Synchrony Financial reported Q3/15 revenue increased 9% year-on-year (YOY) to $2.7 billion while net earnings came in at $574 million, compared to $548 million for 3Q/14. Loan receivables grew $7 billion, or 12% YOY to $64 billion. Purchase Dollar Volume (PDV) increased 12% for the third quarter.
Boston-based Flywire, f/k/a peerTransfer, has acquired UK tuition processor Uni-Pay. Uni-Pay offers tuition payment services to students attending 60 educational institutions in the UK, the second leading destination for foreign students studying abroad.
Toronto-based GoldMoney, f/k/a BitGold, which operates a self-directed savings platform and a payments network allowing individuals and businesses to make or receive online, in-store or mobile payments, continues to soar with 168,000 users at the end of July.
Synchrony Financial (f/k/a GE Capital Retail Finance) posted a 19.9% surge in fourth quarter (Q4/14) profits to $531 million, but slipped slightly from the prior quarter. Period-end loan receivables growth for the retail payment card giant remained strong at 7%, driven by purchase volume and average active account growth.
eBay’s PayPal net total payment volume (TPV) for the fourth quarter grew 24% to $64.3 billion. PayPal gained 4.6 million new active registered accounts to end the quarter at 161.5 million, up 13%.
The new PayPal Credit, f/k/a Bill Me Later, is beefing up its credit service to give retailers the ability to decide on the number of months and interest rates best suited for their customers. Additionally, retailers will also be able to choose among interest-free credit options for the first time, for their online customers.
Synchrony Financial (f/k/a GE Capital Retail Finance) posted a 14.5% decline in third quarter (Q3/14) profits to $548 million. However, period-end loan receivables growth for the retail payment card giant remained strong at 7%, driven by purchase volume and average active account growth.
Synchrony Financial (f/k/a/ GE Capital Retail Finance) has inked a second deal this week for a jewelers’ retail store card. In the first quarter of 2015, the new REEDS Jewelers private label credit card program will be introduced.
The largest provider of private label credit cards in the U.S. has added Select Comfort to its portfolio. Synchrony Financial (f/k/a GE Capital Retail Finance) signed a multi-year agreement with Select Comfort Corporation for the card program which offers a number of financing options.
More than 26,000 SUBWAY locations across the U.S. now offer contactless/NFC-based mobile payments. The program was facilitated by a partnership with Softcard.
First Data Merchant Solutions up 2% in Q2/14 while Financial Services jumps 6% and the International segment gains 5%. During Q2/14 First Data introduced two new solutions for small to medium businesses (SMB), PerkaT and Insightics.
Prepaid Card Holdings, a provider of financial services in the prepaid debit card industry, has changed its name to PrepaYd, Inc. and notified FINRA of the corporate action. FINRA subsequently notified the company’s name change took effect on May 12th. The purpose of the name change is to match the Company’s new brand, “PrepaYd”, and to reflect the expansion of the Company’s business plan to provide additional prepaid products besides prepaid debit cards. PrepaYd offers prepaid debit cards to America’s estimated 60 million underbanked citizens.