Visa, the largest U.S. card network, disclosed U.S. payments volume statistics from March through May Tuesday that showed credit and debit card payment volume rose in May relative to last year, though not as much as in March and April. Specifically, the combined credit and debit card payment rates at the end of May were about 40% higher than in 2020, though they’d been 70% to 80% higher in late March and early April, according a company filing with the U.S. Securities and Exchange Commission Tuesday.
May require account to read. DLocal Ltd., Uruguay’s first startup to reach a $1 billion valuation, jumped 54% in its trading debut after raising $617.4 million in its U.S. initial public offering. Shares closed at $32.39 in New York after the company and its existing shareholders sold 29.4 million shares at $21 apiece on Wednesday. The shares were marketed at $16 to $18 each, according to a filing with the U.S. Securities and Exchange Commission. The stock traded as high as $33.50, 59.5% above the IPO price, giving DLocal a market value of about $10.4 billion.
Global Payments, a financial technology company with dual headquarters in Atlanta and Columbus, has been named to the Fortune 500 list for the first time. The company ranked No. 394 for 2021, up from No. 553 in 2020. The increase in ranking comes following “a stellar 2020 in which its revenue rose 51%, to $7.4 billion, as the pandemic encouraged more consumers to adopt cashless payment,” Fortune writes. Global Payments’ debut on the list reflects its recent growth and partnerships with top tech companies like Google and AWS. It became one of the country’s largest financial technology companies after merging with Columbus-based TSYS in late 2019.
EVO Payments, Inc., a leading global provider of payment technology integrations and acquiring solutions, announced entry into an agreement to acquire Pago Fácil, a leading eCommerce payment gateway in Chile, in partnership with its joint venture with Bci, Bci Pagos (the “JV”). The acquisition delivers approximately 3,000 merchants to the JV and expands its in-market integrated payment solutions and technology capabilities which will enhance EVO’s acquiring services and attract new customers.
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J.P. Morgan credit card customers have spent 17 percent more year-to-date as compared to the same time in 2019, Reuters reported, quoting bank co-president Gordon Smith. Because of that increase in spending, Smith said it should be easy for loans to grow at a modest pace before the end of the year, the report stated. Banks have had varying opinions on how the spending will shift between debit and credit. Big banks have been releasing billions of dollars in reserves, which had been saved up over the past year of the pandemic as they anticipated losses.
The European Commission announced plans on Thursday for a digital identity wallet to allow Europeans to access public and private services via their mobile phone as the COVID-19 pandemic underscored the need for user-friendly online services. The move also seeks to counter privacy and data protection concerns related to digital wallets offered by Apple, Alphabet unit Google, Thales, and financial institutions. The digital wallet will allow Europeans to digitally identify themselves when accessing public and private services such as accessing a bank account, applying for a loan, submitting tax declarations and enrolling in a university.
Cash will account for just seven percent of in-store purchases in the UK by 2024, according to calculations from Worldpay. The study found that cash usage for in-store purchases in the country declined from 27 percent in 2019 to just 13 percent last year, with the Covid-19 pandemic fueling a shift in consumer payment preferences. Across all countries studied, cash usage dropped by 10 percent in 2020 to 20 percent of transactions.
Synctera, which aims to serve as a matchmaker for community banks and fintechs, has raised $33 million in a Series A round of funding led by Fin VC. The raise comes just under six months after the fintech raised $12.4 million in a seed round of funding. New investors Mastercard and Gaingels also participated in the latest round, which included follow-on investments from Lightspeed Venture Partners, Diagram Ventures, SciFi Ventures and Scribble Ventures. Several angel investors put money in the Series A, including Omri Dahan (Marqeta’s chief revenue officer), Feedzai Chairman and CEO Nuno Sebastiao and Greenlight co-founder and CEO Tim Sheehan.
FinTech Sezzle has landed a three-year deal to provide its interest-free installment product to Target customers, Sezzle announced in a press release Wednesday (June 2). “Under the agreement, Sezzle’s product will be used in-store and across Target’s digital platforms, providing guests access to interest-free payment plans for purchases made at Target,” the release stated. The company is in the buy now, pay later (BNPL) space.
Before he began using a mobile wallet on his smartphone, photographer Paul Mutamba recalls waiting three weeks to get paid via remittance for his freelance services in Uganda. "What I like is the convenience," he says, adding that he will never go back to traditional money transfers now that he has access to digital banking. Like Mutamba, millions of customers on the continent continue to circumvent brick and mortar banking services, boosting Africa's financial technology (fintech) and providing accessibility for the unbanked.
