Despite, the lowest levels of delinquencies and net charge-offs, US credit card asset quality are expected to weaken modestly in 2016. The slowdown in asset quality improvement does not signal material credit deterioration over the near to intermediate term, but portfolio seasoning and recent growth will also weigh more heavily on credit quality metrics in 2016.
Cash transactions (CTX) for Visa and MasterCard credit and debit cards in the U.S. grew by 0.8% year-on-year (Y/Y) in the third quarter. Visa cash transactions are growing at a year-on-year (YOY) rate of 0.5%, compared to MasterCard’s 1.5%, according to CardData.
Fraud average ticket value (ATV), or a retailer’s average size of individual sales by credit card, has decreased by $9.00 over the past year from $282 to $273, however the frequency of fraud has increased and it is also driven by lower shipping costs.
Bank of China has unveiled its first US-themed Great Wall Global Pass travel mate credit card for mainland China. Bank of China had issued Hong Kong-Macau-Taipei-themed, South Korea-themed, Japan-themed and Southeast Asia-themed Great Wall Global Pass travel mate credit cards.
Australia’s Mint Payments is now using Thales payShield hardware security modules (HSMs) for encryption and key management to secure Mint Payments’ mobile payments solutions.
Nodus Technologies’ PayLink developed by Professional Advantage, Collections Management for Microsoft Dynamics GP speeds up the collection process, decreases security risks, and provides customer convenience. it has the processing power to improve cash flow, diminish collection time and reduce bad debt.
Barclaycard has unveiled the launch of its unlimited cash rewards credit card, the Barclaycard CashForward World MasterCard. Cardholders earn unlimited 1.5% cash rewards on every purchase and a 5% redemption bonus to use toward their next redemption every time they redeem.
Revel Systems, an iPad POS specialist, has snagged a big strategic partner deal with Cinnabon, a national bakery.
CA-based Applied Merchant Systems (AMS) acquired a strategic ISO with over 10,000 merchant accounts contributing over $2.2 billion in annual processing volume.
Synchrony Financial is now officially separated after GE stock exchange for $20.4 billion. The consummation of the exchange offer completes the transition of Synchrony, the largest provider of private label credit cards in the United States*, to an independent, standalone company.
The campaign by retailers to prod the card networks and banks to move to total Chip & PIN in the U.S. and away from Chip & SIG is gaining more traction. A group of nine attorneys general dispatched a letter to the nation’s top credit card companies and banks.
China continues to lead the march to online and cross-border shopping habits. This year’s findings support the growth trend: 35% of online shoppers claim to have shopped cross-border in 2015, vs. 26% in 2014. China’s overall online shopping population saw modest growth (81% of online adults report having shopped online in the last 12 months in 2015, vs. 80 % in 2014)