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Click Here to Download As A www.cardsinternational.com Issue 582 / august 2020 GLOBAL WARNING REDUCED CONSUMER SPENDING OFFSETS CONTACTLESS GAINS DURING COVID-19 FEATURE ANALYSIS COUNTRY SNAPSHOTS How a new breed of scams RSB’s Eurobonds default Key payments market can cause fatal damage to and its wider impact on the data and analysis for Chile, targeted businesses bank’s reputation Russia and South Africa CI August 2020 582.indd 1 18/08/2020 14:09:02 contents this month COVER STORY NEWS 10 05 / EDITOR’S LETTER 06 / DIGEST • UnionPay now accepted by over 800,000 SumUp merchants • US challenger bank Dave partners with Mastercard • US coin shortage boosts credit card use • Mastercard develops sustainable card programme • Fintech Tide enters partnership with Mastercard • The Covid battle of the Somme: $1m prepaid card giveaway • Barclaycard taps FreedomPay to provide end-to-end experience • Gift card industry launches £2.3bn campaign COVID AND PAYMENTS 07 Editor Reporter: Director of Events: Douglas Blakey Evie Rusman Ray Giddings +44 (0)20 7936 6858 +44 (0)20 7936 6975 +44 (0)20 7936 6512 [email protected] [email protected] [email protected] Senior Reporter: Sub-editor: Head of Subscriptions: Mohamed Dabo Nick Midgley Sharon Howley +44 (0)20 7936 6997 +44 (0)161 359 5829 +44 (0)20 7936 6587 [email protected] [email protected] [email protected] Group Editorial Director: Ana Gyorkos +44 (0)20 7832 4396 [email protected] Customer Services: +44 (0)20 7936 6587, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Cards International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow CI on twitter @Payments_News 2 | August 2020 | Cards International CI August 2020 582.indd 2 18/08/2020 14:09:06 contents august 2020 COUNTRY SNAPSHOTS 16 / CHILE 18 Cash remains the preferred method of consumer payment in Chile, accounting for 62.5% of the total payment transaction volume in 2020. However, card transactions are gradually gaining ground 18 / RUSSIA The Russian payment card market recorded a strong CAGR of 22.7% between 2015 and 2019 in terms of overall transaction value. Consumers increasingly prefer card payments for low-value transactions 20 / SOUTH AFRICA Use of payment cards in South Africa is growing at a healthy pace, supported by a growing banked population due to financial inclusion programs, the availability of basic bank accounts, and reduced interchange fees FEATURES 20 10 / COVID AND PAYMENTS 14 / E-COMMERCE FRAUD The rising demand for non-cash payments A daunting new age of mega-fraud is upon us. will drive card payments at the point of sale, No longer content to inflict financial loss, the but around the world there are a number of new breed of scams can cause fatal damage to interesting regional variations as a result of a brand, drive customers away and force the Covid-19, reports Douglas Blakey target out of business. Mohamed Dabo reports 14 ANALYSIS 22 / RSB AND AMEX In April, RSB owner Roustam Tariko was accused of defaulting on Eurobonds for a second time. What does this mean for the bank’s reputation? Evie Rusman speaks to Alexey Sanaev, chief financial analyst at Finam www.cardsinternational.com | 3 CI August 2020 582.indd 3 18/08/2020 14:09:09 11th Annual Retail Banker International Asia Trailblazer Summit & Awards 2020 9 October 2020 Singapore Share experiences, challenges and opportunities with an unrivalled selection of peers from the private banking and wealth management global community. Register now on rbiasiatrailbalzer.verdict.co.uk CI August 2020 582.indd 4 18/08/2020 14:09:09 editor’s letter Deferral programmes skew positive July US card stats Douglas Blakey, Editor nother month and another set of resilient As cardholders experiencing hardship due to Covid exit the delinquency and charge-off statistics from the payment deferral programme, the numbers will be corrected. A leading US credit card issuers (see table). We know from the Fed that credit card debt in the US is Take JPMorgan Chase for example: the July credit-card down sharply since the Covid crisis started. For example, total delinquency rate falls to 0.99% from 1.07% in June, and revolving consumer debt – in other words, mainly credit card th compares favourably with 1.15% in July 2019. Moreover, the debt – fell to $995.6bn in May from $1.07bn in March, a drop 11 Annual Retail Banker net charge-off rate of 