SafetyPay and PlaySpan to Offer International e-Shoppers Secure Payment Option

November 02, 2011 11:00 AM Eastern Daylight Time 

MIAMI BEACH, Fla.--(BUSINESS WIRE)--SafetyPay™, a secure payment provider serving online shoppers, merchants and banks worldwide, today announced a partnership with California-based PlaySpan, a Visa company (NYSE: V), and leader in monetization solutions, online games, social networks and online videos.

“PlaySpan is leading the way when it comes to providing social networking, gaming and in-app payment capabilities”

Under terms of the agreement, PlaySpan’s UltimatePay Merchants will now be able to offer SafetyPay as an online payment option for their digital goods and services. SafetyPay allows Central and South American online shoppers to securely pay for goods and services in local currency directly from their online bank accounts - no credit or debit cards required. Customers will now have easier access to more than 1,000 digital goods merchants from many leading global brands.

“We see this as a bridge to a whole new audience for PlaySpan and our customers,” said Karl Mehta, CEO of PlaySpan. “SafetyPay has significant penetration into the growing Latin American market, and their service makes purchases of digital goods more accessible to that base. We are very enthusiastic about the opportunities this will bring to our customers.”

“PlaySpan is leading the way when it comes to providing social networking, gaming and in-app payment capabilities,” said Manuel Montero, CEO of SafetyPay. “As such, PlaySpan is an ideal partner for SafetyPay and I am excited about the opportunities that our new partnership presents.”

About SafetyPay

SafetyPay is a global, safe and secure online payment solution that enables online banking customers to make internet purchases from merchants worldwide, and pay directly from their local bank account in their local currency. The company was developed in response to the growing need for a safe and secure online payment method. It is an innovative, patent-pending e-payment process that operates as a global clearinghouse. It adds value to all participating parties - banks, merchants and consumers. SafetyPay eliminates fraud and identity theft risk for consumers, provides banks with an additional revenue stream and cross promotional opportunities, and expands their merchants' customer base with an international reach of more than 100 million potential banking customers. Customers are never required to disclose any financial information. For more information, go to www.safetypay.com.

About PlaySpan Inc.

PlaySpan, a wholly-owned subsidiary of Visa Inc. (NYSE:V) provides a global payments solution through its UltimatePay product, which enables users to make safe, convenient and friendly in-app purchases using over 85 global payment methods in 180 countries. UltimatePay includes PlaySpan’s Ultimate Game Card, the #1 selling multi-game prepaid card, available in more than 55,000 retail locations across North America and found at popular prepaid Kiosks worldwide. The company has won 12 awards during the past three years and was honored by 2010 OnMedia Top 100, and the AlwaysOn Global 250. Karl Mehta, won the 2010 Ernst & Young Entrepreneur of Year Award for Northern California, and was named to Business Insider’s Digital 100 for 2010.

Hundred$ of Thousand$ of Consumer$, Billion$ Move to Credit Union$

Bank Transfer Day is November 5th

Rising fees at banks spark consumer action during October in run-up to 'Bank Transfer Day'

WASHINGTON, Nov. 3, 2011 /PRNewswire-USNewswire/ -- Reacting to rising fees at banks, hundreds of thousands of consumers have rushed to credit unions over the past four weeks, and have joined existing credit union members in depositing or shifting billions of savings to credit unions, according to estimates released today by the Credit Union National Assn. (CUNA), the nation's largest credit union advocacy group.

Based on the responses of a nationwide survey of 5,000 credit unions, CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29 (the day Bank of America unveiled its now-rescinded $5 monthly debit card fee).  Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.

The survey results also show that more than four in every five credit unions experiencing member growth since Sept.  29 attributed the growth to consumer reaction to new fees imposed by banks, or a combination of consumer reactions to the new bank fees plus the social media-inspired "Bank Transfer Day," Nov. 5.

"Bank Transfer Day" urges consumers to transfer their accounts from banks to credit unions by Saturday, Nov. 5.

"These results indicate that consumers are clearly making a smarter choice by moving to credit unions where, on average, they will save about $70 a year in fewer or no fees, lower rates on loans and higher return on savings," said Bill Cheney, president and CEO of CUNA, the Washington, D.C.-based advocacy group.

He added that studies have shown people living paycheck to paycheck save even more at a credit union than the average financial institution customer, as they use more credit union services.

