access true value features such as Google Wallet, an app that allows payment using a mobile device at participating retailers like Bloomingdales, Toys "R" Us, CVS, ... See all stories on this topic »

NFC-enabled boarding gate reader on display at Passenger Terminal Expo Self-Service World Access IS will demonstrate its BGR135C boarding gate reader that accepts 2D barcode boarding passes and reads contactless frequent flyer cards and tags from NFC enabled mobile phones April 18-20 in Vienna at Passenger Terminal Expo 2012. See all stories on this topic »

TALKING TECH TRENDS: From CRM to "Big Data," why a step back can be a step forward ABA Banking Journal Will mobile banking and mobile payments ever become mainstream, and, if so, when? ABA Banking Journal Tech Topics recently participated in a wide-ranging, often hard-nosed roundtable discussion with analysts from CCG Catalyst Consulting Group, ... See all stories on this topic » ABA Banking Journal

AnywhereCommerce Complements Mobile POS Offering With Epson Business Solutions Magazine The mobile pay register has unlimited potential, and is beginning to change the face of the retail POS experience". "Merchants are looking for flexible and mobile technology solutions that better serve customers whenever and wherever they happen to be ... See all stories on this topic »

Research and Markets: Global Smartphone Device Market 2011-2015 Report ... Virtual-Strategy Magazine One such technology that allows mobile transactions is NFC technology, a short-range wireless technology. The major application of NFC technology is for payments, including ticketing. NFC technology can also be used for marketing without involving ... See all stories on this topic »

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Is NFC Necessary for Mobile Payments?

ePaymentNews alert        3 new results for "Near Field Communications"

Paying With Smartphones to Outpace Credit Cards by 2020, Experts Say PCWorld (blog) The answer choices alluded to NFC (near field communications) technology, in which a communication between a sensor in the payment terminal and another in the consumer's smart phone triggers a financial transaction. Sixty-five percent of the ... See all stories on this topic »

Is NFC necessary for secure mobile payments? QR Code Press ... on than some had predicted, and it is based on NFC technology, which isn't yet available in the majority of smartphones, many are wondering whether near field communications technology is truly necessary for secure contactless payments to catch on. See all stories on this topic » QR Code Press

Mobile Payments May Replace Cash, Credit Cards by 2020 [STUDY] Mashable However, about 33% said they do not trust devices with Near Field Communications technology (NFC) that allow users to swipe their phones to make a payment at checkout and believe mobile payments will not gain a lot of traction by 2020. See all stories on this topic »

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Will NFC Power Your Mobile Wallet? Does a Bear $#it in the Woods?

ePaymentNews 3 new results for NFC Mobile Payment

Will NFC Power Your Mobile Wallet? Connected World Magazine The use of NFC (near-field communication) in mobile payments has yet to penetrate the market, but many are still hopeful it will take off as a key mobile-commerce solution. Juniper Research, www.juniperresearch.com, for example, forecasts that NFC will ... See all stories on this topic »

Poken Founder and Chief Product Officer Stéphane Doutriaux to Present at NFC ... PR Web (press release) OTA Training, the creator of the most comprehensive series of globally delivered RFID education and hands on training, announced today an agreement with industry innovator and world recognized near field communication (NFC) expert Stéphane Doutriaux to ... See all stories on this topic »

Seoul and smartphones IntoMobile I've been in Seoul for the last few days visiting friends, checking out the sites and meeting with some of the largest companies in mobile. Needless to say, it's been an interesting time and smartphones and mobile technology have played a large role so ... See all stories on this topic » IntoMobile

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White Paper on EMV Implementation Published by Compass Plus

April 17, 2012 09:15 AM Eastern Daylight Time 

Provides Options and Guidelines for Successful EMV Roll-out

MIAMI--(BUSINESS WIRE)--Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has released a white paper, Making EMV Work Across New Markets, which discusses the prevalence of EMV, the advantages of the payment standard, as well as the best practices for making the switch.

