Wednesday , August 15, 2018

Issuing/Originating

Cardlytics’s Revenue Increases 21% and other Digital Transactions News briefs from 8/15/18

Paysafe Group said it is rebranding merchant acquirer iPayment Holdings Inc. as Paysafe “with immediate effect.” Paysafe acquired iPayment this spring for undisclosed terms. Rewards platform provider Cardlytics Inc. said revenue from Cardlytics Direct, the company’s primary product, hit $35.1 million in the second quarter, up 21% from a year …

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Commanding 92% of the Home Market, It’s No Wonder Chinese Mobile Giants Are Looking Abroad

One reason China’s Ant Financial Services Group and Tencent Holdings Ltd. are interested in facilitating mobile payments for Chinese travelers in foreign markets, including the United States, is that both companies are topping out in their home market. Combined, Ant’s Alipay and Tencent’s WeChat Pay controlled an estimated $15.5 trillion …

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Canada’s Credit Card Interchange Is Going Down, But Will It Make Much of a Difference?

The Department of Finance Canada on Thursday issued its latest merchant-friendly announcement regarding payment cards, this one disclosing agreements with Visa Inc. and Mastercard Inc. for an average 10-basis-point reduction in credit card interchange for small and mid-size businesses to take effect in 2020. The department also said American Express …

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CPI Card Group’s Results Improve Amid Double-Digit Prepaid Card Revenue Growth

Payment-card maker CPI Card Group said Thursday that new sales from an existing customer boosted its U.S. prepaid debit card revenue 26% in the second quarter. Littleton, Colo.-based CPI also reported that sold its United Kingdom business to private-investment firm SEA Equity for $4.5 million. With revenue of $15.4 million …

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GM Enables More In-Car Payments Options and other Digital Transactions News briefs from 8/8/18

Flow, a cross-border e-commerce platform, has added a cryptocurrency option through an arrangement with BitPay, a cryptocurrency exchange. Through a so-called marketplace update, General Motors Co. is enabling in-dash fuel payments in select Buick models at Exxon Mobil stations. The capability is expected to come to other GM makes, 2017 …

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Eye on Data: Site Linked to the ICBA’s Bank Leaks Data; Report Says Facebook Wants To Display Card Transactions

A Web-site glitch involving The Independent Community Bankers of America’s bank subsidiary exposed personal data about thousands of credit card applicants for more than a year, according to a report. Meanwhile, The Wall Street Journal on Monday reported that social-media titan Facebook Inc. has asked some of the nation’s largest …

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Discover Veteran Hochschild to Succeed Nelms as CEO

Discover Financial Services announced Friday that its No. 2 executive, president and chief operating officer Roger C. Hochschild, will become chief executive on Oct. 1, succeeding long-time chairman and CEO David W. Nelms. Nelms, 57, Discover’s CEO since February 2004, will become executive chairman at that time before retiring in …

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Will It Or Won’t It? Square Stays Vague on OCC Charter in Second-Quarter Earnings Call

Will Square Inc. apply for a national banking charter, now that the Office of the Comptroller of the Currency has opened the door to financial-technology firms? As of late Wednesday, the answer remains unclear. “We’re really well-positioned to broaden access to the financial system, which is our core purpose,” said …

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Stripe Enters Issuing and other Digital Transactions News briefs from 7/27/18

Processor Stripe launched Stripe Issuing, a platform to aid merchants creating their own credit and debit cards. The service enables developers and businesses to create physical or virtual cards with a single application programming interface call to the platform. Stripe said it is not issuing cards directly to consumers. Physical cards …

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Mastercard Profit Jumps 33% as U.S. and Global Volumes Grow

Mastercard Inc. posted a 33% increase in second-quarter profit as its worldwide purchase volumes rose nearly 16% and U.S. volume grew 10.5%. New business wins, including cobranded cards, and more customers for existing products drove the higher numbers. “We continue to make excellent progress with cobrands,” Mastercard chief executive Ajay …

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