Thursday , November 14, 2019

Repay Payment Volume Increases 42% and other Digital Transactions News briefs from 3/11/19

  • Repay Holdings LLC said its 2018 payment volume increased 42% to $7.5 billion from $5.2 billion in 2017. Its net income increased 12% to $10.5 million from $9.4 million. Repay is in the midst of a pending merger with Thunder Bridge Acquisition Ltd.
  • Net Element Inc. unit Unified Payments will use Boomtown to provide point-of-sale support services to merchants, Boomtown announced.
  • The Independent Community Bankers of America issued a white paper that urges the Federal Deposit Insurance Corp. to place a moratorium on approvals of industrial loan companies and calls on Congress to close what the ICBA calls “the ILC loophole.” ILCs allow nonbanks to set up banking services, but the ICBA argues they allow those companies to “skirt regulatory oversight.”  Merchant processor Square Inc. has applied for a charter for a Utah-based ILC.
  • The Western Union Co. announced it is working with in Puerto Rico to allow businesses there to send online business payments in more than 130 currencies. The move comes as business on the island recovers from 2017’s Hurricane Maria.
  • CULedger, a credit-union service organization, said it is working with IBM Corp. to introduce blockchain technology to credit unions.
  • A “Pay with Facebook” mobile-payment option for Facebook’s Marketplace is showing up in iOS and Android versions of the app, according to news reports. The option allows payment via Visa and Mastercard and, possibly, cryptocurrency, according to reports.

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