New exponential smoothing analysis shows purchase transactions for U.S. Visa and MasterCard debit cards will slow to 6.7% in the second quarter, compared to 7.7% in the first quarter. CardData and RAM Research says U.S. credit card purchase transactions are quickly ramping up this quarter.
Purchase dollar volume (PDV) for Visa, MasterCard, American Express and Discover cards (credit + debit) in the U.S. climbed 7.8% year-on-year (YOY) in Q1/15 reaching $1.1 trillion. RAM Research now predicts annual U.S. credit card PDV will top $4.1 trillion by 2019.
UK-based Virgin Money has entered a long-term agreement to issue contactless-enabled MasterCard debit cards to the bank’s growing customer base.
MasterCard has named Hiang Choong as Division President, Hong Kong, Macau and Taiwan. Mr. Choong was educated in Canada and Australia. He is a graduate of the Australian National University with degrees in Law and Arts with a double major in Psychology and Sociology.
SC-based RushMyBitcoin.com (RMB) is rushing to introduce Bitcoins to the general public with an exclusive introductory offer. For a limited time only, RMB will let Bitcoin newbies try a bite of their first bit”at no charge. The company calls it the “Get Familiar With Bitcoin” give-away, details of which are on its website.
San Francisco-based Credit Karma has received $175 million in a Series D funding round with participation from Tiger Global Management, Valinor Management and Viking Global Investors. Investors have made $368.5 million in total equity investment to date.
General purpose and private label credit, debit, and prepaid cards generated $5.165 trillion in payments for goods and services in 2014. Processing fees, including interchange paid by U.S. merchants to handle that business, were $78.09 billion, up from $72.44 billion in 2013 when fees were $4.768 trillion.
Barclaycard US has appointed Curt Hess as Interim CEO. Hess has been with Barclays for eight years, most recently holding the position of Chief Financial Officer for Personal and Corporate Banking in London.
The largest payment switch in Rwanda, RSwitch, and UnionPay International have inked a deal for ATMs of all the member banks of RSwitch to accept UnionPay cards by the end of this year.
The most common form of customer education about EMV is through printed material sent along with the new card: 47% of EMV cardholders said this is how their primary bank informed them about what the chip was for.
Total household debt in the U.S. was $13.512 trillion at the end of 2014 and credit cards accounted for 6.52% or $881.57 billion. The ratio of credit card debt to household debt was highest in 1996 at 10.05%.
Experian Data Breach Resolution issued a white paper on the current state of data breach legislation that shapes how companies must prepare for and respond to a data breach.