Dorado Trend Watch Q1 2012

So, how do
you like them
apples?

TrendWatch 2.0
Q1 2012
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
“Payments is Payment$!” So, when reading through the literature or watching the high-
Amen. Jack Henry & Associates gets it. By separating priced demos of digital wallets offered by Google, Isis, and
performance reporting of its electronic payment services unit, others, we wonder what happened to clean and simple? Of
the core processor was able to identify the 11 percent revenue course comparison shopping, location based coupons, and in-
boost payments brought to the enterprise last quarter. Clean aisle ordering offer lots of sizzle and convenience but are they
and simple. really necessary? Might they prove to be use case hurdles that
Apparently the clean and simple approach is starting to re- actually prevent reaching the Holy Grail – ubiquitous
resonate with others too. When BillMyParents first launched, deployment and acceptance of mobile payments? Just asking.
its plan was to disrupt the traditional payments system by “WTF?” Part 2
providing parents with a way to approve or veto a child’s WTF Part 1 was published in TW 2.0 in June 2010 and
purchases through an online system, one which had to be questioned the wisdom of selecting the Federal Reserve to
integrated with participating merchants’ systems. Now the interpret the flawed logic found in the Durbin Amendment.
company resorts to a more traditional approach, a MasterCard- The Fed proved itself worthy of the “Why The Fed?” question
branded prepaid card with ATM-disabling and merchant- in releasing its first comparative information package since
blocking capabilities. Sure, the online card-less approach had Reg. II became effective in 2011. By applying less than a
some sizzle but payments is more of a steak-and-eggs game. bushel of effort in its analysis of full year 2009 data to fourth
Then there’s our friends at Bump Technologies and the 80 quarter 2011 findings, the Fed demonstrated its lack of
million users of its person-to-person data and photo sharing understanding of the myriad interchange models operating in
app that also permitted money transfers through PayPal. Yes, signature and PIN debit networks. No consideration for step-
80 million users in three years is quite a feat. Yet, when the through or drop-through volume pricing tiers, no mention of
real money Bump could be making is in payments and that pricing differences based on market segments or acquirer
function is buried deep inside a free iPhone app, choosing volume, and no impact analysis tied to small average ticket
Bump over another P2P player (Venmo, for instance) becomes merchants and the thumping the got under Durbin. Of course,
a bit random. So, to maximize its selection as the P2P app of issuers and the ABA are clamoring for inclusion of proof that
choice, Bump has spun out Bump Pay for iPhones as a merchants are lowering prices – which we know from the
standalone offering. Again, clean and simple. experience in Australia won’t happen soon, if ever.
No doubt there will be a WTF Part 3 commentary soon.
Dorado Industries (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

2012 Predictions 4
TrendWatch Scorecard/Summary 5
2011 Payments Industry Yields 6
Interesting Quarterly News That Got No Respect 7
Q1 M&A/Investor Activity 11
Useful Links for More Information 17
Back in the Day 18

3

2012 Predictions

• Four new payments schemes designed to maximize mobile phone functionality while eliminating
the need for retailer check out lanes will proliferate – two will be launched by merchants, two from
third parties.
Mar: More entrants in the QSR, fine dining and tavern sector. Waiting on the big box guys. Late add: Intuit acquires AisleBuyer, one of
the check out lane disrupters paying between $80 and $100 million.
• CFPB or DOJ will put the buy-here, pay-here segment for automobiles and accessories out of
business.
Mar: Looks like CFPB is using the shotgun approach - 10,000 notices to companies have been issued in the first six months of its
existence! Annual report was issued March 31, 2012. Worth a quick read at:
http://files.consumerfinance.gov/f/201204_cfpb_ConsumerResponseAnnualReport.pdf
• At least one of the top ten FIs will be merged out.
Mar: Nothing yet but it’s still early.
• Congress will turn its back on efforts to repeal Durbin and/or materially alter Dodd-Frank.
Mar: Looks like Congress won’t have to do anything despite certain GOP candidates claiming they intend to repeal Durbin.
• American Express will prevail in its suit with DOJ.
Mar: The longer the suit continues, the better this prediction looks.
• By yearend, China UnionPay’s base of cardholders will be 120 percent of Visa’s.
Mar: Could happen. After all, who would have thought AMEX volume would have topped MasterCard’s in 2011?
• Nokia’s partnership with Microsoft will save it from extinction.
Mar: Nokia’s still in the game and swinging for the fences. Microsoft is trying mightily to make the deal work.

