Wednesday , October 28, 2020

Star, Accel Raise PINless Limits and other Digital Transactions News briefs from 5/1/20

  • Processor Fiserv Inc. announced it is temporarily increasing the limit for PINless transaction approval on its Star and Accel debit networks from $50 to $100 effective Friday. Issuers are required to support the new cap, while it is optional for merchant acquirers and merchants.
  • MoneyGram International Inc. reported digital transactions, which accounted for 18% of all money-transfer transactions at the end of the first quarter, ballooned to a 28% share within the first 27 days of April. Total revenue for the first quarter slipped 7.8% year-over-year to $290.9 million. The company’s net loss widened 59% to $21.5 million.
  • Payments provider Paya said it has agreed to process payments through a consumer health platform from Healthfully, a health-care technology provider.
  • NCR Corp., a maker of point-of-sale devices and ATMs, reported March-quarter revenue of $1.5 billion, down 2% year-over-year. Executives said the company was negatively impacted by the Covid-19 outbreak as well as tornadoes in early March that damaged NCR’s Nashville Global Fulfillment Center.
  • Mitek Systems Inc., a provider of technology for mobile check capture and identity verification, reported record revenue of $23.2 million for the March quarter, up 16% year-over-year. “In this challenging global business environment, where companies are making the digitization of their business a priority, we are seeing behavioral changes from both businesses and consumers that we believe will positively impact our mobile deposit and identity-verification businesses in the long-term,” chief executive Max Carnecchia said in a statement.
  • The Bancorp Inc. said first-quarter prepaid and debit card fees rose 15% year-over-year to $18.5 million. Gross dollar volume on the cards, which was not reported, increased 36%.

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