Tuesday , August 4, 2020

Visa Volume Down 7% and other Digital Transactions News briefs from 3/31/20

  • With the coronavirus pandemic freezing economic activity in the U.S. and many other countries, Visa Inc. reported in a regulatory filing that U.S. credit card payment volume was down 7% year-over-year for the March 1-28 period while debit payments were down 1%. Cross-border volume on a constant-dollar basis was off 19%. “As the virus has spread in the last few weeks, the impacts we saw in Asia in February are now occurring in the rest of the world, with a rapid deterioration of cross-border travel-related spending, both card present and card not present,” the filing says. “As countries have imposed social distancing, shelter-in-place or total lock-down orders, domestic spending, most notably in travel, restaurants, entertainment and fuel, has sharply declined week-on-week with a meaningful deterioration in volume and transaction trends in the second half of March.”
  • NCR Corp. announced in a regulatory filing that “in light of the current business environment,” CEO Michael D. Hayford and executive chairman Frank R. Martire were taking “voluntary and temporary” 100% cuts in their base salaries, and the company’s chief operating officer and chief financial officer were each taking 50% cuts. Other senior executive salaries have been cut by 5% to 20%. NCR will have an investor call at 4:30 p.m. Eastern time Tuesday.
  • Payment processor Usio Inc. said fourth-quarter 2019 revenues increased 15% year-over-year to $7.37 million. The company reported a quarterly net loss of $1.52 million versus a $0.88 million loss a year earlier, in part because of investments in its payment-facilitator and other business lines. Usio said it processed $3.54 billion in payments for all of 2019.
  • Survey data from Weave, a business-services provider, found that only 16% of small businesses offer more than three forms of payment options and 38% of SMB consumers were unable to make a face-to-face purchase because their payment choice was not accepted. They survey, conducted by an independent research firm, sampled 380 consumers and 350 small business owners.
  • The Electronic Transactions Association launched an online facility aimed at helping small merchants link to sources of assistance in dealing with the economic impact of the Covid-19 pandemic.
  • Payments-technology provider i2c Inc. appointed Tracy Seng executive vice president and head of global client success. Seng comes to the company from Wells Fargo & Co.
  • VetBilling, a payments-services provider for veterinary clinics, launched a service that allows veterinarians to offer in-house payment plans to clients.
  • Colorado National Bank has renamed itself Transact Bank National Association in recognition of payment-processing and card-issuing services it said it plans to offer to U.S. and international businesses.

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