Credit quality for VISA and MasterCards (V/M) issued by the top four U.S. bank credit card issuers continues to improve. The 30+ day delinquency rate in the first quarter declined 16 basis points from the prior quarter and 52 basis points from one-year ago. According to CardData, the average 30+ delinquency rate among the top U.S. issuers for the first quarter stood at 2.64%, compared to 3.16% for Q1/2013 and 2.80% for the final quarter of 2013.
CHARGE Anywhere mPOS solutions have been approved by the Visa Ready Program. The Visa Ready Partner Program for mPOS is designed to help device manufacturers, application developers, merchants and acquirers to build and implement a reliable, convenient, and secure mobile point of sale experience. CHARGE Anywhere’s mobile payment application with Chip & PIN and magnetic stripe transaction capture meet Visa’s requirements. CHARGE Anywhere’s mobile solutions feature a PCI-validated secure mobile payment application, point-to-point encryption, and payment gateway services.
EVERTEC posted 1Q/14 total revenue of $87.2 million with an adjusted net income up 16% to $32.0 million from the year ago period. Revenue was flat compared with the year ago period of $87.3 million. Merchant Acquiring net revenue was $19.3 million, an increase of 10% compared with $17.5 million in the prior year. Revenue growth in the quarter was predominantly driven by an increase in transaction volumes.
i2c payment processing announced that Scott Salmon has joined the company as General Manager, International to lead i2c’s continued growth in Asia Pacific, Central Europe, Middle East and Africa (APCEMEA). Salmon brings over 25 years of business experience to this strategic role, including more than 20 years in payments and prepaid. He was Head of the Visa Prepaid Products division for the past five years. Prior to that he oversaw Visa’s San Francisco-based Global Prepaid Market Development team. Before Visa, Mr. Salmon was engaged in a variety of consulting and product management roles in the retail banking sector.
The PULSE network remains the key driver of payments transaction volume for Discover Financial Services (DFS), growing 5% year-on-year (Y/Y) in the first quarter (Q1/2014) to $41.9 billion, representing 54% of Discover’s network total volume. Overall, DFS’ network volume is up 4% Y/Y to $77.38 billion. The most robust payments business for DFS is its Network Partners segment, up 6% Y/Y in Q1/2014, followed by the Proprietary segment, up 3%. However, DFS continues to struggle with its Diners Club international segment, which slipped down 2% Y/Y in Q1/2014.
Average credit card APRs are down .1% from the April figure to 15.01% after averaging a meager .04% change over the past year. This continues the downward momentum seen throughout the early months of 2014. This also follows a relatively lengthy period of APR stagnation since the holiday months.
INSIDE Secure announced the availability of its new EMV-ready MicroPass® solution for US contact and dual interface payment cards. Primarily developed for the US Payment market to foster the success of the payment card migration from magstripe to EMV chip based on cost and interoperability. MicroPass features an optimized operating system (OS) to fit into the smallest possible silicon area, while delivering the highest security level in the industry, Discover, Mastercard and VISA pre-installed and optimized personalization timing (6 times faster than competition) in order to speed-up the personalization equipment yield, and decrease cost. PIN and data sharing in case of multiple applications in the same card, in order to avoid data loading redundancies during personalization, while supporting a user friendly experience to the cardholder (a unique PIN).
VeriFone nominated former Sun Microsystems CEO Jonathan I. Schwartz as a board member at the company’s 2014 Annual Meeting of Stockholders scheduled for June 17, 2014. Additionally, the company announced that both Dr. Leslie Denend, a board member and current board chairman, and board member Jeff Stiefler, will not stand for re-election. If elected, current board member Alex W. (Pete) Hart will assume the role of board chairman. Schwartz has broad technology expertise, and brings extensive operational and strategic experience as a chief executive officer to the VeriFone board. He is currently president and CEO of CareZone, Inc., a mobile application for family caregivers, which he co-founded in 2010.
American Express announced its intent to open its fifth Centurion Lounge in Miami International Airport (MIA). American Express will open an approximately 8000 square foot Centurion Lounge at Miami International Airport. The Lounge will feature locally-inspired cuisine and cocktails from award-winning talent, a spa with complimentary treatments and a family room. Card Members will enjoy access to high-speed Wi-Fi, personal computers and noise-buffering workspaces. More details on the culinary team and specific menu offerings will be available closer to the opening of the Lounge.
MasterCard announced opening an accelerator program in Europe , led by MasterCard Labs), to help startups achieve scale. Mastercard will listen to the individual needs of each startup, understanding their business goals, and ultimately, helping them get to scale faster and more effectively than they would have on their own.
ChannelAdvisor cloud-based e-commerce solutions will co-host a webinar with Yahoo titled ” Deconstructing Digital Daily Habits: A Deeper Understanding of How Gen Y/Z Affects Online Advertising ” to educate retailers on how to best attract and retain customers in today’s evolving world of digital media and mobile. Sheridan Orr, ChannelAdvisor’s senior manager, product marketing, and Edwin Wong, Yahoo’s senior director of B2B strategic research and insights, will discuss the latest trends and outcomes of a Yahoo study. The research reveals why daily habits matter for Gen Y/Z and how macro trends are influencing the lives, behaviors, and shopping patterns of the largest online buying community.
BorrowersFirst has secured equity and debt funding from SF Capital Group. BorrowersFirst solutions include Connected Credit for fast, friendly, transparent, responsive service, Custom credit scoring and an advanced lending platform can easily integrate into partner or corporate sites. This makes it easier for consumers to “connect to credit” at home, at work, and even through their jobs, as BorrowersFirst customizes employee lending initiatives with large employers.