Wednesday , August 5, 2020

Shopify Adds Venmo and other Digital Transactions News briefs from 10/26/18

  • Online marketplace Shopify Inc. says it will add Venmo as a payment option, MarketWatch reported. PayPal Holdings Inc., Venmo’s parent, has been promoting a Pay With Venmo service to encourage more users of Venmo, known chiefly as a peer-to-peer payment app, to rely on the service for online purchases.
  • The Bancorp Inc., owner of a major prepaid card issuing business, reported gross dollar volume of $12.5 billion on its prepaid cards in the third quarter, a 14% increase from $11 billion a year earlier. Prepaid card fee income increased 6% to $13.2 million.
  • National Gift Card said it has invested $2 million in an expansion of its facility to 92,000 square feet to allow for the addition of three new machines for card affixing and mail insertion.
  • Payments processor i2c is working with MO Tecnologias LLC, provider of a credit-scoring and loan-management platform, to enable instant loading of loans onto a card.
  • Bank-software vendor Data Center Inc. launched a pilot program in which it is integrating into its iCore 3600 core-banking product fraud-prevention services from payments-software provider Quattro Processing Services. The integrated product is aimed at community banks. The two parties cite card fraud, which they say is projected to reach $31 billion by 2020, and check forgery, estimated at 500 million items annually in the U.S., as pressing needs for software that can reduce fraud exposure for community banks.

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