Digital Transactions Authoritative, insightful and timely information for payments professionals

August, 2023

• 4 August

  Block’s Revenue Jumps 25% As It Continues Its Upmarket Push

  

  Block Inc., corporate parent of Square and Cash App, posted $5.5 billion in second-quarter revenue, a 25% jump from $4.4 billion in the same quarter a year ago, as the payments provider pushes on with its move to add larger merchants. The midmarket segment now accounts for 40% of its …
• 4 August

  Digital Dollar Project Completes Cross-Border Test And Other Digital Transactions News briefs from 8/4/23

  

  The Digital Dollar Project announced benefits such as reduced cost and risk from a recent pilot of a retail central bank digital currency for cross-border transactions. The DDP ran the project in the Philippines in partnership with The Western Union Co., supported by the consulting firm Accenture. Digital-currency platform Circle Internet Financial Inc. launched the …
• 3 August

  Shift4’s Isaacman Decries Rivals’ Fees As the Company Finally Closes in on Adding Finaro

  

  The top brass at fast-growing payments processor Shift4 Payments Inc. indicated early Thursday the company is banking on sophisticated platforms like its SkyTab point-of-sale system in the face of rivals’ efforts to hit hotels and restaurants with additional fees. The Allentown, Pa.-based company is also looking to expansion in Europe …
• 3 August

  Eye On E-Commerce: Online Shoppers Value Payment Security and Fraud Prevention; Instacart Adds New Features

  

  Payment security and fraud play a key role in cart abandonment for e-commerce merchants, according to a study by e-commerce solutions provider Radial Inc. The study found that 48% of respondents cited Web site security and 45% listed security of personally identifiable information as their primary reasons for shopping cart …
• 3 August

  PayPal Revenue at $7.3 Billion And Other Digital Transactions News briefs from 8/3/23

  

  PayPal Holdings Inc. reported $7.3 billion in June-quarter net revenue, up 7% year-over-year, as total payment volume grew 11% to $376.5 billion. Payment transactions were up 10%, to 6.1 billion. Total active accounts increased only slightly to 431 million from 429 million a year ago. Net income swung from a loss …
• 2 August

  Financial Institutions Are Embracing The Clearinghouse’s Request for Payment Capabilities

  

  The Clearing House Payment Co. LLC, operator of the Real Time Payments network, said Wednesday that more financial institutions are making use of its Request for Payment capabilities. Request for payment has been a feature of The Clearinghouse’s real-time payments network since it launched more than five years ago. The …
• 2 August

  FIS Logs a Flat Quarter And Avoids a Question Regarding Credit Card Routing

  

  As FIS Inc. prepares to dispose of a majority interest in its merchant-acquiring unit, the big processor confronts other key questions regarding potentially favorable developments in the payments business. Still, its top brass proved reluctant early Wednesday to discuss those questions, one of which touched on opportunities the proposed Credit …
• 2 August

  An AmEx Checkout Integration And Other Digital Transactions News briefs from 8/2/23

  

  Checkout provider Skipify said its technology is launching exclusively with American Express Co. to enable select cardholders to link to eligible AmEx cards to checkout with participating merchants. The integration means consumers will not need to manually enter their payment and billing details, which could help with merchant approval and conversion rates, …
• 1 August

  Consumers Are Turning to Gift Cards As a Way To Manage Inflation

  

  Consumers plan to increase the number of gift cards they purchase this year by 12%, compared to 2022, and increase the value loaded on those cards by 7%, according to research from card platform Blackhawk Inc. released Tuesday. Blackhawk’s survey found that 37% of respondents have purchased more gift cards …
• 1 August

  Global Payments Credits EVO And ‘Profacs’ for Robust Second-Quarter Merchant Results

  

  Merchant volume is surging ahead for Global Payments Inc. as the big processor looks to further acquisitions following its absorption of EVO Payments Inc. in March and pursues a strategy of signing up companies it calls “profacs,” or payments facilitators that rely on Global for key functions like merchant underwriting …