Dorado Trend Watch Q3 2011

TrendWatch 2.0
Q2 2011
Payments System Industry
Synopsis

Notice: Materials contained in this document are drawn from several media sources and Dorado Industries is not responsible for their accuracy. Opinions expressed
herein are presented without warranty. Brand names are the trademarks of their respective service offerors.

Random Thoughts
"People, I just want to say, you know, can we all get along?" “Don't look back. Something might be gaining on you.”
Rodney King, May 1, 1992 Satchel Paige
If TrendWatch 2.0 followed and commented on the consumer Seems to us that the industry ignores Mr. Paige’s sage advice all too
electronics or alternative energy industries we would often cite often. For instance, we pilot new payments solutions and form factor
Moore’s law and his observation that the rate of technology changes so long that the competition swoops in and captures the
advancement doubles every two years. Stuck as we are with the flag (e.g., Arco PayPoint PIN debit).
electronic payments industry, we’re not so privileged. Instead
We have “field tested,” “trial ballooned,” and jaw-boned ACH
we continually wonder “what’s taking so long?”
interchange for decades while unregulated payments schemes (e.g.,
Take same-day ACH processing for instance. Here we sit a bit PayPal) have made a fortune settling ad hoc transactions; so much
more than one year since the FedACH SameDay Service has so, that WEB , TEL, POP and POS are the system’s fastest growing
been available and fewer than fifty FIs are engaged while the Standard Entry Class Codes.
UK’s Faster Payments Service has been met with broad
It probably follows then, that when the payments industry is handed
acceptance and huge volumes.
a huge opportunity to fast-track new payments on the coattails of
EMV and its associated chip-and-PIN solution to card fraud meteoric smartphone adoption rates, we would spend most of our
flourishes throughout the developed countries of the world but is time looking over our shoulder. Don’t bother; we know who is
stone walled in the U.S. despite its demonstrated ability to deter gaining on us – a group of profit motive-driven, greased-lightening
crime at ATMs and in merchant checkout lanes. players like Google, PayPal, Facebook, Apple, and Isis.
Meanwhile, mobile handset telephones for merchant payments Hopefully we’re not waiting for someone to deliver a mandate
and P2P transfers are becoming commonplace in Europe and because if that’s the case, we’re toast.
Asia while U.S. consumers are fed morsels of RFID and SMS
What would Jobs do?
options with limited acceptance points and meager functionality.
“Mandate” is a word that bristles our industry yet it appears that
mandates may be what it’s going to take to bring the U.S.
electronic payments industry into the current millennium.
Unfortunately, it appears that collaboration just doesn’t work
anymore. And, since ubiquity is required to make our systems
work, we either have to “all get along” or bow to mandates. Sad
but true.
Dorado Industries Thanks for the ride, Steve! (310) 544-1316
655 Deep Valley Drive, Suite 125-P jmacallister@doradoindustries.com
2
Rolling Hills Estates, CA 90274 www.doradoindustries.com

Table of Contents

2011 Predictions 4
TrendWatch Scorecard/Summary 5
2011 Payments Industry Yields 6
Interesting Quarterly News That Got No Respect 7
New Names to Watch 10
Q2 M&A/Investor Activity 11
Useful Links for More Information 16
Back in the Day 17

