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- Visa Inc.’s U.S. debit card payments volume of $767 billion in its fiscal second quarter increased 9.6% from $699 billion in the quarter ending March 31 a year ago. Its U.S. credit card payments volume of $704 billion was a 10.5% increase from $638 billion a year ago. For all regions, Visa’s credit card volume in the second quarter of $2.96 trillion was a 5.2% increase from $2.78 trillion in the corresponding 2022 period. Visa posted revenue of $7.98 billion in the quarter, up 11% from $7.19 billion a year ago, and it had net income of $4.26 billion, a 16.7% increase from $3.65 billion last year. The results exceeded expectations, said analyst Robert Napoli in a William Blair & Co. LLC research note. “Visa benefited from strong volume growth internationally (with Europe and Latin America as bright spots) and continued strength in new flows and value-added services, but saw less benefit from currency volatility, offset by a slight deceleration in U.S. spend levels in March that management attributes in part to a decline in inflation,” Napoli said.
- Logiq Inc., an e-commerce and digital customer acquisition services provider, acquired Park Place Payments, a payments provider with annualized transaction volume of more than $180 million. Terms were not disclosed.
- Consumers spent more than $2.5 billion last year at vending machines dispensing food and beverages, up 19% from 2021, according to the 2023 Micropayment Trends Report from Cantaloupe Inc., a payments provider for the self-serve market. Some two-thirds of that volume was cashless, and of that volume 53% was performed via tap to pay.
- Card issuer Citibank said its Citi Flex Pay service, which enables Citi credit card holders to split a transaction’s cost with installment payments, is now available via the Amazon Pay button on thousands of retailers. The service has been available on Amazon.com since 2020.
- The big merchant processor Worldpay, part of FIS Inc., plans to expand to the United Arab Emirates later this year. FIS projects e-commerce in that country will total to $43 billion by 2026. FIS announced in February it intends to spin off Worldpay within the next year.
- Asserting that demand is rising globally for technology to support central bank digital currencies, eCurrency Mint Inc. released its eCurrency Centralized CBDC platform. The new platform comes after the company’s release of technology to support decentralized and hybrid CBDC options.
- Payments technology company ConnexPay said it is working with Payouts Network to enable push-to-card functionality for payouts.
- Encryption and tokenization specialist Bluefin Payment Systems said Toast Inc., a cloud-based point-of-sale system maker, will use Bluefin technology for select enterprise customers.
- AMC Theatres launched the AMC Entertainment Visa card. AMC said it is the only cobranded movie theater card in the United States.
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