The largest provider of private label credit cards in the U.S.announced that the benefits and features available on Synchrony Bank-issued private label credit cards will be easily accessed by the upcoming Samsung Pay.
Synchrony Financial has inked a new, multi-year agreement to offer private label credit card and small business financing programs for customers of Newegg.com and NeweggBusiness.com.
Pasadena, CA-based Green Dot has picked MasterCard to be the transaction processor and network gateway for all Green Dot Bank-issued deposit accounts, including the bank’s debit card products.
Visa and MasterCard control 98% of the U.S. debit and bank-issued prepaid card market and it continues to grow faster than credit cards by 210 basis points (bps). RAM Research projects U.S. debit and prepaid Gross Dollar Volume (GDV) will grow from $2.6 trillion this year to $3.5 trillion for 2019.
In today’s CardFlash News Que: FORTER (CNP); ACCULYNK (PaySecure); BBVA (Award); and POWA (Banq POS).
In the CardFlash News Que: CPI CARD GROUP; SYNCHRONY FINANCIAL; VSOFT; MOBILE STRATEGY PARTNERS: INSIDE SECURE; and MILBERG.
Total new bank-issued card credit originated year-to-date in September was $183.9 billion, a six-year high and an increase of 25.9% from same time a year ago. The total number of new cards issued year-to-date in that same time was 37.7 million, also a six-year high and an increase of 20.1%.
Over the past year bank-issued credit card limits have soared by 43.5% to $12.68 billion. Retail-issued credit card limits also rose by16.2% to $6.87 billion.
MasterCard’s Asia-Pacific-Middle East-Africa region (APMEA) is expanding rapidly with gross dollar volume rising more than 21% year-on-year and the number of cards issued growing nearly 15% year-on-year in 2013. Quarterly gross dollar volume runs about $300 billion and the number of cards issued is over 400 million. MasterCard will release fourth quarter and annual results on January 31 before the market opens.
Mercator Advisory Group reveals that credit card reward participation in the United States declined from 76% in 2012 to 68% in 2013. Reward participation appears to be age dependent as 81% of seniors, 68% of 35-64 year olds, but only 57% of young adults participate in credit card reward programs, marking significant declines in participation among each age group during the past year. Credit 2013: Consumers Eye Cobranded Rewards, the latest report from Mercator Advisory Group’s Primary Data Service, shows that some consumers who are offered retailer or other corporate-branded reward programs (e.g., airline branded) that compete with bank-issued reward programs, consider these rewards better than bank-issued rewards. Cobranded reward programs are luring consumers who may not have otherwise applied for a bank-issued credit cards.
Acculynk announced that the European Patent Office granted Acculynk patent protection for the company’s propriety process for PIN based authentication over the Internet. The patent protects the mechanisms and processes behind Acculynk’s innovative PaySecure® product, a software-only service that allows consumers to pay for online purchases with their debit card and bank-issued PIN. Acculynk is the only global payment gateway that brings e-Commerce merchants PIN authenticated payments for debit or credit cards across some of the largest markets in the world. Currently the PaySecure solution is supported in 3 of the 5 largest PIN debit markets: USA, India and China. Globally Acculynk supports over two billion bank issued cards in its network.
Metro announced that the Authority will begin testing a new electronic payment program after awarding Accenture the contract to replace the existing fare collection systems for Metrorail, Metro-operated parking facilities, Metrobus and MetroAccess services. The $184 million contract was awarded on a best value basis, following a competitive procurement process that included an examination of the technical capabilities of the shortlisted companies and their proposals, historical performance, and value for money. The new system will be designed to provide a state of the art system for Metro customers that enables them to continue to use SmarTrip cards, while expanding fare payment to chip-enabled credit cards, federal government ID cards, and mobile phones using NFC.