The primary second quarter earnings season for payment card industry gets underway on July 14, before the market open, with reports from Chase and Wells Fargo, according to CardData. Visa is slated to report July 23rd after the market close, while MasterCard will release on July 29 before the market open.
While Chase struggles with growth in credit card outstandings of less than 2% year-on-year (YOY), gains in purchase dollar volume (PDV) remain strong rising nearly 8% YOY, according to CardData. RAM Research projects Chase credit card Q2 PDV will come in at $127.3 billion.
While the nation’s second largest Visa and MasterCard has been experiencing slight erosion in credit card outstandings year-on-year (YOY), and sluggish growth in purchase dollar volume (PDV), credit card issuance for Bank of America (BofA) remains strong, according to CardData. Forecaster RAM Research expects credit card outstandings to be $89.1 billion for Q2, a slight gain YOY.
Beijing-based Bank of Ningbo has gone live with NCR Mobile Cash Withdrawal. The software-based solution allows customers to pre-stage a cash withdrawal using Bank of Ningbo’s mobile banking application and then completes the transaction by scanning a 2D barcode using their mobile phone’s camera.
PayPal is picking up Xoom for $890 million. Xoom is a specialist in international remittances enabling customers in the US to send money to, and pay bills for, family and friends around the world in a secure, fast and cost-effective way, using their mobile phones, tablets or computers.