Visa profits for the fourth calendar quarter increased 11.5% year-on-year (Y/Y) to $1.57 billion and soared 46.0% sequentially. Visa took a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the third quarter related to the interchange multi-district litigation case.
MasterCard (MC) fourth quarter profits rose 28.6% year-on-year (Y/Y) but down 21.0% from the prior quarter to $801 million. Over the prior five quarters MC has averaged $848 million in quarterly profits, according to CardData.
Visa Europe reports the amount spent at point-of-sale broke through €1.5 trillion for the first time last year, a rise of 9.4% from 2013, with a total of 37 billion transactions. This means Visa now accounts for €1 in every €6 spent in Europe.
Prepaid card specialist Green Dot reported a 10.4% year-on-year (Y/Y) gain in Gross Dollar Volume (GDV) and a 6.9% increase Purchase Dollar Volume (PDV), for the fourth quarter.
A fresh major report says India is in the process of leapfrogging many nations in mobile-based transactions. There is currently a high level of financial exclusion across India with many households using only cash for savings and spending.
Toronto-based CIBC reports it has supported the enrollment of tens of thousands of CIBC credit card holders in Visa Checkout since the bank introduced direct client access to the online payment service through its website last fall, the first Canadian bank to do so.
CA-based SEKUR.me introduced a Strategic Alliance Program that enables telecoms, financial institutions, social media, smartphone manufacturers, healthcare, large systems integrators to enter the mobile eCommerce/mCommerce payment market quickly.
Montreal-based DebitWay has signed Filipino giant LBC Mundial Remittance Corp. DebitWay who can already boast partnerships with online remittance enterprises such as Duales, Transfast and Money2anywhere.
CT-based VantageScore Solutions reports nearly one billion VantageScore credit scores were used in 2014, by over 2,000 lenders and other industry participants, including six of the 10 largest banks. This represents a 24% increase in the number of users of the VantageScore models and a nearly 600% increase in the number of scores used as compared with 2013.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Diane Jackson, VP of Business Development and Strategic Marketing of Corporate Service Group of CPI Card.
MyECheck has signed a LOI to acquire 100% of the stock of Seergate, developer of an electronic payment software platform for banks.
The Seergate system will be integrated with the MyECheck payment systems adding multiple new capabilities to MyECheck’s payment platform.