While largely ceremonial, President Obama today signed an executive order at the Consumer Financial Protection Bureau mandating the use of smart payment cards in the U.S. for government payments. The payment transistion in the U.S. from mag stripe/signature card payments to Chip/PIN (EMV) is already underway and will be in full steam in 2015.
Capital One (COF) reported a 15% year-on-year (Y/Y) decline in third quarter (Q3/14) after-tax U.S. bank credit card profits to $550 million. However, Purchase Dollar Volume (PDV) rose 13% in the quarter to $53.7 billion.
The “ApplePay Day” is Monday, October 20, 2014, a day that might live into infamy in the payments industry. Next week, American consumers will be able to start making payments with the touch of a finger.
Synchrony Financial (f/k/a GE Capital Retail Finance) posted a 14.5% decline in third quarter (Q3/14) profits to $548 million. However, period-end loan receivables growth for the retail payment card giant remained strong at 7%, driven by purchase volume and average active account growth.
Alliance Data Systems reported third quarter revenue increased 20% to $1.3 billion while adjusted EBITDA, net increased 15% to $376 million for the third quarter of 2014.
Based on forecasts provided by acquirers representing approximately 80% of U.S. purchase volume at least 47% of U.S. merchant terminals will be enabled for EMV chip technology by the end of 2015. Also Visa announced it is kicking off a national awareness and education effort that will reach millions of U.S. cardholders and merchants with information about chip technology.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Manuel Medina-Mora, Co-President of Citi overseeing Global Consumer Banking.
Payment solutions and card technology provider Morpho (Safran) has teamed with Perfect Plastic Printing to accelerate their partnership in EMV card production.
The world’s largest retail ATM owner/operator, is now taking ATMs to the next level by adding digital rewards, money-saving deals and discounts. The new ALLTM™ Network from Cardtronics offers the new cash + digital rewards at stores hosting an ALLTM.
London-based CellPoint Mobile has launched the Mobile Fraud Suite to help airlines combat, detect and prevent the emerging and growing issue of loyalty fraud in frequent-flyer and airline miles programs.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Diane Offereins, Executive Vice President and President of Payment Services at Discover Financial Services.
Intel Corporation has introduced the industry’s first solution to provide end-to-end encryption of consumer and financial data that is built into the point of sale (POS) platforms.