Cheney said the growth is particularly noticeable at larger credit unions (those with $100 million or more in assets, which account for about 20 percent of all credit unions – but count about 80 percent of all credit union members). The CUNA survey shows that more than 70 percent of these credit unions reported they have seen growth in memberships and deposits sinceSept. 29.

Cheney noted that many credit unions across the nation –whether they are realizing new members or not –are making special efforts to tap the surging interest in credit unions.

"They are conducting advertising campaigns (by themselves or cooperatively with other credit unions), sending 'switch kits' to existing members to share with family members or other prospective members, beefing up web sites, extending hours and staffing for this Saturday (Nov. 5), performing email blasts to members, maximizing social media campaigns, putting up banners in lobbies (and on their buildings), offering bonuses to members who bring in new members (and giving bonuses to new members as well)," Cheney said.

"They are doing whatever their resources will allow them to do to help serve this consumer surge in interest in credit unions."

Cheney also noted that searches for credit unions on the website "aSmarterChoice.org" – which includes a search engine to help consumers find a credit union they are eligible to join – continues to surge, with more than 56,000 visitors in October.

"Any day is a good day for a consumer to become a credit union member," Cheney said. "Saturday, Nov. 5, is one good day to join, and we certainly encourage consumers to make the change. Because when a consumer joins a credit union, he or she takes the first step for themselves, and their families, in moving toward financial freedom."

About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves about 90 percent of America's 7,400 state and federally chartered credit unions, which are owned by nearly 92 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life.  For more information about CUNA, visit www.cuna.org.  For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.

SOURCE Credit Union National Association

Big Banks at Risk on November 5th: "Bank Transfer Day"

New data from The Harris Poll shows that Big Banks could learn from credit unions on delivering an exceptional customer experience

NEW YORK, Nov. 3, 2011 /PRNewswire/ -- Big Banks may be vulnerable to losing customers to credit unions on November 5th, Bank Transfer Day, where according to social media, tens of thousands have signed up to drop Big Banks in favor of joining a credit union. While credit unions enjoy best in class customer retention rates (87% Extremely/Very Likely to Continue), the nation's largest banks fail to engender the same degrees of loyalty from their customers. For example, only two in five of Bank of America's customers are extremely or very likely to continue (40%), as are less than half of JP Morgan Chase's customers (46%) and just over half of Wells Fargo/Wachovia's customers (54%).

(Logo: http://photos.prnewswire.com/prnh/20100517/NY06256LOGO)

These are some of the results of The Harris Poll of 2,463 adults surveyed online between October 10 and 17, 2011 by Harris Interactive.

"Customers express their loyalty through their actions, but the underlying motivation for these actions is rooted in the degree to which the bank connects with its customers on both a rational and emotional level; which in turn impacts their future intentions of continuing to use and recommend their bank to others. In the Harris Poll we employed our Simple 7 approach to measuring the strength of a consumers' relationship with their primary bank. In doing so, we evaluate each bank using seven questions to reflect a customer's rational vs. emotional connection and future intentions about their banking relationship," says Carol Gstalder, executive vice president of Market and Customer Insights at Harris Interactive.

The latest results of the Harris Poll Simple 7 on Banking indicate that Credit Unions provide customers with a better overall experience than banks, particularly Big Banks. For example, Credit Union members are three times as likely as customers of Bank of America to experience a trustworthy relationship (74% vs. 25%) and feel valued as a customer (72% vs. 24%), primary drivers of a strong emotional commitment to a relationship.

Clearly the level of frustration with Big Banks is high and people are leveraging traditional and social media to share their stories. On Facebook, thousands have signed up to leave Big Banks in favor of joining a Credit Union. While the numbers showing support of the page ("liking") are not high in comparison with other pages with similar causes, almost 50% of those who like the 'Bank Transfer Day' page are forwarding, discussing and chatting on Facebook about the cause (compared with a chat percentage of 32% for the Occupy Wall Street movement).  Perhaps some banks are beginning to listen to customer dissatisfaction given this week's retreat of monthly debit card fees.   This level of consumer engagement and resulting action may indicate a groundswell of support for customers to stop being so historically passive when it comes to switching their primary bank.

So What?

Let's face it, there are barriers to switching. It's a time-consuming and complex task to evaluate alternatives and switch your primary bank. While only one-quarter to one-third of Big Bank customers are experiencing a positive overall relationship, almost half are likely to continue to use the same institutions. Are we at a tipping point? Community and regional banks, along with credit unions, are providing consumers with more information, help, and tools to make informed financial decisions – will these initiatives combat the historical inertia?

