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- The global contactless payment market is forecasted to reach $4.6 trillion by 2027, up 338% from $1.05 trillion in 2019, said Precedence Research. The market is predicted to have a compound annual growth rate of 20.01% from 2020 to 2027.
- Concord Acquisition Corp., which has been formed to acquire or otherwise combine with payments and other financial-services firms, closed on a $276-million initial public offering.
- Processor Adyen said Microsoft Corp. is one of the first users of Adyen’s new Network Token Optimization service. That enables tokenized payments across multiple methods and offers automated optimization of tokens to increase authorization rates.
- Curtis Howse has been named executive vice president and chief executive of the payment solutions unit of Synchrony Financial, succeeding Neeraj Mehta, who is leaving the company to seek other opportunities. Howse had been executive vice president and head of Synchrony Direct to Consumer.
- Payments provider Priority Technology Holdings Inc. said Stephen W. Hipp and Marietta C. Davis have joined its board of directors. Hipp succeeds William Gahan, who is joining Priority as vice president for institutional partnerships. Davis succeeds Matthew Kearney, who is retiring from the board. Hipp recently retired from Goldman Sachs. Davis is an executive at IBM Corp. and formerly worked at Microsoft Corp.
- MagTek Inc. said it and Genesys Technologies, an unattended payments specialist, launched CryptoTap, a contactless and wireless payment technology that combines tickets and accepts near-field communication (NFC) payment from cards, most mobile wallets, and wearables.
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