The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its second installment.
Citi Retail Services has inked a multi-year renewal agreement with ExxonMobil for its consumer and commercial credit card relationship. The agreement with ExxonMobil is the eighth contract renewal Citi Retail Services has announced since the beginning of 2014.
The Consumer Financial Protection Bureau has been on a recent tear: hitting a small-dollar lender for illegal debt collection practices; warning colleges to improve disclosure of school-sponsored credit card agreements; and an upcoming proposal to regulate payday-type loans with more severity.
While demand for funding by SME’s (small mid-sized enterprises) is down, new research reveals an increase in access from alternative business financing options. Bank loan financing currently has only a 35% financing success rate and is driving alternative sources.
Profits (after tax) among the nation’s big 6 U.S. credit card issuers declined 3.3% in the third quarter (3Q/15), compared to one year ago (YOY) but, rose 4.3% sequentially (QOQ).
U.S. Purchase Dollar Volume (PDV) for Visa and MasterCard (credit + debit) in the third quarter (3Q/15) grew at an annual rate (YOY) of 9.2%. Visa U.S. payment card (credit + debit) PDV for 3Q/15 was up 9.7%. MasterCard U.S. payment card (credit + debit) PDV for 3Q/15 was up 7.8%.
Bank credit card rates will begin to trickle upward next month in the wake of the Federal Open Market Committee (FOMA) decision to raise short-term rates by 25 basis points (bps). It is likely credit card rates in the first quarter will return to 2010 levels.
Verifone has added another gizmo to its mobile point-of-sale (mPOS) portfolio. The new Verifone e265 offers independent and micro merchants the flexibility to accept all major payment types and integrate with smart devices for value-added commerce capabilities.
Visa and MasterCard U.S. gross (open) payment card accounts (GAC) for the third quarter (3Q/15) grew 7.4% year-on-year (YOY). U.S. credit GAC was up 7.3% YOY and U.S. debit GAC increased 7.5% YOY in 3Q/15.
Atlanta-based Global Payments has inked a definitive agreement to acquire NJ-based Heartland Payment Systems.
The cash-and-stock transaction is valued around $4.3 billion.
CardFlash News Briefs: INSIDE (award); KOUNT (funding); I2C (Canada); and COMDATA (network).
Los Angeles-based Allied Wallet has the something in common with Democratic White House contender Hillary Clinton. Allied’s CEO Andy Khawaja met with Hillary Clinton to share their affinity for entrepreneurs.