“Although EMV will provide significant long-term benefits for U.S. financial institutions and cardholders, the migration phase could suffer setbacks if not handled correctly”

According to the paper, EMV has become firmly established as the primary payment standard worldwide, with more than 60 countries leveraging EMV chip technology. Today, 42 percent of all global payment cards and almost 76 percent of all terminals use the EMV payment standard. The success of EMV at curtailing fraud in compliant countries has led to a concentration of card fraud in countries such as the United States that have not yet deployed the infrastructure.

As financial institutions in the United States begin making the migration to EMV in accordance with the deadlines established by Visa and MasterCard, Compass Plus offers guidelines for successful EMV implementation that include:

• Consider the whole customer journey, not just the plastic
• Shore up security across your card-not-present channels
• Use innovative tools to leverage existing infrastructure and ensure ROI
• Understand that EMV isn’t a quick fix; it’s a long-term commitment

“Although EMV will provide significant long-term benefits for U.S. financial institutions and cardholders, the migration phase could suffer setbacks if not handled correctly,” said Anthony Genovese, VP Consulting Services at Compass Plus. “EMV should be integrated into the overall payment infrastructure and considered as a platform for numerous fraud fighting tactics as well as for value-added services; it should not be treated as a standalone solution in order to reap the full range of benefits it has to offer. Compass Plus has been implementing EMV across the globe since 2002 and we would like to share our experience and best practices with the U.S. market.”

Making EMV Work Across New Markets can be downloaded here: http://compassplus.com/collateral/whitepapers/279.

About Compass Plus

Compass Plus provides comprehensive, integrated and flexible software and services that help financial institutions meet rapidly changing market demands. Our diverse customer base spans more than 100 retail banks, processing centres, national switches and personalization centers in dozens of countries across Europe, Asia, Africa, the Middle East, and North and South America. With almost 20 years experience, Compass Plus helps build and manage electronic payment systems that generate new revenues and improve profits for its customers. For more information visit: www.compassplus.com.

Barclaycard US Welcomes Cardmembers to Join Barclaycard Ring® MasterCard® Card Community

April 17, 2012 09:14 AM Eastern Daylight Time 

Simple Terms, Dynamic Online Community and Cardmember Insights Unveiled

WILMINGTON, Del.--(BUSINESS WIRE)--Barclaycard US, the payments business of Barclays in the United States, today announced the availability of the first social credit card designed and built through the power of community crowdsourcing. Previously in alpha testing, Barclaycard is now welcoming new cardmembers to join the Barclaycard Ring® MasterCard® card community.

“We know that interest rates are still very much top of mind among our cardmembers as one of the most important considerations when choosing a credit card and one of the most important topics they want to have a voice about -- along with fees and rewards”

“We have learned a great deal from our first cardmembers and are thrilled to be able to open up the Barclaycard Ring community to see how the product will begin to evolve based on the needs and collective input of our customers,” said Paul Wilmore, Managing Director-Consumer Markets, Barclaycard US. “Offering our cardmembers simple, transparent terms as well as the opportunity to help decide how this card can best work for them is all part of our vision to revolutionize the credit card business.”

The Barclaycard Ring MasterCard card has simple, easy-to-understand terms and benefits, including:

• One, low 8 percent interest rate for all balances (not 7.99%).
• No annual fees.
• No balance transfer fees, enabling revolving credit card holders to transfer balances from higher interest-rate reward cards and still earn points.
• Giveback™, allowing community members an opportunity to share in the profit generated from their collective decisions.
• A simplified summary of the standard cardmember agreement.

The Barclaycard Ring community provides a forum where cardmembers can exchange ideas, share knowledge and provide direct feedback to Barclaycard US to help determine future product features. Through weekly online polls, the current community has already provided input on topics ranging from product feature preferences to marketing programs.

“We know that interest rates are still very much top of mind among our cardmembers as one of the most important considerations when choosing a credit card and one of the most important topics they want to have a voice about -- along with fees and rewards,” Mr. Wilmore added. “Yet our community has also told us that it wants a say in the direction of the card program in other areas such as servicing and how the GiveBack™ is administered, which allows the community to share in the program’s profitability. We have a highly engaged group within the community and we expect this engagement to grow.”

