The nation’s largest commercial card issuer and #5 V/M issuer overall, posted an 8.2% year-on-year (YOY) increase in purchase dollar volume (PDV) in the fourth quarter (Q4/14). U.S. Bank (USB) revenues were relatively flat for its card and corporate payments business but strong growth in merchant processing drove net (after tax) income up 25% YOY, according to CardData.
The nation’s second largest Visa and MasterCard issuer continues to struggle with sluggish outstandings (like #1 Chase) and purchase volume growth, but credit card issuance remains strong. Forecaster RAM Research projects Bank of America (BofA) will post $88.0 billion in outstandings and $50.2 billion in PDV for the first quarter.
In a continuing effort to exit international consumer banking Citi inks a final deal to unload its Citi Cards Japan business to Sumitomo Mitsui Trust Bank for an estimated US$350 million. The deal, with began negotiations in December, includes 743,000 customer accounts and an exclusive franchise for Diners Club cards in Japan, according to CardData.
The U.S. still leads e-commerce sales with an expected revenue of $349 billion in 2015. U.S. consumers also have the highest average order value (AOV) of $115 per purchase online. A new survey finds credit cards are used for 42% of transactions.
FICO is lifting the curtain for consumers on the 19 most commonly used versions of the FICO Score from the three major credit bureaus. Combined, the 19 score versions represent approximately 95% of FICO Scores sold and used by lenders.
YapStone has a hockey puck graph of growth with 30% to $40% per year over the past 15 years. The global provider of web and mobile payment technology solutions has landed a $60 million financing package with Comerica Bank and Bregal Sagemount.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Kathy Tuite, Senior Vice President of marketing for TransFirst.
Austin-based Mozido is plowing big bucks into HCE (host card emulation) technology via a strategic investment in SimplyTapp.
Mozido will leverage SimplyTapp’s open card issuance platform to allow merchants to support NFC for more efficient and secure transactions within the merchants’ branded mobile application environment.
CardWeb.com’s CardWatch database of more than 57,000 marketing items today features the American Express ‘Back-to-School Shopping’ Featuring Tina Fey TV ad.
Move over large retailers, Verifone Point is now available to small-and-medium-sized businesses (SMBs) in the U.S. through Verifone’s network of Independent Sales Organization (ISO) and acquirer partners. Until now Verifone Point was exclusively offered to big merchants by direct sale.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features George S. Mayes, Jr., Executive Vice President and Chief Operating Officer of Diebold.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Citi Double Cash Card.