Asia Pacific was the largest revenue contributor in the global smart card market of 2013, accounting for nearly a 50% share of global revenue. China, India, South Korea, and Japan are expected to be the major contributors to the market in the near term.
It is likely American Express will continue to lose U.S. marketshare to Visa (VS) and MasterCard (MC) in the first quarter, with MC doing the most damage, according to forecaster RAM Research. The AmEx erosion will continue throughout 2015 and will be impacted in the second quarter of 2016 when AmEx ends the Costco card, which accounts for 10% of AmEx Cards-in-Force (CIF).
Travelex and Austin, TX-based Rev Worldwide have unveiled the launch of The Travelex NiHao Card, a reloadable prepaid travel card in association with UnionPay International. The Nihao Card launch in Hong Kong marks the first Rev processed UnionPay card.
The smart cards market is now valued at USD 8.2 billion and is expected to reach USD 11.9 billion by 2020, growing at a CAGR of 9.0% from 2014 to 2020. The Asia Pacific smart cards market is estimated to grow at a CAGR of 10.1% from 2014 to 2020.
Toronto-based MONEXgroup says tokenization is the secure payment processing solution tailored to merchants’ specific business needs and requirements. Furthermore, by ensuring the PCI DSS compliance environment, it has created for reputable payment processing and merchant service providers, a trustworthy and controlled solution by a bank for storing credit card information.
VA-based Global Tel*Link has acquired TouchPay. The acquisition is the next step GTL has taken in its path to grow its payment services business into new government sectors, expand its corrections payment service business.
Toronto-based NBS Technologies says its Xpress Mobile Wallet software has been approved by Visa, to meet all of the functional requirements of its Cloud-Based Payments Program and granted participation in the Visa Ready Program for mobile financial card issuance.
CA-based Armor Payments has launched the first Escrow as a Service (EaaS) payment solution. With Armor Payments EaaS, third-party applications such as B2B marketplaces, crowdfunding services, and solutions requiring B2B disbursements can easily integrate and offer secure escrow payments between their payers and payees to cost-effectively eliminate the risks of doing business online.
American Express continues to lose U.S. marketshare to Visa (VS) and MasterCard (MC) in the fourth quarter, with MC doing the most damage gaining 80 basis points (bps). Discover continues to maintain its 2.5% marketshare in U.S. Gross Dollar Volume (GDV).
Visa profits for the fourth calendar quarter increased 11.5% year-on-year (Y/Y) to $1.57 billion and soared 46.0% sequentially. Visa took a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the third quarter related to the interchange multi-district litigation case.
The mobile wallet market in Europe is about to explode and grow at a compound annual growth rate (CAGR) of 32.87% between now and 2019. Increased collaboration among mobile operators is one of the key drivers of the market.
Bank of America (BofA) reported a decline of 0.8% in Year-on-Year (Y/Y) average U.S. bank credit card outstandings of $88.4 billion for the fourth quarter (Q4/14). Meanwhile, Purchase Dollar Volume (PDV) for BofA’s U.S. bank credit cards rose 2.6% Y/Y and up 3.9% Quarter-to-Quarter (Q/Q) to $69.2 billion