Feedzai, the world’s leading cloud-based financial crime management platform, has announced its Quarterly Financial Crime Report , an analysis of over 12 billion global banking transactions from January – March 2021. The report identifies trends in spending and in fraud attempts to show that this past quarter, as consumer activities increased, fraudsters attempted to hide their fraudulent transactions in legitimate banking. In fact, combining all banking fraud – internet, telephone, and branch – attacks grew a whopping 159% in Q1 2021 compared to Q4 2020.
China has given its approval to Ant Group to operate a consumer finance company, a key positive step in the forced restructuring of its business just months after regulators slammed the brakes on its record-breaking listing. Ant will hold a 50% stake in the new entity and contribute 4 billion Chinese yuan ($625.93 million) in registered capital, the China Banking and Insurance Regulatory Commission said on Thursday.
Thanks to the proactive and rapid response of restaurateurs threatened with the loss of their livelihoods during the pandemic, consumers have still been able to enjoy a taste of their favorite foods, despite the last 15 months of varying degrees of restaurant restrictions. The collaborative efforts of restaurants and savvy technology providers, including Uber Eats, DoorDash, GrubHub and Tock, have ultimately created a carryout and delivery environment where very little is off-limits anymore.
The European Central Bank has long-floated the idea of a home-grown cross-border scheme capable of taking on Visa and Mastercard. Last year, a host of the continent's banks finally unveiled plans to take action through the European Payments Initiative (EPI), which promises a unified pan-European payment system, offering a card for consumers and merchants across Europe, a digital wallet and P2P payments. While the task of eating into Visa and Mastercard's dominance is daunting, figures from Russia show that it is possible.
A hacking group believed to have links to the Chinese government penetrated the Metropolitan Transportation Authority’s computer systems in April, exposing vulnerabilities in a vast transportation network that carries millions of people every day, according to an M.T.A. document that outlined the breach. The M.T.A. is one of a growing number of transit agencies across the country targeted by foreign hackers and the breach comes during a surge in cyberattacks on critical American infrastructure, from fuel pipelines to water supply systems.
America's job market recovery picked up some steam in May, with 559,000 positions added back to the economy. It was a second sizable miss of analyst expectations after a big disappointment in April. Economists had predicted 650,000 jobs added in May. The unemployment rate fell to 5.8%, the Bureau of Labor Statistics reported Friday. This is the lowest rate of joblessness since March 2020, when it stood at 4.4% and full effect of the pandemic lockdown hadn't happened yet.
Businesses are facing rising costs particularly on goods used to make their products, while they are offering higher wages and other incentives to get employees back to work, the Federal Reserve reported Wednesday. Economic growth increased at a “moderate pace” from early April to late May, the central bank said in its periodic “Beige Book” survey of activity across its 12 districts. Companies said increasing vaccination rates, as well as easing of restrictions put in place to combat the Covid-19 pandemic, also helped with growth.
American Express launched the Global Business Spend Indicator (GBSI), a new survey of global businesses conducted with the Centre for Business and Economic Research. The survey reveals U.S. businesses are the most bullish and optimistic when it comes to B2B spending among the six countries covered in the survey, with 76% of U.S. businesses expressing optimism about their prospects over the next 12 months. Respondents predicted that B2B spending in the U.S. will be an average of 3.4% higher in the second quarter compared to the same period last year. Applying that projection from the survey respondents to broader U.S. macroeconomic data would equate to an estimated $140 billion in additional B2B spending from U.S. businesses.
Fiserv, Inc., a leading global provider of payments and financial services technology solutions, has been named to the FORTUNE® 500, the sixth consecutive year Fiserv has appeared on the magazine’s annual ranking and ultimate business scorecard. Fiserv is placed 205 for 2021, a rise of more than 100 positions from 2020, among U.S. companies ranked by total revenues for their respective fiscal years. Fiserv also has the 99th highest market value among the FORTUNE 500, as of March 31, 2021. During a year defined by the COVID-19 pandemic, this rise in the rankings reflects the vision of Fiserv leadership and continuing drive of associates to innovate to better serve clients.
Planet, a global integrated payments leader, will accelerate its growth strategy with a new investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent has agreed to co-ownership with Eurazeo, a leading global investment company. Planet provides integrated digital payment services on a unique single platform that offers acquiring, processing, digital wallets, VAT refund and currency conversion services to merchants in the Retail, Hospitality, Food & Beverage, Parking and Financial sectors.
