Synchrony Financial is now officially separated after GE stock exchange for $20.4 billion. The consummation of the exchange offer completes the transition of Synchrony, the largest provider of private label credit cards in the United States*, to an independent, standalone company.
The campaign by retailers to prod the card networks and banks to move to total Chip & PIN in the U.S. and away from Chip & SIG is gaining more traction. A group of nine attorneys general dispatched a letter to the nation’s top credit card companies and banks.
China continues to lead the march to online and cross-border shopping habits. This year’s findings support the growth trend: 35% of online shoppers claim to have shopped cross-border in 2015, vs. 26% in 2014. China’s overall online shopping population saw modest growth (81% of online adults report having shopped online in the last 12 months in 2015, vs. 80 % in 2014)
An online shopping market place enabling purchases all kinds of merchandise offered domestically in Japan has been launched. Remambo offers a choice of millions of products.
Chase Pay has hooked up with 18 tech companies to accelerate merchant acceptance. Chase Pay uses QR Codes.
A new study has discovered American consumers want more from their banks than apps — they want advocates. Also, 70% of consumers across all generations (85% of millennials) believe banks current with the latest technology are more trustworthy than banks that lag.
Innovecs opened the first Blockchain competence center based on outsourcing technology company. Thus, Innovecs will develop new and integrate existing financial and technological solutions and services on the basis on Blockchain for global clients.
Tencent’s WeChat has become the first social communication application to provide a technology platform to support person-to-person cross-border money transfer capabilities to more than 200 countries and territories. WeChat U.S.users can now access Western Union’s WU Connect platform.
Globe Sherpa and the San Francisco Municipal Transportation Agency (SFMTA) unveiled a new smartphone application for Muni fares systemwide. With the new MuniMobile app, a rider’s fare may be purchased on most smartphone devices.
CardFlash News Briefs: CREDIT KARMA (scores); GPN (Apple Pay); VIRTUAL PIGGY (execs) and NFC Forum (white paper).