Thursday , July 16, 2020

Square’s PPP Lending and other Digital Transactions News briefs from 6/16/20

  • Merchant processor Square Inc. said that as of June 10 its Square Capital service had facilitated more than $820 million in Paycheck Protection Program loans to 76,000 small businesses since April 29. PPP loans are part of the federal government’s stimulus program to combat the economic downturn caused by the Covid-19 pandemic.
  • In related news, Square said it acquired Verse, developer of a person-to-person payments app in Spain. Verse will become part of Square’s Cash App business and continue expanding in Europe.
  • Walmart Inc. is testing an entirely self-checkout concept in lieu of cashier lanes at a store in Fayetteville, Ark., Fox Business reported. Employees will be available to assist customers.
  • In a sign of economic recovery, the U.S. Census Bureau says retail and food-service sales jumped 17.7% in May to $485.5 billion from April’s revised estimate of $412.6 billion. Retail sales were still 6.1% below May 2019’s levels.
  • Chargebacks911, a specialist in chargeback remediation, launched Fi911, a set of technologies for chargeback management.
  • Parking-payments app provider ParkMobile LLC announced it has agreed to enable its app at 1,400 on-street parking spaces in Little Rock, Ark.
  • Blockchain network provider Ripple Labs Inc. said Brazil’s Banco Rendimento has launched RippleNet Cloud, becoming the first bank to adopt Ripple’s blockchain tools entirely in the cloud.
  • Payments-technology provider ACI Worldwide Inc. said Brazil’s Banco Safra is launching an acquiring platform called SafraPay in the United States based on ACI technology. Banco Safra is said to be the world’s largest privately owned bank.
  • Ingenico Group appointed Damian Tanenbaum head of customer delivery and chief operating officer for North America. Tanenbaum previously was senior vice president of operations for TSYS and Global Payments Inc.
  • Payments and banking specialist Green Dot Corp. appointed Greg Quarles chief executive of Green Dot Bank. Formerly, Quarles was CEO of American State Bancshares and H&R Block Bank.

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U.S. Bancorp, owner of merchant acquirer Elavon Inc., saw merchant-processing revenues decline 34% year-over-year in …

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