Point-of-sale

July, 2023

• 5 July

  Digital Gift Cards Are Poised to Become a $1 Trillion Market by 2032

  

  The global digital gift card market is projected to reach $1.2 trillion in 2032, up from $310.1 billion in 2022, according to a report from market research firm Custom Market Insights. In 2023, CMI projects sales of digital gift cards will total $399 billion, a more than 28% year over …
• 5 July

  FIS Is Reportedly Working to Sell a Majority Stake in Its Merchant Unit to GTCR

  

  FIS Inc. is talking to the private-equity firm GTCR LLC about taking a majority stake in the Jacksonville, Fla.-based company’s merchant-processing business, according to a report late Monday from Reuters. The report indicates the talks are “advanced” and value the stake at between $15 billion and $20 billion. The latest …
• 5 July

  Apple Renews App Store Payments Appeal And Other Digital Transactions News briefs from 7/5/23

  

  Apple Inc. said it will file a renewed appeal with the U.S. Supreme Court regarding a 2021 case that invalidated Apple’s requirement that App Store businesses accept payments only through Apple’s platform. Keys App Inc., a platform provider for locksmiths, launched its Keys App to enable digital payments for services and …
• 3 July

  Why Goldman Sachs Is Looking for the Exit

  

  An overwhelming risk-management burden, coupled with a lack of familiarity with consumer credit, may have triggered the decision at Goldman Sachs Group to negotiate a withdrawal from its agreement to support Apple Inc.’s credit card and its recently launched buy now, pay later service, according to observers. The Wall Street …
• 3 July

  Commentary: Developers Don’t Know Enough About Payments. It’s up to Gateways to Fix That

  

  The fundamental problem with payments software is that, for most developers, it’s a necessary evil. They must integrate payment-transaction capabilities so they can get paid for all the other code they’re writing. Now, thanks to one-size-fits-all application programming interfaces and tokenization that devalues everything, developers barely know a PAN from …
• 3 July

  FIS Mulling New Worldpay Path? And Other Digital Transactions News briefs from 7/3/23

  

  Payments-processing giant FIS Inc. is reportedly looking into selling a majority stake in its Worldpay unit to private-equity firms at a valuation of $15 billion. The news indicates a change in strategy at FIS, which announced in February it intended to spin off Worldpay as a publicly held company some time during the coming …

June, 2023

• 30 June

  Mitek Turns to Fraud Control As Remote Deposit Capture Matures

  

  Mitek Systems Inc., provider of remote deposit capture and fraud-prevention technology, says revenue for fiscal 2022 grew 20% to $143.9 million from fiscal 2021’s $119.8 million. Much of the growth came from more demand for the company’s fraud-control offerings. San Diego-based Mitek is a leading vendor of remote deposit technology. …
• 30 June

  Fed Routing Rule Takes Effect Saturday And Other Digital Transactions News briefs from 6/30/23

  

  On Saturday, a final rule issued in October by the Federal Reserve goes into effect, requiring that all issuers offer a choice of at least two networks for routing online debit card transactions. The update, derived from the 2010 Durbin Amendment, has been a bone of contention for years between merchants and issuers. …
• 29 June

  On the Eve of FedNow, TCH’s RTP Readies for a Real-Time Payments Boom

  

  As the payments industry waits a few more weeks for the expected July launch of the Federal Reserve’s FedNow real-time payments platform, the backer of a real-time payments service that is entering its sixth year readies for more business. Operated by The Clearing House Payments Co. LLC, the Real Time …
• 28 June

  Square Unveils Its AmEx Card for Merchants as Part of Its Banking Expansion

  

  Fulfilling a promise it made seven months ago, Block Inc.’s Square merchant-acquiring unit on Wednesday announced it will offer an American Express-branded credit card to its sellers that gives rewards in the form of lower processing costs. Square also announced several enhancements to its financial services to get more of …