In the future, the Barclaycard Ring community will have an opportunity to voice its opinions about specific product features and community functionality.

To support the new credit card, Barclaycard US has also developed a dynamic new online community and servicing website that simplifies the account management process for the cardholders. The web servicing site for Barclaycard Ring represents a new digital service experience for Barclaycard with enhanced functionality and easy to use tools.

For more information and to apply for the new Barclaycard Ring credit card, visit http://www.barclaycardring.com/. Find us onfacebook.com/BarclaycardRing or follow us on Twitter @BarclaycardRing. Multimedia assets, including downloadable images and videos are available on the Barclaycard Ring media room.

About Barclaycard US

Headquartered in Wilmington, Del., Barclaycard US creates customized, co-branded credit card programs for some of the country's most successful travel, entertainment, retail, affinity and financial institutions. The company employs 1,300 associates. For more information please visit www.barclaycardus.com.

Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business that helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments, and is at the forefront of developing viable contactless and mobile payment options for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the British Government. Barclaycard partners with a wide range of organizations across the globe to offer their customers or members payment options and credit.

Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

For further information about Barclays, please visit www.barclays.com.

Gas Retailers Gained a $1 Billion Subsidy from Durbin Amendment, With No Evidence of Lowering Gas Prices

April 16, 2012 12:00 PM Eastern Daylight Time 

New Research Shows Half of All Non-cash Payments for Gas is Debit

WASHINGTON--(BUSINESS WIRE)--New data released today, by the Electronic Payments Coalition, finds that gas retailers are saving $1 billion annually at the expense of consumers, thanks to the so-called “Durbin amendment,” a provision of the Dodd-Frank legislation which capped what retailers pay to accept debit cards beginning in October 2011. 

According to the U.S. Energy Information Administration, nearly 134 billion gallons of gas were sold in 2011, with approximately 48 billion gallons purchased using debit – the type of payment impacted by the Durbin amendment, which reduced interchange rates by about 70 percent for this category. However, there continues to be no evidence that retailers are passing along savings from this windfall – even at gas stations, where debit is the overwhelmingly most popular form of payment.

“For gas station purchases, consumer preference for debit cards has increased substantially over the past several years – at the expense of cash, checks, and credit cards”

According to new research by Phoenix Marketing International, half of all non-cash payments for fuel are made with a debit card (36 percent of all payments including cash), making it overwhelmingly the most popular payment choice at the pump. “For gas station purchases, consumer preference for debit cards has increased substantially over the past several years – at the expense of cash, checks, and credit cards,” explains Greg Weed of Phoenix Marketing International. The research among 5,166 consumers reporting on recent gas station purchases found that the debit card share of both transactions and dollars was higher than any other payment method. “Among households with an income of less than $50,000, debit card share of gas station transactions was twice that of credit cards.”

“Whenever Congress meddles in an industry debate over who pays what, consumers never win,” says Trish Wexler, spokeswoman for the Electronic Payments Coalition. “One side gets a leg up and keeps their windfall, while consumers end up footing the bill. No one is surprised to see that gas retailers are keeping billions of dollars for themselves, while their customers continue to be punished at the pump. Americans should go to their gas stations and demand what’s theirs – a discount for debit.”

Consumers can visit www.WheresMyDebitDiscount.com for a new online savings calculator to find out what consumers could save at the pump when paying with debit. For example, the average 16 gallon fill-up paid with a debit card at today’s gas prices could receive 4 - 5 cents per gallon as a discount.

Cash discounts are more prevalent in gas retailing, while discounts for debit are virtually non-existent – the very area where gas retailers received the Durbin subsidy. “Unlike a debit discount, cash discounts lure customers away from the convenience of the pump and into the convenience store, where they are lured into buying items with high mark-ups,” said Wexler.

About the Electronic Payments Coalition

The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers and the media on the system’s role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.

