American Express U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago. Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7% rise in cardholder spending and higher net interest income.
Synchrony Financial reported its card platform revenue increased 5%, driven primarily by purchase volume growth of 10% and period-end loan receivables growth of 7%, with broad-based growth across partner programs. Payment Solutions platform revenue increased 8%, driven primarily by purchase volume growth of 10% and period-end loan receivables growth of 11%, with solid growth across industry segments led by home furnishings, automotive products, and power equipment.
UnionPay International and AirAsia jointly announced all the websites, flights and chain hotels under AirAsia has started to accept payment with UnionPay cards, deepening cooperation between the two sides in card acceptance and issuance to provide cardholders with more convenient, secure and preferential services.
Oberthur Technologies launched a new contactless Visa and MasterCard-approved payment sticker from its Flybuy wearables range.
Billtrust has raised $25 million in new funding, led by Goldman Sachs Private Capital Investing and existing investor Bain Capital Ventures.
Quatrro Processing its cards processing data centers in Hanoi and Ho Chi Minh cities are ready to cater to the requirements of Banks and Financial Institutions in Vietnam. These centers have been established through a local partner FPT Telecom.
InComm has partnered with KUBRA, a customer interaction management solution provider, to offer cash payment options to customers of KUBRA’s business clients. Through InComm’s Cashtie, a powerful API that links retail cash payments via an existing point-of-sale (POS) system to a software application, customers will soon be able to pay their bills in cash at the POS of over 40,000 conveniently located retail locations with many more on the horizon.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Ronald Herman, Founder/Chairman & CEO of Sionic Mobile.
SD-based MetaBank entered into a multi-year agreement with Univision Communications, a media company serving Hispanic America, to be another issuer for its Univision MasterCard Prepaid Card.
The usage of mobile banking rises in the United States, more consumers are switching their primary financial institutions. Young adults and mobile banking users are most likely to switch, in part to gain more robust mobile banking services.