Dorado Industries (310) 544-1316
3

2011 Predictions

• Despite good efforts to the contrary and Visa’s plan to support dual interchange schedules, exempt debit card
issuers will suffer major product profitability declines as a consequence of Durbin.
Mar. Won’t know until the end the year. Sit tight.
Jun. Fed’s final rules changed things somewhat by raising the floor and putting the industry on notice that big brother will be watching.
Sep. Already happening as networks lop off 15-20 basis points here and there while kicking up the small ticket fees. Nobody happy.
• A major retailer will take first-mover action to propel mobile payments out of its holding pattern in cottage industry
land – doesn’t include early players McDonald’s, Starbucks, Coca Cola, or Jack in the Box.
Mar. Major retailers at the Alternative Payments Systems Innovation conference stated that they wanted lower costs, shorter lines,
strong security, dial tone reliability, easy implementation, and low maintenance in mobile payments. A tall order; might not happen this
year.
Jun. Now that the Fed has reneged on its first Durbin offer, it’s likely that retailers will move on with mobile.
Sep. Press releases popping all the time with this or that retailer joining Google or Isis. No full-blown movement yet.
• Isis, the mobile payments consortium, will launch to a lukewarm response.
Mar. Didn’t see any skyrockets when Isis announced its 2012 (really?) transportation pilot in Salt Lake City.
Jun. Yet another change of direction announced – entering Austin market for pilots. We see the term “flip-flop” being used a lot.
Sep. Isis may actually get stronger through its “heads or tails” approach. Google launch delay has allowed time for others to re-think.
• Major retailer profits will grow in the second half of 2011 but we will not be able to cite Durbin as the reason. (And,
if the issue is raised, the MPC will brush it off.)
Mar. Waiting to see what happens in Q3 and Q4.
Jun. Fed Chairman poured cold water on this prediction.
Sep. Heartland’s “Durbin Dollars” report is pretty clever and suggests that the money is flowing in already. Where it’s going isn’t clear.
• Having lost the pricing advantage between their products and POS debit, two providers of alternative payments
schemes will fold or sell out cheap.
Mar. Again tied to the Fed’s final rules – which won’t be ready by April 21 as required. Nice.
Jun. Three on a match! FaceCash and Bling Nation shut down to “re-think” their business models. Tempo is both in a ditch and
liquidating.
Sep. Game over.
• Starbucks will selectively open use of its proprietary prepaid card to retail partners. Target, with its 1,000 in-store
coffee facilities, might be first.
Mar. Nothing yet but it’s going to happen!
Jun. Still waiting; come on guys, it’s the next logical step.
Sep. Guys must be using too much of their decaf product. This is a slam dunk, Starbucks! If Facebook can it with Credits, so can you.
4

TrendWatch Scorecard/Summary – Q2 2011
Industry Players To Watch
Google and Partners: All may not be quite right as Google goes quiet
about NFC and Verizon balks at supporting the search engine’s wallet.
Heartland: If for no other reason to see what comes of its “Durbin Dollars”
promotion.
Positive
USPS: If it survives, the Post Office plans to do a land office business with
its prepaid gift card sales promotion during the holidays. An interesting
Mixed study in human behavior if nothing else.
Negative Visa and MasterCard: New merchant incentives will arrive Jan 2 in
preparation for the April 2012 effective date for the network exclusivity
High 1. New Payment Forms ban. Wonder how much of the $576 million in incentives Visa paid to
issuers last quarter will find its way into retailers’ pockets.
Med 2. ATM Restructuring Discover: Pretty much unscathed by Durbin and its cash rewards programs
are still considered top-of-the-heap.
Low 3. POS Volume Trend “Off-brand” Mobile: Bling Nation may be gone and mPayy is now part of
another company but folks like Payfone and Billing Revolution are still
High 4. Legal/Regulatory Issues gaining respect and big shares of a shrinking PE investments pie.

Mixed 5. Prepaid Card Growth Market & Industry Situation
1 – The niche players are working the edges hard to avoid irrelevance.
Med 6. Earnings Announcements 2 – Cardtronics has become acquisitive again. – Access To Money, et al.
3 – FIs are starting to kick up their penetration, activation and usage ratios to
Low 7. Industry Investments build debit volume moats in light of Durbin. Good move.
4 – Banks and networks sued for ATM price fixing; states taking a shot at
debit card fees, etc. We sense good holiday pay-outs for attorneys.
5 – Fed’s last minute loop-hole closure is starting to hurt. Not what prepaid
is, but what it could have been.
6 – Players are hitting their numbers but putting out weak 2012 guidance
numbers; not particularly comforting.
7 – Last quarter’s investment pace came to a grinding halt as the big money
Dorado Industries moved back into gaming and device technology. So it goes. (310) 544-1316
5

2011 Payments Industry YTD Yields
What a difference a quarter makes! Our basket of payments equities gave up $3.1 billion in market
cap in Q3 while the Dow and S&P reversed their positive flows on a year-to-date basis, winding up
the first nine months of 2011 with cumulative declines of 5.7 and 10 percent, respectively. Card
brands and mainline processors were able to out-perform the indices while everyone else pretty
much took it on the chin. Troubles in both the US economy and that for Europe might suggest a
rocky Q4 as well.

