Merchants and card issuers long ago discovered the value of cash in driving transaction volume, but on Thursday Discover Financial Services demonstrated how expensive some rewards categories can be. Discover reported $677 million in discount and interchange revenue for the first quarter, up 5% from the same quarter last year. …
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Facebook Inc. chief executive Mark Zuckerberg told stock analysts this week that although advertising will continue to be the primary contributor to revenue, the company plans to add more commerce functions on Instagram, Facebook, and Facebook Marketplace, including features that let users buy products directly through the platforms. Instagram has …
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The pending acquisitions of two leading merchant processors by two leading core financial-institution processors are a “good thing,” Visa Inc. chief executive Alfred F. Kelly Jr. said Wednesday. “We’ve got very good relationships and a lot of history with all four of these players,” according to Kelly. His comments came …
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KeyBank said it has begun issuing contactless-enabled Mastercard credit and debit cards. Diebold Nixdorf Inc. said KeyBank will upgrade its network of 1,400 ATMs with Diebold’s DN Vynamic portfolio of software applications that includes ATM management and more options for customers, including selection of bill denominations. Payments provider CCBill LLC announced …
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Payments provider Moneris Solutions Corp. launched Moneris Core, software that will run its new Verifone and Ingenico countertop devices. Point-of-sale software developer SpectrumSoft Inc. selected Electronic Payments and its TableTurn restaurant-management platform as a preferred vendor for payment-processing services. Business-to-business e-commerce payments provider Resolve Corp. announced that it has spun …
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The surprising revelation by J.C. Penney Co. Inc. over the weekend that it had ceased acceptance of contactless payments unmasked the little-noticed ability of contactless mobile wallets to work with point-of-sale technology that far predates them but which Visa Inc. wants banished. The blend of old and new has worked …
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Department-store chain J.C. Penney Co. Inc. confirmed over the weekend that it no longer accepts Apple Inc.’s Apple Pay mobile-payment service. The move appears to involve a Visa Inc. contactless rule that took effect this month that may have broader implications for U.S. retailers. The confirmation came in a tweet …
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Visa Inc. announced Monday the debut of Visa Next, a platform for issuers and issuer-processors that enables such options as the ability to create new digital card accounts on demand and instantly activate and tokenize digital accounts for e-commerce and mobile-wallet use. Visa Next offers a series of application programming …
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Apriva LLC, a payments provider for unattended retail, said its network will support the viv mobile-payments app from Vagabond, allowing college students to use virtual campus cards for vending-machine purchases. In related news, Apriva said it will support mobile payments for AveriGo LLC, a software provider for the vending and …
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Allied Irish Banks p.l.c. and processor First Data Corp. formed a joint venture to acquire a 96% stake in Payzone, operator of Ireland’s largest retail payment network, for about €100 million ($112.5 million) including debt. AIB will own 75% of the joint venture and First Data 25%, according to The Irish …
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