The card rewards strategies issuers can use to win top-of-wallet status while maximizing returns
- But the push to attract a particularly interested and engaged customer base through sign-up bonuses and lucrative rewards offerings has led banks into a rat race, with surging expenses and rising delinquencies that are hurting returns.
- Rewards are more important than ever — three of the top four primary card determinants cited by respondents to a Business Insider Intelligence survey were rewards-related — so abandoning them isn't effective.
- In this report, Business Insider Intelligence sizes the US consumer credit card market, explains why return on assets (ROA) is on the decline, highlights the importance of rewards in attracting customers, and lays out three next-generation rewards strategies that are popular among certain demographics, which issuers can implement to return their card business to profitability.
Credit card thieves using free-to-play apps to launder their ill-gotten gains
- It appeared to be a group of malicious actors with a complex automated system utilizing free-to-play apps, third party game and resource resale websites, and Facebook to launder money from stolen credit cards.
- With the account creation process automated, the malicious actors then took the process further, automatically changing cards until a valid one is found, automatically buying games and resources, automatically posting the games and resources for sale, working with a digital wallet for order processing, and managing multiple Apple devices to distribute the load.
- The large scale abuse of the creation and verification process of Apple ID is possible because the group uses jailbroken iPhones to distribute the load, along with generated and stolen data.
- Service providers need to meet today’s realities and properly secure their account creation process from abuse by automated tools.
Google resurrects Google Now’s predictive cards, sticks them in the Assistant
- There's a big update coming to the Google Assistant for iOS and Android today.
- During the transition to the Google Assistant, these predictive cards were buried deeper in the UI, and eventually they just stopped showing up.
- Today, Google is bringing the cards back as the Assistant's "Visual Snapshot" feature.
- On Android, you'll be able to access this list by opening the Assistant (long-press on the Home button) and tapping on a new button in the top right of the Assistant screen.
- As we learned with the slow death of Google Now, burying these cards behind extra taps makes them a lot less useful—it almost sounds like iOS has a better setup than Android.
- I would love to see these cards right on the first Assistant screen: ideally, I pull up the Assistant, activate the mic, and show all the cards in a big, scrollable list.
22 actually useful things you can get for under $25 during Prime Day
- Amazon's Prime Day is one of the best times of the year to stock up on essentials like home goods or tech for a whole lot less.
- And while there may be a couple big things you save hundreds on — like couches or mattresses — there also may be many things you save small amounts on that add up over time (like when our editor bough six months' worth of toilet paper on Prime Day last year).
- And, before you give us any sass for including a flash drive in the best deals, consider that a memory card broke the top 10 Prime Day best-sellers in 2017.
- If you wake up to your dog licking your face or panting heavily within your personal bubble, you may want to grab some dental dog treats, or just save on pet treats in general.
These are the leading credit card processing companies
- There are two types of processors in the payment-card system.
- Front-end processors route transactions from merchants to the cardholder's bank to gain authorization; that is, they make sure a customer has enough available credit or funds to make a purchase.
- Back-end processors are responsible for a fund's settlement, which ends with the merchant receiving a deposit for transactions.
- Below, we've outlined the major players in credit card processing and described their major strengths.
- These card processors handle so much volume and so many dollars every day, but they are still just one piece of the larger payments ecosystem, which includes issuers, merchants, and more.
- That's why Business Insider Intelligence spent months putting together the greatest and most exhaustive guide on the world of payments entitled The Payments Ecosystem Report: Everything You Need to Know About The Next Era of Payment Processing.
Show HN: PageFish search algorithm
- Benchmarks: time grep -c "Paris" geonames-relations-name-id-lat-lon.txt 0.382s = 382 ms Typical search time on local: 30 ms.
- How to build the index: cc -lm geonamesToIndex.c -o geonamesToIndex time cat geonames_relations.txt | ./geonamesToIndex | ./geonamesToIndex 17.185s Having many small files in the index uses more space.
- Original file geonames-relations-name-id-lat-lon.txt: 25.8 MB Index size GeoNamesIndex: 94 MB About the author Peter Burkimsher is currently working for OSE, a memory card manufacturer in Kaohsiung, Taiwan.
- I did several projects during my 3.5 years here, including writing bit-level drivers to control memory card testing equipment, a Win32 app to parse log files and send them to a SQL server, network monitoring, and Big Data processing.
- Now I have 3 years continuous relevant work experience, I’m looking for a suitable job in New Zealand so I can get the Skilled Migrant Category visa.
European Union agrees data transfer deal with Japan
- The EU and Japan concluded several years of data talks in Tokyo in the margins of a bilateral summit and the deal should come into effect towards the end of this year, once the European Commission and the Japanese government have finalised details.
- A similar data transfer pact with the United States which underpinned billions of dollars of transatlantic trade was struck down in 2015 by the EU’s top court on the grounds it did not sufficiently protect Europeans’ data from U.S. snooping, throwing the business world into legal limbo.
- The EU and Japan last year concluded the world’s largest free-trade agreement, which will make up about 30 percent of global output, and are expected to formally sign it later on Tuesday in Tokyo.
How Reward Cards Encourage Merchants to Lower Prices
- To flush out Klein’s analysis, if sales are fixed and the merchant pays more to accept reward cards, then the merchant must increase its prices to cover the added fees.
- And if the merchant charges uniform prices, then all consumers pay a portion of the cost of accepting reward cards, while only those who use those cards get some money back.
- Since most merchants are rational, they likely receive benefits from accepting reward cards that more than cover the merchant’s cost of accepting them.
- But merchants in competitive industries such as supermarkets and home improvement stores would be the most likely to have lower prices as a result of reward card acceptance because they would be forced by the market to compete away much of the benefit that they receive from accepting those cards.
Voice: the next major interface for payments
- A revolution in payments and banking is beginning as virtual assistants like Siri and Alexa gain the abilities of cashiers, personal shoppers, and bank tellers.
- Already, Siri can help users make peer-to-peer (P2P) transfers with Venmo, Alexa can pay off Capital One credit card bills, and Google Assistant can let users shop with their voice from nearby stores.
- This is just the beginning.
- Today, 18 million US consumers have made a voice payment, and Business Insider Intelligence projects that figure will quadruple over the next five years.
- In a new report, Business Insider Intelligence explores how and why financial services providers such as PayPal and Bank of America are positioning for voice interfaces to take off.
- The report includes actionable recommendations that draw on interviews with executives spearheading voice initiatives, as well as exclusive survey data from our proprietary research panel.
Wells Fargo has launched a new rewards credit card that offers triple points in the same categories as the popular Chase Sapphire Reserve — but here's how it’s different
- Wells Fargo has announced a new rewards credit card that offers one of the more compelling rewards programs available, taking direct aim at the premium products offered by issuers like Chase.
- In what seems to be a direct assault on the popular Chase Sapphire Reserve, the new Propel Card will offer 3x points per dollar spent on the same categories as that card — specifically, dining, including restaurants and bars, and travel, which includes bars and restaurant delivery services.
- In this area, the Chase Sapphire Reserve carries an advantage in spite of its annual fee; points from that card are worth 1¢ as cash back, 1.5¢ toward travel purchased through Chase, or a variable value when transferred to frequent flyer partners— potentially well over 1.5¢ each.