4

TrendWatch Scorecard/Summary – Q1 2012
Industry Players To Watch
V/MA and EFT Networks: Durbin exclusivity ban now in effect; where
the debit volume flows is anybody’s guess.
Merchants: The March 2, 2012 WSJ article about merchants wanting to
play in mobile payments sounds provocative.
Positive CFPB: The 2011 Annual Report covering the first six months of operation
is now published. Doesn’t look like there’s a safe harbor anywhere close.
Mixed
Inuit: Quietly and quickly back on the payments acquisition trail.
Negative P2P Payments Leaders: Though not convinced of the P2P business case
ourselves, overlooking the plethora of players – legacy payments players to
High 1. New Payment Forms start-ups – might not be prudent.
Virtual Currency Players: Zynga is the leader but keep an eye on
Low 2. ATM Restructuring Facebook, PlaySpan, and Zeevex. Unregulated aggregators like PayPal,
WU, and Amazon Payments could play pivotal roles in linking cyber and
Med 3. POS Volume Trend real world currencies.

High 4. Legal/Regulatory Issues
Mixed 5. Prepaid Card Growth
Market & Industry Situation
Med 6. Earnings Announcements 1 – Merchants entering the mobile wallet fray? Times are a-changing.
2 – Mobile looks like its creeping into the ATM space albeit cautiously.
Low 7. Industry Investments 3 – Q1 is always slow. Moves by issuers to stimulate volume helped some.
4 – Folks just can’t get over the fiasco left by Durbin; expect more litigation.
5 – Several bankers like the notion of GPR as an option for younger
demographics. Let’s see if CFPB or FTC get wind of it.
6 – Early advisories suggest better times are ahead for a few; most will be
flat.
7 – Q1 VC funding down 19 percent year over year. Everyone is planning
on waiting to see how well the Facebook IPO goes we think.
5

2012 Payments Industry YTD Yields
Another great quarter for our basket of payments industry equities! Payments players out-
performed the Dow and S&P yet again – well most, anyway. Our two prepaid debit players continue
to be Durbinized while just about everyone else out-paced the Dow’s 7 percent gain and the 11
percent uplift posted by the S&P. Then again, Apple closed at $26.25 on its opening day in 1984
and continues to knock the socks off investors as it allegedly flirts with mobile payments. We’ll see.

Industry Player 12/31/2011 3/30/2012 Price  Cap Value  YTD 2012 Yield

Alliance Data Systems $ 103.84 $ 125.96 $ 22.12 $ 1,316.1 21.3%
Cardtronics $ 27.06 $ 26.25 $ (0.81) $ (33.0) -3.0%
Discover Financial Services $ 24.00 $ 33.34 $ 9.34 $ 4,491.6 38.9%
Euronet Worldwide $ 18.48 $ 20.89 $ 2.41 $ 121.5 13.0%
Fidelity National Information Services $ 26.59 $ 33.12 $ 6.53 $ 1,245.9 24.6%
First Data (Future Use)
Fiserv Inc. $ 58.74 $ 69.39 $ 10.65 $ 1,660.3 18.1%
Global Cash Access Holdings $ 4.45 $ 7.80 $ 3.35 $ 258.3 75.3%
Green Dot $ 31.22 $ 29.91 $ (1.31) $ (53.4) -4.2%
Heartland Payment Systems $ 24.36 $ 28.84 $ 4.48 $ 167.6 18.4%
Jack Henry & Associates $ 33.61 $ 34.12 $ 0.51 $ 42.8 1.5%
MasterCard Worldwide $ 372.82 $ 420.54 $ 47.72 $ 6,175.0 12.8%
NetSpend $ 8.11 $ 7.76 $ (0.35) $ (30.7) -4.3%
Online Resources $ 2.42 $ 2.85 $ 0.43 $ 12.8 17.8%
TNS $ 17.72 $ 21.73 $ 4.01 $ 100.7 22.6%
Total System Services $ 19.56 $ 23.07 $ 3.51 $ 692.9 17.9%
Visa $ 101.53 $ 118.00 $ 16.47 $ 13,932.0 16.2%

Sources: Company releases, Morningstar.com, Bloomberg.com
2012 YTD yield excludes dividends; based on 12/30/11 and 3/30/12 closing prices
6

