Facing the real possibility of one FOMC rate hike in the second quarter and two additional rate hikes in the second half of 2015, U.S. credit card rates will likely return to the highest rates in five years. RAM Research forecasts U.S. bank credit card rates for accounts assessed interest will climb to 14.24% by EOY 2015.
Credit card Asset-Backed Securities (ABS) metrics for the February reporting period will weaken slightly in line with seasonal trends, but should remain near record levels of strength. The Monthly Payment Rate (MPR) fell to 27.36% in January and will likely slightly decline through the first quarter due to seasonal trends.
The Network Branded Prepaid Card Association (NBPCA) and NetSpend urged the CFPB to show restraint in its final rule and avoid imposing overly broad restrictions on prepaid accounts, which could destroy the market.
New research shows 61% of businesses store the unencrypted 16-digit sequence on the front of credit cards, also known as the Primary Account Number (PAN). Also, EMV-enabled payment terminals can still be used to make a payment transaction using an optional mag stripe swipe process, which means there’s still an opportunity for misconfigured software to inadvertently capture and store full track data.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Oren Levy, Chief Executive Officer of Zooz.
A recent study of 10,000 U.S consumers shows credit unions took top spots in the trusted banking category, including credit cards.
The 2015 Temkin Trust Ratings rates the trust that consumers have with 293 companies across 20 industries.
CPI Cards’ EFT Source is now providing financial institutions with an online portal through which cardholders can order fully customized debit cards. The new custom card design solution, MYCA, will increase card activation and usage, which generates additional interchange revenue.
Aggregate global gross dollar volume (GDV) for Visa, MasterCard, American Express and Discover is projected to top $13.6 trillion in 2015. According to RAM Research the year-on-year (YOY) growth rate will maintain a 4.5% to 5.5% range through all four quarters this year.
International cash dollar volume (CDV) for Visa and MasterCard credit and debit cards hovered at the US$800 billion level throughout 2014. While the nominal dollar basis shows a slight decline, the year-on-year (YOY) growth was very robust in most of the Visa and MasterCard regions, on the currency adjusted basis, according to CardData.
Oslo-based NEXT Biometrics has been chosen to provide its fingerprint imaging sensor in the new BIO-key EcoID, a low-priced compact USB touch fingerprint reader.
According to new research the mobile money market is expected to grow from $12.34 billion in 2014 to $78.02 billion by 2019, at a compound annual growth rate (CAGR) of 44.6% during the forecast period from 2014 to 2019. In terms of regions, MEA is expected to be the biggest market in terms of market size, whereas APAC and NA are expected to experience increased market traction, during the forecast period.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Dr. Markus Braun, Chief Executive Officer and Chief Technology Officer of Wirecard AG.