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.
Starbucks will introduce for the first time Mobile Order and Pay in stores within the Portland area before the end of the calendar year. Starbucks is also beefing-up its My Starbucks Rewards loyalty program.
Amsterdam-based Mobbr has unveiled the world’s first and only crowd payments platform for the collaborative economy. Mobbr Crowd Payments unlocks the true potential of crowd-sourced labor.
goSwiff mobile commerce and marketing launched a PINPad card reader to boost the efficiency and security of cashless mobile transactions across a range of markets. goSwiff’s pocket-sized PINPad card reader allows banks, MNOs and merchants to accept fast, safe mPOS transactions through their mobile devices on the go, so that no sales opportunity is missed. goSwiff PINPad is the only card reader in the market designed from the ground up for mobile payments in harsh environments. The goSwiff PINPad can cater to a wide range of mobile devices, offering great flexibility in terms of which platforms you wish to facilitate transactions on. With its Bluetooth V3.0 (Class II) connection, any mobile device is invited to take advantage of all that PINPad has to offer.
CardWeb.com’s CardWatch database of more than 57,000 marketing items including direct mail, print ads, TV ads, etc. today features the Discover it Card – “Investigators” from July 2013.
NC-based Pensmore Software launched a product that will greatly simplify the way merchants record their merchant service specific sales data into QuickBooks Online.