NFC Forum Appoints TÜV SÜD for Global Near Field Communication Validation Service

TÜV SÜD (Photo credit: Wikipedia)

The NFC Forum has appointed TÜV SÜD Product Service to provide its worldwide Radio Frequency (RF) Analogue Test Tool Validation Service.

Posted via Industry Today. Are you into it? Follow us on Twitter@IndustryToday

The NFC Forum has appointed TÜV SÜD Product Service to provide its worldwide Radio Frequency (RF) Analogue Test Tool Validation Service.

The NFC Forum is a non-profit industry association that advances the use of Near Field Communication (NFC) technology by developing specifications, ensuring interoperability among devices and services, and educating the market about NFC technology.

TÜV SÜD will validate all RF Analogue test tools used as part of the NFC Forum Certification Programme for testing the RF Layer of the communications stack to prove conformance to the NFC Forum specifications. In order to ensure consistent test results and predictable device behaviour, the NFC Forum authorised test laboratories and device manufacturers must use approved RF Analogue test tools which have been validated by TÜV SÜD prior to NFC Forum approval.

Debbie Arnold, NFC Forum Director said: "TÜV SÜD was able to demonstrate the level of expertise necessary to verify the correct operation of the newly developed RF Analogue test tools for use in NFC Forum certification testing on a global scale. In order to achieve a high level of quality in certification testing, it is crucial that test tools are fully evaluated and their functionality validated. TÜV SÜD matched all of our requirements, and we are confident that they will deliver a solid test tool validation service that will meet the needs of their customers while adhering to the standards of the NFC Forum."

The NFC Forum Certification Program provides the industry with approved test tools as a means of establishing that products conform to the NFC Forum's published specifications. 

Devices that conform to NFC Forum specifications deliver benefits such as:

• Increased assurance that the device will interoperate with other NFC-Forum-certified devices.
• Enhanced global credibility and encouragement for other companies to put NFC applications on their devices.
• Placement of the NFC Forum N-Mark on the device to indicate the touchpoint to trigger NFC services.
• Displaying the NFC Forum Certification Mark on sales materials, company websites, and product packaging.

Jean-Louis Evans, Managing Director of TÜV SÜD Product Service, said: "The NFC market is growing exponentially as new developments make life more convenient for consumers, such as touch payments on mobiles and swipe cards on public transport. We are very proud that the NFC Forum has selected TÜV SÜD to support its 160+ member companies worldwide who want to protect their brand and promote the growth of the market."

About TÜV SÜD
TÜV SÜD Product Service is one of the world's leading experts in product testing and certification, with 150,000 product certificates in circulation globally. TÜV SÜD Product Service analyses over 20,000 products each year in Europe, Asia-Pacific and the Americas, ensuring that products are safe, reliable and compliant, and minimising liability risks for manufacturers, importers and retailers.

About The NFC Forum
The NFC Forum  was launched as a non-profit industry association in 2004 by leading mobile communications, semiconductor, and consumer electronics companies. The Forum's mission is to advance the use of Near Field Communication technology by developing specifications, ensuring interoperability among devices and services, and educating the market about NFC technology. The Forum's 160+ global member companies currently are developing specifications for a modular NFC device architecture, and protocols for interoperable data exchange and device-independent service delivery, device discovery, and device capability.

The NFC Forum's Sponsor members, which hold seats on the Board of Directors, include leading players in key industries around the world. The Sponsor members are: Barclaycard, Broadcom Corporation, INSIDE Secure, Intel, MasterCard Worldwide, Microsoft Corp., NEC, Nokia, NTT DOCOMO, Inc., NXP Semiconductors, Renesas Electronics Corporation, Samsung, Sony Corporation, STMicroelectronics, and Visa Inc.

