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US credit cards gain ground on debit, prepaid – Nilson report

Credit cards

The US purchase volume of credit, debit and prepaid cards increased 7% in 2016 compared to the previous year, according to The Nilson Report. That purchase volume hit $5.648 trillion, with the volume from American Express, Discover, Mastercard and Visa credit cards increasing 8% year-on-year to reach a combined $3.059 trillion – the first time that figure has topped $3 trillion.

UK’s Financial Conduct Authority gets persistent on credit card debt

FCA keen to explore regtech

Credit card firms have come in for a kicking as the UK’s Financial Conduct Authority (FCA) has proposed new rules to help customers who are in persistent debt. This move follows the FCA’s study of the UK credit card market, which found “significant concerns” about the scale, extent and nature of problem credit card debt. […]

Credit card firm MBNA sold to Lloyds for £1.9bn

Lloyds in first acquisition since financial crisis

Credit card firm MBNA is to be taken over by Lloyds. The firm’s current owner, Bank of America, has agreed to sell it for £1.9 billion. The deal is expected to close in H1 2017.

Virgin Money extends card processing agreement with TSYS

virgin money

Virgin Money has signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations.

The changing co-branded credit card landscape

David Boone, TD Bank

As retailers across the country need to bring innovative customisation and convenience factors to their customers, credit cards are becoming an essential part of delivering value. Co-branded cards continue to play an important role in the retail landscape and can offer a unique point of distinction for retailers in today’s competitive environment.

Nets warns of massive credit card hack in Denmark

Cyber crime

Danish payment processor Nets has warned local banks of a possible data breach and advised them to block up to 100,000 credit cards.

Smartphones? Credit cards are the most mobile payment method!

Philipp Nieland, PPRO Group

The world has been talking about “mobile payments” for years, but the phrase means different things to different people. So what exactly are mobile payments? And how much more mobile than cash or cards can payments actually get, asks Philipp Nieland, co-founder and CTO of PPRO Group. Some people believe that mobile payments are those […]

Bank of America unveils new “responsible rewards” card

Bank of America says it is encouraging "responsible" banking

Bank of America has introduced a new credit card that rewards customers with up to £100 annually for responsibly managing their monthly credit card payments.

Plenty of room for growth as Chinese card base doubles to 3 billion

There are an average of 2.7 cards per adult in China

The number of payment cards in China has doubled since 2007, reaching three billion by the end of 2011, and, according to a new study by RBR. They don’t get much use though – there were only two payments made per card during 2011.