Thursday , May 28, 2020

Citcon Prevails in Source Code Lawsuit and other Digital Transactions News briefs from 12/26/19

  • Citcon USA LLC said it prevailed in a lawsuit against Canada-based RiverPay Inc. over allegations of misappropriation of source code trade secrets. Citcon, which helps North American merchants integrate Chinese mobile wallet acceptance, sued RiverPay in 2018 in the U.S. District Court for the Northern District of California because it said RiverPay was using its source code. A jury, Citcon said, rejected RiverPay’s claim that a third party actually owned the code. The jury awarded Citcon $1.5 million plus punitive damages, which will be determined in post-trial proceedings, Citcon said.
  • Online spending in the United States for the period Nov. 1 through Christmas Eve increased 18.8% over the same period in 2018, according to figures from Mastercard Inc.’s SpendingPulse data service. Sales in retail stores, excluding auto sales, jumped 3.4%. E-commerce spending for the period accounted for 14.6% of all retail volume, according to tne data, which accounts for cash and check activity as well as card volume.
  • Some Kroger stores across the country experienced a short-term point-of-sale glitch on Christmas Eve, preventing the processing of credit and debit cards, according to news reports. Information on how many stores were affected was not immediately available. The system was up and running again before day’s end, the grocery chain said, according to the reports.
  • MoneyGram International Inc. chief executive Alex Holmes said blockchain technology could “transform” cross-border payments, according to news reports. MoneyGram began working with blockchain company Ripple Labs Inc. and its digital currency earlier this year. Ripple has invested a total of $50 million in MoneyGram and owns approximately 10% of the remittance company’s common stock.

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