The nation’s largest commercial card issuer and #5 V/M issuer overall, posted an 8.2% year-on-year (YOY) increase in purchase dollar volume (PDV) in the fourth quarter (Q4/14). U.S. Bank (USB) revenues were relatively flat for its card and corporate payments business but strong growth in merchant processing drove net (after tax) income up 25% YOY, according to CardData.Details
The nation’s second largest Visa and MasterCard issuer continues to struggle with sluggish outstandings (like #1 Chase) and purchase volume growth, but credit card issuance remains strong. Forecaster RAM Research projects Bank of America (BofA) will post $88.0 billion in outstandings and $50.2 billion in PDV for the first quarter.Details
Visa Europe (VE) is poised to top € 2 trillion of POS purchase transaction (PTV) volume in 2018 and easily exceed € 2.2 trillion the following year. VE will likely, in 2015, capture more than €1 in €6 of everyday consumer spending across Europe, according to CardData. Forecaster RAM Research’s CAGR Corner computes VE’s compound annual growth rate (CAGR) at 9.74% and sees nothing on the horizon to dampen the current trajectory.Details
In a continuing effort to exit international consumer banking Citi inks a final deal to unload its Citi Cards Japan business to Sumitomo Mitsui Trust Bank for an estimated US$350 million. The deal, with began negotiations in December, includes 743,000 customer accounts and an exclusive franchise for Diners Club cards in Japan, according to CardData.Details
The U.S. still leads e-commerce sales with an expected revenue of $349 billion in 2015. U.S. consumers also have the highest average order value (AOV) of $115 per purchase online. A new survey finds credit cards are used for 42% of transactions.Details
YapStone has a hockey puck graph of growth with 30% to $40% per year over the past 15 years. The global provider of web and mobile payment technology solutions has landed a $60 million financing package with Comerica Bank and Bregal Sagemount.Details
Austin-based Mozido is plowing big bucks into HCE (host card emulation) technology via a strategic investment in SimplyTapp.
Mozido will leverage SimplyTapp’s open card issuance platform to allow merchants to support NFC for more efficient and secure transactions within the merchants’ branded mobile application environment.