After a biting poor third quarter with profits slipping 10.7% and the 2016 forecast dismal, American Express is shuffling executive suits to cut costs. Josh Silverman is out and other executives have greatly expanded responsibilities.
Wells Fargo is now the only major U.S. bank not charging a foreign transaction fee on all of its small business credit cards. The bank removed its foreign transaction fees on all business credit card and business line of credit access card transactions made outside the U.S,. effective October 1st.
GA-based acquirer TSYS reported a solid third quarter
with total revenues of $707.9 million, an increase of 14.8%.
Income from continuing operations attributable to TSYS’ shareholders was $120.6 million, an increase of 45.5%.
MasterCard and Cardlytics inked an agreement to deliver targeted card-linked services to US banks of all sizes. The new partnership will match Cardlytics card-linked marketing solutions and advertising expertise with MasterCard’s bank partners and its offers and rewards platform to deliver a solution that is unsurpassed in the loyalty business.
CT-based CardFellow, a free web-based service helping businesses find their perfect credit card processor reports its client portfolio now exceeds $1 billion in transactions processed each year. The Company also inked an agreement with credit card processor Payment Depot.
American Express is committed to make Apple Pay to be available in key global markets allowing its cardholders to pay on the go with an iPhone, Apple Watch or iPad. Apple Pay is expected to be available for Card Members in Canada and Australia this year and in Spain, Singapore and Hong Kong in 2016.
New research shows the average cost of a data breach to a company last year was $3.8 million, a 23% increase from 2013. About 84% of adults with incomes of $100K or more indicated that the security of their financial information was their greatest concern regarding their bank, as did 85% of adults who are college graduates.
Austin-based Eliot Management Group has added the Oceano Wave. This countertop package offers a solution to merchants who want the security of an EMV terminal with the convenience of a PIN pad that features both EMV and NFC technology.
Houston-based P97 Networks says they will launch a program to enable mobile commerce with Chase Pay to pay at the pump and make in-store purchases with their smart phones.
In today’s CardFlash News Que: PIVOTAL (FlexPoint); TARZIN (Circle Plus); IWALLET (patents) and UBERRUSH (Clover).
Zebit has launched the first fully automated payment system providing zero-interest credit to the 68 million Americans underserved by traditional financial services but willing to pay up to MSRP prices for electronic products.
Just four weeks after its launch in the U.S., Samsung Pay is proving its biggest advantage is broad acceptance enabled by Samsung’s MST (Magnetic Secure Transmission) in combination with NFC. Blackhawk Network has teamed with Samsung Pay to enable the integration of gift cards into the Samsung Pay mobile payment solution.