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- Mastercard Inc. reported $6.3 billion in first-quarter revenue, a 10.5% increase from $5.7 billion in the 2023 first quarter. It posted a quarterly net income of $3 billion, up 25% from $2.4 billion a year prior. Executives noted strong consumer spending, cross-border payments volume growth, and new deals across its regions as driving the increases. The card brand said it had nearly 3.4 billion cards in circulation globally, up from 3.1 billion a year ago. Gross dollar volume on Mastercard-branded U.S. credit cards totaled $712 billion in the first quarter, up 6% from $672 billion in the year-prior quarter.
- The U.S. Drug Enforcement Agency’s decision to review the classification of marijuana as a less dangerous drug, as reported by the Associated Press would have little impact on the payments industry, said Scott Talbott, executive vice president of the Electronic Transactions Association. “Reclassification is half a loaf,” Talbott said. “It lowers the status of cannabis but it would still be illegal, and thus purchases of it would remain ineligible for the payments system,” referring to recreational cannabis. There could be an impact on medical cannabis.
- Dine Brands Global Inc. said its 1,500 IHOP restaurants in the U.S. market have adopted new point-of-sale technology from Tray POS Systems, including tablets that allow checkout at the table.
- Point-of-sale system maker Toast Inc. provided more details on its Digital Storefront and Marketing Suites tools. Among the storefront’s capabilities are search engine optimization, templates and drag-and-drop tools, and automatic POS integration. The marketing tools include an artificial-intelligence powered writing assistant, automated marketing campaigns, and a recommendation engine.
- Card-issuing platform Marqeta expanded its relationship with Uber Eats, which includes the United States, to Canada, Australia, Mexico, Brazil, Colombia, Peru, Chile, and Costa Rica.
- Euronet Worldwide Inc., a Kansas-based payments and ATM network that operates in Europe, reported March-quarter revenue of $857 million, up 9% over the same period last year. Operating income grew 40% to $64 million.
- Payments platform Usio Inc. said since beginning in 2021 a partnership with MobileMoney, a mobile financial services provider, MobileMoney’s kiosks have issued approximately 470,000 cards that generated dollar volume that grew 600% in 2023. The kiosks can disburse reloadable card accounts. They also enable consumers with just cash on hand to transact in a cashless venue via a reverse ATM function and receive a prepaid card.
- Payments platform Klarna AB said it is donating an additional $2 million to its climate transformation fund, bringing its total funding to $7 million. The fund, launched in 2021, aims at aiding companies fighting climate change.
- Passport, a developer of apps for parking fees, said demand is increasing for its digital enforcement solution, which enables towns to manage parking and enforce compliance.
- AtoB, a payments platform for the trucking industry, said it has signed a deal with TravelCenters of America to offer an average fuel savings of 42 cents per gallon to its users at any of 300 locations across the country.
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