In today’s CardFlash News Que: NFC FORUM (specs); PCI SSC (standards); GENEVA (PayByPhone); and American Express (Centurion Lounge).
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.
Capital One (COF) will likely lead the top issuers in outstandings and volume year-on-year (YOY) growth in the second quarter with expected outstandings of $77.6 billion, according to forecaster RAM Research. In the first quarter COF outstandings increased by 9% YOY and purchase dollar volume (PDV) surged by 18%, according to CardData.
Citibank’s purchase dollar volume (PDV) for its U.S. retail credit card portfolio will likely decline slightly to $23.1 billion, compared to Q2/14, predicts RAM Research. In the first quarter PDV declined 1% YOY to $16.5 billion, according to CardData.
Citi has completely redesigned its Citi Mobile App for iPhone in the U.S. The new app for consumer banking and credit card customers enables the use of the Touch ID feature on iPhone devices.
Ingo Money and Global Cash Card, a specialist in customized paycard solutions have partnered to provide the Ingo Money mobile check cashing service to Global Cash Card customers.
Synchrony Financial and Chevron U.S.A have unveiled the new Techron Advantage Fuel Credits Program for cardholders.The new Fuel Credits program is part of a multi-year extension signed between Chevron U.S.A. and Synchrony Financial for Chevron’s personal credit card program.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Kamran Yazdanjoo, Head of Global Product Development for Spire Payments.
CardWeb.com’s CardData database of Company Profiles today features YapStone.
New research shows 48% of men say they buy everything on their credit card so they can get the reward points versus 38% of women. In general, 46% of men have signed up for cash back offers on their bank/credit card to get money back for shopping at certain locations, versus 40% of women.
The Consumer Financial Protection Bureau (CFPB) took action against two credit card add-on product vendors – Affinion and Intersections for unfairly charging consumers for credit card add-on benefits they did not receive.