Diners Club and Alternatifbank (ABank) have inked an agreement to form a new Diners Club International issuing franchise in Turkey. The agreement makes ABank the exclusive Diners Club card issuing franchise in Turkey.
Credit card asset quality will remain strong in 2015, although delinquencies and charge-offs are expected to end the year modestly higher than beginning of year levels. Loan growth and moderate loosening of underwriting standards will contribute to a slow reversion nearer to longer-term averages.
Despite the growth of purchase volumes, consumer leverage, as estimated by the financial obligations ratio (FOR), which measures debt service payments on mortgage debt, auto debt, consumer debt and property taxes as a percentage of disposable personal income, continued to decline, amounting to 15.27% in fourth-quarter 2014. This compares with a peak FOR of 18.09% recorded in fourth-quarter 2007 and a 35-year average of 16.51%. As interest rates rise, and consumers experience higher debt service burdens.
Morocco’s largest bank Attijariwafa signed a deal with UnionPay International for complete ATM acceptance within the bank’s network. The move will see the local ATM acceptance of UnionPay cards soar to 40%.
Samsung Electronics has buddied with France-based Oberthur Technologies to deploy Samsung Pay in Europe later this year. The Samsung Pay service will allow Samsung Galaxy S6 and S6 Edge owners to use their smartphone for contactless payments.
The FIS’ Clear2Pay Open Test Solutions group has been confirmed by Visa for Chip Vendor Enabled Service (CVES) to help streamline and support the deployment of EMV enabled contact and contactless payment devices in the USA.
CT-based Galazin Products has unveiled a slim credit card sleeve that covers one lengthwise edge of any standard credit card. The new Slivver not only eliminates the need for users to physically touch germ-covered touch screens which consistently carry high levels of germs and bacteria, the material itself is antimicrobial.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Rodrigo Vaca vice president of marketing at Zoho.
Cardtronics, the world’s largest retail ATM owner, posted total revenues of $281.9 million for the first quarter, up 15% from $245.1 million one-year ago. ATM operating revenues of $260.0 million, were up 9% from $238.1 million.
Latvia-based payment service provider (PSP) RegularPay is now offering rates starting from 1.9% per transaction with a 10% rolling reserve and diminishing amounts inversely proportional to transactions. Merchants are also able to make payments on their clients’ credit cards, even exceeding the limit of deposit.
The US has the world’s largest payments market, and one of the highest levels of card penetration. In 2014, the US accounted for 86.0% and 87.7% of North America’s total card transaction value and volume respectively
Virginia Railway Express (VRE) has introduced VRE Mobile, VRE’s new mobile ticketing app. VRE is the first transit system in the greater Washington D.C. area to offer riders a mobile app for paying their far