American Express U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago. Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7% rise in cardholder spending and higher net interest income.
Synchrony Financial reported its card platform revenue increased 5%, driven primarily by purchase volume growth of 10% and period-end loan receivables growth of 7%, with broad-based growth across partner programs. Payment Solutions platform revenue increased 8%, driven primarily by purchase volume growth of 10% and period-end loan receivables growth of 11%, with solid growth across industry segments led by home furnishings, automotive products, and power equipment.
Billtrust has raised $25 million in new funding, led by Goldman Sachs Private Capital Investing and existing investor Bain Capital Ventures.
InComm has partnered with KUBRA, a customer interaction management solution provider, to offer cash payment options to customers of KUBRA’s business clients. Through InComm’s Cashtie, a powerful API that links retail cash payments via an existing point-of-sale (POS) system to a software application, customers will soon be able to pay their bills in cash at the POS of over 40,000 conveniently located retail locations with many more on the horizon.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Ronald Herman, Founder/Chairman & CEO of Sionic Mobile.
SD-based MetaBank entered into a multi-year agreement with Univision Communications, a media company serving Hispanic America, to be another issuer for its Univision MasterCard Prepaid Card.
The usage of mobile banking rises in the United States, more consumers are switching their primary financial institutions. Young adults and mobile banking users are most likely to switch, in part to gain more robust mobile banking services.
First National Bank (Slayton, Minnesota), and First National Bank (Davenport, Iowa), now offer the BlazePays Visa Prepaid Cards powered by Capital Prepaid Services. Under the banks’ agent programs which are managed by Capital Prepaid Services, these Minnesota and Iowa banks are now able to cost-effectively tap into the prepaid market, which is one of the fastest growing payment markets.
American Express and Jawbone have joined to give eligible U.S. American Express Card members the ability to tap to pay with the new Jawbone UP4 fitness tracker anywhere American Express contactless payments are accepted in the USA.
CardWeb.com’s CardConferences today features the CARDS & PAYMENTS MIDDLE EAST 2015, conference, May 12-13 at the Dubai International Convention & Exhibition Centre in Dubai.
CardWeb.com’s CardData database of Company Profiles features Ingo Money.
Team One Credit Union, Saginaw, MI and MShift have begun pilot testing MShift’s patented AnyWhereMobile mobile payment network (AnyWhereMobile) with a locally owned restaurant in Saginaw.