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- The Judiciary Committee of the U.S. Senate heard testimony Wednesday from witnesses both for and against regulation of credit card interchange. Speakers represented a supermarket chain, merchant groups, Mastercard and Visa, and a bank. The hearing showed that “while more Democrats than Republicans likely would support greater intervention in the payment-network market, [the issue is] not entirely partisan,” says Eric Grover, principal at payments consultancy Intrepid Ventures.
- Total retail sales in the United States grew 7.2% in the year through April compared to the same period a year earlier, but the e-commerce component of those sales dipped 1.8%, according to Mastercard Inc.’s latest SpendingPulse report. April sales were up 15.3% compared to April 2019, with e-commerce up 92%.
- First-quarter end-to-end payment volume totaled $13.4 billion for payments provider Shift4 Payments Inc., representing a 42% compound annual growth rate since the first quarter of 2019, the company reported. Gross revenue totaled $148.8 million, up 53% year-over-year. End-to-end volume represents payments Shift4 processes internally rather than handing off to outside processors.
- Payments provider ACI Worldwide Inc. reported first-quarter revenue of $323 million, up 13% year-over-year.
- The financial-software provider Alchemy introduced a buy now, pay later capability with both a customer portal and merchant portal.
- ParkMobile said it is the new parking payments provider for the city of Fayetteville, Ark., and its more than 1,800 parking spaces.
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