Interesting News This Quarter
Subject Source/Date Substance
Tabbedout Press Release • Coming to a table near you, but not too soon. Tabbedout, the startup payments and settlement
April provider occupying the bar and restaurant niche has expanded into Houston and the Dallas-Fort
Worth metroplex. Tabbedout’s mobile application provides diners and imbibers the option to
settle their tabs without handing over their debit or credit card information to a server. All
payment information is maintained on the diner’s phone in an encrypted and password protected
“vault.” Tabbedout claims acceptance in 400 eating and drinking establishments. Late add: TGI
Fridays has announced plans to add Tabbedout to its string of payment options, doubling the
startup’s acceptance footprint.
Mozido Press Release • Headed by ex-Citibank President and COO, Richard Braddock (also ex-Priceline CEO) Mozido
February announces the launch of its Genius Wallet(SM) in support of the company’s string of low-cost,
white-labeled financial services offerings. MoneyGram plays a role in the offering by providing
access to unbanked consumers wishing to use their mobile phones for payments. Genius Wallet
also provides advertisers with a platform for direct-to-consumer promotions. Yet another entrant
in the Wallet Wars fracas.

Amazon Price Check PYMNTS.com • What to do about Amazon’s Price Check, the bane of big and small box retailers since its launch
January in December 2010? Target has launched an effort to “encourage” its suppliers to make and
distribute products for the mega-retailer’s sole availability, putting a dent in Price Check’s
effectiveness. Time will tell if this and other retailer counter-moves will diminish the consumer
allure associated with “showrooming,” by scanning product bar codes to find the lowest possible
price. Amazon’s practice of kicking in an addition $5.00 seems tantamount to rubbing salt in
merchants’ wounds so there’s likely to be more attempts to thwart Price Check’s effectiveness.
Facebook Finextra • The Facebook S-1 filing issued in anticipation of its IPO later this year reads like a science
February fiction novel except all of its endeavors in the payments space seem to be based on fact. For
instance, Facebook and Bango have inked a deal to provide Facebook users with mobile billing
options. Bango is a UK based mobile billing and analytics company founded in 1999 and tightly
connected to the major wireless carriers in Europe. On day one, friends will be able to bill their
purchases of FB Credits to their mobile devices. Perhaps some day soon, FB Credits could be
used to buy mobile minutes? Not that big of a stretch.

7

Interesting News This Quarter – Continued
Square Press Interview • Square, the company that started the merchant services dongle rage for small business retailers wishing
to use their iPhones as click-clack devices and avoid the need for a dedicated processor account looks to
be stepping it up a bit. COO Keith Rabois told Bloomberg recently that annualized sales volume
handled by Square for its merchants is $5 billion. All the sniping over device security has led the
company to introduce encryption and market competition has encouraged Square to start moving
merchants’ money faster. New timing commitments now result in funds processed before 5:00 p.m.
becoming available the next day. This should put some pressure on a few of the smaller dongle players.
Plink Press Release • Facebook Credits-based loyalty program, Plink, spurs on the existing movement to establish FB Credits
January as an alternative currency. FB users and friends join Plink through Facebook Connect and earn Credits
dining out or making purchases at offline retailers. Early players include Dunkin’ Donuts, Quiznos, Red
Robin and Taco Bell. Reportedly, there is no need for POS integration and the program is coupon-free.
Participating restaurants and retailers pay a percentage of the sales generated by Plink members for the
privilege of playing. Bona petit!
BOKU Business Wire • BOKU, previously noted primarily for its ability to generate considerable investment capital, takes a
February big step into “traditional” merchant acceptance through inking of a deal with WorldPay, the merchant
services processor. WorldPay’s merchants may now opt to accept BOKU payments from consumers
without credit or debit accounts. BOKU’s payments platform integrates with WorldPay merchant
systems to provide a source of carrier billing payments for consumers preferring that route. More
pressure on traditional payment methods we foresee.
Quepasa Thepaypers.com • If you’re focused on the Latino community, you’re probably aware of Quepasa, a social network and
February gaming platform that targets that segment. Quepasa has launched its own Credits program that can be
used to by network participants to enhance their status and popularity on the network by attracting
viewers to their profiles. Popularity increases are triggered by enhanced profile photographs and
messages which can be purchased with Quepasa Credits. Google Checkout (Android users) and iTunes
(Apple) provide access to Quepasa Credits which can be purchased in lots from $2.99 to $39.99
depending on the amount of popularity each user is seeking. More cyber bling bought with real world
currency.

