Nuvei Chair and CEO Philip Fayer commented, “This is an important milestone for Nuvei as we continue to build a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and B2B. I’m thrilled to officially welcome our new colleagues from Paya to the Nuvei family. We have been working diligently on our integration planning, and we are ready to begin the next step on this exciting journey as a single, unified team.”
Payments company Block (SQ) reported fourth quarter results after Thursday’s close that beat Wall Street expectations on the top line but missed on earnings. Consumer spending for the company remained resilient in the face of a slowing economy, the company said.
"Over the last year, our ecosystem model helped drive resilience as we continued to serve a diverse base of global customers across a wide range of verticals, complementary products, and use cases," Block said.
The Electronic Transaction Association (ETA) is proud to announce the inaugural class of Top 10 Payments Independent Software Vendors (ISV) award winners. The award recognizes software companies that are disrupting the payments industry, introducing innovative products and pushing forward technological boundaries. "These honorees represent an incredible advancement in the evolution of payments," said Jodie Kelley, CEO of ETA.
Banks are being told to think twice, and then a third time, before dealing with fintech companies who participate in the digital asset class. The warning is not about cryptocurrency directly, however, and instead is targeted towards banks who provide services to cryptocurrency companies. Banks are being cautioned if they are going to bank cryptocurrency and fintech customers, the bank must have a deep understanding of those customers.
President Biden intends to nominate Ajay Banga, the former chief executive officer of Mastercard Inc., to serve as president of the World Bank, moving swiftly to fill a vacancy atop an institution the U.S. is pushing to overhaul. As the largest shareholder in the World Bank, the U.S. typically selects the leader of the institution, a post that doesn’t require Senate confirmation, though the bank’s board will need to officially appoint Mr. Banga.
Ever since its 2021 acquisition of the payments-technology company Poynt Inc., the big Web registrar GoDaddy Inc. has been pressing steadily into a variety of payments markets. In its latest move, the company said early Thursday it will let businesses accept payments through a registered domain name. The new Payable Domains service, said to be the first time such capability has been available, allows a company to register a related domain name that can be shared with customers and that invokes a branded checkout page.
Winning the battle of fraud is critical for your business. To do so it’s important to know your fraudsters. How many are there? Where do they live? Understanding their habits will help you win the battle. And, with Fraud-as-a-Service (FaaS) continuing to increase, especially in card not present transactions, it’s critical for your team to get close. Steve Hoofring, Senior Associate at TSG, talks about how FaaS became a career for some fraudsters and what merchants can do to deter the phenomenon and protect their customers.
The U.S. is now Swedish payment giant Klarna’s biggest market by revenue, surpassing Germany, and that has CEO and co-founder Sebastian Siemiatkowski feeling proud. In an exclusive interview with TechCrunch, Siemiatkowski shared that Klarna saw a 71% year-over-year increase in gross merchandise value (GMV) in the U.S. last year compared to 2021. “When you were just a Polish immigrant kid living in this small country in the northern part of Europe called Sweden, this is like the big dream,” Siemiatkowski quipped.
Stripe, a financial infrastructure platform for businesses, today announced support for Tap to Pay on Android, enabling businesses in six countries to accept contactless in-person payments using a compatible phone or tablet. Tap to Pay on Android helps businesses build and customize in-person checkouts without the need for traditional point-of-sale hardware.
Canadian e-commerce platform Shopify is often lauded for lowering the barrier to entry for small businesses looking to succeed in the challenging world of online sales. With more than 2 million individual merchants in 175 countries, and an estimated $650 billion in total sales, it would be hard to overstate Shopify’s relevance in today’s retail landscape.
Crypto exchange Coinbase launched Base, a layer 2 network built using Optimism's OP Stack, to attract millions of new crypto users in the coming years. The testnet of Base was started by Coinbase on Thursday. Coinbase is joining Optimism as a core developer on the open-source OP Stack, a developer toolkit for the Optimism network, the firm said.