Industry Player 12/31/2010 9/30/2011 Price  Cap Value  YTD 2011 Yield

Alliance Data Systems $ 71.03 $ 92.70 $ 21.67 $ 1,289.4 30.5%
Cardtronics $ 17.70 $ 22.92 $ 5.22 $ 212.5 29.5%
Discover Financial Services $ 16.68 $ 22.94 $ 6.26 $ 3,010.4 37.5%
Euronet Worldwide $ 17.44 $ 15.74 $ (1.70) $ (85.7) -9.7%
Fidelity National Information Services $ 27.39 $ 24.32 $ (3.07) $ (585.8) -11.2%
First Data (Future Use)
Fiserv Inc. $ 58.56 $ 50.77 $ (7.79) $ (1,214.5) -13.3%
Global Cash Access Holdings $ 3.19 $ 2.56 $ (0.63) $ (48.6) -19.7%
Green Dot $ 56.74 $ 31.32 $ (25.42) $ (1,035.9) -44.8%
Heartland Payment Systems $ 15.42 $ 19.72 $ 4.30 $ 160.8 27.9%
Jack Henry & Associates $ 29.15 $ 28.98 $ (0.17) $ (14.3) -0.6%
MasterCard Worldwide $ 224.11 $ 317.16 $ 93.05 $ 12,040.7 41.5%
NetSpend $ 12.82 $ 5.14 $ (7.68) $ (674.2) -59.9%
Online Resources $ 4.65 $ 2.55 $ (2.10) $ (62.4) -45.2%
TNS $ 20.80 $ 18.80 $ (2.00) $ (50.2) -9.6%
Total System Services $ 15.38 $ 16.93 $ 1.55 $ 306.0 10.1%
Visa $ 70.38 $ 85.72 $ 15.34 $ 12,976.1 21.8%

Sources: Company releases, Morningstar.com, Bloomberg.com
2011 YTD yield excludes dividends; based on 9/30/11 and 12/31/10 closing prices
6

Interesting News This Quarter
Subject Source/Date Substance
Google PaymentsSource • Those of us who believe mobile wallet is far less about payments than it is about offers won a
October point when Google launched its “Featured Offers” service that includes only those discounted
products and services that are unique to the Google wallet. And these offers ain’t chump change
either; 10 to 15 percent off a basket of goodies at American Eagle, Macy’s and other swank
shops.
Tagattitude PaymentsSource • If you were amused by last quarter’s note regarding Zoosh by Naratte, here’s another chuckle.
October Like Zoosh, France-based electronic transactions provider Tagattitude has introduced a TagPay
application that uses sound to generate a one-time password at inaudible frequencies. The
scheme currently works between smartphones or devices lacking NFC capabilities. Presently
designed for the closed-loop market, plans for adaptation for use in the branded world are afoot.
May not work well in pet stores or concession stands located at city zoos. The PaymentsSource
article includes a priceless quote from Gareth Lodge, a Celent analyst, “debit cards are the
overnight success that took 20 years to happen.” No truer words.
NYCE Payments Network, Paybefore News • Its been quite a while since the announcement of a bilateral networking agreement has been
LLC and LINK July published without reference to China UnionPay. This quarter, there were two. NCYE, the
network owned by FIS, and LINK, the UK payments network, agree to mutual ATM access.
Both networks insist that the agreement is designed to better customer service for their respective
users. Guess Plus and Cirrus weren’t cutting it.
PULSE and NETS BusinessWire • On the heels of the NYCE/LINK announcement PULSE, the ATM and POS network owned by
October Discover, announces an ATM sharing arrangement that also enables NETS’ 285 member
institutions to utilize PULSE for PIN debit transactions. The agreement also extends to ATM use
in the ten-state market held by NETS for Discover and Diners Club cardholders.
Online Virtual Good Fraud WSJ • Concern about fraud rearing its ugly head in online transactions was first raised by TrendWatch
July three years ago. Back then, we were concerned by stolen credit cards being used at online
gambling sites. Now we know that fraudsters are moving on to virtual goods purchased at non-
gambling sites using stolen cards then sold at discounts at any number of secondary market
websites. For instance, Cybersource announced at 1.9 percent of all online digital goods sales
involved fraud. This compares unfavorably to 1.1 percent fraud experience posted by physical
goods sellers. Just a word to the wise.
7

