All articles by Verdict Staff
Verdict Staff
MasterCard unveils interactive credit card
MasterCard has joined forces with Taiwans Bank SinoPac to unveil the worlds first interactive credit card in a bid to drive consumers towards mobile payments. A SinoPac Display Card cardholder can tap a button on the credit card revealing a six-digit screen in the top right corner which serves as a one-time password. MasterCard claims the embedded technology provides better security and convenience for the cardholder and eliminates the need to wait for a text message while doing a non-predesignated account transfer.
Barclays eyes up Citi’s Egg network
UK banking group Barclays has its eyes set on taking advantage of Citi’s weaknesses in its rumoured interest to buy Citi’s troubled Egg credit card network, said US consultancy firm Aite Group.
JPMorgan Chase announces Q3 results
US financial services firm JPMorgan Chase has reported its Q3 card division results, with net income now standing at $735 million, compared with a loss of $700 million at the same point last year.
First National Bank of Omaha signs deal with Amex
US credit card issuer First National Bank of Omaha will begin issuing American Express (Amex) branded cards in a bid to strengthen its co-branding opportunities in the premium segment.
Credit card spending ‘at pre-recession levels’ – Visa
Credit card expenditure has returned to pre-recession levels, but year-on-year growth was the slowest in the last quarter, Visa Europes UK Expenditure Index shows.
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Co-op Bank overtakes Citi in Taiwan
Taiwans Cooperative Bank overtook international banking giant Citi in credit card spending among its consumers over the summer. Average spending for cards issued by Cooperative Bank, Taiwans largest bank in terms of branches, totalled $275.97 per customer in August $5.31 more thanspending on Citibank Taiwan’s credit cards. Citibank boasted credit card spending of $269.72 in July, exceeding Taiwan Cooperation Banks spending by a meagre US$3.The countrys average spending per card was $218.75 in August, a figure economists expect to continue to increase.
UK issuers ‘restricting market competition’
Some of the UKs largest high-street banks are restricting market competition by reserving the best credit card deals for existing customers, analysts say. The controversial practise of offering the best credit card deals only to existing customers, or the richest, boosted customer-only credit card issuance by over 462 percent since 2007, research company Defaqto found. Credit card companies are battling against a declining credit card market in the UK and are becoming more restrictive in the deals they are willing to give out
SEPA sets the agenda at SIBOS
SIBOS, the biggest event in the payments industry calendar, is due to start this month with SEPA high on the agenda.
UK fraud levels lowest in a decade
The first half of 2010 alone saw a 20 per cent decrease in fraud compared to last year, reducing total losses from £232.8 million ($371.1 million), down to £186.8 million.
TfL confirms Olympic contactless project
Transport for London (TfL) has confirmed the introduction of a contactless payment scheme in partnership with Visa, MasterCard and American Express on its bus routes. The new payment technology, which will be ready for the London 2012 Olympics, would not only reduce ticket processing costs but also appeal more to the expected crowds of tourists who are not familiar with the Oyster Card, TfL said in a statement. Ticketing technology is now maturing and could enable people to pay for their travel using credit or debit cards, resulting in a simpler process for the customer, said Kulveer Ranger, Londons transport adviser.