Debitize, a startup helping millennials build credit without using credit (we’ll explain), reached a significant milestone last week and released a new product this week. The milestone is $1 million “debitized.” Users of the service essentially treat credit cards as if they were debit cards, and pay off balances through Debitize beforeRead More
Post Tagged with: "credit cards"
Credit Karma now has 60 million users. Yes, that zero is supposed to be there. And the company, which gives out free credit scores and generates revenue from selling lending leads, is adding 1 million to 2 million users — which the company calls “members” — per month, a Credit Karma official told anRead More
Image source The transition to Chip and PIN credit cards in America currently looks like just a big conversion cost – good for vendors and consultants and a big extra cost and time suck for everybody else. However, below the surface something bigger is brewing. Chip on plastic is incrementalRead More
Ally Bank is all about appealing to its “digitally savvy” millennial customers base, says CEO Diane Morais. And rightfully so, since millennials now comprise nearly half – 48% – of the digital bank’s customer base. In that spirit, Ally is focusing its efforts on digital wealth management and credit cards, Morais saidRead More
Yet another barrier to business in Iran appears to have fallen. Paymentwall, a San Francisco online payments company, announced today that it has integrated its payment services into the Shetab, which is Iran’s “unified, electronic clearance system for the entire Iranian banking operations that allows it to facilitate transactions fromRead More
Say goodbye to the 16-digital credit card number. MasterCard today was awarded a patent for what it calls “variable length bank identification numbers.” Essentially, the patent protects a computer system developed by MasterCard, one of the world’s largest payment networks, to assign account numbers that are not 16 digits long. The patentRead More
Any time you see a market as large as Payments, entrepreneurs rush in. And Payments is undeniably a huge market. According to Boston Consulting Group: “In 2013, payments businesses generated $425 billion in transaction revenues, $336 billion in account-related revenues, and $248 billion in net interest income and penalty fees related toRead More
Primary innovation is doing something that has never been done before. Most primary innovation is ridiculous and fails without anybody noticing. Very, very rarely, primary innovation changes the world and the company that creates the innovation becomes a Unicorn. Secondary innovation wins by giving a twist to that primary innovation.Read More
Prepaid cards offer a significant opportunity to broaden product lines and modernize customer‐facing applications without massive changes to core processing systems. How should financial institutions grapple with, take advantage of, or succumb to prepaid in the coming decades?
An influential trade group today warned traditional banks that prepaid is likely to be the future engine behind mobile wallets.