Top U.S. Credit Card Issuer Charge-Offs Take-Off Bigly in Q1

Charge-offs among the nation’s top four U.S. issuers jumped 40 basis points (bps) year-on-year (YOY), and up 36 bps sequentially for the first quarter (1Q/17). All four issuers reported sharply higher credit card losses from the prior quarter, according to CardData. For the top four issuers (Chase, BofA, Capital One, Citibank), average charge-offs were 3.48%…

U.S. Card Issuers Left with Bottom Fishing and Rewards Gamers

The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…

HACKATHONS + MEETUPS + PARTIES = Fintech Week & Summer in London

Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and parties. Each day focuses on a different topic. There is plenty of time for networking and meeting other innovators. The main conference/exhibition takes place at the Grange Tower Bridge Hotel, but other events take place across the City of London, Canary Wharf and…

UnionPay Jazzes-Up Credit Card Perks at 100+ Airports Globally

China’s UnionPay is upgrading its perks at 100 airports worldwide, providing discounts and services at various types of merchants including duty free shops, catering stores, souvenir shops, VIP lounges, Wifi rental and airport shuttle buses. Until February 28, 2018, UnionPay cardholders can enjoy exclusive privileges and value-added services at more than 100 international airports across…

Egypt’s Bee Mobile Wallet Integrates with the Mastercard Payments Ecosystem

Mastercard is adding Bee, the smart payment solutions provider in Egypt, as a key player to its interoperable mobile ecosystem. Bee is now fully integrated on Mastercard ecosystem to expand mobile wallets payments options. The relationship with Bee offers complete integrated solutions that allows mobile wallet users to pay directly through the application and avail…