Digital Transactions Authoritative, insightful and timely information for payments professionals
Will Square Inc. apply for a national banking charter, now that the Office of the Comptroller of the Currency has opened the door to financial-technology firms? As of late Wednesday, the answer remains unclear. “We’re really well-positioned to broaden access to the financial system, which is our core purpose,” said …
August, 2018
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1 August
Diebold Nixdorf Shares Plunge 34% in Wake of Loss and Worsened Outlook
Shares of Diebold Nixdorf Inc. plummeted 34% in late Wednesday morning trading after the ATM manufacturer and banking and retail hardware and software provider reported an unexpectedly large second-quarter loss and said it is looking to revise its lending agreements in the face of lowered financial predictions. “While revenue was …
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1 August
Apple Pay Tops 1 Billion Quarterly Transactions As CVS and 7-Eleven Prepare To Accept It
Apple Inc. said Apple Pay transactions surpassed 1 billion in the company’s third quarter, ended June 30. During an earnings call with analysts Tuesday, Apple chief executive Tim Cook said the 1-billion mark was triple the amount a year ago. “To put that tremendous growth into perspective, this past quarter, …
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1 August
First Data Notes E-Commerce Sales and other Digital Transactions News briefs from 8/2/18
E-commerce sales accounted for 30% of the total spend in the second quarter, according to First Data Corp.’s “2018 Payments and Commerce Mid-Year Review.” Overall spending in the quarter increased 4.8% from the same quarter a year ago. By channel, in-store sales increased 4% and e-commerce increased 6.7%. The report …
July, 2018
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31 July
Fintech Firms Can Now Apply for National Bank Charters As the OCC Opens the Door
Financial technology firms, many of which command significant positions in the payments business, can now apply to become national banks. Moving on a proposal it’s had under consideration for months, the Office of the Comptroller of the Currency announced on Tuesday it will begin accepting bank-charter applications from fintech firms. …
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31 July
Retailers’ Cost of Fraud Keeps on Rising. Now, It’s $2.94 for Every Fraud Dollar, LexisNexis Says
It’s a fact of doing business that retailers have to contend with fraud. Now, the cost of managing fraud has increased, says LexisNexis Risk Solutions in its 2018 True Cost of Fraud report for retailers. For every dollar of fraud, merchants pay $2.94, a figure that is 6% more than …
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31 July
Aliant Payment Systems’s In-House Crypto Service and other Digital Transactions News briefs from 7/31/18
E-commerce marketplace and payments-technology provider Shopify Inc. reported revenue for the quarter ended June 30 of $245 million, up 62% year-over-year. Gross payments volume totaled $3.6 billion, up 64% from $2.2 billion in the same quarter last year. Shopify posted a $30.8 million operating loss, nearly double the $15.9 million …
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30 July
Kroger’s Foods Co Lobs a Grenade at Visa in the Ongoing Guerrilla War Over Card-Acceptance Costs
Citing acceptance costs, Foods Co, a California unit of leading supermarket chain The Kroger Co., says it will stop accepting Visa credit cards Aug. 14 at 26 stores. “Foods Co is discontinuing the acceptance of Visa credit cards to save on the high costs associated with the credit card company’s …
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30 July
Buoyed by Its ISV Strategy, First Data Eyes a Joint-Venture Resurgence
Processor First Data Corp.’s strategy of providing payments integration to independent software vendors appears to be yielding results. The Atlanta-based company said it signed 94 ISVs in the second quarter. That, along with good growth in its direct-sales channel, contributed to the 17.1% growth in second-quarter revenue in First Data’s …
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30 July
Contactless Payments Forecast and other Digital Transactions News briefs from 7/30/18
Joe Kaplan, the chief executive of merchant processor Paya and former president of the Electronic Transactions Association’s board of directors, died unexpectedly last week, the ETA announced. Kaplan was the former CEO of Total Merchant Services and founded Innovative Merchant Solutions, which he sold to Intuit Inc. in 2003 and …