- American Express Co. announced it has agreed to acquire digital lender Kabbage Inc. in a deal expected to close later this year. Kabbage’s existing loan portfolio is not included in the transaction, for which terms were not announced. Eleven-year-old Kabbage entered the payment processing business in 2018.
- Restaurants and other businesses in Pasadena, Calif., have established the nation’s first “face pay” network for payments, according to facial-recognition vendor PopID. Once authenticated, transactions trigger transfers from a user’s PopID account.
- The parking-app provider ParkMobile LLC reported the University of Alabama has adopted it to allows users to pay for parking at more than 350 campus spaces as university officials urge drivers to pay through the app rather than at the meter to avoid spreading Covid-19. The company also reported the app has now reached a total of 19 million U.S. users, up by 1 million since February.
- Alphabet Inc.’s Google unit is reportedly working with online-payments provider Stripe Inc. to test a fingerprint-authentication technology for the desktop.
- The cross-border payments network Thunes announced its transaction volume increased more than 80% in the June quarter, while mobile wallet transactions more than doubled as users shifted away from cash. Absolute figures were not released.
- KeyBank said its customers can now use ATMs in the Cardtronics plc surcharge-free Allpoint Network, which has more than 55,000 ATMs worldwide.
- TD Bank launched TD Online Accounting, an integrated payment and accounting service for small-business owners.
- Dispute management provider Chargebacks911 appointed Suraj Badiani as chief financial officer and head of corporate development. Most recently, Badiani worked at several tech companies, including prior stints at Lehman Brothers and JPMorgan & Chase Co.
- B.R. Shetty, a cofounder of cross-border payments provider Finablr PLC, has stepped down as co-chairman and director following a move by the company a month ago to bring in a law firm to investigate possible misappropriation of assets.
The future of digital payments is being created now with the adoption of contactless payments, …