Interesting News This Quarter – Continued
Jumio PaymentsSource • Jumio is another one of those start-up companies doing the best it can to conquer the challenge of
July online payments fraud. Its Netswipe system launched in July using a consumer’s webcam to verify that
a shopper has a valid payment card before allowing a transaction to occur. The basic concept is that of
converting the webcam into a card reader in an attempt to shift fraud liability away from the accepting
merchant. Thus far, the card companies have yet to agree and transactions handled by Jumio’s
technology remain card-not-present for pricing and fraud risk purposes. Two side benefits of the
Netswipe system are a proven reduction in the number of “false positive” fraud hits when the app was
subjected to side-by-side testing and halving of the cart abandonment rate in the same type of trial.
Smile for the camera, Peggy.
Google PaymentsSource • Had to happened sooner or later department. Google has entered the credit card market albeit in a
July limited way. The search engine (and self-professed digital wallet guru) now offers a co-branded,
limited purpose credit card dubbed “AdWords Business” in the hopes that the targeted segment of
small retailers will use the card to pay for AdWords promotions and other business-related purchases.
World Financial Capital Bank, an ILC owned by Alliance Data Systems, is the co-branding FI. One
small step for Google, one giant leap for whom? Ah, Google.
MasterCard American Banker • The rationale behind the acquisition of the TravelEx Card Program Management division by
August MasterCard seemed a bit murky at first but now we have been given some clarity. The business unit
has been rebranded as “Access Prepaid Worldwide” and Debra Janssen, already the group executive
for MasterCard’s Integrated Processing Solutions division has been given a bigger hat to wear. Now, in
addition to the payments technology she already leads, Ms. Janssen will apply her very capable skills to
the task of earning a piece of the entire prepaid card value chain for MasterCard. Big job.
FIS CU Times • What started out as footnote to the company’s quarterly earnings report in May appears to have taken
August on a life of its own. Seems that the major transaction and core systems processor FIS has experienced
a $13 million loss due to unauthorized activities associated with its Sunrise prepaid card processing
system. Apparently cyber thieves were able to increase or eliminate the withdrawal limits for a mere 22
prepaid cards which they then cloned and distributed to “associates” all across Europe, Russia and the
Ukraine. “Investigations remain on-going” says the August information update. We’re sure that’s the
case. If the loss winds up being uninsured, FIS shareholders will take a 3¢ per share haircut.

8

Interesting News This Quarter – Continued
Prepaid card industry in Paybeforelegal • The few of us business people who are still California residents have got to wonder why we bother. The
California Others Sacramento legislature’s latest hare-brained idea was to put a stake through the heart of employers opting to
September pay wages to employees not having bank accounts with prepaid payroll cards. CA S 931 would have
required employers to offer a host of free services including: a replacement card every year, four free ATM
withdrawals per pay period in network and one free withdrawal per pay period out of network, two free POS
transactions per pay period, three free telephone calls to a live customer service representative per month,
and so on. Fortunately, Governor Jerry Brown (“Moonbeam” to his closest friends) vetoed the bill but left
the door open for Sacramento to give it another try next year. Need to check out the closest Ryder location.
China UnionPay Finextra • Retail Banking Research reports that China UnionPay is now larger than Visa based on the number of cards
August in circulation. CUP holds a slight advantage with 29.2 percent share. Not bad for a payments scheme that
began operations a scant nine years ago; particularly when you consider that 99 percent of CUP’s cards are
held by Chinese citizens. Note to merchants: 60 million Chinese traveled abroad last year.

Gitanjali Group Fox News • No one seemed particularly amused when the first gold-dispensing ATMs were launched in Dubai and Boca
October Raton earlier this year so perhaps the announcement made by Gitanjali Group will be a yawner too. The
global manufacturer of branded jewelry has opened an ATM in a high-end shopping mall in Mumbai, India
that dispenses diamond-studded pendants along with your run-of-the-mill gold coins and such. The company
plans to roll out 75 of the devices throughout India in malls, airports and Hindu temples. Interchange pricing
must be interesting.
Office Depot BusinessWire • Office Depot partners with payments ISO Century Payments to offer merchant services processing for small
October and medium-sized businesses. Century is led by a group of ex-Chase Paymentech executives with over 100
years of combined merchant services experience. Office Depot isn’t the first retailer to enter the payments
fray (e.g., Costco) but their B2B approach looks pretty intriguing.

Google Various • It’s one thing to pilot a new form of payments; it’s quite another to test your new widget in exactly the same
September space as someone else. No matter, that’s what Google has decided to do with its announced launch of its
wallet targeted at the NJ transit system – precisely the same field Isis plans to plow in Salt Lake City. Excuse
me, but why? How about testing in a market where no one’s playing, learn from that Petri dish and learn
from what the other guys experience in their pasture. It’s not like Isis intends to keep the results a secret and
finding out how things went shouldn’t be tough. Lots of noise, it worked. Crickets, it didn’t. Seriously, guys.
9

New Names to Watch

FinovateFall 2011 was held in San Francisco in early September. Sixty-four companies presented seven minute
demos (no PowerPoint slideshows) of their emerging financial services products. Here, courtesy of our friends at
Payments Views (Glenbrook Partners consultancy) are snippets on those companies we consider to be up-and-
comers.

