Digital Transactions Authoritative, insightful and timely information for payments professionals
By Jim Daly@DTPaymentNews The loss of its cobranded card and exclusive credit card acceptance relationship with Costco Wholesale Corp. hit American Express Co. hard in the third quarter, but AmEx’s chief financial officer on Wednesday said brighter days lie ahead as the company builds new business. The quarter ended Sept. …
October, 2016
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18 October
M-Payments Use Remains Flat and other Digital Transactions News briefs
• Mobile e-commerce grew 60% last year to reach $120 billion, with 70% of that total coming through browsers (50%) and apps (20%) accessed via smart phones, according to a new report from Javelin Strategy & Research. • Routine usage of mobile devices to make payments remains flat with last …
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18 October
Like His Predecessor, Incoming Visa CEO Kelly Looks To Improve Merchant Relations
By Jim Daly@DTPaymentNews Charles Scharf accomplished a lot in less than four years as Visa Inc.’s chief executive—he oversaw Visa’s acquisition of Visa Europe, a groundbreaking peace accord with PayPal Holdings Inc., and a cobranding and acceptance deal with Costco Wholesale Corp., among other things—but one of his unfinished tasks …
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17 October
A Survey Backs the Notion That Loyalty Programs Could Spark Wallet Adoption And Usage
By John Stewart @DTPaymentNews While many experts have cited anecdotal evidence that more consumers would adopt and use mobile wallets if they could earn, manage, and redeem
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17 October
The Post-Costco AmEx Launches a New Rewards Program and Developer Portal
By Jim Daly@DTPaymentNews With American Express Co. set to report its third-quarter financials Wednesday, the payments industry and Wall Street will be watching for signs from the beleaguered travel-and-entertainment giant about how it will recover from the loss of its cobranded card and acceptance relationship with Costco Wholesale Corp. AmEx …
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17 October
First Data’s Clover Bluetooth Reader and other Digital Transactions News briefs
• Bank of America Corp. said its debit card purchase volumes totaled $71 billion in the third quarter, up 2.5% from $69.3 billion a year earlier. U.S. credit card purchase volume increased 2% to $57.6 billion. BofA said it now has 21.3 million mobile-banking users, a 15.8% increase from 18.4 …
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17 October
Visa Says CEO Scharf Has Quit And Will Be Replaced By Former AmEx Exec Kelly
By John Stewart @DTPaymentNews Visa Inc. stunned the payments industry late Monday with an announcement that its chief executive, Charles Scharf, has resigned, effective Dec. 1. Scharf will be replaced by Alfred F. Kelly, a 23-year veteran of American Express Co. and currently a Visa board member. Kelly, whose service …
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14 October
Looking for the Hot Tech Trend in Payments? Hint: It’s Not Mobile Apps Any More
By John Stewart @DTPaymentNews While the payments business is caught up these days in working out strategies for mobile apps and social media, it turns out these aren’t the cutting-edge technologies they once were. Instead, fields like virtual reality, machine learning, and natural language are winning the spotlight. That’s according …
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14 October
Costco’s Cobranded Portfolio Gives a Big Lift to Citi’s Credit Card Transaction Volume
By Jim Daly@DTPaymentNews Its first full quarter of ownership of the big Costco Wholesale Corp. cobranded credit card portfolio helped to boost Citigroup Inc.’s North American purchase volume by 57%, the giant New York City-based bank reported Friday.
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14 October
Noble House Again Reports Data Breach and other Digital Transactions News briefs
• The rash of hotel breaches continues. Noble House Hotels & Resorts said it confirmed that a payment card system used at its Teton Mountain Lodge & Spa and Hotel Terra may have been breached between Sept. 5 and Sept. 6. The company said there are no indications the breach …