Cross-border transaction volume for Visa and MasterCard rose 9.6% year-on-year (YOY) in the third quarter. Visa’s cross-border currency adjusted (FX) gross dollar volume (GDV) increased 5.0% YOY, while MasterCard rose 15.7% YOY for FX GDV in the third quarter. Cross-border volume refers to payments and cash volume where the issuing country is different from the…
Credit card fee income rose 4.4% year-on-year (YOY) in 2015, topping $94 billion. Fees in every component increased with the exception of penalty fee income with decreased slightly. R.K. Hammer estimates that the card business saw a fee income increase of $4 billion in 2015 compared to 2014. New regulations and legislation continue to have…
Barclaycard US has named a new CEO. Curt Hess has been covering the role on an interim basis since May last year. Hess has been with Barclays for eight years, most recently holding the position of Chief Financial Officer for Personal and Corporate Banking in London. He has also served as CEO and CFO for…
Seattle-based independent digital remittance company, Remitly, reports it is on track to transfer $1 billion annually based on the rate of transfers in December. This represents an increase of more than 400% from January 2015. Remitly offers money transfers from the United States to the Philippines, India and Mexico, which alone account for more than…
Starbucks, Walgreens, NFL Shop, HSN and Match are among the new merchants taking advantage of Visa Checkout’s ability to deliver seamless digital payments. Walmart.com will also begin supporting Visa Checkout this year. More than 10 million consumer accounts and 600 financial institutions in 16 countries have signed up to use Visa Checkout since its launch…
South Korea-based Bluebird, manufacturer of Bluebird handheld computers, tablets, and mobile payment devices, has teamed with Reflexis Systems, a pioneer in real-time store execution and workforce management software. The partnership provides access to Reflexis StorePulse from Bluebird’s tablets and mobile computers, operating Windows 10—from anywhere on the sales floor or even from the field. Store…
China UnionPay reports transaction volume on its payments network set a new record during the 2016 New Year’s Day holiday (from January 1 to 3). Volume and transactions reached 348.64 billion Yuan and 250 million respectively, up by 26.2% and 16.4% respectively year on year. Among these transactions, offline transactions made overseas increased by nearly…
Atlanta-based Quatrro Processing and Emailage have formed a partnership to empower both parties in leveraging their combined service offerings to provide end-to-end fraud and chargeback solutions that are tailored for merchants of all sizes. Emailage has access to more than 5 billion emails around the world with global coverage for fraud prevention and transaction approval.…
The Federal Trade Commission and the State of Florida have charged CardReady, a payment processing business with credit card laundering and illegally assisting and facilitating a nationwide debt relief telemarketing scheme that allegedly bilked millions of dollars from consumers. When scammers cannot gain or maintain access to the credit card networks through legitimate means, they…
In today’s special mentions: SHIFT4 (EMV); FREEDOMPAY (Microsoft); CARDFELLOW (Square); and SMARTCARD (Bluebird). SHIFT4 – Shift4 has completed certification for U.S. EMV with First Data’s Rapid Connect solution. Merchants can now process chip-embedded credit and debit card payments through Rapid Connect while receiving the security and flexibility benefits of Shift4’s DOLLARS ON THE NET® payment…