Major 4 Network Global Q1 PDV +7% FX YOY Adjusted for EU

Purchase dollar volume (PDV) for Visa, Mastercard, American Express and Discover cards (credit + debit) globally rose 21.2% year-on-year (YOY) on a nominal dollars basis for the first quarter (1Q/17). However, on a currency adjusted basis (FX), global 1Q/17 PDV increased 20.4% YOY, according to CardData. The first quarter PDV figures are skewed as Visa…

Armed w/Expanded Funding InstaReM Heads to Europe and the U.S.

A Singapore-headquartered cross-border payments company has exploded on the payments scene. InstaReM has received a $13 million investment led by GSR Ventures, with participation from SBI-FMO Emerging Asia Financial Sector Fund, Vertex Ventures, Fullerton Financial Holdings, and Global Founders Capital. To date, InstaReM has raised over US$18 million in the last 18 months. InstaReM will…

Big 6 U.S. Q1 Active Accounts Rise 7% YOY Despite Rising Attrition & New GAC Churn

U.S. bank credit card active accounts (AAC) (accounts with sales activity), among the top six U.S. issuers, increased 7.0% year-on-year (YOY) in the first quarter (1Q/17), according to CardData. There were 169.2 million active bank credit card accounts for 1Q/17 in the U.S. among the top six issuers: Citibank; Capital One; Chase, Bank of America,…

Q1 U.S. GDV Marketshare: Visa +240 bps AXP -150 bps YOY

The nation’s four major payment card networks produced $1485 billion in U.S. gross dollar volume (GDV) in the first quarter (1Q/17) for a 6.0% year-on-year (YOY) gain. Visa continues to rule the market, growing its U.S. GDV marketshare from 58.7% in 1Q/16 to 61.1% in 1Q/17, largely at the expense of American Express, according to…

SMS Hijack Attacks Raising Concerns Sending One-Time SMS Passcodes

The National Institute of Standards and Technology (NIST)’s recommendation to deprecate SMS one-time passcodes as a second factor of authentication takes a big leap forward with the help of Payfone. Payfone’s Instant Authentication for Mobile solution thwarts SMS Hijack and SMS-forwarding attacks. The company’s proprietary technology prevents these types of attacks by replacing easy-to-intercept OTPs…

CanPay Debit Enters Oregon to Capture Cannabis Dispensary Payments

The first legitimate debit payment solution for the cannabis industry is set to capture dispensary owners, customers, and patients in Oregon’s recreational and medical cannabis marketplaces. CO-based CanPay dispensaries in the state are now able to offer a secure, legitimate, and transparent alternative to the current cash-only system for both in-store and delivery purchases. Initially,…