8

Dynamics PaymentsNews • Here we go again. We ran into an interesting character nearly two decades ago who was trying to launch a
April “one card” solution. The card had buttons used to select which debit or credit card the consumer wished to
use to make a purchase. It comes as no surprise that a multi-function (“experience” is the way the new player
puts it) card would surface again since almost no idea or concept in payments is ever truly ash-canned. This
time, Dynamics has introduced ePlate, a dual button payment device which will likely generate the same
amount of interest as our old “one card” friend. “Payments is Payment$!” they say but button on a card?
Why not use your telephone?
PayPal Finextra • PayPal continues to lay down small bets on payments technology. Earlier this year it began a pilot in
February Singapore metro stations involving QR codes linked to eight merchant partners. Commuters armed with the
PayPal app can scan poster QR codes to learn about the offers being promoted and to purchase goods.
Fulfillment can be in-store or by delivery.

Barclays Press Release • Barclays launches an interoperable P2P service in the UK. Dubbed “Pingit,” the service enables all
February consumers with a deposit account to receive and send money for free by merely using the mobile telephone
number. The funds are transferred over the UK banking system’s Faster Payments service – the equivalent of
the ACH on steroids. The application is free and available for Blackberry, Apple, and Android devices. The
compelling attribute here is the interoperable nature of the offering, something the US has yet to accomplish,
PayPal notwithstanding.
NetPayment Press Release • Portland, Oregon based startup NetPayment has launched @ONCE, a real-time card-less financial network
March designed to link 2,000 financial institutions through an ACH alternative. The service enables online billers
and payment processors to verify the existence and status of checking accounts in real time or process debits
and credits, also in real time. NetPayment is a bit tight-lipped about the system but if it works as advertised it
could be a better mouse trap.
MagTek Finextra • MagTek, the world class leader in the field of card and check readers, PIN pads, and the MagnePrint
February authentication system, has jumped into the mobile payment terminal fray with both feet. Its new offering
carries the tongue-twisting handle of iDynamoEMV and enables credit and debit card acceptance on Apple
mobile products with custom mounting brackets and other devices via a mini USB connector. Data security is
provided through 3DES and DUKPT key management, as you would expect from MagTek. Mag stripe, EMV
Chip & PIN and contactless cards can be read.

9


PayPal Finextra • PayPal has teed up a serious run at Square and other small business payments acceptance organizations. The
March new PayPal Here program, powered in part by Card.io, features a small reader that turns any iPhone or
Android device into an acceptance terminal. In addition to swipe functionality, the embedded Card.io
relationship enables use of a merchant’s phone camera to capture credit card information for immediate
processing. PayPal Here pricing is competitive at 2.7 percent which includes a 1.0 percent cash back on
eligible purchases.
Western Union American Banker • One hundred and fifty year old company Western Union plans to leverage its brand and world-wide network
March of physical locations to capture its fair share of the online shopping market. It has launched WU Pay, a
system that enables consumers to make online purchases through existing checking accounts or in cash at
Western Union agent locations. Early acceptors of WU Pay include Sears, Kmart, Buy.com, Tiger Direct,
and others. Based on the eBillme platform acquired by WU in 2011, the service can also be used to purchase
virtual gift cards from 60 well known retailers including Home Depot, Dell, and Amazon.
WePay PaymentsSource • Online payments processor, WePay, targets the new merchants sector by claiming to be the “anti-PayPal”
February firm. WePay enables merchant users to accept debit and credit card payments with almost zero set-up time
and absolutely zero set-up cost. On the other hand, there are no discounts for volume offered. Payments
functionality is augmented by a merchant portal that provides invoicing, ticket sales, donation acceptance, and
selling applications. Merchant funds are held on deposit with The Bancorp Bank. Funds are disbursed
through direct links between merchant bank accounts and the Bancorp account or by check. Merchants can
use their WePay funds to pay other WePay merchants for goods or services. Pricing is 2.9 percent plus 30
cents – about par for the course.
American Express American Banker • The Venn diagram for Wal-Mart shoppers and American Express cardholders would result in a null set in
March virtually all cases. However, Wal-Mart has acknowledged the existence of a test involving nearly 200 West
Coast stores wherein American Express is marketing reloadable gift cards under the “bluebird” name. Like
other Amex prepaid cards, bluebird cards have no monthly fee, one free ATM transaction per month, and a
$2.00 fee for subsequent withdrawals.

