Sunday , August 18, 2019

Issuing/Originating

The Money-Transfer Newbies Nip at the Incumbents’ Heels

Relative newcomers to the world of money transfers such as Remitly Inc., TransferWise Ltd., and WorldRemit Ltd., which specialize in end-to-end digital transactions, are nibbling away at the market share of agent-based leaders The Western Union Co. and MoneyGram International Inc., says a new report from research firm Aite Group …

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EMVCo Proposes Spec Changes To Accommodate Longer Issuer IDs

Payment card standards body EMVCo on Thursday disclosed proposed specifications changes to accommodate the coming of longer numbers on credit and debit cards for identifying the card issuer, changes that could affect merchants using card numbers to identity their loyalty program members in addition to processing protocols. The changes stem …

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Repay Acquires TriSource Solutions and other Digital Transactions News briefs from 8/15/19

Repay Holdings Inc. announced the acquisition of TriSource Solutions for up to $65 million. TriSource, founded in 2007, provides back-end transaction-processing services to independent sales organizations. TriSource has been Repay’s primary third-party processor for back-end settlement since 2012.The U.S. District Court in Cleveland approved a $4.3 million settlement of a class action filed …

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More Colleges Making Student IDs And Payments Available in Apple Wallet

Apple Inc. says 12 U.S. colleges, with more than 100,000 students, will enable contactless student IDs in Apple Wallet this school year. The students will be able to use their student IDs on iPhones and Apple Watches to enter buildings protected by keycard access, buy meals, and make purchases in college …

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Venmo’s Latest Instant-Transfer Gambit Leverages Faster Payments As It Digs for Revenue

With real-time payments in the headlines these days, it’s not surprising payments companies are jumping on the faster-payments bandwagon. But some, like PayPal Holdings Inc., are finding ways to use speedier funds to bolster revenue. PayPal on Monday announced its latest instant-transfer service, this one allowing Venmo users to move …

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Repay Debuts Instant Funding in Canada and other Digital Transactions News briefs from 8/13/19

Repay Holdings Corp. launched its Instant Funding product in Canada. The service uses Visa Inc.’s Visa Direct service to send funds directly to eligible Visa debit and prepaid cards. Repay said Canadian lenders and finance companies can disburse funds electronically and eliminate traditional checks and electronic funds transfer transactions. Repay also …

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Low Forecast for Contactless Mobile Payments Volume in 2019 and other Digital Transactions News briefs from 8/9/19

451 Research projects that contactless mobile payments will control less than 2% of U.S. retail sales in 2019, owing to lack of a “measurably better value proposition” for mobile payments vs. cards, as well as other factors.Chase Bank, a unit of JPMorgan Chase & Co., has canceled all credit card debt for …

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With Chase Rollout Completed, Cardlytics’ User Base More Than Doubles

With the addition of megabank JPMorgan Chase & Co. as a customer fully completed, marketing services provider Cardlytics Inc. on Thursday reported that it had an average of 120.1 million monthly active users on its platform as of June 30, up 104% from 58.8 million users a year earlier. Atlanta-based …

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Wall Street Punishes Green Dot As Growth Slows

Photo by Rick Tap on Unsplash

Green Dot Corp.’s shares plummeted Thursday morning after the company reported a slowdown in year-over-year revenue growth and a drop in active accounts that surprised some observers. The Pasadena, Calif.-based company, which specializes in prepaid products and banking services, reported adjusted second-quarter revenue of $265 million, up 5% year-over-year but …

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Consumers Are Receptive to the Unconventional Apple Card, Separate Studies Show

Apple Inc.’s new Apple Card is an unconventional animal with what some observers call ho-hum rewards, but separate studies released Wednesday show the card nonetheless could make a big splash. Research firm J.D. Power said its late June survey found “awareness is already remarkably high” for a product that offers …

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