Total U.S. consumer debt hit $9.99 trillion in the first quarter, down 1.1% from Q1/14. While credit card debt remains robust, the slight year-on-year (YOY) decline is driven by a contraction in first and second mortgage debt.
Cards-in-Force (CIF) for Visa, MasterCard, American Express, Discover, JCB and UnionPay is expected to approach seven billion by end-of-year (EOY) 2019. According to forecaster RAM Research, CIF for the global debit card industry is growing at a CAGR of 8.88%.
The Payments Security Task Force is joining hands with the PCI Security Standards Council and the EMV Migration Forum to launch an EMV program to streamline the testing and certification process for Value Added Resellers (VARs) and Independent Software Vendors (ISVs).
MasterCard (MC) first quarter profits rose 17.2% year-on-year (YOY) or 24.0% on a currency adjusted basis (FX) to a record $1020 million. Global purchase volume rose 12% (FX) to $783 billion and end-of-period (EOP) global cards-in-force (CIF) hit 2.2 billion.
GA-based acquirer TSYS reported a solid first quarter as total revenues for hit $662.2 million, an increase of 11.7% over the prior year.Income from continuing operations was $77.8 million, a whopping year-on-year (YOY) increase of 57.7%.
Apple Pay is on a major winning streak this week after corralling Best Buy in its fold, watching the Merchants Customer Exchange (MCX) implode as its CEO hits the door and finally coming to terms with Discover.
Tillster and PayPal have linked to offer the payment option in Tillster’s branded mobile applications and leverage PayPal as a funding option across Tillster’s branded and owned assets.
Pasadena, CA-based Green Dot has picked MasterCard to be the transaction processor and network gateway for all Green Dot Bank-issued deposit accounts, including the bank’s debit card products.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Brian V. Mooney, Interim Chief Executive Officer of the Merchant Customer Exchange.
CardWeb.com’s CardConferences today features the ACFE GLOBAL FRAUD CONFERENCE, June 14-19, 2015 at Inner Harbor in Baltimore, Md.
A new study has found 49% of retailers have seen their payment costs increase in the past 18 months while 56% expect them to keep rising. Also, 93% of retailers believe consumers want a broader choice of payment tools.
New research on customer retention surprisingly reveals that companies encouraging their customers to switch products can increase rather than decrease customer turnover. Therefore, proactive retention campaigns may backfire producing higher attrition.