Robert McKinley, Senior Analyst/Editor Robert McKinley is an analyst of the payments industry on a daily basis for 32 years covering payment cards and payment systems from both the business side and the consumer side. McKinley is the retired founder and chief executive of RAM Research, CardWeb and CardTrak. In his prior position, McKinley has participated in more than 10,000 documented news media interviews, testified as an expert witness in two separate $billion+ U.S. anti-trust trials, testified before the U.S. Congress, assisted the GAO with paymentsIMG_2006 (1).jpeg reports, chaired numerous business conferences and provided C-Suite opinion to a multitude of Fortune 500 companies. In retirement, he has continued developing and funding digital media assets as well as contributing payments related analysis/content to a broad list of online publishers, including CardFlash, CardTrak and CardData. McKinley is also a national certified mentor with the non-profit SCORE organization with a focus on assisting Fintech startups. www.robert-mckinley.com

Top U.S. Credit Card Issuer Charge-Offs Take-Off Bigly in Q1

Charge-offs among the nation’s top four U.S. issuers jumped 40 basis points (bps) year-on-year (YOY), and up 36 bps sequentially for the first quarter (1Q/17). All four issuers reported sharply higher credit card losses from the prior quarter, according to CardData. For the top four issuers (Chase, BofA, Capital One, Citibank), average charge-offs were 3.48%…

U.S. Card Issuers Left with Bottom Fishing and Rewards Gamers

The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…

HACKATHONS + MEETUPS + PARTIES = Fintech Week & Summer in London

Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and parties. Each day focuses on a different topic. There is plenty of time for networking and meeting other innovators. The main conference/exhibition takes place at the Grange Tower Bridge Hotel, but other events take place across the City of London, Canary Wharf and…

UnionPay Jazzes-Up Credit Card Perks at 100+ Airports Globally

China’s UnionPay is upgrading its perks at 100 airports worldwide, providing discounts and services at various types of merchants including duty free shops, catering stores, souvenir shops, VIP lounges, Wifi rental and airport shuttle buses. Until February 28, 2018, UnionPay cardholders can enjoy exclusive privileges and value-added services at more than 100 international airports across…

Egypt’s Bee Mobile Wallet Integrates with the Mastercard Payments Ecosystem

Mastercard is adding Bee, the smart payment solutions provider in Egypt, as a key player to its interoperable mobile ecosystem. Bee is now fully integrated on Mastercard ecosystem to expand mobile wallets payments options. The relationship with Bee offers complete integrated solutions that allows mobile wallet users to pay directly through the application and avail…

WEX Q1 Numbers are Astounding as U.S. Fleet Cards Take-Off

ME-based fuel card kingpin, WEX, reported first quarter (1Q/17) total revenue soared 41.5% year-on-year (YOY), and net income rose 25.4% YOY in 1Q/17. WEX says return on 2016 investments is paying-off handsomely, according to CardData. Total revenue was $291.4 million for 1Q/17, compared to $290.8 million in 4Q/16, and $205.9 million for 1Q/16. Net income…

Synchrony Q1 Charge-Offs Soar – Profits Up 10%+ YOY

Synchrony Financial’s retail credit card business revenues posted an 10.5% year-on-year (YOY) gain for the first quarter (1Q/17) to $2.89 billion, according to CardData. During the quarter Synchrony launched the Cathay Pacific program and Synchrony Car Care credit card. Furthermore, Synchrony acquired the Citi Health Card portfolio and GPShopper. Synchrony reported $2.88 billion in retail…

Fiserv Q1: Revenue+ . . . Sales Growth+ . . . Free Cash Flow+

WI-based Fiserv gross revenue posted up mid single-digits year-on-year (YOY) in first quarter (1Q/17). However, net income declined, impacted by the previous sale of StoneRiver, and slightly rising expenses, according to CardData. Fiserv posted gross revenue of $1394 million for the first quarter, a 5.6% YOY gain, compared to $1431 million for the prior quarter,…

Credit Card Account Acquisitions Driven by Sub-Prime with Low Credit Limits

The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…