Thursday , March 28, 2024

E-Commerce

OLB Expands Crypto Support and other Digital Transactions News briefs form 3/4/21

Payments provider The OLB Group Inc. said its SecurePay gateway can now support cryptocurrency transactions and settlement of funds for merchants, putting crypto on par with credit and debit payments.PayActiv Inc., a provider of earned-wage access technology, said Hancock Whitney is the first financial institution to offer the company’s service.In related news, …

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Mobile Wallet Usage Is Growing at The Expense of Cash And Credit Cards, Says FIS

Cash purchases fell to historic lows in 2020 as consumers shifted their payment preferences to contactless technologies such as mobile wallets, according to the 2021 Global Payments Report by Worldpay from FIS Inc. Cash transactions represented just 20.5% of global point-of-sale volume in 2020, down from 30.2% 2019, according to …

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How Fintechs Are Helping Reduce Financial-Services ‘Deserts’ for the Underbanked

Thanks to the proliferation of such financial-service technologies as mobile wallets and peer-to-peer and e-cash payments, especially during the Covid-19 pandemic, financial-technology providers are closing the gap on unbanked and underbanked consumers’ access to financial services, according to a report from the Electronic Transactions Association. One example cited in the …

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Why Buy Now, Pay Later Is Taking off—And Sparking a Reaction From Incumbent Players

The fast-growing buy now, pay later (BNPL) installment-credit option for online and in-store payments could reach $1 trillion in U.S. volume by 2025, or between 10 and 15 times the current level, according to a report released Tuesday by CBInsights, a New York City-based financial-service research firm. A confluence of several …

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BOPIS Messaging Soars and other Digital Transactions News briefs from 3/3/21

Mobile marketing specialist Vibes said brands sent 400% more mobile messages for buy online pickup in store and buy online pickup at curbside services in the 2020 fourth quarter than they did in the 2019 fourth quarter. Vibes predicted that both pickup options will continue to grow 45% in 2021.London-based digital payouts …

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OLB Group Adds Payments Through Social Media Apps To Its Gateway

Payments provider The OLB Group Inc. announced Tuesday that its SecurePay payment gateway will support payment acceptance through social-media applications without requiring consumers to leave the app. To enable payments through such apps as Facebook, Instagram, Twitter, WhatsApp, TikTok and Skype, OLB is leveraging the application-programming interfaces for social-media platforms to …

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Interchange Adjustments Will Add a Net $889 Million to Merchants’ Costs, an Analysis Says

With the two big payment networks set to raise by hundreds of millions of dollars the cost U.S. merchants pay for card acceptance, e-commerce merchants could see fee boosts while some segments—like travel-and-entertainment and low-ticket-value, quick-service merchants—could see some reductions.  In total, rate tweaks scheduled by Visa Inc. and Mastercard …

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ACI’s Cash Deal with the IRS and other Digital Transactions News briefs from 3/2/21

ACI Worldwide Inc. said its ACI Payments Inc. unit will support an Internal Revenue Service initiative to allow taxpayers, including those who are unbanked or underbanked, to make cash payments through a new digital barcode feature from ACI and InComm Payments’ VanillaDirect Pay unit.P97 Networks Inc., a provider of mobile payments …

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COMMENTARY: How Technology And Finance Are Leading a Rebound in Middle-Market Spending

Among its many impacts, the coronavirus pandemic has simultaneously interrupted and accelerated a slew of business trends. To see this dynamic in action, look no further than the investment pattern of the middle market over the last two years.  When we set out to track how middle-market companies have been …

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Klarna Raises $1 Billion and other Digital Transactions News briefs from 3/1/21

Buy now, pay later specialist Klarna AB raised $1 billion in an oversubscribed equity funding round that pegged the company’s valuation at $31 billion. Major U.S. clients include Macys, Etsy, Sephora, Ralph Lauren, and Urban Outfitters.In related news, BNPL provider Splitit Payments Ltd. announced its merchant sales volume increased almost 180% in 2020 to …

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Digital Transactions