Tuesday , August 20, 2019

First Data in Joint Venture To Buy Ireland’s Payzone and other Digital Transactions News Briefs from 4/19/19

  • Allied Irish Banks p.l.c. and processor First Data Corp. formed a joint venture to acquire a 96% stake in Payzone, operator of Ireland’s largest retail payment network, for about €100 million ($112.5 million) including debt. AIB will own 75% of the joint venture and First Data 25%, according to The Irish Times. Private-equity firm Carlyle Cardinal Ireland bought a majority stake in Payzone in 2015.
  • PayPal Holdings Inc.’s Venmo peer-to-peer payment service is talking to banks about issuing a cobranded credit card, according to The Wall Street Journal. Synchrony Financial, which last summer bought $7.6 billion in consumer receivables from PayPal, is said to be the front-runner. Synchrony has issued PayPal-branded credit cards for 14 years. A Venmo credit card would help PayPal earn more revenue from the rapidly growing P2P platform, whose service is free to users.
  • Vending-machine payments provider USA Technologies Inc., whose publicly traded shares face delisting because the company’s financial filings are overdue, said The Nasdaq Stock Market LLC granted it an extension until Sept. 9 to file required reports with the Securities and Exchange Commission. The filings are late because of accounting problems, and USAT says some of its earlier filings are unreliable and need to be restated.
  • Mobile-invoicing platform Invoice2go integrated Square Inc.’s Square Capital service to allow micromerchants to access funding via their smart phones.
  • Mastercard Inc. said it is teaming with Marvel Studios on a public-service campaign set to launch this month to raise awareness of cancer research.
  • XRPL Labs, a startup backed by cryptocurrency firm Ripple Labs, debuted a mobile app called XRP Payments that enables retailers to accept Ripple’s XRP digital currency. The app, available on both the App Store and Google Play, includes a currency converter allowing instant calculation of fiat equivalents.
  • Lear Corp. acquired Xevo Inc., developer of the GM Marketplace app for in-car commerce. Terms were not disclosed. Xevo also is helping Hyundai with its digital wallet.

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