Credit Karma announced has signed up its 50 millionth member, a major milestone that gives the online personal finance platform insight into more than one-fifth of America’s total household debt. Credit Karma’s 50 million-strong member base accounts for 22% of all Americans with a credit profile in the United States, who use the platform to…
The burgeoning service economy is significantly outpacing more traditional industry sectors in its rate of business growth among middle market companies, according to the Middle Market Power Index: Exploring Generational Changes in Middle Market Industries from American Express and Dun & Bradstreet. While manufacturing and wholesale trade continue to remain key industries for middle market…
In 2015, EMV card issuance in the U.S exceeded original industry expectations, hitting nearly 600 million units, while China showed continued success, achieving record shipments near the 850 million mark. The two countries led significant worldwide market growth, accounting for 53% of the more than 2.6 billion total EMV cards shipped in 2015, according to…
New research has estimated the global market for card printers to surpass USD 72 billion by 2019. High market value of the global card printers market can be attributed to the enhanced efficiency, quality, and performance of printers, which results in its increased adoption in sectors like BFSI, educational, and IT. According to the Global…
The nation’s second largest Visa and MasterCard issuer continues to struggle with sluggish outstandings and purchase dollar volume (PDV) growth, plus credit card quality is inching north. BofA (EOP) U.S. bank credit card outstandings declined 2.5% year-on-year (YOY) to $89.6 billion for the fourth quarter (4Q/15). Meanwhile, Purchase Dollar Volume (PDV) for BofA’s U.S. bank…
Wells Fargo’s credit card fourth quarter (4Q/15) portfolio outstandings jumped 9.3% year-on-year (YOY) to $34.0 billion. Purchase dollar volume (PDV) soared 12.5% YOY to $18.9 billion, compared to 15.1% YOY in the prior quarter. Wells Fargo is the second fastest growing U.S. card issuer among the top ten, next to Capital One with solid growth…
Citibank North America branded credit card profits declined 19.0% and Citi retail cards declined 5.5% year-on-year (YOY) in the fourth quarter (4Q/15). Citi branded cards continue to experience no growth in outstandings and impacted by increased acquisition and rewards costs. EOP outstandings declined 0.4% YOY from $67.5 billion one-year ago to $67.2 billion for…
U.S. Bank (USB) posted a 4.0% year-on-year (YOY) gain in consumer and commercial purchase dollar volume (PDV) for the fourth quarter (4Q/15) as outstandings increased 4.4% YOY. Net income for U.S. Bank Payment Services, which includes cards, consumer lines of credit and merchant processing, increased 7.2% YOY to $326 million. PDV (consumer + business cards)…
Cross-border transaction volume for Visa and MasterCard rose 9.6% year-on-year (YOY) in the third quarter. Visa’s cross-border currency adjusted (FX) gross dollar volume (GDV) increased 5.0% YOY, while MasterCard rose 15.7% YOY for FX GDV in the third quarter. Cross-border volume refers to payments and cash volume where the issuing country is different from the…
Credit card fee income rose 4.4% year-on-year (YOY) in 2015, topping $94 billion. Fees in every component increased with the exception of penalty fee income with decreased slightly. R.K. Hammer estimates that the card business saw a fee income increase of $4 billion in 2015 compared to 2014. New regulations and legislation continue to have…
Seattle-based independent digital remittance company, Remitly, reports it is on track to transfer $1 billion annually based on the rate of transfers in December. This represents an increase of more than 400% from January 2015. Remitly offers money transfers from the United States to the Philippines, India and Mexico, which alone account for more than…
China UnionPay reports transaction volume on its payments network set a new record during the 2016 New Year’s Day holiday (from January 1 to 3). Volume and transactions reached 348.64 billion Yuan and 250 million respectively, up by 26.2% and 16.4% respectively year on year. Among these transactions, offline transactions made overseas increased by nearly…