CardWeb.com’s CardConferences today features the PayThink Conference at The Cosmopolitan in Las Vegas, September 28-30.
In today’s CardFlash News Que: SYNCHRONY (Mills Farm); GIESECKE & DEVRIENT (HCE); XACTLY (eWAY); and MASTERCARD (EMV).
The California Retailers Association, Latino Consumer Federation, and California Grocers Association sent a letter to California Governor Jerry Brown urging him to adopt a global credit card standard known as chip and PIN for all transactions that involve the state government. The groups believe that working with the Governor’s office to put forward a California solution that closely mirrors President Barack Obama’s BuySecure Initiative implemented in October 2014, would bolster security for transactions that involve state government.
Charge-offs among the nation’s top 6 issuers dropped 22 basis points (bps) year-on-year (YOY) to 2.81% for the second quarter, and down 16 bps sequentially. Bank of America (BofA) has done the best job of reigning in card losses, dropping 43 bps YOY.
Purchase transactions (PTX) for U.S. Visa and MasterCard credit cards rose 11.7% year-on-year (YOY) in the second quarter to 5908 million. PTX for U.S. Visa and MasterCard debit cards rose 7.0% YOY in Q2/15 to 12986 million. Both metrics have been slowing over the past year.
PA-based Rite Aid says nearly 4,600 stores of the Company’s nationwide will begin accepting mobile payments, including Apple Pay and Google Wallet, starting Saturday, August 15. The Company will also accept Google’s forthcoming Android Pay. Additionally, all Rite Aid stores will also accept tap and pay credit and debit cards.
The Starwood Preferred Guest (SPG) Credit Card from American Express has been beefed-up with a new design and extra benefits. Among the new benefits: No Foreign Transaction Fees; Complimentary, Unlimited Boingo Wi-Fi; Complimentary Premium In-Room Internet Access; and Access to Sheraton Club Lounges for SPG American Express OPEN Card Members.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Steve Fredette, President & Co-founder of Toast.
Overall, parents anticipate spending an average of $1,239 this back-to-school season, up 8% from 2014, and up 24% since 2011. Technology for classroom use is a significant contributor to the added costs, with 82% saying their children use tech for learning (vs. 77% in 2014), including the following:
There are universal truths about the technology and safety behind electronic payments, in contrast to everyday misperceptions. MasterCard has traced some common myths about cashless payment solutions, and has ‘busted’ them with the truth, to help provide peace of mind.
American Express has become the first major U.S. Corporate Card portfolio to be activated for Apple Pay. American Express added Apple Pay for Consumer Cards and OPEN Small Business Cards in late 2014.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Hassan Mayassi, CEO, Acquiring Payments Solutions and MD, Emerging Markets Payments Jordan.