American consumers continue in a buying mode after ratcheting up revolving credit by $4.3 billion or 5.7% year-on-year (YOY) in July. Total revolving credit (revised) for the first quarter is $890.8 billion, compared to $910.3 billion (revised) for the second quarter and $914.6 billion in July 2015.
Eight out of 10 global shoppers’ purchase decisions are now informed by a digital device, with consumers saying they are smarter shoppers and getting more value than before. However, though in-store sales still account for more than 90% of all retail spending, the result is a more focused in-store shopper buying from a narrower list of unique stores than in years past.
UK household spending is going gangbusters with a +1.9% year-on-year (YOY) increase in spending in August. It was the strongest increase in Recreation & Culture spending in six years. Misc. Goods & Services (which includes hairdressing and jewelry) also reported strong growth (+12.1%).
MasterCard says everyone will able to pay with their contactless-enabled device for high value payments (above £30 in the UK) at all contactless terminals in Europe by 2017.MasterCard already announced last year that contactless would be accepted at every point of sale across Europe by 2020.
Ingenico Group increased 10 percentage points of market share to 27% in the U.S. in 2014, according to a CA-based newsletter. The U.S. is now Ingenico Group’s second largest market, where the Group now serves three times more SMBs than in January 2014, showing its ability to rapidly conquer new territories.
Singapore has launched China UnionPay’s (CUP) QuickPass acceptance at merchants for daily purchase, such as catering stores and supermarkets. It is the first time that UnionPay QuickPass service extends to the Southeast Asia market which is frequently visited by tourists.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Udi Mokady President and CEO of CyberArk.
Houston-based Cardtronics has renewed its ATM services agreement with Target. The latest agreement, a long-term renewal, extends a relationship between the two companies that was established in 2001.
MasterCard announced Google will be among the first digital partners to follow Samsung to participate in its Digital Enablement Express program, which the company launched this week with support from several leading banks.
CardWeb.com’s CardData database of Company Profiles today features SayPay Technologies.
Mobile payments got a huge kick this week with the introduction of a wide band transistor optimized for DC-2.7 GHz operation and built using proprietary 4th generation GaN on Silicon (GaN on Si) process.
The Consumer Financial Protection Bureau nailed of the nation’s two largest debt buyers and collectors for using deceptive tactics to collect bad debts. The Bureau found that Encore Capital Group and Portfolio Recovery Associates (PRA) bought debts that were potentially inaccurate, lacking documentation, or unenforceable.