ACH volume grew to almost 23 billion electronic payments last year, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA ” The Electronic Payments Association. RAM Research projects it will grow to 24.5 billion by EOY 2017.
MasterCard got a settlement done with Target to resolve claims by MasterCard and its issuers related to the retailer’s 2013 serious screw-up data breach. Under the agreement, Target will make available up to $19 million in alternative recovery offers to eligible banks and credit unions across the globe.
The new Code of Conduct for the Credit and Debit Card Industry in Canada says merchants cannot be forced to accept credit card companies’ debit products, often with higher acceptance costs, if they accept the credit offerings. Also, merchants have the ability to steer customers to lower costs options, like Interac Debit, through discounting.
UnionPay International inked a deal with South Korea’s KB Kookmin Card and LG Uplus in mobile payment service, agreeing to enable South Korean UnionPay cardholders to pay by waving their mobiles phones in front of QuickPass terminals across the world in July.
The smart cards market will likely grow at a compound annual growth rate (CAGR) of 9.0% until 2020 says forecaster RAM Research. The Asia Pacific smart cards market is estimated to grow at a CAGR of 10.1% from 2014 to 2020.
Citibank North America credit card profits rose 4.6% to $564 million in the first quarter. Overall, revenues rose 4.7% to $5.0 billion versus the prior year period, primarily reflecting higher revenues in retail banking.
In today’s CardFlash News Que: KOFAX (Blackhawk); SAFECHARGE (Tain); Q2 (Acculynk); and
Amalto Technologies (ServiceMax).
Issues in supporting 3D Secure (Verified by Visa and MasterCard SecureCode) in the travel agency distribution channel are coming under the microscope. The second task force focused on improving processes to reduce credit card acceptance costs, including fraud and chargebacks.
Shopify is a cloud-based commerce platform designed for small and medium-sized businesses is now going public. Shopify currently powers over 160,000 businesses in approximately 150 countries, including: Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, GoldieBlox, and many more.
CardWeb.com’s CardPixes database of more than 7,000 images today features the RBC Visa Infinite Avion card.
Slightly more than one in five dollars (21%) of U.S. business revenues come from the middle market, and these firms employ over one in four workers (28%) in the private sector. Middle market companies have led job growth since 2008, with a 4.4% increase in private sector employment”outperforming both smaller businesses (less than $10 million in revenues) and the largest companies (more than $1 billion in revenues).
CardWeb.com’s CardData Reports today features the inaugural Middle Market Power Index from American Express and Dun & Bradstreet. Using Dun & Bradstreet’s proprietary databases of commercially-active U.S. firms, the report analyzes the characteristics and economic impact of middle market enterprises”defined as businesses generating between $10 million and $1 billion in revenues.