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SinoPac launches digital display credit card
The MasterCard branded SinoPac Display Card offers cardholders the option to tap a button on the card revealing a six-digit display in the top right corner which serves as a one-time password. MasterCard said the embedded technology offers improved security and convenience for the cardholder and eliminates the need to wait for a text message.
Wells Fargo Q3 retail profits drop 27%
Third quarter net profits at Wells Fargos retail-focused Community Banking division have fallen 27% to $2bn, compared to the year ago period Total group profits declined 5% to $8.95bn in the three months to 30 September. However, the retail unit posted continually rising profits quarter-on-quarter this year, rising from $1.45bn in the first quarter to $1.8bn in the second.
Rebels agree naming rights deal with Rabo
In terms of the agreement, the professional rugby union team, set to debut in the Super 15 Rugby tournament in 2011 featuring sides from Australia, New Zealand and South Africa, will be renamed the RaboDirect Melbourne Rebels. Financial terms of Rabos partnership with the Rebels were not disclosed, but reportedly exceed Super 15 rivals the Waratahs (or the HSBC Waratahs) deal with the UK-headquartered bank.
US charge-offs, delinquencies continue to fall
Charge-offs and delinquencies at the 14 largest US credit card issuers have hit a 14 month low. Monthly data from investment bank Keefe, Bruyette & Woods (KBW) shows that average industry charge-offs fell by 75 basis points in September to 7.9%. Delinquencies loans 30 days past their due date payment fell by 2 basis points in September to 4.61%.
ICICI rolls out prepaid travel card
ICICI executive director, Rajiv Sabharwal, said that “in association with American Express Amex we will be able to offer customers not only a seamless payment experience when they travel abroad, but also additional benefits, such as Selects offers Amex loyalty program, which are not normally included on other prepaid cards in India
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139 and counting: US bank failures continue to rise
The failure of another seven banks with combined assets of $2.4 billion and at a cost to the Federal Deposit Insurance Corporation (FDIC) of an estimated $478 million has taken total bank failures in the US this year to 139.