With the exception of Chase, the average yield for U.S. credit cards issued by the top four issuers, remained flat throughout 2014. However, RAM Research predicts U.S. credit card yields will decline slightly in the first quarter, despite the historical seasonality of Q1.
U.S. Visa (VS) and MasterCard (MC) credit card U.S. Gross Dollar Volume (GDV) will likely come in at $470 billion in the first quarter. Visa has posted strong double-digit gains in U.S. GDV and about double the growth rate of MasterCard.
After failing to secure a new co-branded credit card agreement with American Express, Costco has inked long-term deal with Citibank. The new Citi Visa cards will be effective next year.
Tokyo-based JCB is entering the prepaid world after signing onto a joint development program with Austin, TX-based Rev Worldwide. JCB has issued cards in 17 countries and regions, and has partnered with more than 350 domestic and foreign banks.
While ATMs in Cuba have been accepting China UnionPay (CUP) cards since 2013, merchant acceptance of CUP cards is expected this year. Cuba is getting more popular among Chinese tourists as no visa is required for Chinese citizens.
Nearly 13 million U.S. consumers were victims of identity fraud last year, a 3% decline from the same period in 2013. New account fraud hit a record low last year.
MasterCard plans to work with the Egyptian government to roll out a digital ID program that links citizens’ national ID to the existing national mobile money platform, allowing Egyptians to participate in the formal electronic economy through a single, easy-to-use cashless program.
MI-based Stratos unveiled the Stratos Bluetooth Connected Card. It is the industry’s first payment card that consolidates an unlimited number of plastic cards into one and works everywhere traditional cards are accepted.
Nashville-based TransCore has landed a major contract the Massachusetts Department of Transportation (MassDOT) to modernize its E-ZPass system. The State is moving towards a cashless tolling solution.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Dave Hobday, Managing Director of Worldpay UK.
VA-based Intelishift Technologies now accepts payment in Bitcoin. Colocation providers can now pay for their colocation hosting services using the virtual currency. A peer-to-peer type of payment, users can make transactions using Bitcoin without needing an intermediary.
Digital currency, AppleByte, is ready to take crowdfunding to prime time with the launch of an Indiegogo Campaign to raise money for artists worldwide. While AppleBytes re largely person-to-person, they can be purchased with either a credit card or bitcoin.