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October 8, 2018
On the web
The College Dropouts Who Rode Credit Cards Into The Billion-Dollar Startup Club
Wall Street Journal (paywall)
“It was early 2017, and Mr. Dubugras and his co-founder, Pedro Franceschi, decided to pivot to a sector they knew well: payments. Their company, Brex Inc., now issues corporate credit cards to other emerging tech companies, embracing a sliver of finance the banks avoid because they believe it to be too risky.”
September 18, 2018
On the web
Africa’s Jumo raises $52M led by Goldman to bring its fintech services to Asia
TechCrunch
“Asia’s fintech scene is poised to get a little larger after Jumo, a company that offers loans to the unbanked in Africa, revealed plans to expand into the continent. To get the ball rolling, Jumo has opened an office in Singapore to lead the way and landed a massive $52 million investment led by banking giant Goldman Sachs to fuel the growth.”
August 27, 2018
On the web
Airlines Cash In on Loyalty Credit Cards
Wall Street Journal (paywall)
“Every major U.S. carrier earned more from credit-card and loyalty programs in the second quarter than during the year-earlier period, financial disclosures show. For many airlines, those increases outpaced overall sales growth. Much of the revenue comes from the credit cards associated with loyalty programs, though the programs don’t necessarily require customers to have a credit card.”
August 3, 2018
On the web
Credit Card Issuer TCM Bank Leaked Applicant Data For 16 Months
Krebs on Security
“TCM Bank, a company that helps more than 750 small and community U.S. banks issue credit cards to their account holders, said a Web site misconfiguration exposed the names, addresses, dates of birth and Social Security numbers of thousands of people who applied for cards between early March 2017 and mid-July 2018. TCM is a subsidiary of Washington, D.C.-based ICBA Bancard Inc., which helps community banks provide a credit card option to their customers using bank-branded cards. In a letter being mailed to affected customers today, TCM said the information exposed was data that card applicants uploaded to a Web site managed by a third party vendor. TCM said it learned of the issue on July 16, 2018, and had the problem fixed by the following day.”
July 26, 2018
Top Post
Introducing Stripe Issuing
Stripe
“Stripe Issuing is an end-to-end platform for quickly creating, distributing, and managing physical and virtual cards. It’s infrastructure that enables you to do things like create employee expense cards with dynamic spending limits, generate virtual cards so marketplace couriers can pay with their phones at specific merchants, or run the entire card stack for a new digital bank. Traditionally, card issuance has involved extensive development time, complex requirements, long-term contracts, and significant upfront fees. But with Stripe Issuing, we help abstract the complexity so you can start creating cards faster and scale more efficiently.”
July 10, 2018
On the wires
Visa Launches Visa Loyalty Solutions, The First 100% Digital Loyalty Platform In Latin America And The Caribbean
PR Newswire
“Visa today announced the launch of Visa Loyalty Solutions (VLS), an omnichannel digital points redemption platform available to all issuing banks in Latin America and the Caribbean (LAC) and offering consumers more than a quarter of a million redemption options. Visa Loyalty Solutions was co-created by Visa LAC in collaboration with global FinTech and InsurTech company novae. This white-label solution, developed for Visa’s bank partners, enables issuing member banks of any size to offer top-of-the-line rewards and customer care programs they can adapt to their loyalty strategies and brand as their own. Visa Loyalty Solutions features a user-friendly mobile app and web portal, as well as chat and voice, to make points redemption and customer service faster and easier for cardholders and financial institutions around the region.”
July 9, 2018
On the wires
Mastercard And Strands Collaborate To Empower Small-to-Medium Enterprise Banking With AI And Cutting-edge Payment Technology
PR Newswire
“SMEs are historically an underserved business segment despite their $46 trillion annual spending power. Now, the Strands Business Financial Management (BFM) will leverage Mastercard’s digital payment technology to deliver on-demand solutions helping these businesses to better understand their finances, project their short-term cash flow and see personalized recommendations for customized solutions. Both companies’ banking clients will benefit from this combined, value-added solution.”
June 28, 2018
Top Post
Visa, Mastercard Near Settlement Over Card-Swipe Fees
Wall Street Journal (paywall)
“Visa Inc. and Mastercard Inc. are close to settling a long-running antitrust lawsuit with merchants over the fees they pay when they accept card payments, according to people familiar with the matter. Under the settlement, Visa, Mastercard and a number of banks that issue debit and credit cards including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. would pay the merchants around $6.5 billion, some of the people said. It is not clear how the payment would be split up among the card networks and the issuing banks.”
March 26, 2018
On the web
For TCF, It’s Full Speed Ahead With Contactless Payments
Digital Transactions News
“Backers see dual-interface cards and NFC-equipped smart phones as tools to convert cash payments into electronic transactions. Melanie Gluck, vice president of solution sales and tokenization at Mastercard Inc., tells Digital Transactions magazine for an upcoming story about contactless payments that the average U.S. contactless Mastercard transaction is under $23. That average is a clear indicator that contactless is capturing formerly cash transactions; Mastercard’s average U.S. debit card purchase in 2017’s fourth quarter was $39.18. And for issuers such as TCF, more transactions mean more interchange revenue.”
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