Tuesday , October 15, 2019

Payfone Raises $24 Million and other Digital Transactions News briefs from 4/17/19

  • Mobile-authentication technology provider Payfone Inc. raised $24 million in a funding round led by credit-reporting agency TransUnion with participation from previous investor Synchrony Financial and two institutional investors. TransUnion said it will integrate Payfone’s Trust Platform and Trust Score with its identity products, and become Payfone’s primary partner for regulated identity-verification information. Previous investors in Payfone include American Express Co. and Early Warning Services LLC.
  • Merchant-processing revenues grew 4.1% for U.S. Bancorp, owner of merchant acquirer Elavon Inc., in the first quarter, totaling $378 million versus $363 million a year earlier. U.S. Bancorp’s payments segment, which includes Elavon, corporate cards, and non-interest income from credit and debit cards, posted revenues of $844 million, flat compared with $841 million in 2018’s first quarter.
  • Citcon, a startup that helps U.S. businesses with acceptance of the Chinese mobile wallets Alipay and WeChat Pay, announced a $5 million investment from East West Bank.
  • A British appellate court set aside a competition tribunal’s judgment in favor of Mastercard Inc. and will allow a class-action lawsuit seeking £14 billion ($18.3 billion) in damages from the network to proceed, The Telegraph in London reported. The suit, filed in 2016, claims Mastercard overcharged merchants for interchange for 16 years ending in 2008, and businesses passed the cost on to consumers through higher prices.
  • Brex, an issuer of corporate cards aimed at startups, launched a rewards program for e-commerce and direct-to-consumer brands.
  • Facebook Inc. said it will cease processing peer-to-peer payments on its Messenger app in the United Kingdom and France effective June 15. It will continue to process charitable contributions in those countries. The reason for the move was not immediately clear.
  • The FIDO Alliance, EMVCo, and the World Wide Web Consortium formed a new interest group for organizations to collaborate on the future of Web payment security and interoperability.
  • Adyen, a global e-commerce payments provider and gateway, recently began processing payments for Singapore Airlines.
  • Centbee, a South African company that specializes in ease of use for Bitcoin with both consumers and merchants, received a $1.3 million investment in a Series A round from investor Calvin Ayre.
  • Independent sales organization Aliaswire Inc. announced a number of executive appointments following the unexpected death of its founder and chief executive, Hoss Mohsenzadeh, five months ago.

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