The California Retailers Association, Latino Consumer Federation, and California Grocers Association sent a letter to California Governor Jerry Brown urging him to adopt a global credit card standard known as chip and PIN for all transactions that involve the state government. The groups believe that working with the Governor’s office to put forward a California solution that closely mirrors President Barack Obama’s BuySecure Initiative implemented in October 2014, would bolster security for transactions that involve state government.
Charge-offs among the nation’s top 6 issuers dropped 22 basis points (bps) year-on-year (YOY) to 2.81% for the second quarter, and down 16 bps sequentially. Bank of America (BofA) has done the best job of reigning in card losses, dropping 43 bps YOY.
The average yield among the nations’s top six bank credit card issuers came in at 11.16% for the second quarter. Capital One (COF), the nation’s fastest growing major credit card issuer, again posted the highest yields, besting the average by 279 basis points (bps) in the second quarter, according to CardData
American consumers continue in the solid buying mode after ratcheting up revolving credit by $4.5 billion or 7.4% year-on-year (YOY) in June. Total revolving credit for the fourth quarter stood at $890.0 billion, compared to $890.9 billion for the first quarter and $906.5 billion in the second quarter 2015.
Overall, parents anticipate spending an average of $1,239 this back-to-school season, up 8% from 2014, and up 24% since 2011. Technology for classroom use is a significant contributor to the added costs, with 82% saying their children use tech for learning (vs. 77% in 2014), including the following:
There are universal truths about the technology and safety behind electronic payments, in contrast to everyday misperceptions. MasterCard has traced some common myths about cashless payment solutions, and has ‘busted’ them with the truth, to help provide peace of mind.
American Express has become the first major U.S. Corporate Card portfolio to be activated for Apple Pay. American Express added Apple Pay for Consumer Cards and OPEN Small Business Cards in late 2014.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Hassan Mayassi, CEO, Acquiring Payments Solutions and MD, Emerging Markets Payments Jordan.
The quick service restaurant (QSR) market in the US to grow at a CAGR 3.11% in terms of revenue over the period 2014-2019. However, consumers these days prefer flexible menu and delivery options, such as home or online delivery.
CardWeb.com’s CardData database of Company Profiles today features TouchMate.
CardWeb.com’s CardWatch database of more than 57,000 marketing items today features the Bank of America Cash Rewards Card TV commercial, “Discover” featuring Sig Hansen.
Humboldt Merchant Services is funding Operation Underground Railroad (OUR) and Vista Maria. These two world-class organizations are dedicated to the eradication of human trafficking and sex slavery.