Ally’s Credit Card Business: After Three Strikes, Are They Out?
Ally Financial is reportedly looking to get out of the credit card business—again. According to Bloomberg, Ally Financial, formerly known as GMAC, is looking for a buyer for the credit card division it acquired in 2021 from Fair Square Financial. Fair Square’s prime offering was the Ollo Card, “a sub-prime card by every measure,” according […]
USDA Signs on to FIDO to Deter Phishing Attempts
For various reasons, the U.S. Department of Agriculture faces challenges in issuing personal identity verification (PIV) cards to all its workers, despite these credentials being essential for accessing government systems. This presented a problem in combating fraudulent attempts to breach these systems—until USDA developed a pilot program featuring FIDO, or Fast Identity Online. The issue […]
Prepaid-Powered Loyalty Programs Drive Customer Engagement for Merchants
Prepaid cards are in the midst of a dramatic transformation. With the incorporation of digital wallets, contactless payments, and artificial intelligence, prepaid cards have quickly become one of the most popular payment tools. In a recent PaymentsJournal podcast, Mani Farhang, Vice President of Product at Fiserv Gift Solutions, and Jordan Hirschfield, Director of Prepaid at […]
Black Friday Instant Payments on Pix More Than Doubled from Last Year
Brazil, a trailblazer in instant payments, reported that its popular Pix platform facilitated transactions worth over 120.7% more this Black Friday compared to last year. According to the latest data from Brazil’s Central Bank, Brazilians spent roughly 130 billion reais ($21.60 billion) using Pix this Black Friday, up from 58.9 billion reais last year. In […]
Cross-Border Payments: Trends, Challenges, and Solutions
Cross-border payments are a vital part of the globalized economy, transferring trillions of dollars between countries each year. These transactions span traditional methods such as bank transfers and credit card payments, as well as emerging alternatives like digital wallets and mobile payment solutions. By 2030, Javelin Strategy & Research estimates that the market will grow […]
Credit Card Scorecard Highlights the Necessity of Targeting by Age
Given the proliferation of credit cards, it stands to reason that the best card for any individual user will depend on their habits and needs. One of the most significant factors is generational: a consumer’s age can influence not just the benefits they seek from a card but also their personal spending habits. With that […]
Target Redesigns Gift Cards in Wake of Maryland Anti-Tamper Law
Just in time for the holiday gift-giving season, Target is redesigning its Target GiftCards to prevent tampering before it starts. Following a Maryland law that passed earlier this year, aimed at cracking down on gift card fraud, Target is one of the first major retailers to overhaul its gift card system. According to Target, traditional […]
Self-Use Is Driving the Impressive Growth of the Closed-Loop Prepaid Cards Market
The closed-loop prepaid cards market is skyrocketing as organizations leverage prepaid programs to drive loyalty and engagement. While gift cards still anchor the prepaid space, the rising trend of self-use in stored-value accounts is propelling the closed-loop prepaid market to new heights. In his latest report, 21st Annual U.S. Closed-Loop Prepaid Card Market Forecast, 2024-2028, […]
Digital Wallets Offer a Convenient and Seamless Online Checkout
The rise of digital wallets has been subtle, often going unnoticed as people use them with a quick swipe on their phones or deep within the privacy of their laptops. Some consumers making purchases with services like PayPal and Google Pay might not even realize they’re using a digital wallet. Yet, their usage is widespread. […]
U.S. Military Community Is Thriving Financially and Often Eclipsing Civilian Peers
At the end of last year, service members in the U.S. military were financially better off than they were before the pandemic. Despite inflationary pressure and high interest rates, service members managed to grow their savings and maintain higher balances in their checking accounts over the past five years, according to the first-ever Military Financial […]