Global card processor Payvision and the global acquiring network ControlScan have teamed to assist PSPs, ISOs and their merchants to meet PCI compliance.
Chase reported another strong quarter of bank credit card purchase dollar volume (PDV) in the third quarter (Q3/14). Charge-offs declined significantly from prior quarters. Despite the strong PDV, credit card outstandings remained soft, reflecting the shift to increased transactional use of bank credit cards.
Citibank’s U.S. bank credit card profits rose 17% year-on-year (Y/Y) and retail credit card profits rose 15% Y/Y in the third quarter of 2014 (Q3/14). End of Period (EOP) bank credit card outstandings declined 3% Y/Y, while purchase dollar volume (PDV) rose 4% Y/Y.
September consumer spending slightly declined sequentially. The reduced demand for fall merchandise and unseasonably warm weather may have contributed to the slowdown.
Over the past five years global debit payment volume posted a 14% CAGR (Compound Annual Growth Rate), compared to a CAGR of 7% for global credit payment volume. A new report suggests the economic downturn along with the previously unbanked population contributed to the disparity.
The seventh largest non-bank merchant acquirer in the U.S. has been sold for $1.5 billion. The deal generated a net profit of $700 million for the owners.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Blake Wilson, President and Chief Executive Officer of Everbank. The bank specializes in unique banking, lending and investing opportunities.
Spain’s CaixaBank is deploying Gemalto’s Optelio Contactless MiniTag payments wristband. The wearable devices market is booming, with around 70 million units projected to be sold in 2017..
GA-based Ingo Money and TN-based Advance Financial are launching a co-branded, consumer-direct mobile application to digitize check cashing transactions. Ingo for Advance Financial will debut before year’s end.
Mexico’s Banco del Bajío has inked a deal to license the TSYS’ PRIME 4 card management solution. The agreement represents TSYS’ first PRIME 4 signing in the Mexican market.
CardWeb.com’s CardExecs database of card industry movers and shakers today features Steven Laub, President and Chief Executive Officer of Atmel. The Company specializes in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components.
While a data breach can be costly to financial institutions it also represents a silver lining for card manufacturing. As a result, instant issuance solutions are taking off.