Digital Transactions Authoritative, insightful and timely information for payments professionals
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 …
July, 2016
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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 …
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21 July
Eye on Earnings: Visa Europe Acquisition Crimps Visa Inc.’s Profit; PayPal Volumes Grow
Visa Inc.’s combined U.S. credit and debit card purchase volume grew nearly 10% in the quarter ending June 30, but the payment network’s net income plunged 76% mainly because of its costs to acquire Visa Europe. PayPal Holdings Inc., meanwhile, saw its volumes and bottom line increase in the second …
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21 July
A Sweeping Deal With Visa Allows PayPal To Make Another Run at the Physical POS
For years, PayPal Holdings Inc. has struggled to bring its popular online payment product to the physical point of sale, and now a deal announced Thursday with Visa Inc. may help the company finally realize that ambition. The sweeping, multiyear agreement could also represent a thaw in what have often …
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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
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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 …
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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 …
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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, …
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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 …
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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 …