The bottom line: Big Banks will need to make real changes to earn back the trust of their customers. Even more, they'll need to do it quickly before a regional competitor, community bank, or credit union figures out how to make it simple for customers to switch to partners who provide an exceptional customer experience.

TABLE 1 LIKELIHOOD TO CONTINUE TO USE "How likely are you to continue to use [BANK] as your primary bank in the near future?" Base: Uses a primary bank
	Total Banks &  credit  unions	Bank of  America	JP Morgan  Chase	Wells  Fargo/ Wachovia	Credit  Unions  (All)	Banks  excluding  credit  unions
	%	%	%	%	%	%
EXTREMELY/VERY LIKELY (NET)	62	40	46	54	87	58
Extremely likely	37	14	26	24	61	34
Very likely	25	25	20	30	26	24
Likely	23	31	33	24	10	24
NOT LIKELY (NET)	15	29	21	22	3	17
Somewhat likely	12	20	18	16	1	14
Not at all likely	3	9	3	6	2	4
Note: Percentages may not add up to 100% due to rounding

TABLE 2 TRUSTWORTHY RELATIONSHIP "How would you rate [BANK] at ensuring a trustworthy relationship with you?" Base: Uses a primary bank
	Total Banks &  credit  unions	Bank of  America	JP Morgan  Chase	Wells  Fargo/ Wachovia	Credit  Unions  (All)	Banks  excluding  credit  unions
	%	%	%	%	%	%
EXCELLENT/VERY GOOD (NET)	48	25	33	37	74	45
Excellent	22	7	13	12	33	20
Very good	27	18	21	26	41	25
Good	33	37	34	35	22	34
FAIR/POOR (NET)	19	38	33	27	4	21
Fair	14	26	25	19	4	16
Poor	5	12	8	8	*	5
Note: Percentages may not add up to 100% due to rounding; * indicates less than 0.5%

TABLE 3 VALUING YOU AS A CUSTOMER "How would you rate [BANK] at valuing you as a customer?" Base: Uses a primary bank
	Total Banks &  credit  unions	Bank of  America	JP Morgan  Chase	Wells  Fargo/ Wachovia	Credit  Unions  (All)	Banks  excluding  credit  unions
	%	%	%	%	%	%
EXCELLENT/VERY GOOD (NET)	47	24	34	34	72	43
Excellent	21	5	12	11	33	20
Very good	26	19	23	24	39	24
Good	31	34	35	36	19	33
FAIR/POOR (NET)	22	42	30	30	9	24
Fair	17	28	25	20	9	18
Poor	5	15	5	10	*	6
Note: Percentages may not add up to 100% due to rounding; * indicates less than 0.5%

TABLE 4 OVERALL SATISFACTION "How would you rate your overall satisfaction with [BANK]?" Base: Uses a primary bank
	Total Banks &  credit  unions	Bank of  America	JP  Morgan  Chase	Wells  Fargo/ Wachovia	Credit  Unions  (All)	Banks  excluding  credit  unions
	%	%	%	%	%	%
EXTREMELY/VERY SATISFIED (NET)	47	27	31	34	73	44
Extremely satisfied	19	6	12	13	28	18
Very Satisfied	28	21	19	21	45	26
Satisfied	31	32	37	41	18	32
SOMEWHAT/NOT AT ALL SATISFIED (NET)	22	41	32	24	10	24
Somewhat satisfied	18	30	29	17	10	20
Not at all satisfied	4	10	2	7	-	4
Note: Percentages may not add up to 100% due to rounding; "-" indicates no response

Methodology

This Harris Poll was conducted online within the United States between October 10 and 17, 2011 among 2,463 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.

Social media analysis was conducted online using both Facebook page-level statistics as well as data from Harris Interactive's Research Lifestreaming panel.  Research Lifestreamers are Harris Poll Online panelists who have given us permission to listen in to their private conversations on their social networks.  50,411 Lifestreamers were observed during the time period of9/1/2011 - 10/20/2011.  

These statements conform to the principles of disclosure of the National Council on Public Polls.

The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.

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Q910, 920, 925, 930

The Harris Poll® #115, November 3, 2011 
By Carol M. Gstalder, EVP, Market and Customer Insights, Harris Interactive