- Mastercard Inc. posted strong third-quarter results of $6.5 billion in revenue, up 12% from $5.8 billion in the 2022 third quarter. The card giant’s net income of $3.2 billion increased 28% from $2.5 billion in the year-ago quarter. Mastercard cited cross-border payment volume growth of 21% in the quarter as one factor. Mastercard also had a 15% growth in its switched transactions and the number of Mastercard-branded cards totaled 2.9 billion in the quarter, up 7.4% from 2.7 million a year ago.
- The Western Union Co. reported third-quarter revenue of $1.1 billion, up 1% year-over-year. Consumer-to-consumer transactions totaled 70.6 million, up 5%. Through the third quarter, consumer transactions totaled 205.5 million, a 1% rise versus the same period in 2022.
- Consumer spending for the upcoming holiday season will come to $770 per person, up just 3% from 2022, with shoppers planning to spend 43% of their holiday budget on gift cards, according to a report from prepaid-payments platform Blackhawk Network. The company’s holiday survey canvassed 2,024 U.S. consumers in July.
- Cheddar Up, a payments platform for event organizers, launched a ticketing service that lets event attendees gain entrance via a QR code representing prepayment for a ticket.
- National bank Pathward N.A. said its expanded partnership with TabaPay, a money-movement platform for merchants and fintechs, now includes payments, issuing, acquiring, processors, credit, and tax products.
- Payments provider Wex has agreed to acquire software firm Payzer for approximately $250 million, with a contingent additional payment of $11 million tied to meeting performance goals. The deal is expected to close by the end of the year.
- Shift4 Payments Inc. completed its $525 million acquisition of Finaro, an Israel-based processor, which will be rebranded as Shift4.
- Payoneer said it will process payments to sellers on the Etsy online marketplace through the Etsy Payments platform.
- GivBux Inc. said it will add by year’s end domestic utility bill payments and international merchant payments to its shopping app, which the company calls its Super App.
- Grocery giant Kroger Co. announced it is now taking electronic benefit transfer (EBT) payments for digital pickup and delivery at all of its brands.
Financial technology platform provider Adyen NV late Monday announced it will become the acquiring bank …