Payments News

On The Web

nbsp; nbsp;

Systems

Bank credit card profits in question as US consumers pay down debt

“US consumers are continuing to pay down their credit cards as the pandemic crimps spending opportunities, leaving banks fretting over the outlook for one of their most profitable businesses. Total card loans held by US banks stood at $755bn in the last week of October, according to the Federal Reserve — $100bn lower than when […]
nbsp;

Systems

Wells Fargo Explores Selling Private-Label Card Unit

“Wells Fargo & Co. is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter. The unit providing so-called private-label cards and point-of-sale financing strikes agreements with retailers so that shoppers can buy merchandise […]
nbsp;

On The Wires

nbsp;

Systems

Consumers Turn to Digital Gift Cards Ahead of 2020 Holiday Season

“According to the October 2020 Gift Card Gauge released today by Fiserv, Inc., 65% of U.S. consumers say they will purchase a digital gift card on Black Friday if a merchant offers an incentive, one of several key findings in the new survey…The Gift Card Gauge from Fiserv, a leading global provider of payments and […]
nbsp; nbsp;

Systems

MoCaFi Partners with InComm Payments to Launch No-Fee Cash Deposits at Major Retailers

“InComm Payments , a leading payments technology company, and Mobility Capital Finance (MoCaFi), a mobile-first banking platform committed to bringing financially underserved communities into the digital economy, have announced a new partnership that will provide MoCaFi members with a no-fee option to load their MoCaFi Mobility Debit Mastercard® cash at major brick-and-mortar retail chains across […]
nbsp;

Deals

Blackhawk Network Acquires NGC

“Today, global branded payments provider Blackhawk Network announced that it has completed its acquisition of National Gift Card ( NGC ), one of North America’s largest card and prepaid technology companies. The acquisition broadens Blackhawk’s prepaid and gift card offerings and integrates NGC’s best in class fulfillment capabilities into Blackhawk’s operations.”
nbsp;

Systems

BMO and Visa Canada Collaborate to Introduce Two New Reward Credit Cards to meet Canadians Lifestyle Needs

“BMO Bank of Montreal and Visa Canada have worked together to launch the new BMO eclipse Visa Infinite* and BMO eclipse Visa Infinite Privilege credit cards. The new cards are designed to meet the everyday lifestyle needs of Canadians and provide greater earning potential and flexibility on rewards. The BMO eclipse Visa Infinite cards also leverage the bank’s […]
nbsp;