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Data Snack: Credit cards are earning higher satisfaction scores – but still losing share of spend to competitors
2022 has been a mixed bag for credit cards, with issuers making use of the latest and greatest in technology to reach more consumers than ever before, but still struggling to keep adversaries like BNPL, debit cards, and cash at bay.
This trend remains the same when you scope out and look at the big picture. In the last five years, credit cards have lost a large chunk of spend to debit cards and cash, and it isn’t immediately clear why.
Read more
Topping one billion transit transactions with contactless payments
Travel is part of everyday life, and billions of people around the world rely on public transportation. Visa’s second Future of Urban Mobility Survey showed that 42% of riders plan to use transit more in the next year, and despite the growth of hybrid work trends, 62% of surveyed riders already are taking transit at least three days per week.
But even as transit recovers post-pandemic, the riders who are getting back on board have changed. Expectations around how to pay fares have evolved in a digital direction.
Recently, Visa hit a new milestone as it processed one billion tap-to-ride transactions on global transit systems in just ten months. That averages out to 38 transactions every second.
The future of transit is digital and flexible, and contactless payment systems are leading the way.
Read more (sponsored by Visa)
Just look at the charts
1. The 'fintech for good' landscape
2. Gen Z will have taken over the economy by 2030
Today's stories
Despite the venture slowdown, fintech startups are still hiring
LinkedIn released its Top Startups list, which is an annual ranking of 50 emerging US companies “gaining attention and recruiting top talent.” The 7 fintechs that made it to the list were Brex, Ramp, Gravy, Esusu, GPARENCY, Deel, and Masterworks. And among these, there are 125+ open roles – most of them for remote positions. (TechCrunch)
Loss-making challenger bank North to shut down
Aiming to disrupt the small business lending market, challenger bank North was trying to find £30 million to secure a full banking license from the Bank of England, which would have allowed it to take deposits from retail savers. But in a letter to shareholders, the stricken bank's chairman Ron Emerson said it had been "unable to close this critical capital raise within the necessary timeline." (This is Money)
WEX launches Flume, an SMB digital payment platform
WEX has announced the availability of Flume, a digital wallet that will allow instant account-to-account transfers for customers. The new offering was designed to bridge the digital divide for millions of SMBs in the US, offering a one-stop shop where small businesses can manage their business from one login. (PYMNTS)
Insurtech unicorn Lemonade launches in the UK
US insurance unicorn Lemonade has launched in the UK market with a contents insurance product through a long-term strategic partnership with Aviva. The move follows Lemonade’s previous European launches in Germany, France, and the Netherlands. (AltFi)
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