The total U.S. credit card outstandings market of $884 billion at EOY 2014, rose nearly 5% YOY, with most of the robust growth coming from smaller banks and credit unions. Two of the largest issuers grabbed double digit shares: Chase with 14.4% and Bank of America with 10.4%.
Visa and MasterCard control 98% of the U.S. debit and bank-issued prepaid card market and it continues to grow faster than credit cards by 210 basis points (bps). RAM Research projects U.S. debit and prepaid Gross Dollar Volume (GDV) will grow from $2.6 trillion this year to $3.5 trillion for 2019.
Google has added Dunkin Donuts and Seamless to Android users of Google Wallet. Dunkin’ Donuts guests can recharge their cards with a couple of clicks (no card rekeying) and Seamless customers will start to see the Google Wallet payment option available in their Android app, for an array of 80+ cuisine types.
Tapingo landed a $22 million investment led by Qualcomm Incorporated through its investment arm Qualcomm Ventures. DCM Ventures, Kinzon Capital, and existing investors Khosla Ventures and Carmel Ventures also participated in the round. The company will use the funding to accelerate its expansion beyond the college market, with the goal of transforming local commerce.