U.S. Bank wants to make innovation its middle name and as such has anointed Dominic Venturo to lead the charge. As executive vice president and chief innovation officer, Venturo will lead the efforts to identify emerging technology or new business models.
In today’s CardFlash News Que: POWA (Anywhere Commerce); TILLSTER (Digital Store Platform); CAPRA CONSULTING (EMV); and OpenTable (Android.)
NH-based Ziftr launched a one-stop cryptocurrency/credit card payment platform and customer loyalty program. Ziftr is working to onboard the first group of ziftrPAY merchants to reach a critical mass of ziftrPAY merchants by next holiday season.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Sustain:Green MasterCard from Commerce Bank.
The U.S. bank credit card industry remained tightly concentrated in 2014, based on outstandings, with the top 5 issuers controlling nearly half of the market, the top 10 issuers holding a two-thirds share and the top 50 maintaining an 88% share, according to CardData.
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.
U.S. bank credit card active accounts (accounts with sales activity), among the top six U.S. issuers, grew 10.3% year-on-year (YOY) and 3.5% quarter-to-quarter (QOQ) in 2014. This comes despite the slight erosion in gross accounts of 1% by Chase, Bank of America and Citibank last year.