Digital Transactions Authoritative, insightful and timely information for payments professionals
Apple Inc. said Apple Pay transactions surpassed 1 billion in the company’s third quarter, ended June 30. During an earnings call with analysts Tuesday, Apple chief executive Tim Cook said the 1-billion mark was triple the amount a year ago. “To put that tremendous growth into perspective, this past quarter, …
August, 2018
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1 August
First Data Notes E-Commerce Sales and other Digital Transactions News briefs from 8/2/18
E-commerce sales accounted for 30% of the total spend in the second quarter, according to First Data Corp.’s “2018 Payments and Commerce Mid-Year Review.” Overall spending in the quarter increased 4.8% from the same quarter a year ago. By channel, in-store sales increased 4% and e-commerce increased 6.7%. The report …
July, 2018
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31 July
Fintech Firms Can Now Apply for National Bank Charters As the OCC Opens the Door
Financial technology firms, many of which command significant positions in the payments business, can now apply to become national banks. Moving on a proposal it’s had under consideration for months, the Office of the Comptroller of the Currency announced on Tuesday it will begin accepting bank-charter applications from fintech firms. …
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31 July
Retailers’ Cost of Fraud Keeps on Rising. Now, It’s $2.94 for Every Fraud Dollar, LexisNexis Says
It’s a fact of doing business that retailers have to contend with fraud. Now, the cost of managing fraud has increased, says LexisNexis Risk Solutions in its 2018 True Cost of Fraud report for retailers. For every dollar of fraud, merchants pay $2.94, a figure that is 6% more than …
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31 July
Aliant Payment Systems’s In-House Crypto Service and other Digital Transactions News briefs from 7/31/18
E-commerce marketplace and payments-technology provider Shopify Inc. reported revenue for the quarter ended June 30 of $245 million, up 62% year-over-year. Gross payments volume totaled $3.6 billion, up 64% from $2.2 billion in the same quarter last year. Shopify posted a $30.8 million operating loss, nearly double the $15.9 million …
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30 July
Kroger’s Foods Co Lobs a Grenade at Visa in the Ongoing Guerrilla War Over Card-Acceptance Costs
Citing acceptance costs, Foods Co, a California unit of leading supermarket chain The Kroger Co., says it will stop accepting Visa credit cards Aug. 14 at 26 stores. “Foods Co is discontinuing the acceptance of Visa credit cards to save on the high costs associated with the credit card company’s …
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30 July
Buoyed by Its ISV Strategy, First Data Eyes a Joint-Venture Resurgence
Processor First Data Corp.’s strategy of providing payments integration to independent software vendors appears to be yielding results. The Atlanta-based company said it signed 94 ISVs in the second quarter. That, along with good growth in its direct-sales channel, contributed to the 17.1% growth in second-quarter revenue in First Data’s …
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30 July
Contactless Payments Forecast and other Digital Transactions News briefs from 7/30/18
Joe Kaplan, the chief executive of merchant processor Paya and former president of the Electronic Transactions Association’s board of directors, died unexpectedly last week, the ETA announced. Kaplan was the former CEO of Total Merchant Services and founded Innovative Merchant Solutions, which he sold to Intuit Inc. in 2003 and …
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27 July
ISOs Urged To Begin Thinking Beyond Pure Profit
The independent sales organization business is one that has spawned multimillion-dollar fortunes for numerous entrepreneurs. But perhaps it’s time for the industry to begin thinking beyond pure profit, merchant-acquiring executives suggested Thursday. The executives participated in a panel dubbed “Payments Doing Good” at the MidWest Acquirers Association annual conference in …
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27 July
Reports Show How Fast P2P Payments Are Growing for Bank And Nonbank Providers
Long an afterthought in payments, peer-to-peer transfers are top-of-mind in the industry just now, and this week three reports emerged to show just how fast the payment type is growing for bank and nonbank networks alike. The bank-owned Zelle network processed 100 million transactions totaling $28 billion in the three …