Sunday , October 20, 2019

Issuing/Originating

AmEx’s Discount Rate Returns to Its Year-Ago Level

Issuer and acquirer American Express Co. said its global third-quarter discount rate—what merchants pay to accept the brand’s credit cards—was 2.39%, a slight increase from 2.38% a year ago. The uptick comes more than a year after AmEx said it would shave its worldwide discount rate in an effort to boost …

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Shopify Acquires 6 River Systems and other Digital Transactions News briefs from 10/18/19

Payments and retail-technology provider Shopify Inc. announced it has closed on its acquisition of 6 River Systems Inc., a developer of cloud-based software and mobile robots for fulfillment. Terms were not announced.Fast Park, which operates parking garages near airports, announced it will accept credit and debit cards exclusively for payment at all …

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How a New Credit Card From Synchrony Could Help Boost Revenue for PayPal’s Venmo

PayPal Holdings Inc. has made no secret of its push to generate revenue from its highly popular—but free—Venmo peer-to-peer payment service. Its latest gambit came to light early Thursday with the news that long-time finance partner Synchrony Financial will issue a Venmo credit card for the U.S. market starting the …

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Galileo Lands $77 Million in Funding and other Digital Transactions News briefs from 10/17/19

Galileo Financial Technologies, a 19-year-old developer of application programming interfaces for payments, announced a $77 million institutional funding round led by venture-capital firm Accel.Flowhub Holdings Inc., provider of a management platform for cannabis retailers, announced a Series A funding round whose participants included Iqram Magdon-Ismail, the co-founder and former CEO …

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Is Apple Card the ‘Most Successful Credit Card Launch Ever?’ Some Experts Demur

There’s little doubt that Apple Inc.’s Apple Card has stirred plenty of publicity before and since its Aug. 20 launch. And it enjoys the backing not just of Apple but of investment-banking giant Goldman Sachs, the card’s issuer. But is it “the most successful credit card launch ever?” That claim …

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The Fed Wants To Get FedNow Into Market Quickly, But Hasn’t Changed Its Rollout Schedule

Two senior Federal Reserve officials said Tuesday they are committed to rolling out the proposed FedNow real-time payments service as quickly as possible, but they didn’t say the original schedule calling for a launch in 2023 or even 2024 will be shortened. “We will be making every effort, I think, to …

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A ‘Thriving’ ACH Logs 9.5% Growth, Adding to a Recent Record of Quarterly Expansion

With same-day transaction growth sizzling, the automated clearing house network overall notched another quarter of robust growth. The system logged 6.2 billion transactions in the quarter ended Sept. 30, up 9.5% over the third quarter of 2018, according to figures released Tuesday by Nacha, the network’s governing body. Total payment …

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Google Pay Gains Transit Connection and other Digital Transactions News briefs from 10/14/19

Cubic Corp.’s Cubic Transportation Systems unit agreed to integrate contactless transit cards with Alphabet Inc.’s Google Pay mobile-payments app. The integration will begin with contactless payment systems for transit in London, Miami, and New York.BMW, General Motors, Ford, Renault, and Honda will reportedly begin testing a blockchain-based in-car identification and payment system next month …

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Eye on Crypto: Moving Beyond Bitcoin ATMs; Fighting ‘Tribalism’ on the Blockchain

Facebook Inc. and its proposed Libra cryptocurrency may have stolen the headlines lately, but in the background companies are working to make cryptocurrency like Bitcoin easier to buy and sell by deploying specialized kiosks and simplifying what can seem to outsiders a quite abstruse payment process. One of the most …

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Mobile Wallets Dominate the News, But Most Consumers Still Want Physical Gift Cards

The holidays are approaching, and with that annual shopping frenzy comes a yearly boost in gift card sales. As it turns out, though, most gift cards are likely to be plastic or paper rather than digital, according to consumer and small-business research released Thursday. While preference for digital cards is growing, …

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