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25/05/2011 -
Despite an increase in profits in 2010, a recent credit card industry study found that the industry still faces significant challenges.A 2010 payment processing analysis by R.K. Hammer found that the net pre-tax profit for the past year totaled $18.5 billion, higher than $13.6 billion in 2009. The revenue streams in 2010 fell however, to $163.3 billion, versus $166.5 billion in 2009.
The company said that the industry was under serious threat from new government regulations and would need to find new customers to maintain profits.
"Arguably, as with last year it will again take a very complicated and successful set of financial and marketing mechanics by issuers to reverse or at least mitigate what we see as an all-out attack on credit card industry profits in such an economic and regulatory climate," the firm said in a release. "We do look for some improvements later in 2011, which should also well serve the broader market and financial institutions in particular."
One area that payment processing firms are looking forward to taking advantage of is mobile payments. Among the most promising devices is a mobile payment device, Square, which allows people to swipe their card through their smartphones.
