US Bank 2012 Annual Report Download - page 18

14 U.S. BANCORP
A Rich Heritage | A Strong Future
Powering Payments and Commerce
Around the World
U.S. Bancorp has positioned itself in the payments space
to take full advantage of a recovering economy. From
global merchant acquiring, to card processing, to mobile
payments, to the burgeoning prepaid marketplace, we
have continued to invest in new opportunities and new
partnerships at home and around the world. As tens of
millions now use their smartphones and tablets to keep
their social, shopping, browsing and work worlds close at
hand, we have taken an aggressive approach to developing
services that meet their banking and payment needs. The
latest in a history of successful market moves, including
expansion into Mexico in 2010 and Brazil in 2011, is our
February acquisition of Collective Point of Sale Solutions
Ltd. (Collective POS) in Toronto, Canada. The deal
expands Elavon’s presence and distribution network in
Canada and aligns with Elavon’s global growth strategy.
Mobile payments for small merchants now a big business
As consumer adoption of mobile technology drives a
demand for business innovation, U.S. Bank and Elavon
continue to explore and pilot innovative mobile payment
options that will bring value to cardholders and businesses
accepting payments. The flood of mobile payment innova-
tions has created new, organic growth opportunities with
“micro-merchants.” These small, independent businesses
have, historically, not been able to consider credit card
acceptance through traditional payment programs, but
mobile solutions are changing their options. Elavon is at
the forefront of developing industry leading options that
enable commerce for small and independent business
owners. Last year, Elavon was first to market in Europe
with an EMV- (Europay, MasterCard, Visa) enabled chip
and PIN security mobile payments option. Similarly,
Elavon launched VirtualMerchant Mobile in the United
States in 2011, providing our distribution partners a
competitive solution offering. Our internal talent and
innovation, and working with leading technology firms,
app developers and major card companies, position us
to develop viable mobile payment solutions that benefit
everyone across the payments life cycle.
U.S. Bank prepaid cards: a customer convenience, a growing business
U.S. Bank continues to enhance its prepaid card business with a number of
card options for a wide range of customer segments, all with competitive pricing
and superior features. Convenient Cash, was rated #1 in lowest cost prepaid
card for customers by nerdwallet.com allowing free cash loans at U.S. Bank
branches and free cash withdrawals at U.S. Bank ATMs. U.S. Bank’s AccelaPay®
Visa Card is designed to replace costly paper paychecks. Employers deposit
funds to the card each pay period, similar to direct deposit, and employees
can access their funds in multiple ways. Both employer and employee gain
convenience, safety and security. U.S. Bank recently launched a true, all-in-one,
campus ID and prepaid Debit MasterCard.
®
Colleges and universities reduce
operating costs for financial aid disbursement, and students enjoy the conve-
nience, worldwide transaction capability and mobile banking functionality
integrated into their student ID card. This innovative product allows us to
expand beyond our traditional U.S. Bank footprint. Paybefore chose U.S. Bank’s
Contour Campus Card as a 2013 Paybefore Awards winner in the “Most Effective
Solution” category.
Scan the cards and
see why U.S. Bank is
going back to school.