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- Point-of-sale technology provider Toast Inc. reported gross payment volume of $60.7 billion for the June quarter, up 22% year-over-year, as total locations served also grew 22%, to approximately 180,000. Revenue totaled $290 million, up nearly 28%, with net income totaling $154 million, a 93% rise. Also, BHW Hotels, parent of WorldHotels, Best Western, and SureStay Hotels, endorsed Toast as a POS system for operators of its properties in the United States and Canada.
- Card-issuing platform Marqeta Inc. reported second-quarter processing volume rose 32% year-over-year, to $91 billion, while net revenue climbed 17%, to $176 million. The company swung from a loss of $1 million a year ago to $8 million in net income. Marqeta also announced a partnership with fraud-prevention specialist Riskified that will enable Marqeta issuers to use Riskified’s pre-authorization risk assessment service.
- With approximately 21 weeks left in retiring Sen. Dick Durbin’s term, the Democrat from Illinois and backer of the Credit Card Competition Act, which is currently sitting in the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services, continued to argue for the bill during a Senate Judiciary Committee hearing Tuesday. In it, Durbin argued that interchange rates should be disclosed to consumers and that merchants have no choice but to accept the rates. The Merchant Payments Coalition, which represents merchants advocating for lower card processing fees, said the fees are not fair and called for more competition in the payments market.
- Point-of-sale system maker NCR Voyix Corp. reported $523 million in second quarter revenue, down 20.8% from $660 million in the year-ago quarter. Net income of $2 million increased from no net income or loss a year prior.
- ATM maker and services provider NCR Atleos Corp. reported $1.1 billion in second quarter revenue, flat from the corresponding quarter a year ago. NCR Atleos reported $65 million in net income in the quarter, up 66.7% from $39 million a year ago.
- Circle Internet Group Inc. reported June-quarter revenue of $701 million, up 7% year-over-year, while net income registered at $48 million, a swing from a $482 million loss a year ago. USDC—Circle’s stablecoin—in circulation reached $73.3 billion at the end of the quarter, up 19% from a year ago.
- Nuvei Corp. said its payment acceptance service will be embedded into finance services platform BlackLine, enabling BlackLine users to better manage invoices, payments, and reconciliation.
- Varo Bank N.A. launched a fee-free cash deposit service using technology from Green Dot Corp. The service enables Varo Bank’s customers to make cash deposits to their accounts at more than 2,000 Kroger grocery store locations.
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