Hospitality point-of-sale specialist Qu Inc. announced GoTo Foods, owner of brands Auntie Anne’s, Cinnabon, Carvel, Jamba, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s, will use the Qu POS platform across these brands. GoTo Foods said it has more than 6,700 global locations. Payments platform ACI Worldwide Inc. reported December-quarter revenue of $476.6 million, up …
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Mastercard’s Issuer Benefits And Other Digital Transactions News briefs from 2/28/24
Mastercard Inc. launched its Open Banking for Account Opening program, aimed at U.S. issuers of consumer and small-business debit cards and issuers of consumer prepaid cards. The program aims to verify account ownership, reduce account abandonment, and cut non-sufficient funds returns. Brivo, a provider of technology for building access, has added …
Read More »With Appetize and Finaro on Board, Shift4 Plots Expansion in the U.S. and Europe
Having closed on two key acquisitions, the big processor Shift4 Payments Inc. is looking to expand its business in Canada and Europe and build on its new beachhead in sports arenas, top management said early Tuesday. With its $100-million deal last fall to acquire Appetize Technologies Inc. from SpotOn Transact …
Read More »You Can Attribute Google Pay’s Demise to Weak Market Share And Google Wallet’s Popularity, Experts Say
Alphabet Inc.’s decision to discontinue Google Pay in the U.S. market, including its peer-to-peer payments capability, effective in June is not entirely an unexpected move, experts say, as the app has a more popular sibling in Google Wallet. And, they note, it lacks the market share of competing digital wallets. …
Read More »Good News for Paze: 44% Would Use a Bank-Provided Digital Wallet
When it comes to online checkout, consumers like using digital wallets. Seventy-two percent of them value digital-payment tools like digital wallets to make the online checkout easier, says Paze in its inaugural Paze Pulse report. Paze is an upcoming digital wallet from Early Warning Services LLC. Backed by seven large …
Read More »Capital One May Acquire Discover. What Could That Mean?
Capital One Financial Corp. may be on the brink of acquiring Discover Financial Services, if two news reports are accurate. The Wall Street Journal and Bloomberg.com separately reported on Monday a deal between the two credit card juggernauts is in the offing, with The Journal reporting an announcement could come …
Read More »FIS’s Pay by Bank Path And Other Digital Transactions News briefs from 2/14/24
FIS Inc. said it is working with Banked, an open-banking provider, to develop new pay by bank services for businesses and consumers. Gateway provider Trice Technologies Inc. said it is a technology provider and real-time payments gateway for the RTP network from The Clearing House Payments Co. LLC. Web services and payments provider GoDaddy …
Read More »Radial Adds Link Money’s Pay by Bank for Account-to-Account Payments
E-commerce platform Radial Inc. is giving its merchants a new payment option that bypasses traditional credit and debit card payments and instead relies on account-to-account transfers. Dubbed Pay by Bank, the service was developed by Link Financial Technologies Inc., which does business as Link Money, an open-banking platform. King of …
Read More »ABA Formalizes BIN Administration Handoff to Long-Term Partner CUSIP
CUSIP Global Services announced late Wednesday that it will be taking over day-to-day operations of the administration of the issuer identification number system from the American Bankers Association. The change is not monumental as CUSIP has a long history of managing numbering programs for the financial services industry. The ABA …
Read More »Payroc Beefs Up Its Presence in Canada With Its Deal for SterlingCard
Payments-platform provider Payroc LLC has expanded its footprint in Canada through its acquisition of SterlingCard Payment Solutions Inc., a provider of retail and e-commerce payment solutions, for an undisclosed sum. Tinley Park, Ill.-based Payroc announced mid-day Tuesday it had closed on the deal. The acquisition enables Payroc to offer a …
Read More »PSCU/Co-op Debuts a BNPL Service for Credit Unions
Credit union service organization PSCU/Co-op Solutions released its buy now, pay later service to credit unions, enabling their cardholders to make installment payments on their card-based purchases. PSCU/Co-op, which merged Jan. 1, says cardholders whose credit unions enroll in the service can choose qualifying transactions to pay back in installments. …
Read More »Fiserv Logs Robust Results in Its Merchant Unit As Its Clover Tech Surges Ahead
Fiserv Inc., already a behemoth in merchant processing, is preparing to straddle its twin pillars of acquiring-bank relationships, on the one hand, and its own acquiring operations through a Georgia bank charter, on the other. The charter, which the big processor applied for last month, has “a very specific purpose,” …
Read More »High Costs And Fraud Risk Drive Sellers’ Dissatisfaction With Card Processing, J.D. Power Finds
Small businesses tend to be less satisfied with their credit and debit card processing than they are with processing for alternative payments, according to a study by J.D. Power. Based on a 1,000-point scale, with 1,000 being the highest score, merchant-satisfaction scores for credit card processing averaged 692, while scores …
Read More »As Its U.S. Business Slows, Mastercard Looks to Emerging Markets Like Real Time Payments
Mastercard Inc. is confronting a slowdown in dollar volume in its home market while it pushes into vital new markets like real-time payments and open banking, its presentation of fourth-quarter 2023 financial results indicated early Wednesday. Gross dollar volume of $727 billion in the December quarter represented a 4% rise …
Read More »PayRange Licensing Victor And Other Digital Transactions News briefs from 1/31/24
KioSoft Technologies has agreed to license technology from PayRange Inc. in a deal that could exceed $62 million in value over a 10-year period. The agreement stems from a settlement of a four-year dispute in which PayRange, a provider of payments technology for the laundry and vending industries, alleged KioSoft infringed its …
Read More »In Chargebacks, Consumers Trust Their Banks, a Chargebacks911 Report Finds
Most U.S. consumers—53%—concerned about a possible fraudulent transaction on their credit card statements make the first inquiry with the issuing bank, not with the merchant. That’s according to the newly released 2024 Cardholder Dispute Index released by Chargebacks911, a Clearwater, Fla.-based dispute-management company. Conducted in partnership with TSG, an Omaha, …
Read More »Huntington’s Secure Card And Other Digital Transactions News briefs from 1/30/24
The Huntington National Bank launched a secured credit card offering 1% cashback rewards and no annual fee. Secured cards require cardholders to make a one-time, refundable deposit to back activity on the card. Mastercard Inc. and BOK Financial Corp. expanded their agreement making Mastercard the exclusive payments network in BOK’s debit and …
Read More »Visa Revenue up 9% And Other Digital Transactions News briefs from 1/26/24
Visa Inc. reported $8.6 billion in net revenue for its December quarter, up 9% year-over-year, on $3.9 billion in credit and debit card volume, up 7.8%. Apple Inc. announced changes to iOS, Safari, and its App Store to meet European Union rules, including new options on its App Store to use payment …
Read More »Eye on BNPL: Klarna Debuts a Subscription Service; PublicSquare Enlists Credova
Klarna AB, a buy now, pay later provider, is entering the subscription arena with the U.S. launch of Klarna Plus. For $7.99 a month, Klarna Plus enables eligible consumers to earn double rewards points on their purchases, pay no service fee when using Klarna at merchants outside of the Klarna …
Read More »Debit a Favored Subscription Choice And Other Digital Transactions News briefs from 1/23/24
Subscription management specialist Recurly Inc. released its 2024 State of Subscriptions report that found 45.5% of consumers chose debit as the subscription payment method, followed by credit cards, 33%, PayPal, 19.3%, and other alternative payment methods, 2.2%. Wise, a platform for international money transfers, said junk fees associated with credit cards and …
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