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With the Philippines being the 39th largest economy in the world, the country continues to be a promising prospect for the BPO Industry. In August 2014, the Philippines hit an all-time high for employment in the BPO industry. From 101,000 workers in 2004, the labor force in the industry grew to over 930,000 in just the first quarter of 2014. [7]
The first payment card [6] was created in 1950 by Ralph Schneider and Frank McNamara to allow members to use charge cards at their Diners’ Club, and consumers were required to pay their bill in full each month. In 1959, American Express [7] created the first credit card that allowed users to carry a balance from month to month.
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
In 2012, a data breach at Global Payments affected 1.5 million credit and debit card numbers. [43] [44] This breach eventually cost the company around $100 million. [45] In 2015, a technical fault with Global Payments' systems led to thousands of British businesses being unable to accept credit card payments on Valentine's Day weekend. [46]
The first automated clearing house was BACS in the United Kingdom, which started processing payments in April 1968. [4] In the U.S. in the late 1960s, a group of banks in California sought a replacement for check payments. [5] This led to the first automated clearing house in the US in 1972, operated by the Federal Reserve Bank of San Francisco ...
RCBC's credit card operations, RCBC Card, were subsequently merged into Bankard, forming the current company. Through RCBC Card, Bankard also started issuing JCB cards. Bankard was two-thirds owned by the Yuchengco Group of Companies and is an affiliate of RCBC.
In 2016, the Credit Information Corporation or CIC announced the first six credit bureaus in the Philippines in 13 March 2016. The accredited credit bureaus consist of five international firms and one local credit bureau. [1] At that time CIC President Jaime Garchitorena said bureaus could start operations as soon as they become incorporated.
The Center for Agriculture and Rural Development, Inc. (better known as Card Bank, Inc.) is a micro-finance oriented rural bank in the Philippines established in 1997, and is currently regulated by the Bangko Sentral ng Pilipinas. Its main office is located in San Pablo City, Laguna. As of May 2019, Card Bank, Inc. has 750 service offices ...