U.S. Card Issuers Left with Bottom Fishing and Rewards Gamers

The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…

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HACKATHONS + MEETUPS + PARTIES = Fintech Week & Summer in London

Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and parties. Each day focuses on a different topic. There is plenty of time for networking and meeting other innovators. The main conference/exhibition takes place at the Grange Tower Bridge Hotel, but other events take place across the City of London, Canary Wharf and…

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UnionPay Jazzes-Up Credit Card Perks at 100+ Airports Globally

China’s UnionPay is upgrading its perks at 100 airports worldwide, providing discounts and services at various types of merchants including duty free shops, catering stores, souvenir shops, VIP lounges, Wifi rental and airport shuttle buses. Until February 28, 2018, UnionPay cardholders can enjoy exclusive privileges and value-added services at more than 100 international airports across…

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Egypt’s Bee Mobile Wallet Integrates with the Mastercard Payments Ecosystem

Mastercard is adding Bee, the smart payment solutions provider in Egypt, as a key player to its interoperable mobile ecosystem. Bee is now fully integrated on Mastercard ecosystem to expand mobile wallets payments options. The relationship with Bee offers complete integrated solutions that allows mobile wallet users to pay directly through the application and avail…

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WEX Q1 Numbers are Astounding as U.S. Fleet Cards Take-Off

ME-based fuel card kingpin, WEX, reported first quarter (1Q/17) total revenue soared 41.5% year-on-year (YOY), and net income rose 25.4% YOY in 1Q/17. WEX says return on 2016 investments is paying-off handsomely, according to CardData. Total revenue was $291.4 million for 1Q/17, compared to $290.8 million in 4Q/16, and $205.9 million for 1Q/16. Net income…

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Synchrony Q1 Charge-Offs Soar – Profits Up 10%+ YOY

Synchrony Financial’s retail credit card business revenues posted an 10.5% year-on-year (YOY) gain for the first quarter (1Q/17) to $2.89 billion, according to CardData. During the quarter Synchrony launched the Cathay Pacific program and Synchrony Car Care credit card. Furthermore, Synchrony acquired the Citi Health Card portfolio and GPShopper. Synchrony reported $2.88 billion in retail…

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Fiserv Q1: Revenue+ . . . Sales Growth+ . . . Free Cash Flow+

WI-based Fiserv gross revenue posted up mid single-digits year-on-year (YOY) in first quarter (1Q/17). However, net income declined, impacted by the previous sale of StoneRiver, and slightly rising expenses, according to CardData. Fiserv posted gross revenue of $1394 million for the first quarter, a 5.6% YOY gain, compared to $1431 million for the prior quarter,…

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Credit Card Account Acquisitions Driven by Sub-Prime with Low Credit Limits

The number of new credit card accounts (those opened in the previous 24 months) rose to 88.1 million, driven in part by a 16% increase in new subprime accounts. Even with this increase, subprime accounts continue to comprise roughly one-fifth of total open accounts — equivalent to 2012 levels. According to the American Bankers Association’s…

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Americans Want More from Banks: Budgeting – Financial Planning – Credit Monitoring

More than half of U.S. consumers are interested in having their primary financial institution provide support for household budgeting such as setting a budget to meet their financial goals and tracking their progress toward meeting their goals. Mercator Advisory Group’s Consumers and Personal Finance: Don’t Overlook the Basics report finds young adults and business owners…

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