Wells Fargo Credit Card Portfolio Bad Sales Practices Impact Continues in Q1

Wells Fargo continues to reel from the bank’s fraudulent sales practices exposed last year, as new credit card account acquisitions fell more than 46% year-on-year (YOY) in the first quarter (1Q/17). Consumer credit card portfolio metrics remained soft with single digit YOY gains, and there was a noticeable uptick in charge-offs, according to CardData. The…

Bitcoin Decentralized Cryptocurrency Transformational for Payments Market

Wildly successful in early development, bitcoin has hit some rough patches in China and Europe, and a cold shoulder in the North American banking world. However, mainstream acceptance is plowing forward albeit at single-digit annual growth rates. The global bitcoin technology market is projected to grow at a CAGR of 7.26% through 2020. The recovering…

Analytics Dashboard for ISOs, ISVs and VARs Offers Real-Time Max Detailed Data

With merchants having more choices than ever, payments professionals and resellers need to understand the ins and outs of their merchants’ payments activity to know best what upgrades and upsells to offer. Companies are demanding more data around their operations in nearly every aspect of their business, and payments is no exception. As the payments…

Costco Card Drives Citi PDV Higher and Profits Lower in Q1

Citibank North America branded credit card purchase dollar volume (PDV) continued to soar in the first quarter (1Q/17), however net income dropped sharply, both driven by the 2016 Costco acquisition, according to CardData. North America Citi-branded card revenue increased 12.7% YOY to $2096 million for 1Q/17, compared to $2213 million in the prior quarter and $1860…

Sapphire Reserve Card Acquisition Costs Still Dog Chase in Q1

Chase, the nation’s largest bank credit card issuer, continued to post double-digit year-on-year (YOY) growth in purchase dollar volume (PDV) in the first quarter (1Q/17) while YOY growth in outstandings (OUT) remained in the mid-single digits. Card income remained depressed in the quarter due to higher new account origination costs and provisions to offset rising…

Biometrics Market to Grow 12% CAGR Driven by Untrustworthy Passwords

Biometrics involves identification and verification of physical traits such as fingerprints, hand geometry, face recognition, and iris recognition, and behavioral traits such as keystroke patterns, signature, and voice recognition. Its application to the payments industry and the replacement of old-school passwords cannot be understated. With double-digit growth, biometrics is a potentially explosive sector with payments.…

High Quality Payments Innovation Summit Coming to Frisco in November

The Payments Innovation Summit, produced by UK-based Argyle’s Innovation Enterprise, is slated for November 9 and 10 in San Francisco. More than 150 top level payments and commerce professionals are expected to attend. There will more than 25 industry expert keynote presentations and over 20 case studies presented from Fortune 500 companies. Topics covered are from the…

Buying Bitcoin Gets Easier to Buy & Resumes Acceptance Traction in 2017

    There are more than 300 ways to Sunday to purchase bitcoins and two firms offer a ton of options to buy, including major credit cards. One company recently is testing bitcoin linked in-game to fantasy sports. PAXFUL U.S.-based peer-to-peer bitcoin technologists Paxful unveiled a new widget, allowing anyone to buy bitcoin worldwide instantly…

Belarus’ Sberbank to Give China’s UnionPay Card Boost on Silk Road Economic Belt

China’s UnionPay has inked a deal with BPS-Sberbank of the Republic of Belarus. Under terms of the agreement, the two parties will cooperate in improving UnionPay’s acceptance network in Belarus, promoting local card issuance, and rolling out UnionPay’s innovative products and services, and thus jointly enhance UnionPay’s service capacity in markets along the Belt and…