November consumer revolving credit card debt increased at an annual rate of 7.4%, compared to 0.1% in October and 8.8% in September. Also, compared to 5.8% in the second quarter, and 8.7% in the first quarter. Overall consumer credit increased at a seasonally adjusted annual rate of 4.8%. Non-revolving credit increased at an annual rate…
After rising predictably YOY for most of the last decade, penalty fee income continued to slide dropping to $11.5 billion in 2015, compared to $11.7 billion and $12.0 billion According to the R.K. Hammer Card Penalty Fee Index, the lowest level since Index began. Despite the decline in penalty fees, total card fee income is…
UnionPay International products and services in South Korea has teamed with T-Money to offer a brand new mobile payment service. With this service, Chinese tourists to South Korea are able to tap their mobile phones to pay instead of using T-Money cards. Without the need to purchase, reload and return T-money cards in South Korea,…
Hanoi-based The Military Commercial Joint- Stock Bank (MB) has teamed with JCB to launch the MB JCB Sakura Cards in Vietnam. The new card offers highly secured transaction with an EMV standard chip, and numerous features such as providing information related to card transactions at anytime and anywhere via SMS, notification emails and eMB –…
More than a fifth of all holiday shopping is now occurring online, based on transaction data from 1.3 million U.S. merchant locations. First Data’s Holiday 2015 SpendTrend Report revealed retail sales are up 3.3% for the full holiday season. The sales growth was a marginal increase over 2014’s year-over-year growth of 3.2%. First Data says…
Coin and MasterCard and partnered to bring payments to a wide array of fitness bands, smart watches and other wearable devices. Atlas Wearables, which designs advanced fitness trackers, Moov, a personal fitness coach on your wrist, and Omate, maker of fashionable smartwatches, are the first set of companies working with MasterCard and Coin to implement…
Blackhawk Network has acquired GiftCards.com, which sells digital and physical prepaid gift card solutions to consumers through a high-trafficked gift card U.S. website, and OmniCard, which sells customized prepaid incentive and reward solutions for business clients. The deal is valued at $120 million. GiftCards.com offers differentiating features, including its GiftLocal product which uses the open…
New research shows young adults and high-income earners are shifting away from debit card use. The latest Insight Summary Report from Mercator Advisory Group’s CustomerMonitor Survey Series reveals usage by both demographic segments declined to a seven-year low in 2015, 52% of households earning $100,000 or more a year and 56% of young adults, which…
MI-based credit card processor North American Bancard has ankled Jim Parkinson as chief information officer. In his new position, Parkinson will be responsible for the company’s IT operations, including IT engineering, PMO and the IT products and strategy teams. Parkinson comes to NAB with extensive experience with digital projects and strategies, and in leading IT…
FREEDOMPAY – FreedomPay has launched of Pay-At-Table solution with PCI Validated Point-to-Point Encryption (PCI P2PE). Available on Ingenico Group’s iWL 258 wireless smart terminal and powered by FreedomPay’s payment gateway, the Pay-At-Table solution is a fully integrated solution with the point of sale at the merchant’s location. In 2016, FreedomPay will be rolling out Pay-At-Table…