The impact of the loss of the U.S. Costco and JetBlue programs is manifesting itself in the American Express (AmEx) U.S. Card Services (USCS) unit during the first quarter (1Q/16). However, AmEx continues to open new accounts at a record clip. Revenue and income were up slightly year-on-year (YOY) as outstandings (OUT) took a big…
San Francisco-based Affirm has ankled eBay Vice President Carl Gish to be its first Chief Marketing Officer (CMO). Gish will be responsible for enhancing and building Affirm’s global brand as the financial technology company begins expanding beyond point-of-sale payments. As Affirm’s first CMO, Gish brings over 25 years of marketing and general management experience, most…
In Other News: FLEETCOR (Q1); GREENDOT (Q1); ACI (Q1) and BANKRATE (APRs). FLEETCOR – FleetCor Technologies reported total revenues decreased 0.5% to $414.3 million in the first quarter of 2016 compared to $416.2 million in the first quarter of 2015. GAAP net income increased 17% to $110.0 million results for its first quarter. GREENDOT –…
Sezzle’s bank-to-bank payments technology will breakthrough next week at the FinovateSpring 2016 event in San Jose. Sezzle’s technology allows for an alternative low-cost payment method at checkout – effectively halving the cost of traditional credit and debit card merchant processing – all via bank to bank payment technology. At checkout, Sezzle allows consumers to link…
Synchrony Financial’s retail credit card business revenues posted a huge 14.7% year-on-year (YOY) gain for the first quarter (1Q/16) to $2.03 billion. During the quarter Synchrony renewed the Stein Mart and La-Z-Boy programs; signed a partnership with Marvel to offer Marvel MasterCard and co-promote Synchrony Bank’s deposit products; launched the Citgo card program; and introduced…
GA-based acquirer TSYS reported a solid first quarter (1Q/16) as total revenues hit $739 million, a jump of 11.7% year-on-year (YOY). Net income increased 16.6% YOY from $77.8 million in 1Q/15 to $90.6 million in 1Q/16. NetSpend continues to be a driving factor, up 19.3% YOY. Revenues for the North America Services segment increased 14.1%…
ME-based fuel card kingpin, WEX, reported first quarter (1Q/16) total revenue inched up 1.8% year-on-year (YOY), however net income rose 3.6% YOY in 1Q/16. Total revenue was $205.9 million for 1Q/16, compared to $212.6 million in 4Q/15, and $202.3 million for 1Q/15. WEX notes adjusting for constant currency (FX), fuel prices, and fuel spreads, revenue…
Azimo has snagged $15 million of new investment, led by the Japanese e-commerce and fintech services company Rakuten. Azimo is the world’s largest digital money transfer network. Currently, over three quarters of Asian transactions are conducted offline through banks or money transfer operators (MTO), and as a result, the cost for senders is very high:…
In Other News: BLUEFIN (DSP); 3DCART (Vantiv); SYNCHRONY (Suzuki); and SHOPIFY (1Q). BLUEFIN -Bluefin Payment Systems will provide the Visa Data Secure Platform (DSP) through their Decryption as a Service P2PE Solution. 3DCART -Shopping cart software provider 3dcart has partnered with Vantiv, a provider of payment processing services and related technology solutions for merchants and…
Entrust Datacard confirms it has produced over 10.6 million EMV chip cards in the U.S. in the past 12 months utilizing the Company’s instant issuance solutions. Fraud is also a driving factor for increased instant EMV card issuance as more and more consumers need an emergency card replacement if their card information has been compromised.…
MasterCard rolls-out new platform to enhance processing capabilities across Asia Pacific’s payments ecosystem. The new MasterCard Integrated is the payments processing services platform that powers MasterCard Payment Transaction Services. MasterCard will now offer fully-integrated hosted processing services, supporting all payment brands. This further expands the role of MasterCard during the payments process, extending beyond its…
PayPal continues to rock ’n roll as profits soared 43% year-on-year (YOY) in the first quarter (1Q/16) driven by total payment volume (TPV) up 29% YOY. However, the transaction margin declined 380 basis points (bps) in the quarter, compared to 1Q/15. Transaction revenues for 1Q/16 increased 17% YOY to $2.24 billion, compared to $2.26 billion…