NJ-based TD Bank has introduced a new general purpose reloadable Visa bank card. The launch marks the bank’s second reloadable prepaid card. TD has 8 million U.S. customers.
Outstandings for Citibank-branded (Citi) cards in North America continues to erode, declining 4.3% last year from $70.5 billion at EOY 2013. Since 2009, Citi’s outstandings posted a compound annual growth rate (CAGR) of -3.39%, according to CardData. Among Citi’s peers, BofA and Chase are also in negative CAGR territory.
MasterCard’s (MC) global gross dollar volume (GDV) rose 6.0% on a nominal U.S dollar basis in 2014, but currency adjusted is up 12.9% year-on-year (YOY). The European and Latin America Caribbean regions are the big drivers behind the growth. RAM Research projects MC global GDV will log in around $1110 billion in Q1/15.
After a rocky road with prior credit card partnerships, Charles Schwab is setting its hopes on a new co-brand relationship with American Express. The two companies inked a multi-year deal to issue two new premium co-branded cards, presumably a charge card and a credit card in early 2016.
RI-based Citizens Bank has unveiled a new credit card offering up to 1.8% cash back with no annual fee and none of the category restrictions or caps on rewards often found with other rewards cards.
Citi announced it will be consolidating the Office Depot and OfficeMax retail credit credit agreements into one program, following the announced merger of Office Depot and OfficeMax. Citi Retail Services previously provided credit solutions to both retailers prior to the integration.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Greg Cohen, President of iPayment.
Prepaid card specialist Blackhawk Network has been issued a patent that covers the DirectSpend RAN program and equivalent methods of filtering transactions. Blackhawk also owns a variety of patents that apply to e-wallet technology, swipe reload technology, card network processing, digital gift card delivery, gift card exchange, and card security technology.
Germany’s Wirecard and Drillisch have inked a mobile payments strategic cooperation agreement to launch a mobile payment solution. The new boon payment system will be launched in August.
In today’s CardFlash News Que: QCard (EMVCo); Acumera (ZipLine); Net Element (PayOnline) and Passenger (Giftbit).
The BBVA Compass NBA American Express Card has officially hit the court and so far it is an easy dunk for NBA fans. The new card is the first payment card bearing the global NBA brand.
In today’s CardFlash News Que: TapTrack (NFC); Connect First (PCI); ParTech (m-POS); and Cubic (TfL).