- Global Payments Inc. announced a multiyear agreement with Amazon.com Inc.’s Amazon Web Services to offer cloud-based issuer processing to financial institutions globally. AWS services in the deal will include storage, compute, database, security, analytics, and machine learning. For the second quarter, Global reported $1.52 billion in adjusted net revenue, down 14% year-over-year compared to the combined revenue of Global and Total System Services, which merged with Global late in 2019.
- In related news, Global Payments announced its TSYS Issuer Solutions unit has signed a multiyear agreement with TD Bank Group. The deal includes TD Bank in Canada and the United States.
- BMO Financial Group said it is working with Google to launch mobile-first bank accounts for U.S. consumers that can be managed by Google Pay. BMO said it is one of eight banks to do so in the United States. The launch date will be announced later.
- BBVA USA announced it is working with Alphabet Inc.’s Google unit to offer a digital bank account through Google Pay. The account is set to launch next year.
- Galileo Financial Technologies Inc. said its platform is backing RoarMoney, a new demand-deposit account from digital-finance platform MoneyLion Inc.
- Citibank said eligible cardholders can use Citi Flex Pay, which enables consumers to spread purchase amounts over a set period of time, for Amazon.com transactions. Citi says more than one-third of its active cardholders made at least one Amazon purchase in the past year.
- Debit card spending increased 18.5% for the weekly ending July 26 compared to the week ending July 28, 2019, according to PSCU’s weekly transactions trend report. The credit union service organization also said overall credit card spending was down 3.6% for its members. Contactless debit transactions now account for 12.8% of card-present activity with these cards, up from 9% prior to the pandemic’s onset. For credit cards, 8.9% of the transactions are contactless, up from 6.5%.
- Payments provider Nuvei’s new marketing initiative, which includes a new tagline and Web site, also marks the brand merger with SafeCharge, which Nuvei acquired in 2019.
- American Express Co. and hotelier Marriott International announced new incentives for Marriott Bonvoy American Express cobranded cards geared to cardholders’ local road trips caused by the pandemic. Incentives include gasoline, restaurant, and hotel rewards.
The pandemic has forced the world—individuals and businesses alike—to reassess their approaches toward life and …