There is little doubt Apple Pay has set the stage for mobile payments as iPhone unit sales hit 74.5 million in the fourth quarter. Apple Pay currently accounts for two out of every three dollars spent in contactless payments over the top three payment networks.
MN-based TCF Bank announced the availability of Apple Pay for its debit and credit cards. TCF has 382 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services.
The average charge-off rate among the top four U.S. Visa and MasterCard issuers jumped 15 basis points (bps) in the fourth quarter after plunging to record lows most of 2014. Capital One (COF) Q/4 charge-offs soared 56 bps sequentially.
American Express reported fourth-quarter consolidated total revenues net of interest expense rose to $9.1 billion from $8.5 billion a year ago, up 7% (9% when adjusted for foreign currency translations). The revenue increase primarily reflected the previously reported gain of $719 million ($453 million after-tax) on the sale of the company’s investment in Concur Technologies. The increase also reflected a rise in cardholder spending and higher net interest income.
Consumers now making Western Union transactions at kiosks in over 7,600 Walgreens and Duane Reade locations nationwide also have the ability to utilize the Apple Pay service.
Austin-based Mozido has ankled Ron Hynes, the former executive vice president of global prepaid solutions at MasterCard Worldwide, as President Global Markets.
Barclaycard US is going all out to capture the Super Bowl fever with its NFL Extra Points Visa credit card. The exclusive card is offering free Super Bowl tickets and access to NFL experiences.
London-based Tuxedo Money Solutions and Silicon Valley-based i2c have signed a processing agreement for the global prepaid and emerging payments sectors.
By 2020, global mobile biometric market revenues will reach $33.3 billion annually. This includes 4.76 billion biometrically enabled smart mobile devices generating $6 billion in biometric sensor revenue, 4 billion biometric app downloads generating $20 billion in annual revenues from direct purchase and software development fees, and 825 billion biometrically secured payment and non-payment transactions generating $6.8 billion in authentication fees.
Rising star payments innovator PA-based USA Technologies (USAT) rolled-out nationwide new acceptance points for Apple Pay. This immediately adds approximately 200,000 Apple Pay acceptance points.
Fiserv made available its “LoanLaunch” enterprise loan originations on a single platform. Giving lenders a holistic view of borrowers across all channels and products, “LoanLaunch” gives greater transparency across departments, customers and business processes. As the new name suggests, the solution allows lenders to respond to continually changing business needs and easily “launch” new opportunities within the organization to address increasingly diverse borrower segmentation. The latest solution empowers the lender through its optimized control over virtually all retail and business origination operations.
USAA Federal has scored the best in overall mobile banking. USAA is the only financial institution of the top 30 financial institutions that offers contacting a CSR or virtual assistant within the app, one of the key distinctions.