10

M&A/Alliance Activity
Buyer/Investor Target Payments Emphasis Possible Strategy
Visa TrailPay Transactional advertising Visa joins others to pump $40 million into TrailPay, a five
Greylock Partners year old promoter of “free” shopping services for
T Rowe Price consumers willing to sit through advertisements for other
DA|G Ventures products. Company CEO Alex Rampell claims its
Others
services have been used by 150 million online shoppers
with 2011 posting a seven-fold gain in volume. Sounds
like online timeshare sales.
Sequoia Capital Stripe Online merchant services Sequoia plunks down the lion’s share of an $18 million
Others injection for Stripe, a PayPal wannabe. Ironically, three
of PayPal’s co-founders have invested as well. Stripe’s
pricing mechanism is straight-forward enough: 2.9 percent
30 cents per transaction. The new money brings Stripe’s
capitalization up to $20 million and its imputed valuation
to $100 million.

Monitise Clairmail Mobile banking and payments Monitise pays $173 million for Clairmail, a key
competitor with 2011 revenues of just $18 million. The
business combination gives the successor a market cap of
$700 million and a two-pronged go-to-market strategy.
Monitise systems are integrated with business partners
while Clairmail licenses its technology to Tier 1 banks.
Google TxVia Prepaid payments technology Google pays an undisclosed amount for TxVia, a
technology provider with over 100 million accounts
running on its systems. In classic Google-bashing style,
most of the reports on this significant acquisition
belabored Google’s recent mis-steps and problems
surrounding its mobile wallet offering.

11

M&A/Alliance Activity - Continued

Accel GoCardless Alternative payments service UK startup, GoCardless operates a new payments system that
SV Angel operates using the interbank transfer system in a fashion similar
Y Combinator to Iowa’s Dwolla. Three investors put together a $1.5 million
round of funding to support human and technical resources
expansion. 300 merchants have already enrolled and there’s
1,000 more in the pipeline. Competitive positioning is against
the high costs, expiration dates, and PCI compliance attributes
merchants face when dealing with Visa and MasterCard.
Green Dot Loopt Mobile and loyalty technology Green Dot acquires Loopt for $43.4 million in cash to augment
its product offerings and open up new market segments. The
logical outcome the marriage of Green Dot’s prepaid card with
the mobile functionality developed by Loopt. The Loopt
mobile app also bring with it a sense of social interaction.
Investors like us Geode Mobile wallet Now this is very cool! Geode is sleeve for iPhones that enables
users to load multiple credit /debit cards for making mobile
payments. iCache founder Jon Ramaci took his funding needs to
crowdsourcing player Kickstarter and raised $195,000 in five
days and sold 1,200 units to boot. Let’s hear it for grassroots
funding and innovation.

Advent International TransUnion Consumer credit bureau Advent International, recently a big player in payments with its
Goldman Sachs investments in Vantiv and WorldPay, branches out to acquire
privately held TransUnion, one of the US “Big 3” in consumer
credit reporting. Now, if the Advent and Goldman folks can get
along, this may be an interesting transformation to watch.

12


New Enterprise BOKU Online mobile payments BOKU brings its funding to $68 million with a Series D
Associates round of $35 million. BOKU has become an established
Telfonica Digital
player/enabler in mobile payments and boasts of its
strategic relationship with MasterCard (in prepaid
applications) and others.
DataCard DeviceFidelity NFC technology provider DeviceFidelity, already a strategic partner with Visa in that
card company’s effort to roll out an NFC mobile offering,
receives an undisclosed amount of funding from DataCard,
the secure ID and card personalization company. DataCard
will be selling DeviceFidelity’s suite of microSD products
to its large FI customer base to enable those bankers to take
a position in the mobile payments space. Dallas Venture
Partners also took an undisclosed share of the risk by
grabbing an equity stake.
Existing VC/Strategic ViVOtech NFC technology provider ViVOtech, the RFID and NFC reader company, relies on
Investors existing investors to fund $96 million in Series D capital.
ViVOtech claims to have shipped one million NFC ready
terminals to 500 domestic and international customers.
Wonder if the domestic devices will ever get used.
Groupon FeeFighters Online payments and comparison Groupon, itself still challenged to reach breakeven, acquires
shopping start-up online payments and comparison shopping
services provider FeeFighters for an undisclosed price.
FeeFighters raised $1.6 million in VC funds in January
2011. This is Groupon’s seventeenth acquisition in twelve
months. Now, if Groupon could just make a buck.

