Payments News

On The Web

nbsp;

Providers

The $10 Billion Tussle Over Walmart’s Credit Cards

“For nearly two decades, Synchrony Financial SYF -1.62% was the exclusive issuer of Walmart Inc. WMT +0.57% credit cards. The Connecticut-based bank stationed dozens of employees in Walmart’s headquarters city of Bentonville, Ark., some of its executives lived in the same gated community as their Walmart counterparts, and employees would hit the same golf course and hunt quail together. That came crashing down in […]
nbsp;

Providers

Credit-Card Issuers Not the Bargain They Appear to Be

“Rising interest rates mean credit-card companies will instantly earn more on their floating-rate loans. At the same time, the booming economy and tight labor market are keeping defaults low. This was underscored by Friday’s jobs report, which showed the unemployment rate at its lowest level since 1969.”
nbsp; nbsp; nbsp;

Providers

Credit-Card Issuers Boost Spending on Social-Media Ads

“Credit-card pitches are moving from the mailbox to the social-media feed. Several big card issuers recently increased spending on Facebook ads in an effort to attract new borrowers. Capital One Financial Corp. and American Express Co.  spent an estimated $18.6 million and $13.5 million, respectively, on Facebook ads meant to sign up new consumer-credit-card holders in […]
nbsp; nbsp; nbsp;

Providers

Banks Report Record Quarterly Increase in Sour Credit-Card Debt

“Banks reported a record increase in sour credit-card debt in the first quarter and a surge in past-due commercial and industrial loans, a federal regulator said Wednesday. The Federal Deposit Insurance Corp. in a quarterly report on bank earnings reported a 22.8% surge in commercial and industrial-loan balances that are 90 days or more past […]
nbsp;

On The Wires

nbsp;

Providers

Visa Opens Door to Digital-First Payment Experiences Through Visa Next

“Today, Visa introduced a new platform with a set of beta APIs, specifications and development tools for issuers and issuer processors to begin building and beta testing new payment products to help meet the future needs of digital-first consumers. The offering will be available to clients and partners via Visa Next , a new destination […]