Firm/Product Highlights

• Merchant funded rewards linked to cards
Cartera Commerce • Banks promote the rewards on statements and at portal sites
• Redemption happens when the consumer uses the linked card

• In the news for the past year
BankSimiple • Picking up partners and processors
• Online and mobile app approach to low-cost, uncomplicated banking

• Works with banks and card issuers to direct consumers to sources of cash or to load cash on cards
Fuze Network • Allows consumer to make cash deposits to a traditional debit card
• Enables merchants to use POS terminals to process cash bill payments

• Bill payment website with immediate funding for consumers short of cash
BillFloat
• Used as an alternative payment form when integrated with billers or Billeo bill payment service

• Uses mobile phones for out-of-band authentication
Authentify • Links a bank with its customer’s mobile unit to permit confirmation
• Also available in a desktop version
• Debt burden reduction service
ReadyForZero • Guides consumers to organize and accelerate repayments
• Can assist banks in their efforts to collect delinquent accounts
10

M&A/Alliance Activity

Buyer/Investor Target Payments Emphasis Possible Strategy
Yorkshire Building Citibank Egg Holdings Banking portfolio In its scurry to shed non-strategic assets, Citibank
Society agrees to sell what was left of its 2007 acquisition
of Egg Banking plc after having already sold off
the credit card portfolio to Barclay’s earlier in the
year. Yorkshire acquired a £2.5 billion savings
book and £430 million in mortgages for what
appears to be pocket change.
Advent International Oberthur Technologies Card systems unit Advent International adds another arrow to its
payments system quiver by acquiring 90 percent
of Oberthur’s cards systems and identity divisions.
The pick up extends Advent’s reach globally and
particularly in Latin America. Companions in
Advent’s portfolio include RBS WorldPay, Fifth
Third and Cetip (Brazil).
Capital One HSBC US card and retail services business Capital One pays an 8.75 percent premium from
lines $30.4 billion in receivables from HSBC, the
global financial player currently facing pressure
from regulators and its respective markets.

IA Ventures, BankSimple Streamlined financial services BankSimple founder Joshua Reich raises another
Shasta Ventures and $10 million for continuation of efforts to build out
Returning firms his dream of a simplified approach to financial
services. Concurrently, the company announced
additional relationships with Visa, Bancorp Bank,
and CBW Bank. The trio joins other BankSimple
players TxVia and Allpoint.
11

M&A/Alliance Activity - Continued
Cardtronics Access To Money ATM ISO Cardtronics adds 10,350 ATMs to its already huge fleet
of devices for total consideration of $21.2 million.
Timing is everything, they say. TRM, the predecessor
company to Access To Money, paid $150 million to
eFunds Corporation to purchase these devices (17,000 in
number at the time) in 2004.
Mohr Davidow Kabbage Working capital financier for New and returning investors raise $17 million for start-up
Ventures, online merchants Kabbage, increasing outside capitalization to $23.7
BlueRun Ventures,
others million. Kabbage makes advances to merchants selling
goods online including those on eBay and Yahoo!
Scheduled future additions include Facebook, Etsy, and
Marketplace at Sears.com. PayPal is used to pushed
approved advances to Kabbage merchants.
GTCR BankServ FI money transfer and payments BankServ recently (9/10) acquired NetDeposit, the check
solutions electronic capture, storage and settlement firm and has
now been acquired by GTCR for $150 million. GTCR
has also committed a similar amount for add-on
acquisitions and expansion. BankServ takes GTCR into
500 banks located in 52 countries.