Heartland Payment Systems® Signs Three-Year Contract Extension With CITGO Petroleum Corporation for Card Processing

SOURCE: Heartland Payment Systems

April 17, 2012 09:40 ET

PRINCETON, NJ--(Marketwire - Apr 17, 2012) - Heartland Payment Systems (NYSE: HPY), one of the nation's largest payments processors, today announced that it has signed a three-year contract extension with CITGO Petroleum Corporation to continue authorizing debit and credit card transactions at approximately 6,000 CITGO-branded locations nationwide.

Heartland is one of the leading payments processors in the convenience store and petroleum industry, with more than 49,000 petroleum and convenience stores using Heartland's comprehensive suite of products and services, including credit card processing, gift card marketing, prepaid services, payroll services and SmartLink^™(www.heartlandpaymentsystems.com/SmartLink). A CITGO endorsed product, SmartLink is a secure managed network service that, combined with secure payment processing capabilities, effectively supports transaction data and back-office systems, allowing petroleum and convenience store operators to spend less time managing their networks and more time focusing on their business.

"This contract agreement extends a decades-long relationship between Heartland and CITGO that is driven by Heartland delivering advanced, PCI-compliant network transaction processing services, SmartLink managed network solutions, customized help desk support and terminal services to CITGO-branded locations across the country," said Robert O. Carr, Heartland chairman and CEO. "It's a successful working relationship that benefits both organizations, as well as consumers that visit CITGO stations."

Gustavo Velásquez, CITGO vice president of supply and marketing, added, "Heartland provides our retail locations with dependable and secure card processing solutions as well as exceptional customer service. Furthermore, Heartland's extensive knowledge of payments processing in the petroleum industry ensures that our retail locations process card payment transactions smoothly and securely, which is vital to our customers."

About CITGOCITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information, visit www.citgo.com.

U.S. Bancorp Reports 28% Increase in Net Income to $1.338 Billion

April 17, 2012 06:45 AM Eastern Daylight Time 

U.S. Bancorp Reports 28 Percent Increase in Net Income for the First Quarter of 2012

• Year-over-Year Results Driven by a 9 Percent Increase in Total Net Revenue and Lower Credit Costs
• Returned 66 percent of First Quarter Earnings to Shareholders

MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) today reported net income of $1,338 million for the first quarter of 2012, or $.67 per diluted common share. Earnings for the first quarter of 2012 were driven by year-over-year growth in total net revenue and a lower provision for credit losses. Highlights for the first quarter of 2012 included:

• Strong new lending activity of $56.0 billion during the first quarter, including:
  • $28.9 billion of new and renewed commercial and commercial real estate commitments
  • $2.0 billion of lines related to new credit card accounts
  • $25.1 billion of mortgage and other retail originations
• Growth in average total loans of 6.4 percent over the first quarter of 2011 (8.7 percent excluding covered loans)
  • Growth in average total loans of 1.5 percent on a linked quarter basis (1.9 percent excluding covered loans)
  • Growth in average total commercial loans of 17.3 percent over the first quarter of 2011 and 3.4 percent over the fourth quarter of 2011
  • Growth in quarterly average commercial and commercial real estate commitments of 25.7 percent year-over-year and 5.1 percent over the prior quarter
• Significant growth in average deposits of 11.7 percent over the first quarter of 2011, including:
  • Growth in average noninterest-bearing deposits of 43.9 percent
  • Growth in average total savings deposits of 7.6 percent
  • Growth in average total deposits of 2.2 percent on a linked quarter basis
• Total net revenue growth of 9.1 percent over the first quarter of 2011
• Net interest income growth of 7.3 percent over the first quarter of 2011 (.6 percent linked quarter)
  • Average earning assets growth of 9.5 percent year-over-year
  • Average earning assets growth of 1.7 percent on a linked quarter basis
  • Continued strong growth in lower cost core deposit funding
  • Net interest margin of 3.60 percent for the first quarter of 2012, compared with 3.69 percent for the first quarter of 2011, and 3.60 percent for the fourth quarter of 2011
• Year-over-year growth in fee-based revenue, driven by:
  • Higher mortgage banking revenue
  • Higher merchant processing services revenue (12.0 percent)
  • Higher commercial products revenue (10.5 percent)
  • Higher deposit service charges (7.0 percent)
• Positive operating leverage on a linked quarter basis
• Net charge-offs and nonperforming assets declined on a linked quarter and year-over-year basis. Provision for credit losses was $90 million less than net charge-offs.
  • Net charge-offs declined 8.2 percent from the fourth quarter of 2011
  • Early and late stage loan delinquencies as a percentage of ending loan balances declined in a majority of loan categories
  • Nonperforming assets (excluding covered assets) decreased 5.9 percent from the fourth quarter of 2011 (8.5 percent including covered assets)
  • Allowance to nonperforming assets (excluding covered assets) was 199 percent at March 31, 2012, compared with 191 percent at December 31, 2011, and 154 percent at March 31, 2011
  • Allowance to period-end loans (excluding covered loans) was 2.44 percent at March 31, 2012, compared with 2.52 percent at December 31, 2011, and 2.97 percent at March 31, 2011
• Capital generation continues to fortify capital position; ratios at March 31, 2012 were:
  • Tier 1 capital ratio of 10.9 percent
  • Total risk based capital ratio of 13.3 percent
  • Tier 1 common equity to risk-weighted assets ratio of 8.7 percent
  • Tier 1 common equity ratio of 8.4 percent using anticipated Basel III guidelines as if fully implemented
• Increased dividend and share repurchase authorization announced March 13th
  • Annual dividend raised from $.50 to $.78, a 56 percent increase
  • Share repurchase authorization of 100 million shares through March 2013
  • Repurchased 16 million shares of common stock during the first quarter
  • Returned 66 percent of first quarter earnings to shareholders through dividends and buybacks

