For commercial payment cards, globalization is good business-but competition is increasing

For commercial payment cards, globalization is good business-but competition is increasing

Globalization is occurring at a rapid pace, requiring increased simplification and control over employer payments and expenses across multiple countries. Among payment providers (networks and card issuers alike), this has undoubtedly caused growing pains, as they struggle to craft solutions sophisticated and robust enough to meet global challenges of many stripes-regulatory and operational hurdles among them.

But in plain English, it also means payments expansion-following the arc of global gr...


Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Young adults in the ’Debit Age’ are skewing towards alternative and direct banking

Let’s start with a statistic that, for traditional banks, looks quite troubling; according to survey analysis conducted for Packaged Facts’ January 2014 Debit Cards in the U.S., 5th Edition , the percentage of 18-24 year olds having a “checking account at a bank, savings and loan, credit union, or brokerage firm” has plummeted by almost 30% during 2010-2013.

What’s happening here?

Clearly, traditional banks are losing checking account customers. And it’s not just customers larger banks may h...


Millennial adults increasingly seek alternatives to traditional banking

Millennial adults increasingly seek alternatives to traditional banking

While consumers historically underserved by mainstream financial services industry are often referred to as unbanked or underbanked, young adults are quickly joining their ranks. In Unbanked and Underbanked Consumers in the U.S., 3rd Edition , Packaged Facts found that the percentage of 18-24s who self-identify as unbanked has grown by almost 25% during 2005-2013. This jump has likely been influenced by recession-driven unemployment and wage trends that have disproportionately affected younger e...