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.
In today’s CardFlash News Que: ACI (Innovation); MarketReportsStore (India); PAYPAL (Europe); and
Citibank North America credit card profits rose 4.6% to $564 million in the first quarter. Overall, revenues rose 4.7% to $5.0 billion versus the prior year period, primarily reflecting higher revenues in retail banking.
The smart cards market will likely grow at a compound annual growth rate (CAGR) of 9.0% until 2020 says forecaster RAM Research. The Asia Pacific smart cards market is estimated to grow at a CAGR of 10.1% from 2014 to 2020.
MasterCard got a settlement done with Target to resolve claims by MasterCard and its issuers related to the retailer’s 2013 serious screw-up data breach. Under the agreement, Target will make available up to $19 million in alternative recovery offers to eligible banks and credit unions across the globe.
ACH volume grew to almost 23 billion electronic payments last year, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA ” The Electronic Payments Association. RAM Research projects it will grow to 24.5 billion by EOY 2017.