- With consumers flocking to e-commerce during the Covid-19 pandemic, net product sales for Amazon.com Inc. totaled $50.2 billion the June quarter, up 40% year-over-year. Sales at its physical stores dropped 13% to $3.8 billion.
- China will surpass the United States as the world’s largest retail market this year, eMarketer Inc. predicted in its “Global Ecommerce 2020 Report.”
- Payments-technology provider Poynt Inc. announced its Poynt Capital unit will partner with Fundomate to deliver working capital to merchants.
- Citcon USA LLC, which installs point-of-sale systems that let North American merchants accept payments based on Quick Response codes to serve Asian tourists, announced it is acquiring Opay Inc., a Toronto-based marketer of in-store and online payment gateways aimed at the same market.
- Processor Evertec Inc. launched a Quick Response code payment service for users of ATH Movil, a person-to-person payment service, to pay for merchandise at businesses.
- Mitek Systems Inc., developer of software applications for mobile remote deposit capture and identity verification, reported revenues increased 16% year-over-year to $25.4 million in its third quarter of fiscal 2020 ended June 30. Mitek, which posted net income of $1.35 million versus a loss of $99,000 in the year-earlier quarter, said more than 7,000 financial institutions use its mobile-capture products.
- Fleet-fueling and corporate-payments provider WEX Inc. said total fuel transactions processed decreased 17% year-over-year in the second quarter to 127.9 million. Payment-processing transactions declined 19% to 103.1 million. Purchase volume in WEX’s Travel and Corporate Solutions unit fell 68% to $3.2 billion.
- Authentication specialist Paay named Adam Gluck as its first chief technology and chief product officer. He previously worked at Mastercard Inc. Paay also said its Partner Platform, a real-time monitoring system for merchants involving 3-D Secure, is available across multiple merchant accounts.
- Private-equity firm Great Hill Partners has added payments-industry veteran Ian Drysdale as executive in residence. Most recently, Drysdale was president of Zelis Payments. His experience includes positions at First Data, Worldpay, Heartland Payments, and Elavon.
The nation’s automated clearing house network surged again in the September quarter, even with a …