Chase reported another strong quarter of bank credit card purchase dollar volume (PDV) in the third quarter (Q3/14). Charge-offs declined significantly from prior quarters. Despite the strong PDV, credit card outstandings remained soft, reflecting the shift to increased transactional use of bank credit cards.
Citibank’s U.S. bank credit card profits rose 17% year-on-year (Y/Y) and retail credit card profits rose 15% Y/Y in the third quarter of 2014 (Q3/14). End of Period (EOP) bank credit card outstandings declined 3% Y/Y, while purchase dollar volume (PDV) rose 4% Y/Y.
September consumer spending slightly declined sequentially. The reduced demand for fall merchandise and unseasonably warm weather may have contributed to the slowdown.
Over the past five years global debit payment volume posted a 14% CAGR (Compound Annual Growth Rate), compared to a CAGR of 7% for global credit payment volume. A new report suggests the economic downturn along with the previously unbanked population contributed to the disparity.
The seventh largest non-bank merchant acquirer in the U.S. has been sold for $1.5 billion. The deal generated a net profit of $700 million for the owners.
Global Payments (GPN) has closed on its deal to acquire Ezidebit. The integrated payments company focuses on recurring payments verticals in Australia and New Zealand. GPN paid US$268 million for the Company.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Blake Wilson, President and Chief Executive Officer of Everbank. The bank specializes in unique banking, lending and investing opportunities.
The second largest company-owned and -operated convenience store chain in the nation and a top 25 issuer have launched a multi-function bank credit card for fuel and purchases.
Folson, CA-based MyECheck has sued Zipmark for allegedly stiffing the firm on a 2012 licensing agreement. MyECheck holds a 2008 U.S. Patent for “Method and Apparatus for Online Check Processing.”
Earthport has signed an agreement with Caisse centrale Desjardins to provide international payment services. The International Payments Framework Association promotes the use of ISO 20022, the ISO standard for financial services messaging.
Europe’s Worldline and the Mid-East’s United Brands have teamed. The deal will provide payment terminals to the Middle East and African (MEA) market acquirers and telecoms companies.
Global card processor Payvision and the global acquiring network ControlScan have teamed to assist PSPs, ISOs and their merchants to meet PCI compliance.