Wednesday , January 20, 2021

USA Technologies Picks New CEO and other Digital Transactions News briefs from 5/11/20

  • USA Technologies Inc. named Sean Feeney chief executive officer, effective May 8. Feeney most recently was CEO of DefenseStorm Inc., a provider of cloud-based cybersecurity management for financial institutions. USAT processes payments for vending-machine operators. Hudson Executive Capital, USAT’s largest shareholder, recently installed eight new directors on the company’s board after winning a prolonged proxy fight with USAT’s top management. Former USAT CEO Don Layden resigned from his position and from USAT’s board. He will not receive any severance and has withdrawn as a director nominee in the upcoming election.
  • Usio Inc. said the credit card dollar volume it processed in the first quarter was 21% higher than a year earlier on a 19% increase in transactions. The processor, which did not release actual numbers, said its payment-facilitator volume grew 50% from 2019’s fourth quarter.
  • Credit and debit cards accounted for 57% of the 784 billion cashless payments made worldwide in 2018, according to new data from researcher RBR. Even before the onset of Covid-19, “increased issuance of contactless cards…[was] driving card usage,” according to the research firm.
  • Processor Fidelity National Information Services Inc. launched FIS Digital Issuance, a service that allows financial institutions to grant immediate mobile access to credit and debit accounts for new accountholders. Avidia Bank is the first client for the service.
  • AxiaMed, a provider of payments technology for the health-care industry, launched Text&Pay, a service that allows providers to collect patient payments via links embedded in text messages. The launch is part of a move in the industry to introduce payments technology that reduces unnecessary contact for patients during the Covid-19 crisis.
  • The Libra Association, developer of a controversial global cryptocurrency project conceived by Facebook Inc., appointed Stuart Levey as its first CEO. Levey currently is chief legal officer of U.K.-based banking giant HSBC and before that was first Under Secretary of the Treasury for Terrorism and Financial Intelligence during the Bush and Obama Administrations.
  • The third halving event in Bitcoin’s history took place Monday, with the reward for miners decreasing to 6.25 Bitcoin from 12.5. Periodic halving of the payment to miners, the entities that help process transactions, is built into Bitcoin’s code and last occurred in 2016.

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