2.03% for July compares with 2.06% in of almost 8% in just two months. June and 2.21% in July 2019. Meantime, for perfectly understandable reasons, banks are International Asia Trailblazer At Bank of America, the July credit card delinquency rate also taking a risk-averse approach, with Chase among leading declines to 1.16% from 1.30% in June and compares with issuers reported to be cutting credit card limits for certain Summit & Awards 2020 1.57% in July 2019. Again, the Bank of America net charge-off cardholders. For its part, Amex has withdrawn introductory 0% rate is moving in the right direction: for July it drops to 2.12% offers on balance transfers. So, with the above figures in mind, 9 October 2020 against 2.15% in June and 2.49% in July 2019. it is sobering when a report from Deloitte forecasts charge-off Singapore And at Citi, the July delinquency rate drops from 1.47% in rates of as high as 8.1% by as early as 2021. June to 1.43%, and compares with 1.57% in July 2019. The Citi To forecast the impact of the Covid pandemic on the credit charge-off rate drops from 2.63% in June to 2.42% in July, and card charge-off rate from 2020 to 2024, Deloitte studied compares with 2.91% in July 2019. the relationship between the US unemployment rate and At first glance, all positive. Similar positives can be taken banks’ credit card charge-off rates over the past 20 years. from the July numbers from Discover, American Express, Charge-off rates showed a one-to-one relationship with Capital One and Synchrony. There is, however, a ‘but’ – and it is the unemployment rate during the 2008-09 financial crisis. a big one. The July numbers are skewed to a degree by the card However, the correlation somewhat weakened following the Share experiences, challenges and issuers’ deferral programmes related to Covid. peak, with a deceleration in charge-off rates. Charge-off rates are expected to show a lower correlation SELECTED LEADING US CREDIT CARD ISSUERS: with unemployment in 2020-24. As a result, argues Deloitte, opportunities with an unrivalled selection CHARGE-OFF AND DELINQUENCY RATES the increase in charge-offs will likely be lower in magnitude compared with the rise in unemployment, due to government of peers from the private banking and apr 20 may 20 jun 20 jul 20 intervention with unemployment benefits, a financially American Delinquency 1.70% 1.60% 1.50% 1.40% stronger consumer, issuers’ proactive approach to help wealth management global community. Express Charge-off 2.70% 3.00% 2.60% 2.60% distressed borrowers, and nuanced differences in the nature of unemployment compared to the 2008-09 crisis. Bank of Delinquency 1.55% 1.46% 1.30% 1.16% The report entitled US Consumer Payments in a Post- America Charge-off 2.81% 2.50% 2.15% 2.12% Covid-19 World: How to Bolster Payments Institutions’ Growth Delinquency 3.58% 3.15% 2.74% 2.44% in Challenging Times and is well worth a read. Mercifully, away Capital One from the headline 8.1% charge-off rate forecast, there are some Charge-off 4.93% 4.49% 4.15% 3.82% positive takeaways. It notes that there will be an acceleration Delinquency 1.27% 1.20% 1.07% 0.99% of recent trends in the way consumers live, work and pay, and Chase Charge-off 2.43% 2.34% 2.06% 2.03% integrate real and digital more in the post-Covid world. Delinquency 1.69% 1.59% 1.47% 1.43% And it suggests that there are exciting opportunities for Citigroup payments institutions to reimagine their roles, especially in Register now on Charge-off 2.96% 3.12% 2.63% 2.42% the areas of driving social impact, modernising the payments Delinquency 2.56% 2.36% 2.17% 2.03% system, creating value beyond card payments and reorganising Discover rbiasiatrailbalzer.verdict.co.uk Charge-off 3.98% 4.07% 3.65% 3.42% around customers as opposed to products. Deloitte also makes the obvious point that card networks Delinquency 4.10% 3.60% 3.10% 2.90% Synchrony need to work with issuers in order to accelerate the general Charge-off 5.90% 5.10% 5.10% 4.80% issuance of contactless cards, and with acquirers to set up Source: CI contactless POS terminals. < Get in touch with the editor at: [email protected] www.cardsinternational.com | 5 CI August 2020 582.indd 5 18/08/2020 14:09:10 News | Digest news digest UnionPay now accepted by over 800,000 SumUp merchants Switzerland, Italy, Netherlands, Poland, Portugal and Sweden.
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