American Express total volume for the Japan, Asia Pacific & Australia region rose 16% year-on-year (YOY) in the first quarter; the Europe, Middle East & Africa region increased 8% YOY, while the Latin America & Canada billed business declined 4% YOY in Q1, all on a currency adjusted basis. Overall, billed business outside the USA was up 8% YOY.
The number of U.S. credit cards issued on the Visa, MasterCard, American Express and Discover networks is expected to reach 943 million by year-end 2019. According to forecaster RAM Research, the U.S. credit card industry is growing at a CAGR of 9.08%.
A new study has found the total value being moved through mobile banking apps in the U.K. is expected to double by 2020 while the amount of money being sent per week via online banking in the U.K. will rise 50%. Based on the new data, RAM Research calculates the number of mobile users and online users will grow at a Compound Annual Growth Rate (CAGR) of 16.33% and 6.02%, respectively.
UnionPay has expanded its relationship with KazKommerzBank, the largest commercial bank in Kazakhstan. KazKom also has the largest card acceptance network in the local market.
Employees may come to work with a compromised wearable device, or pull their hacked connected vehicle into the company parking lot. This creates a new type of cyber risk for organizations – with significantly increased complexity and exposure. As the Internet of Things increases the cyber “attack surface,” companies must broaden defenses to include the plethora of embedded devices that now make up their ecosystem.
Marrying smart phones with ATMs is spurring the ATM market big time. New research shows the ATM market in Asia Pacific is in a developing phase. China, for instance, has tripled its ATM installations from 130,000 in 2007 to 339,000 in 2011.
While more than eight out of ten of financial institutions are currently offering mobile banking services, 36% of consumers say they are still not using it. However, those using at least once a week climbed to 45% from 37% during the same period.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Jim Kelly, Chief Executive Officer of EVO Payments.
India’s Financial Software and Systems has inked a deal with Entrust Datacard for instant, in-branch card issuance solutions to support various social security and financial inclusion initiatives.
USAA Technologies has landed a big upgraded contract with Southern Refreshment Services. The latest agreement builds on an already successful, 10-year relationship between the two companies.
Verifone is now using Thales nShield hardware security modules (HSMs) for its end-to-end payment encryption solution – VeriShield Total Protect – to provide robust, high speed, scalable crypto to protect card holder data, whether transmitted from a card or mobile device, right from the moment of capture.
American Express U.S. Card Services reported first-quarter net income of $934 million, up 7% from $876 million a year ago. Total revenues net of interest expense increased 6 percent to $4.5 billion from $4.3 billion a year ago. The increase reflected a 7% rise in cardholder spending and higher net interest income.