Citi confirms it has successfully completed the acquisition and conversion of Costco’s U.S. co-brand credit card portfolio from American Express. Citi acquired in excess of $10.5 billion of credit card receivables. The new Costco Anywhere Visa Card by Citi and Costco Anywhere Visa Business Card by Citi are available exclusively to Costco members. The long-term…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Australian credit card outstandings edged up by 1.4% year-on-year (YOY) in April. Credit card credit limits increased 3.3% YOY and the number of credit card accounts rose 2.8% YOY. The average balance per account in April declined 1.4% YOY to AU$3149, compared to AU$3157 for March, and AU$3194 for April 2015. Credit…
It’s official: Visa and Visa Europe are one big happy family with one big brand. Visa completed its acquisition of Visa Europe Ltd. Visa also named Gary Hoffman, CEO of Hastings Group, as a Board member of Visa Inc. He is currently a director and Chairman of Visa Europe Limited. The combined company will produce…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Gross dollar volume (GDV) for Visa, MasterCard, American Express and Discover cards (credit + debit) globally increased 4.2% year-on-year (YOY) on a nominal dollars basis, for the first quarter (1Q/16). However, on a currency adjusted basis (FX) global GDV for the first quarter increased 10.6% YOY. The major four networks posted…
When it comes to mobile payments, Mexico, the second-largest mobile market in Latin America after Brazil, is ready for reaping. At the end of last year there were 88 million unique mobile subscribers, or 69% of the population in Mexico. There were 104 million total mobile connections, with smartphones making up half. A new report…
In Other Payment News: VISA (campaign); VISUALANT (funding); BANKRATE (acquisition); and ELAVON (canada). VISA – Visa launched its most ambitious integrated global Olympic Games campaign in the company’s history. Marking a bold new direction in Visa’s marketing and communications, the “Carpool” campaign will run globally across all media channels from digital to broadcast as an…
MasterCard has now joined Visa in launching new initiatives to accelerate EMV adoption among U.S. merchants. The new EMV chip terminal testing and certification program covers acquirers and value-added resellers (VARs). More than 70% of all U.S.-issued MasterCard branded consumer credit cards are now chip cards. MasterCard operates a chip terminal testing and certification process…
Singapore-based Dragonfly Fintech (DF), inked a deal to power the Malaysian Metro Money Exchange. The remittance market in Malaysia is about $10 billion annually. The payment and settlement solution will be implemented in partnership with BC Fintech, a Dragonfly system integrator. The solution will drive the entire remittance chain, from wholesale foreign exchange to the receipt…
The largest retailers continue to struggle to become omnichannel-ready. Sporting goods merchants lead the omni-ready pack, followed closely behind by mass merchants and electronics/entertainment while grocery and pharma continue to be laggards. According to the Vantiv/PYMNTS.com OmniReadi Index, the top 30% of merchants appear to be on their way to becoming OmniReadi, but the remaining…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] There is a consensus NFC-ready POS terminals globally will grow at a compound annual growth rate (CAGR) of 28.4% from 23 million units in 2015 to 75 million units in 2019. According to new report from KBV Research, NFC technology’s potential is anticipated to make NFC a leading technology for mobile…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] CPI Card Group has been hit with class action shareholder lawsuits in regard to its October 2015 IPO and 1Q/16 earnings report. On May 11, CPI reported disappointing financial results for the first quarter, stating “primary impact resulting from lower than expected EMV card shipments,” according to President and CEO Steve…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.K. consumer credit continues to expand at a brisk pace, hovering around 10% year-on-year YOY. In April total consumer credit grew to £183.2 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.4% and 9.6% respectively. The Bank of England (BOE) reports consumer credit increased by £1.3 billion…
