Amex, eBay Cut Thousands of Jobs; Discover Faces Earnings Woes
2014 ended roughly for some of the biggest payment companies, and 2015 will bring even more challenges from rapidly changing technology and nimble startups.
Image: Bloomberg News
"These are not excuses and this is not business as usual," John Donahoe, eBay's president and CEO, said of the company's ongoing difficulties.
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“FICO scores are not what they used to be. In our demographic, they were never good to begin with,” says Green Dot CEO Steve Streit.
Green Dot Corp. plans to start offering credit lines to its customers, a move that likely foreshadows how new regulations will reshape the prepaid card industry. more »
Images: Bloomberg News
Visa Inc., the world's largest payments network, posted fiscal first-quarter profit that beat analysts' estimates as card spending increased. more »
Kopo Kopo's app
One of the engines driving Kenya's mobile-money transformation is poised for export. more »
Image: Bloomberg News
PayPal is enabling monthly installment for larger purchases and offering business consulting, a move that will allow the company to handle larger transactions and extend its merchant services. more »
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Customers give slightly higher marks to retail banks for their overall customer service than they do to credit card issuers, even if the credit card service is a division of the same bank, according to a recent survey of credit and debit cardholders. more »
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Like many large retailers fighting the card networks over interchange fees, Google Inc. opted out of a $5.7 billion settlement in the 2013 class-action lawsuit against Visa and MasterCard. more »
Credit Karma has begun offering on-demand access to credit reports from Equifax. more »
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Experian will now offer FICO credit scores through its direct-to-consumer products. more »
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WEX Inc. has launched a new mobile application that searches for the most cost-effective gas station based on their location rather than just showing the price of gas. more »
MBNA Ltd. is working with MasterCard Inc. to test the MasterPass digital wallet in the U.K., with plans for a possible launch in early 2015. more »
Image: Bloomberg News
MasterCard CEO Ajay Banga
U.S. consumer spending this holiday season appears to be on track to surpass last year's even after initial reports of a Black Friday retail-sales slump, according to MasterCard Inc. Chief Executive Officer Ajay Banga. more »
PICK A CARD: "The credit card is one of the most important components of the banking relationship that a customer has with us," said Bank of the West's Paul Wible.
Regional and large community banks have proven they can persuade customers to add new plastic, emblazoned with the banks' own logos, to their wallets. The question for these issuers is: how much farther can they go with credit cards? more »
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