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Evertec’s Payment Volumes Surge as Hurricane-Ravaged Puerto Rico Recovers
Puerto Rico-based payment processor Evertec Inc. suffered along with the rest of the island when hurricanes Irma and especially Maria swept through in September 2017 and destroyed homes, businesses, and the electrical grid, but now Evertec’s payment volumes are surging as the island recovers. Puerto Rican transaction volumes were up 47% over the hurricane-impacted results …
The Brooklyn Federal Court Gives a ‘Preliminary’ OK to a $6.24 Billion Deal in Interchange Case
The federal court handling the long-running class-action litigation between merchants on one hand and big banks and Visa Inc. and Mastercard Inc. on the other announced on Friday it has granted “preliminary approval” to a settlement that could award between $5.54 billion and $6.24 billion to merchant plaintiffs. The parties announced in September they had …
PayPal Debuts Rainbow Card for Venmo and other Digital Transactions News briefs from 2/22/19
PayPal Holdings Inc. introduced a so-called rainbow card for users of its Venmo peer-to-peer payments service. The colorful plastic, available for a limited time, is the latest version of a debit card PayPal launched last year to allow users to pay merchants with their Venmo balance. As with the original Venmo card, the rainbow card …
ATM Operator Cardtronics Sees Better Times Ahead After a Rough 2018
It was a rough 2018 for leading ATM network operator Cardtronics plc, but the company’s top management predicted Thursday that 2019 will be better. Houston-based Cardtronics early last year muddled through the end of its long-standing relationship with its biggest customer, 7-Eleven Inc., which is pulling down year-on-year comparisons. At one time, Cardtronics had more …
Direct Deposits Fuel Green Dot’s Payment Volume and Revenue Growth
Green Dot Corp.’s diversification from a pure prepaid card management company into banking and other financial-services niches is driving direct deposits into its card accounts and spurring revenue-generating payment volume, according to the company’s latest financial report. Pasadena, Calif.-based Green Dot said Wednesday that fourth-quarter purchase volume on its cards rose 10% to $6.2 billion …
Once a Novelty, Chatbots Appear To Be on Their Way to Mainstream Adoption
The use of chatbots in financial services is about to explode, if research released this week is any indication. Adoption will be such that the technology will save banks worldwide $7.3 billion in annual operating costs by 2023, compared to a projected $209 million this year, estimates Juniper Research in a report called AI in …