On again, off again, but now UnionPay has buddied up to bring Apple Pay into China. In a few months China UnionPay cardholders will be able to add their bank cards to Apple Pay on iPhone, Apple Watch and iPad.
Purchase dollar volume (PDV) for Visa, MasterCard, American Express and Discover cards (credit + debit) globally rose 2.5% year-on-year (YOY) on a nominal dollars basis. However, on a currency adjusted basis (FX) global PDV for the third quarter increased 11.4% YOY.
U.S. Cash Dollar Volume (CDV) for Visa and MasterCard (credit + debit) in the third quarter (3Q/15) grew at an annual rate (YOY) of 4.6%.
Visa U.S. payment card (credit + debit) CDV for 3Q/15 was up 3.2%. MasterCard U.S. payment card (credit + debit) CDV for 3Q/15 was up 8.0%.
Citi Retail Services has inked a multi-year renewal agreement with ExxonMobil for its consumer and commercial credit card relationship. The agreement with ExxonMobil is the eighth contract renewal Citi Retail Services has announced since the beginning of 2014.
The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
While demand for funding by SME’s (small mid-sized enterprises) is down, new research reveals an increase in access from alternative business financing options. Bank loan financing currently has only a 35% financing success rate and is driving alternative sources.