It’s the first time Home Depot missed Wall Street’s revenue expectations since November 2019, before the Covid pandemic. Shares of the company closed down more than 7% down Tuesday. In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. The retailer’s reported net income of $3.36 billion, or $3.30 per share, was also 0.3% higher than the year ago period, which was $3.35 billion, or $3.21 per share.
Target will make a $100 million investment to bring next-day delivery to more U.S. consumers by 2026. The retailer in a Feb. 22 release said it would open more than half-a-dozen new sortation centers, bringing its total number of fulfillment centers to more than 15. Target currently has nine sortation centers in Minnesota, Texas, Colorado, Illinois and Pennsylvania, which includes the three facilities it recently opened in the Chicago and Denver areas.
Dick’s Sporting Goods has agreed to buy outdoor retailer Moosejaw from Walmart in a bid to take share in the multibillion-dollar outdoor market. The cost of the deal, which is expected to close in March, was not disclosed. Walmart purchased Moosejaw for $51 million in February 2017 under then-e-commerce President Marc Lore. The acquisition, a rare move for Dick’s, could help the retailer grow its presence in the outdoor market and develop its e-commerce footprint after its 2021 launch of Public Lands, which has a stronger brick-and-mortar focus.
When you hit the checkout line at your local supermarket and give the cashier your phone number or loyalty card, you are handing over a valuable treasure trove of data that may not be limited to the items in your shopping cart. Many grocers systematically infer information about you from your purchases and “enrich” the personal information you provide with additional data from third-party brokers, potentially including your race, ethnicity, age, finances, employment, and online activities.
Mastercard and Visa are set to face another multibillion-pound UK lawsuit over Multilateral Interchange Fees (MIFs), according to Sky News. Commercial litigation law firm Harcus Parker is set to bring the claim at the Competition Appeal Tribunal (CAT) on behalf of UK businesses in a case that could seek at least ÂŁ7.5 billion in compensation, says Sky.
May require account to read. The Consumer Financial Protection Bureau is accusing the six largest U.S. credit card companies of hurting their customers' credit scores by failing to report their full payments to credit bureaus. Millions of U.S. credit card holders could see at least a 20-point jump in their scores if the companies reported borrowers' monthly repayments, the agency said in a summary of its findings. Customers whose credit scores rose would get better offers from other card issuers, the CFPB said.
Cryptocurrency companies in Canada and those planning to operate in the country have 30 days to meet updated crypto registration guidelines that were released on Wednesday, or risk losing their Canadian users. In the pre-registration process, crypto asset trading platforms will have to conform to custody rules, which include segregating crypto assets held for local clients, restricting margin and leveraged trading, and ceasing the sale of stablecoins without the CSA’s permission.
Tech giant Microsoft says it observed distributed denial-of-services attacks become shorter in duration in 2022 while also becoming more potent and capable of larger impact. The U.S., India and East Asia topped the targeted regions for DDoS attacks, among others, and internet of things devices remained the preferred choice to launch these attacks, according to Microsoft's DDoS trends report for 2022.
Initial jobless claims fell by 3,000 to 192,000 in the week ending Feb. 18, the Labor Department said Thursday. That’s the sixth straight week below 200,000, which is a signal of a strong labor market, and the lowest level in three weeks. Economists polled by The Wall Street Journal had estimated new claims would rise 3,000 to 197,000.
The US economy grew at a 2.7% annual rate in the final three months of the year, the Commerce Department reported Thursday. That’s less than the previous estimate of 2.9% growth in the quarter. The slower increase in gross domestic product, a broad measure of economic activity, could be a sign that the Federal Reserve’s series of steep interest rate hikes are having more of an impact than previously thought.
Walmart Inc. struck a cautious note in its economic outlook for 2023 on Tuesday as the retail bellwether forecast full-year earnings below estimates and warned that tight spending by consumers could pressure profit margins. Higher U.S. consumer prices and loftier costs for rental housing and food have raised fears among executives that the U.S. Federal Reserve could further lift borrowing costs to cool domestic demand, leading to an economic downturn in the second half of the year.
