American Express U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago. Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7% rise in cardholder spending and higher net interest income.
Citibank North America credit card profits rose 4.6% to $564 million in the first quarter. Overall, revenues rose 4.7% to $5.0 billion versus the prior year period, primarily reflecting higher revenues in retail banking.
The smart cards market will likely grow at a compound annual growth rate (CAGR) of 9.0% until 2020 says forecaster RAM Research. The Asia Pacific smart cards market is estimated to grow at a CAGR of 10.1% from 2014 to 2020.
MasterCard got a settlement done with Target to resolve claims by MasterCard and its issuers related to the retailer’s 2013 serious screw-up data breach. Under the agreement, Target will make available up to $19 million in alternative recovery offers to eligible banks and credit unions across the globe.
ACH volume grew to almost 23 billion electronic payments last year, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA ” The Electronic Payments Association. RAM Research projects it will grow to 24.5 billion by EOY 2017.
EVO Payments and Boomtown, a San Francisco based provider of on-demand tech support for small to medium-sized businesses (SMB), inked a partnership that will provide push button IT support for POS developers and their SMB customers.
First National Bank (Slayton, Minnesota), and First National Bank (Davenport, Iowa), now offer the BlazePays Visa Prepaid Cards powered by Capital Prepaid Services. Under the banks’ agent programs which are managed by Capital Prepaid Services, these Minnesota and Iowa banks are now able to cost-effectively tap into the prepaid market, which is one of the fastest growing payment markets.
American Express and Jawbone have joined to give eligible U.S. American Express Card members the ability to tap to pay with the new Jawbone UP4 fitness tracker anywhere American Express contactless payments are accepted in the USA.
CardWeb.com’s CardConferences today features the CARDS & PAYMENTS MIDDLE EAST 2015, conference, May 12-13 at the Dubai International Convention & Exhibition Centre in Dubai.
CardWeb.com’s CardData database of Company Profiles features Ingo Money.
Team One Credit Union, Saginaw, MI and MShift have begun pilot testing MShift’s patented AnyWhereMobile mobile payment network (AnyWhereMobile) with a locally owned restaurant in Saginaw.
The National Geographic Society and First Bankcard, a division of First National Bank of Omaha have launched the new National Geographic Visa Card. Cardholders earn exclusive savings on National Geographic products and experiences while supporting the Society’s global exploration, conservation, research and education programs with every purchase.