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☆ America is on the cusp of a new biggest credit card company. Here’s what it means for you
▼ + stars: | 2024-02-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Discover cards are already accepted at 99% of all US merchants that allow customers to make credit card purchases, according to the company. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. If Capital One flips all its credit cards to Discover, Mastercard would stand to lose a quarter of its US credit card volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: New York CNN —, Biden, Richard Fairbank, Fairbank, JPMorgan Chase, Andrew Harrer, Democratic Sen, Elizabeth Warren, Jaret, Cowen Organizations: New, New York CNN, Discover Financial Services, Capital, Discover, Mastercard, Visa, US, American Express, JPMorgan, Bank of America, Citigroup, Bloomberg, Getty, Consumer Financial, ”, Democratic Locations: New York, Mastercard’s, Visa’s

The San Francisco-based company said it earned $4.82 billion in the quarter, or $2.33 a share after one-time adjustments. That's compared to a profit of $4.09 billion, or $1.93 a share, in the same period a year ago. Visa reported a 9% rise in payments volume on its network and a 10% rise in the number of transactions on its network. Consumers spent $3.196 trillion on Visa's network globally last quarter, with the company posting a healthy 6% growth in spending in the U.S., the company's largest market. For the full year, Visa saw $12.338 trillion spent on its network compared to 2022.

Persons: that's, Ryan McInerney Organizations: Visa Inc, Visa, Mastercard, Consumers Locations: San Francisco, U.S

☆ Visa Finance Chief Vasant Prabhu to Depart in September
▼ + stars: | 2023-02-16 | by ( Mark Maurer | ) www.wsj.com time to read: +2 min

Visa Inc. said its chief financial officer, Vasant Prabhu, is stepping down as the payments giant works to continue growing certain merchant services and making acquisitions. Mr. Prabhu will leave Visa on Sept. 30, the San Francisco-based company said Thursday. Mr. Prabhu, who also served as vice chair, will assist Visa with the search for and onboarding of his successor before stepping down from his role, the company said. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Visa in January reported $7.94 billion in revenue for the quarter ended Dec. 31, up 12.4% from the prior-year period.

☆ ‘Sonic Logos’ Struggle to Get Heard at U.S. Checkouts
▼ + stars: | 2023-01-12 | by ( Katie Deighton | ) www.wsj.com time to read: +8 min

A spokeswoman for American Express said the company’s sonic logo plays on marketing channels such as brand videos, but not at any credit-card terminals. PREVIEWPayments firms say sonic logos at cash registers can also communicate to customers that they are transacting with a trusted merchant, making the sounds akin to the stickers of credit-card logos that often appear in store windows. Visa’s spokeswoman said the company doesn’t share figures on how many businesses play its sonic logo due to the complexity of tracking rollouts. To that suggestion, Mastercard said the value of sonic logos for merchants “comes in through consumer trust and reassurance.” Visa declined to comment. But some retailers want no part of sonic logos.

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