The modern ACH Network safely and efficiently processed 30 billion payments valued at $76.7 trillion in 2022, increases of 3% and 5.6% respectively over 2021. “2022 marked the tenth consecutive year in which the total value of ACH payments increased by at least $1 trillion. This underscores the fact that the ACH Network is an industrial-strength, modern payment system serving hundreds of millions of consumers, businesses and other organizations,” said Jane Larimer, Nacha President and CEO.
Gilles Grapinet, CEO of Worldline, said: “In 2022, while facing significant and unpredictable global and geopolitical headwinds, Worldline reached or exceeded all its objectives for the year. Our particularly strong revenue growth and commercial momentum clearly demonstrate the full benefit of Ingenico combination, despite us being only half-way through our four-year integration plan. It also highlights improvement of our profitability rate and solid free cash flow generation, despite the inflationary environment.
Adyen, the global financial technology platform of choice for leading businesses, is partnering with Buildertrend, the industry-leading construction project management solution, to broaden its suite of financial capabilities. By using Adyen for Platforms, Buildertrend will have access to Adyen’s innovative technology - such as expedited payouts - making their customers’ lives easier by bringing together different aspects of business financial management through a single software platform.
Mastercard announced the creation of two new leadership positions to accelerate the company’s delivery against its strategic priorities. Karen Griffin, currently the company’s Chief Compliance Officer, will take on a new role as Chief Risk Officer. The ability to manage an organization’s risk appetite in order to maximize growth opportunities has become increasingly important in recent years.
NMI, a leading full commerce enablement technology company, announced a milestone year in 2022 with plans for further development and growth in 2023. NMI’s expansion with the acquisitions of IRIS CRM and Agreement Express widened its full commerce enablement offering that enhances its easy merchant underwriting, onboarding, management and risk monitoring capabilities to further strengthen NMI’s vision to enable payments from sign-up to pay-out for its channel partners and merchants.
NCR Corp. will become the provider of ATM services across nearly all Walgreens stores in the U.S., Puerto Rico and the District of Columbia under an agreement between the two companies, according to a press release. The agreement expands the Walgreens sites already served by NCR's Allpoint ATM network, which offers surcharge-free cash access to over 1,200 issuers.
Shift4, the leader in integrated payments and commerce technology, has announced an integration with Mashgin, the world’s fastest touchless self-checkout system. The partnership enables retailers who use Mashgin to seamlessly equip their point of sale with Shift4 payment processing — and it also allows stadiums, retailers, and other businesses who use Shift4 to drastically reduce checkout lines with computer vision-powered checkout kiosks by Mashgin.
Vetsource®, a pet health company designed to provide innovative pharmacy, technology and business services to those who care for pets, has announced its new payment processing service, the latest addition to Vetsource's portfolio of solutions for the veterinary industry, which also includes prescription management, client engagement, and data services.
PayJunction, a leading developer of payment processing technology, has enhanced its developer toolset to allow software companies to integrate advanced Account-to-Account (A2A) bank transfer connectivity within their platforms. Transactions are routed via the PayJunction gateway using low-cost ACH processing rails, which results in significant savings for businesses.
With Apple Pay's imminent launch in Korea, Naver Pay and Samsung Pay formed a strategic partnership earlier this week to consolidate their current dominance over the mobile payment market in the country, a move seen as an alliance to keep Apple Pay's potential growth in local markets in check. It is the first time for Samsung Pay to join hands with financial companies, other than Samsung Card.
Global Processing Services (“GPS”), a fast-growing next-gen global payments technology platform, today announced the appointment of Paulette Rowe, Shane Happach, and Lynn McCreary as independent Non-Executive Directors. Paulette Rowe is one of the most influential women in payments, recognised by American Banker in its annual honours list for three consecutive years, and was formerly CEO of Paysafe’s Integrated and Ecommerce Solutions (IES) division.
One Inc, the leading digital payments network for the insurance industry, announced a transformative 2022, achieving greater than 50% growth in revenue, while adding 40 new carriers to its customer base. The company currently enables more than 240 insurance carriers processing over $42 billion in annual payment volume, a 77% year over year increase.