Tuesday , November 12, 2019

Discover’s Payment Volume Increases 7% and other Digital Transactions News briefs from 10/23/19

  • Discover Financial Services reported its Payment Services unit, which includes activity on the Pulse electronic funds transfer network, on Diners Club cards, and with network partners, recorded $62.6 billion in volume in the third quarter, up 7% year-over-year. Volume on Pulse alone increased 5% to $47.5 billion. With Discover network proprietary volume of $38.7 billion, total network volume came to $101.3 billion, up 6.2%. Overall, the company reported revenue net of interest expense totaling $2.9 billion for the quarter, up 6%.
  • VoPay International Inc., a Canadian company whose application programming interfaces allow consumers to pay businesses directly from their bank accounts, announced a collaboration with Flinks, whose connections to 98% of all Canadian accounts are expected to help authorize VoPay transactions.
  • Maverick Payments said it now offers an instant merchant-settlement service following a new sponsorship program with Avidia Bank.
  • Visa Inc. launched Visa Infinite Business, an expansion of benefits for U.S. small firms using Visa business cards.
  • A payments company called Returnly launched International Returns, a program it says lets online shoppers return purchased items from anywhere in the world.
  • Point-of-sale terminal maker and payment-processing provider Ingenico Group said third-quarter revenues from its North American bank and acquirer clients rose 25% on a comparable year-over-year basis to €56 million ($62.3 million). Worldwide revenues from retailers grew 11% on a comparable basis to €501 million ($557.2 million), and total company revenues rose 10% to €880 million ($978.6 million).
  • Euronet Worldwide Inc., a provider of ATM services, payment processing, and wire transfers, said it processed 1.23 billion transactions in the third quarter, up 21% from 1.02 billion a year earlier.
  • The Western Union Co. announced an expansion of its white-label program to money-transfer firms in Japan and Korea. The white-label program lets remittance companies operate through the Western Union network.
  • Blackhawk Network Holdings Inc. released its 2019 BrandedPay Holiday Shopping Preview that predicts shopper holiday gift card spend will increase 7% compared to 2018.
  • Stephen Moore, an economic advisor in the Trump administration, and Ralph Benko, who was deputy counsel in the Reagan administration, joined the executive ranks at Frax, a company introducing what it says is the world’s first fractional reserve-backed stablecoin.

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