Thursday , July 16, 2020

AmEx Launches $200 Million Shop Small Program and other Digital Transactions News briefs from 6/29/20

  • American Express Co. announced a global, $200 million Shop Small campaign to support small businesses, many of which have been affected by the Covid-19 pandemic. U.S. AmEx cardholders can get $5 back after they spend $10 or more, up to 10 times, when they buy online or in-store at qualified businesses through Sept. 20. Similar offers already are live in Canada, Australia, and the United Kingdom. AmEx also said it is committing $10 million over four years to fund grants for Black-owned small businesses through a program that includes the U.S. Chamber of Commerce Foundation and several other groups.
  • PayPal Holdings Inc. is enabling quick-response (QR) code payments in Canada and is supporting the new service with an offer to waive standard seller fees through Sept. 30.
  • Payments gateway provider Cardknox Development Inc. launched UpdateYourCard, a service that lets consumers provide an updated card number and expiration date via a secure form when a card has been declined.
  • Factor4 LLC said its gift card and loyalty programs have been integrated with point-of-sale devices from Advanced Mobile Payment Inc.
  • WEX Inc., a processor of payments for truck fleets, announced a $400 million investment from an affiliate of Warburg Pincus LLC.
  • Juniper Research forecasts the transaction value on virtual cards worldwide will grow from $1.6 trillion to more than $5 trillion by 2025. Virtual cards are temporary, random digits that replace actual card credentials for specific online purchases.
  • MoneyGram International Inc. said it will enable cross-border transfers in the United Arab Emirates via eWallet, a product of Digital Financial Services LLC, a joint venture of Etisalat and Noor Bank.
  • Veteran payments consultant Theodore Iacobuzio has been named vice president and managing director, research, for Mercator Advisory Group.
  • Veteran payments executive Dominic Cirone has joined risk-management firm Midigator LLC as senior vice president of acquirer solutions. Cirone most recently was vice president of chargeback processing at EVO Payments International.

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U.S. Bancorp, owner of merchant acquirer Elavon Inc., saw merchant-processing revenues decline 34% year-over-year in …

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