- Three years after the EMV liability shift, fallback fraud, which bypasses protections against counterfeit card use, remains a problem for the U.S. payments industry, Auriemma Consulting Group said. Its data found that fallback fraud, which typically is a problem when markets first adopt EMV, still makes up more than 20% of counterfeit card and 4.5% of total credit card fraud.
- EVO Payments Inc. reported third-quarter revenue of $144.8 million, a 9.2% increase from $132.6 million a year ago. Its net loss was $23.9 million, an increase from a $10.1 million loss. Contributing to the increase in the loss was $32.2 million in income tax expense. EVO Payments also announced it is forming a merchant-acquiring and payments joint venture with EuroBic, a Portugal-based bank, that also includes a 10-year marketing alliance.
- Mindbody Inc., a software developer for the wellness industry and an independent sales organization, reported $22 million in payments revenue for the third quarter, a 24% increase from $17.8 million in the same quarter a year ago.
- ATM and point-of-sale hardware and software provider Diebold Nixdorf Inc. said it initiated a “merger squeeze-out” to acquire the remaining outstanding shares of Diebold Nixdorf AG, a successor to Germany-based Wincor Nixdorf AG, which the former Diebold Inc. acquired in August 2016. The move will spare Diebold Nixdorf from the expense of operating a German public company, which it said had cost $20 million a year.
- Processor Jack Henry & Associates Inc. said revenues from its payments segment hit $134.2 million in its first quarter of fiscal 2019 ended Sept. 30, up 9% from $122.9 million a year earlier.
- ATMIA, a global trade group for the ATM industry, announced the second annual “Withdraw Cash Wednesday,” which is set for Nov. 21 to encourage consumers to control spending and debt by using cash.
- Mobile point-of-sale provider CardFlight Inc. said payments provider Payscape will resell CardFlight’s SwipeSimple service.
- MetaBank, a unit of Meta Financial Group Inc., launched its AAA MemberPay Visa prepaid card for the American Automobile Association. The product is a general-purpose reloadable card that includes travel benefits such as emergency card replacement, lost-luggage reimbursement, and access to fee-free ATMs.
- ACI Worldwide teamed with MTFX Group, a specialist in corporate foreign exchange, on a service for international students to pay tuition and fees.
- The Western Union Co. agreed to process international payments for users of M-Pesa, a popular mobile wallet in Kenya offered by Safari.com, a mobile-network operator. The agreement covers more than 200 countries and territories.
- PayPal Holdings Inc. expanded its PayPal Working Capital product into Germany with a service called PayPal Businesskredit.
- Mitek Systems Inc. appointed Max Carnecchia chief executive officer, succeeding James DeBello, who is stepping down after 15 years in that role. Carnecchia, who is also joining Mitek’s board, comes to the mobile-deposit-technology company from Illuminate Education Inc., where he was CEO. Earlier this week Mitek rejected a takeover bid from ASG Technologies Inc.
- Cryptocurrency-transaction processor BitPay appointed Rolf Haag head of business solutions, with responsibility for business-to-business and mass payments. Haag is a veteran of The Western Union Co. and PayPal.
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