Sunday , January 24, 2021

Square Cash Card Users Double and other Digital Transactions News briefs from 8/5/20

  • Square Inc. posted its second-quarter results and held an earnings call hours earlier than originally scheduled owing to what Square called “early external access to the company’s quarterly financials.” Net revenue climbed 64% year-over-year to $1.92 billion. Square posted a net loss of $11 million compared to a negative $7 million last year. Gross payment volume dropped 15% to $22.8 billion, though online volume climbed more than 50%. The Cash Card product claimed 7 million users in June, twice the year-ago number.
  • Payment card manufacturer CPI Card Group Inc. reported debit and credit card sales grew 14% in the second quarter to $58.3 million compared to the same period last year. First half sales were $118.1 million, up 18%. Cards for government disbursements related to Covid-19 relief accounted for some of the increase, though stay-at-home orders and bank-branch closures offset sales of instant-issue cards.
  • Payments provider EVO Payments Inc. reported its second-quarter revenue dropped 23% year-over-year to $94.3 million. The company recorded a net loss of $9 million on a GAAP basis versus net income of $3.8 million in the 2019 second quarter. Chief executive James G. Kelly said monthly payment volumes are recovering.
  • Many small businesses—39%—surveyed in the WePay “State of Small Business Payments 2020” report said they work five hours or more per week dealing with payment issues. WePay is the integrated payments business of JPMorgan Chase & Co. The survey of 1,000 SMBs with fewer than 100 employees was conducted in February.
  • Priority Technology Holdings Inc. added contactless ordering and payments for dine-in patrons to its e|tab point-of-sale system for restaurants.
  • Point-of-sale installment lender Splitit Payments Ltd. said it raised $71.5 million in a private placement.
  • Installment payments provider Afterpay debuted a new corporate branding program.
  • Dispute management-services provider Midigator released its “The Year in Chargebacks” report that found the chargeback-to-transaction ratio was 2.59% in 2019, a decrease from 3.26% in 2018.
  • Credit union service organization PSCU said Cardinal Credit Union will use its services for debit processing support.
  • VTEX, a business-to-business software provider, said Anheuser Busch InBev will use its services for marketplace and point-of-sale functionality.

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