Adyen, the payments platform of choice for many of the world’s leading companies, announced the expansion of its local acquiring services to include the United Arab Emirates (UAE), illustrating its commitment to the Middle East region. With acquiring capabilities in the UAE, Adyen provides both domestic and international businesses with an improved payments solution, allowing for higher authorization rates and improved shopper flows with less friction. Among the first merchants benefitting from Adyen’s acquiring offering are Foodics, Fabergé and HMSHost International.
Global Payments Inc., a leading worldwide provider of payment technology and software solutions, announced that TSYS, its Issuer Solutions business, has signed a multi-year agreement with Banco Carrefour in Brazil. Banco Carrefour is the financial services arm of Carrefour Brasil, the country’s leading supercenter retail chain. TSYS will provide a range of processing and support services for Banco Carrefour’s credit card and digital accounts, as well as handle their on-us acquiring transactions.
According to a recent Mastercard study, 58% of consumers are more mindful of their impact on the environment, with 85% willing to take personal action this year. Today, Mastercard makes this promise easier to realize with a new badge to identify cards made more sustainably from recyclable, recycled, bio-sourced, chlorine-free, degradable or ocean plastics. Easy to spot on the card, the badge is a simple reminder of the commitments made to address sustainability concerns.
Nuvei Corporation, the global payment technology partner of thriving brands, announced that its wholly owned FCA regulated subsidiary has secured the scheme licenses to continue acquiring and processing Mastercard and Visa payments for merchants based in the United Kingdom (UK) beyond the expiry of the FCA Temporary Permissions Regime. Coming at a crucial time in the eCommerce boom and the impending expiration of the FCA Temporary Permissions Regime, merchants in the UK can continue leveraging Nuvei’s full suite of products and solutions to process payments, with approved licenses.
linked2pay, a leading payment software technology provider, has chosen PAX Technology, Inc., a trusted payment solution provider, to deliver an integrated payments solution for ISVs, allowing software developers to quickly and easily integrate card-present payments into their software, leveraging PAX Android terminals. In addition to card-present capabilities, linked2pay's ISV software developer tools include APIs to its award-winning platform including credit card, check, ACH, Instant Merchant Settlement and Real-Time Payments.
Financial technology leader FIS® and The Venture Center have announced the ten companies selected to participate in the 2021 FIS Fintech Accelerator program. In its sixth year, the FIS Fintech Accelerator program is focused on identifying and fostering startup financial technology firms with promising, high-potential technologies that advance the way the world pays, banks and invests. The 2021 program received applications from fintech companies in the U.S. and 29 other countries.
Skrill, the digital payments brand and part of leading specialized payments platform Paysafe, announces a new multi-country collaboration with Wix, a leading global SaaS platform for businesses to create, manage and grow an online presence. The Skrill payment gateway is now integrated with Wix to provide millions of business owners the ability to accept payments. Wix provides a world-class platform to over 200 million users worldwide, empowering anyone to build an online presence. Any type of business including entrepreneurs, designers, developers, creative services or restaurants can use the Wix platform to create a professional website and manage their business online.
UnionPay International (UPI) has announced significant progress in the South African retail payment market through a tripartite partnership with Absa Bank and Massmart. Builder's Warehouse and Game are now enabled to accept UnionPay cards at all of their Point-of-Sale checkouts, significantly enhancing the customer shopping experience in South Africa. "We are delighted and grateful to have support from some of the strongest retail brands in the country, such as Game and Builder's Warehouse", said Mr. Luping Zhang, General Manager of UnionPay International Africa Branch.
Tao Group Hospitality, a leading restaurant and nightlife company, has selected Shift4 Payments to provide secure, integrated payment processing for its U.S.-based venues. This includes its restaurant and nightclub properties in New York, Las Vegas, Chicago and Los Angeles. Tao Group Hospitality develops, owns and operates many of the world’s most recognized restaurant and entertainment venues under various brands.
ACI Worldwide, a leading global provider of real-time digital payment software and solutions, announced it is extending its partnership with Pick n Pay to drive payments modernization for the South African retailing leader. Pick n Pay will utilize ACI Omni-Commerce, a secure, validated point-to-point encryption (P2PE) omni-channel payments platform, which delivers a safe, consistent and seamless payments experience to customers across all channels, whether in-store, online or mobile.
TransferMate, the world's leading provider of payments infrastructure as a service, and WEX, a global financial technology service provider, launched new capabilities that simplify how businesses of all sizes execute complex international payments. Through the partnership, TransferMate has integrated its leading payments technology directly into the WEX system. WEX clients will be able to execute seamless international transfers with ease, and experience new levels of simplicity, security and speed through TransferMate's extensive global payments network.