EARNINGS SUMMARY																			Table 1
($ in millions, except per-share data)															Percent				Percent
															Change				Change
			1Q				4Q				1Q				1Q12 vs				1Q12 vs
			2012				2011				2011				4Q11				1Q11
Net income attributable to U.S. Bancorp			$	1,338			$	1,350			$	1,046			(.9	)			27.9
Diluted earnings per common share			$	.67			$	.69			$	.52			(2.9	)			28.8
Return on average assets (%)				1.60				1.62				1.38
Return on average common equity (%)				16.2				16.8				14.5
Net interest margin (%)				3.60				3.60				3.69
Efficiency ratio (%)				51.9				52.7				51.1
Tangible efficiency ratio (%) (a)				50.5				51.3				49.5
Dividends declared per common share			$	.195			$	.125			$	.125			56.0				56.0
Book value per common share (period-end)			$	16.94			$	16.43			$	14.83			3.1				14.2
(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent
basis and noninterest income excluding net securities gains (losses) and intangible amortization.

Net income attributable to U.S. Bancorp was $1,338 million for the first quarter of 2012, 27.9 percent higher than the $1,046 million for the first quarter of 2011 and .9 percent lower than the $1,350 million for the fourth quarter of 2011. Diluted earnings per common share of $.67 in the first quarter of 2012 were $.15 higher than the first quarter of 2011 and $.02 lower than the previous quarter. Return on average assets and return on average common equity were 1.60 percent and 16.2 percent, respectively, for the first quarter of 2012, compared with 1.38 percent and 14.5 percent, respectively, for the first quarter of 2011. Impacting the comparison of current quarter results to prior periods were several notable items including in the fourth quarter of 2011, $263 million from the settlement of litigation related to the termination of a merchant processing referral agreement (“merchant settlement gain”), partially offset by a $130 million expense accrual related to mortgage servicing matters, which together increased fourth quarter of 2011 diluted earnings per common share by $.05. First quarter of 2011 results included a $46 million gain related to the acquisition of First Community Bank of New Mexico (“FCB”) in a transaction with the FDIC. The provision for credit losses for the first quarter of 2012 was $90 million lower than net charge-offs, compared with a provision for credit losses $125 million lower than net charge-offs for the fourth quarter of 2011 and $50 million lower than net charge-offs for the first quarter of 2011.