Among the Big 4 Visa and MasterCard issuers for the second quarter, Chase posted the strongest gain of 1.4% Y/Y and Capital One came in second place with a 1.0% Y/Y gain. Bank of America and Citibank posted Y/Y declines of 1.7% and 2.9%, respectively. The reason for the sluggish growth is simply more Americans see bank credit cards as bank payments cards. This trend is also confirmed by a recent ABA study which found the share of cardholders who are transactor increased from 28.6% to 29.0% this year, the highest share on record.
Mobile banking users will likely exceed online banking users for the first time by 2019. A new report predicts 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. The scale of the mobile banking challenge has been confirmed by the decreasing number of branch visits by consumers and also the closure of physical bank branches over the past 12-24 months.
Former top executive of Mitsubishi UFJ Financial Group joins JCB and is named President and CEO. Ichiro Hamakawa joined JCB in an advisory capacity in May 2014 and was named President and CEO on June 26. He was also named Vice Chairman of JCBI the international operations subsidiary of JCB.
World First has today announced the launch of a ground-breaking new mobile app which will allow clients to make high-speed currency transfers directly from their portable device. The World First Money Transfer App is available to download on iTunes and other app stores for free. It enables clients to manage their international payments on-the-go, so they could be making a secure transfer whilst on the Eurostar from London to Europe, and the money will be in their local account before they arrive.
CU Wallet, a collaborative credit union owned and directed mobile payments technology provider, today reported record growth, signing 65 credit unions representing more than seven million members since the company’s launch just nine months ago. CU Wallet continues to gain momentum, positioning the provider to make a substantial impact on mobile payments.
Seamless’ SEQR mobile wallet expands in Belgium and Finland. The driving force for the increased interest for SEQR is the pure economical advantage. The new technology provided by the mobile payment system enables merchants to cut transaction costs in half.