News

July, 2016

• 21 July

  AmEx’s $2 Billion Profit and other Digital Transactions News Briefs

  • American Express Co. reported $2 billion in net income for the second quarter, including a $1.1 billion pre-tax gain from the sale of its Costco Wholesale Corp. cobranded portfolio to Citigroup Inc., which is now issuing a cobranded
• 21 July

  Visa Notes 326 Million U.S. Chip Cards and other Digital Transactions News briefs

  • American Express Co. reported $2 billion in net income for the second quarter, including a $1.1 billion pre-tax gain from the sale of its Costco Wholesale Corp. cobranded portfolio to Citigroup Inc., which is now issuing a cobranded Costco Visa credit card. AmEx’s U.S. card-billed business grew 2% year …
• 21 July

  In the Face of the National ‘Pays,’ Some Small Institutions Hedge Their Bets

  

  Few observers are surprised big banks like Capital One Financial Corp., JPMorgan Chase & Co., and Wells Fargo & Co. are getting into the mobile-wallet market, but what about smaller financial institutions like credit unions and community banks? While some might figure the small players will fall into the arms …
• 21 July

  MasterCard to Buy U.K. ACH and Faster-Payments Operator VocaLink for $920 Million

  

  Confirming months of speculation, MasterCard Inc. announced Thursday that it has a definitive deal to acquire VocaLink Holdings Ltd., operator of the United Kingdom’s automated clearing house and faster-payments systems, for £700 million, or approximately $920 million, in cash. London-based VocaLink operates BACS, the U.K.’s ACH network, as well as the …
• 20 July

  Eye on Debit: Pulse’s Volume Plunge Expected To Hit Bottom; EMV Still Crimping Blackhawk

  

  Dollar volume on Discover Financial Services’ Pulse electronic funds transfer network declined 9% in the second quarter, but that was an improvement from the first quarter’s 15% plunge and the bottom is in sight, Discover said on Tuesday. Meanwhile, the impact of grocery stores’ reluctance to accept credit cards for …
• 20 July

  Though Consumers Foresee a Cashless Society, Experts Say Don’t Hold Your Breath

  

  A majority of Americans—62%—believe credit and debit cards and other electronic payments will replace cash in their lifetimes, finds a recent Gallup Inc. poll. But that doesn’t mean cash will disappear any time soon, experts say. Of the more than 1,000 consumers surveyed, only 11% said it is very unlikely and …
• 20 July

  TableSafe To Test Restaurant Folio Payment Device and other Digital Transactions News briefs

  • A Michigan gas station has begun accepting the AnyWhereMobile Payment Network app from developer MShift Inc. and Team One Credit Union, the first financial institution to offer the mobile-payments product. Team One plans to bring acceptance of the app, which works with VeriFone Systems Inc.’s Commander Site Controller solution, …
• 19 July

  Contactless Transit Payments Could Bloom Globally With Cubic’s TfL Licensing Deal

  

  A little bit of London may find its way into the hands of U.S. transit riders. Cubic Transportation Systems, a unit of Cubic Corp., will license contactless ticketing technology developed by Transport for London, the U.K. capital’s transit agency, for use with similar agencies around the world. TfL’s technology enables transit …
• 19 July

  TMS Adds CNP Services to Groovv and other Digital Transactions News briefs

  • In a sign of further global expansion plans, merchant acquirer Square Inc. in June incorporated a business in the United Kingdom called Square Europe Ltd. and began testing its payment system in London, Reuters reported. Besides the U.S., Square already operates in Canada, Australia, and Japan. • Processor Total Merchant …
• 18 July

  FIS Cardless Cash Service Coming to 70,000 Payment Alliance International ATMs

  

  Look for cardless cash access at more ATMs in coming months. Fidelity National Information Services Inc. (FIS) and Payment Alliance International Inc. plan to bring the FIS Cardless Cash service to more than 70,000 PAI ATMs. The deal, announced Friday, will significantly expand the number of participating machines from the …