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- The recently completed acquisition of Total System Services Inc. (TSYS) by Global Payments Inc. is “the best of the bunch” among the three megamergers in the payment-processing industry this year, investment research firm Morningstar Inc. says in a new report. The Global-TSYS deal “has the most capacity to reduce costs without impeding growth,” Morningstar says.
- The U.S. House of Representatives this week passed the Secure and Fair Enforcement (SAFE) Banking Act, a bill that would ease federal restrictions on financial institutions providing services to marijuana businesses, on a 321-103 bipartisan vote. Prospects for a companion bill in the Senate are unclear.
- An audit of the top 100 U.S. online retailers found that Apple Pay adoption on desktop sites increased to 23, up 64% year-over-year from 14, according to Loup Ventures. Mobile-commerce adoption of 28 is up 17% from 24. Apple Pay adoption within retailer apps also increased to 36, a 50% increase from 24.
- Sezzle Inc. agreed to offer its installment-payment option at checkout to merchants using Visa Inc.’s CyberSource online-payments platform.
- In related news, Afterpay Touch Group Ltd., which specializes in installment-payment options at checkout for fashion and beauty brands, said it is the official payments launch partner for Haus Laboratories, a beauty-products line. Afterpay also announced deals with fashion retailer Madewell as well as four other beauty brands. With the new signings, Afterpay says it now serves more than 6,500 retailers and more than 2.1 million active consumers.
- The California Department of Motor Vehicles started a pilot program to accept general-purpose payment cards in its field offices, beginning Monday at the Davis office. Card acceptance, which comes with a 2.3% service fee, is expected to be rolled out statewide early in 2020. The DMV already accepts card payments online, by phone, and at its kiosks.
- Former Visa Inc. chief executive Charles W. Scharf has been appointed president and chief executive of Wells Fargo & Co. Scharf comes to Wells from Bank of New York Mellon, where he was chairman and CEO. Thomas P. (Todd) Gibbons has been appointed interim chief executive at Bank of New York Mellon.
- Payments provider Mezu launched a redesigned mobile-payments app, Mezu 2.0.
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