First Data Corp. reported increase revenues of $2.7 billion for the third quarter, up 4 percent from a year ago, and a net loss of $54 million for the quarter, down from $431 million a year ago. The news was tempered by First Data signing an agreement with Mutual of Omaha Bank to provide merchant processing services to the bank’s customers around the United States and second big announcement.
On Sept. 19, 2011, Google launched the first version of the Google Wallet, an app that enables consumers to transform their phone into a virtual wallet, enabling them to tap, pay and save money and time while shopping. Google Wallet also enables businesses to strengthen customer relationships by offering a faster, easier shopping experience with relevant deals, promotions and loyalty rewards. The First Data Trusted Service Manager (TSM) solution enables over-the-air provisioning of payment card credentials to Google Wallet. Additionally, the Google Prepaid Card is powered by Money Network, and First Data is helping to drive adoption of the wallet and contactless acceptance, especially among small merchants.
While the Google Wallet has yet to demonstrate wild success, it remains a bright point for First Data because it shows the company is working on opening up new markets and keeping up with technology.