The Smart Card Alliance Payments, Mobile and NFC, and Transportation Councils made significant headway in 2014, educating the industry on the security benefits of smart card technology for a wide variety of payment applications and use cases.The Payments Council focuses on facilitating the adoption of chip-enabled payments and payment applications in the U.S. and works closely with the EMV Migration Forum to educate stakeholders on the security benefits of EMV chip technology. The Mobile and NFC Council activities help to accelerate the practical use of NFC applications such as payments, loyalty and marketing. In 2014, the council put forward workshops, white papers and other educational industry resources to discuss and promote common mobile and NFC standards and best practices.
While profits among the world’s largest payment card networks rose 4.4% in the third quarter (Q3/14), the figure for the fourth quarter will be relatively flat in the fourth quarter (Q4/14), compared to one year ago. During 2015, profits will near $5.0 billion in Q2/15 or Q3/15.
The number of payment cards-in-force (CIF) in Eqypt hit 17.0 million in 2014, compared to 10.0 million five years ago, growing at a compound annual growth rate (CAGR) of 11.2%. The Egyptian economy is the second-largest in the Middle East after Saudi Arabia.
China UnionPay ATMs topped the 600,000 milestone in 2014 and now growing 20.6% per year. CUP added nearly 100,000 ATMs last year. The construction of small outlets such as “community banks” and “financial convenience stores” in China will likely spur the demand for ATMs in 2015.
Chicago-based Arroweye Solutions has ankled Reiner Vanooteghem as vice president of market development for the financial services industry.
Arroweye is a single-source provider of innovative card marketing and production solutions for the financial service, prepaid and retail industries.
The new PayPal Credit, f/k/a Bill Me Later, is beefing up its credit service to give retailers the ability to decide on the number of months and interest rates best suited for their customers. Additionally, retailers will also be able to choose among interest-free credit options for the first time, for their online customers.