13

Western Union eBillme E-commerce WU acquired eBillme in October but kept it quiet until
Payments News outed them in December. No word on
pricing or what will become of the management team. The
brand, however, will go away. Not a bad idea to rebrand
eBillme, an also-ran in the online alternatives marathon.
eBillme’s share had declined to 2 percent in 2011 Javelin
Research estimates.
Village Ventures Zipmark Digital checkbook Currently in invitation-only beta, Zipmark enables users to
Contour Venture Partners pay bills (rent, in particular), pay friends, or pay paper
Others invoices via the web and mobile devices. Investors have
ponied up $2 million in VC funds to keep things afloat. The
service is a FinTech Innovation Lab finalist in 2011. Pretty
clever stuff but “digital checkbook?” Oxymoronic in the
extreme.
Saudi Prince Alwaleed bin Twitter Text based social network Apparently the prince anticipates that Twitter will one day
Talal measure up (or down in one case) to its other significant
holdings in Apple, News Corp and Citibank. His
investment company drops $300 million into the 140
character info sharing network. Turns out Arabic is the
fastest growing language on Twitter (who knew?) and the
service was the mainstay protest coordination tool from
Tunisia to Bahrain in 2011.
Euronet Worldwide PayNet Electronic payments EEFT continues to expand in Europe. Remember when
Euronet was named Arkansas Software? PayNet is a
relatively small (720 ATMs and 1,700 POS terminals)
payments outsourcer based in Romania and recently bought
by EEFT. Annual revenues are in the $3 million range.
14


44 Investors Ready Credit Prepaid card provider Ready Credit Corp. provides Visa and MasterCard branded
prepaid cards through self-service kiosk which also can be
used for bill payment. Forty-four investors have pooled $2.0
million for working capital purposes. One of Ready Credit’s
major products is Access Tap ReadyCARD, used for transit
and disability payments in Los Angeles County.
Undisclosed investors Scvngr Smartphone payments Scvngr/LevelUp lands $20 million in VC funds to continue
with Android or iPhone payments testing in six major U.S.
cities. The system is designed for small business and QSR
locations using smartphone-to-smartphone communications.
Funds settle through BofA. Pretty slick application but one
wonders if its scalable.
JPMorgan Chase GoPago M-commerce and payments JPMorgan Chase places another bet on m-commerce by
services making a strategic investment in GoPago, a northern
California provider of m-commerce services to 50 merchants
in Mountain View, CA, and the Hard Rock Hotel & Casino in
Las Vegas. This approach to m-commerce roulette takes the
form of Series A Preferred stock. Chase users of the system
will receive exclusive rewards as part of a new loyalty
scheme.
Oberthur MoreMagic Mobile money transfer Card production giant Oberthur seeks to diversify its play in
the market by staking out MoreMagic, a mobile money player
with licensed technology residing in 30 countries. Major
customers include Barclays, Citi, and others. The move
coincides with Oberthur’s TSM expertise in the mobile
payments value chain.
15


InComm Medagate Closed loop healthcare benefits InComm makes a diversification play but acquiring
Corporation Medagate, operator of OTCNetwork, a national closed loop
over-the-counter healthcare benefits payments platform.
InComm is a leading prepaid and stored-value gift cards.
Green Dot eCommLink, Processor, Green Dot remains aggressive; picks up the corpus of
Loopt Location-based deals bankrupt eCommLink for processing oomph and loads up on
some very talented marketing and techie-types by paying the
aforementioned $43 million for Loopt. This is going to get
interesting.

16

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
Venmo Well funded P2P player www.venmo.com

Mozido White label digital wallet www.mozido.com

Plink FB Credits conversion player www.plink.com

Quepasa Latino social network/payments www.quepasa.com

NetPayment B2B/FI ACH alternative www.netpaymentcorp.com

MagTek POS and mobile acceptance devices www.magtek.com

TrailPay Transaction based advertising www.trailpay.com

Geode Mobile wallet player www.icache.com

17

Back in the day!

Twenty years ago, four U.S. EFT
“network commandos” and an
Aussie of the same stripe set out to
set a world record for marlins
caught and margaritas consumed.
One record still stands, the other
not so much. Regrettably, Rancho
Buena Vista, the first Baja East
Cape fishing resort opened sixty
years ago, is now closed and these
payments pioneers have moved on.
Jot us a note if the faces don’t look
familiar.

18

Dorado Trend Watch Q1 2012

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