Aksoy Internet Tinypay.me Simplified online merchant So, here’s a geographic trifecta; Turkey-based investment
Ventures services firm Aksoy puts up $1.0 million to facilitate relocation of
Netherlands-based Tinypay.me to Silicon Valley.
Tinypay.me claims to enable sellers to extend payment
services to buyers through execution of a single-page
form. Twitter and Facebook are the marketing platforms
and PayPal is the settlement system. Seems like a lot to
pay to relocate. Guess U-Haul was out of trucks.
12

Google Zave Networks Mobile couponing tool Google continues to expand its presence in the mobile
wallet space by purchasing start-up Kansas City
company Zave Networks. Zave allows consumers to
load discounts from social media websites and emails
while also enabling merchants to offer enhanced
couponing across multiple UPCs and SKUs. This
acquisition comes on the heels of Google’s purchase of
Punchd, a punch-card loyalty promotion tracking firm.
CO-OP Financial Financial Service Credit Union shared branching The credit union shared branching segment has been
Services Centers Cooperative dominated by two competitors for decades; now FSCC
and CO-OP Shared Branching are merging to form a
common network consisting of 4,300 branches and
2,200 advanced function kiosks. The merger creates the
fourth largest branch network in the country behind the
three largest commercial banks. FSCC executives will
remain with the merged organization to drive strategy,
operations and marketing.
American Express Sometrics Virtual currency engine AXP acts to strengthen its Serve digital payments play
by paying $30 million for Sometrics, a respected virtual
currency enabler in the electronic games realm.
Coupled with AXP’s earlier partnerships with
Foursquare, Facebook, and Zynga, the traditional high-
end magnetic stripe card issuer is investing heavily in
virtual currency intellectual property. Wonder why.

13

ACI Worldwide S1 Corp. E-commerce At last, the jousting match is over and we have a winner!
ACI agrees to pay $520 million for S1, a marquee offeror
of enterprise software with an emphasis on debit. The
price paid is roughly 35 percent higher than ACI’s initial
bid sixty days ago. Buying S1 further strengthens ACI’s
grip on the Latin America and Africa markets.
TransFirst Solveras Payments ISO TransFirst pays an undisclosed amount for one of its large
ISOs in a forward integration move made popular late in
the last decade.
Index Ventures, others iZettle Mobile POS scheme Swedish start-up iZettle lands $11.2 million in Series A
funding. iZettle offers small businesses a secure remote
POS app for smartphones. Unlike some of the others in
this space, iZettle allows merchants to accept chip-
enabled cards and has been approved by EMV and
certified to be PCI compliant. Funds will be used to
expand outside of Sweden; naturally, the U.S. is on its
roadmap.
Khosla Ventures, BillGuard Crowdsourced card fraud Despite not having found a way to monetize its credit and
Innovation Endeavors, protection system debit card fraud protection system as yet, BillGuard raises
Founders Fund $10 million in Series B funding. BillGuard is currently
free for consumers to use while the company is exploring
the notion of having large banks offer the service on a
per-customer basis. For banks scrambling to build new
value in their deposit and credit relationships, this sounds
like a pretty good idea.

14

Blackhawk Network Cardpool Prepaid card acquisition and Initially backed by Mitch Kapor (of Lotus Software
trading site fame), Cardpool competes with the likes of Plastic Jungle
for the issuance and trading of prepaid gift cards.
Blackhawk Network paid an undisclosed amount to
extend its already-expansive footprint in the prepaid
distribution space.
SVM LP GiftZip.com Digital gift card player In another example of prepaid gift card industry scurrying
about, SVM, a supplier of petroleum and retail gift cards
to businesses, make a forward integration move by
acquiring the consumer-facing e-gift card website
GiftZip.com. GiftZip supports all the major online and
brick and mortar retailers. This move supports the notion
that being in the prepaid arena may require that the
survivors build internal symmetry by being involved on
both the issuer and acquirer side of things.

15

Useful Links for More Information
We threw a lot of new names out again this quarter. Here’s a list of links for you to
learn more.

Company Role Link
GiftZip Consumer prepaid card exchange www.gfitzip.com

BankSimple Streamlined online banking www.banksimple.com

China UnionPay World largest card scheme En.unionpay.com

Tagattitude Sonic based POS system www.tagattitude.fr

Jumio CNP system using webcams https://pay.jumio.com

ReadyForZero Consumer debt reduction system www.readyforzero.com

Authentify Out-of-band authentication www.authentify.com

BillGuard Fraudulent transaction tracker www.billguard.com

BillFloat Immediate credit lending for consumers www.billfloat.com

16

Back in the day!

Twenty-one plus years ago two young
payments consultants wandered into
a 420# blue marlin were they were
eating lunch in the cockpit of a 28 foot
cruiser in the East Cape region of
Baja California. Four hours later, the
deed was done.

Lesson learned: sometimes skinny
guys get all the luck!

17

Dorado Trend Watch Q3 2011

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