Charge-offs continue to drift to record lows in the second quarter. For example, Bank of America reported credit card charge-off ratio for the second quarter was 3.11%, a 99 bps decline from one-year ago. RAM Research predicts bank credit card charge-offs, among the “Big Four,” will decline four bps for the third quarter to 3.20%.
Visa announced the creation of Visa Digital Solutions, a comprehensive suite of offerings that facilitate secure payments across a broad range of Internet-connected devices and wearables. In 2014, commerce initiated with mobile phones and tablets is expected to total $114 billion in the U.S. alone, according to research firm Forrester. Two-thirds of those sales will…
LoopPay announced that it has received an investment from Visa, part of a larger strategic funding round for LoopPay. LoopPay invented Magnetic Secure Transmission™ (MST) technology which leverages existing point-of-sale infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants. MST aims to reduce reliance on magnetic stripes to store and transmit cardholder data, and instead uses a secure chip to store and transmit data to existing POS terminals via a small low-cost inductive loop that could be embedded in a variety of devices, including smartphones.LoopPay will also work with card issuers and app developers through its SDK to leverage its platform to enhance consumer commerce experiences via mobile. It also has its own LoopPay app, LoopWallet, to help users store and organize all their payment cards, membership cards, ID cards and rewards cards, helping users carry fewer plastic cards with more convenience and better security than traditional physical wallets.
MoneyGram announces its appointment of execs in two strategic growth areas. Yogesh Sangle has joined MoneyGram as senior regional director for Asia, and Andrew Typrin joins as the company’s vice president of the global MoneyGram Online business.Sangle has more than 15 years of experience in banking and payments solutions in online payments, digital marketing, and sales and product management. Typrin previously supported Amazon’s global expansion and led strategy development and execution for payments acceptance. He formerly founded a consumer payments company, National Payment Network, gaining extensive experience in building and executing new business ventures. Typrin will lead the expansion of MoneyGram Online, focused on building an exceptional and innovative online customer experience.
RBC introduces Express Mobile for business customers to view balances and/or transactions for their business deposit accounts; transfer funds between accounts; approve payments and transfers made by other users; and find an RBC Royal Bank branch or ATM.
Square launched an integration with IFTTT (If This Then That). Sellers can now seamlessly integrate their Square data with IFTTT to trigger customized automated actions that streamline business operations and help their day run more smoothly.The IFTTT service enables anyone to create powerful connections with one simple statement: if this then that. Sellers can link their Square account to IFTTT and create custom “recipes” that integrate their Square payment, refund, and settlement data with other products and services like SMS, Google Drive, Twitter, or email. For example, if a Square business makes a big sale then a congratulatory email could be sent to employees automatically via IFTTT. Likewise, if a large refund occurs at a store, the manager can use IFTTT to set up a text alert to follow up with the customer.
Visa Europe sets big plans to expand V.me and announces a €200 million investment to support the development of its European digital payment services. Recently, Visa Inc. announced Visa Checkout thar replaces V.me by Visa and is being offered in the United States, Canada and Australia.