U.S. credit card outstandings end-of-period (EOP) among the Big 6 issuers increased 1.5% in the first quarter (1Q/16) year-on-year (YOY) to $468.3 billion. The weak aggregate gain resulted from the huge YOY drop in American Express outstandings offset by the huge YOY gain in Capital One outstandings. The Big 6: American Express, Discover, Chase, Bank…
Purchase dollar volume (PDV) for Visa, MasterCard, American Express and Discover cards (credit + debit) globally rose 6.8% year-on-year (YOY) on a nominal dollars basis for the first quarter (1Q/16). However, on a currency adjusted basis (FX), global 1Q/16 PDV increased 9.2% YOY. The major four networks posted $2367 billion in global PDV for 1Q/16,…
Following the lead of Visa and MasterCard, American Express announced changes to its EMV chargeback policy to help merchants limit their fraud costs as they upgrade their point-of-sale systems. EMV technology reduces the risk of fraud stemming from counterfeit payment cards by storing information on a microprocessor chip embedded in a card. By the end…
The 30+ day delinquency rate, seasonally adjusted (SA), among the top 100 U.S. banks for the first quarter (1Q/16) decreased 3 basis points (bps) sequentially (QTQ), but up 6 bps year-on-year (YOY). On a not seasonally adjusted basis (NSA), the delinquency rate among the top 100 U.S. banks for 1Q/16, declined 7 bps QTQ and…
In Other News: PYMNTS (awards); ELAVON (ariane); EMAZZANTI (ranking); and AMEX (LGBTQ). PYMNTS – The winners of the 2016 PYMNTS/Alexa Challenge include Visa and USAA. There were 12 teams and 14 companies in a five-week competition to use Alexa and her voice-activated technology to reimagine how consumers interact with their payments and financial services solutions…
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…
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 card outstandings for April…
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…
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…
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 Montross. On the news,…
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 in April, compared to…