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- With consumers flocking to e-commerce during the Covid-19 pandemic, net product sales for Amazon.com Inc. totaled $50.2 billion the June quarter, up 40% year-over-year. Sales at its physical stores dropped 13% to $3.8 billion.
- China will surpass the United States as the world’s largest retail market this year, eMarketer Inc. predicted in its “Global Ecommerce 2020 Report.”
- Payments-technology provider Poynt Inc. announced its Poynt Capital unit will partner with Fundomate to deliver working capital to merchants.
- Citcon USA LLC, which installs point-of-sale systems that let North American merchants accept payments based on Quick Response codes to serve Asian tourists, announced it is acquiring Opay Inc., a Toronto-based marketer of in-store and online payment gateways aimed at the same market.
- Processor Evertec Inc. launched a Quick Response code payment service for users of ATH Movil, a person-to-person payment service, to pay for merchandise at businesses.
- Mitek Systems Inc., developer of software applications for mobile remote deposit capture and identity verification, reported revenues increased 16% year-over-year to $25.4 million in its third quarter of fiscal 2020 ended June 30. Mitek, which posted net income of $1.35 million versus a loss of $99,000 in the year-earlier quarter, said more than 7,000 financial institutions use its mobile-capture products.
- Fleet-fueling and corporate-payments provider WEX Inc. said total fuel transactions processed decreased 17% year-over-year in the second quarter to 127.9 million. Payment-processing transactions declined 19% to 103.1 million. Purchase volume in WEX’s Travel and Corporate Solutions unit fell 68% to $3.2 billion.
- Authentication specialist Paay named Adam Gluck as its first chief technology and chief product officer. He previously worked at Mastercard Inc. Paay also said its Partner Platform, a real-time monitoring system for merchants involving 3-D Secure, is available across multiple merchant accounts.
- Private-equity firm Great Hill Partners has added payments-industry veteran Ian Drysdale as executive in residence. Most recently, Drysdale was president of Zelis Payments. His experience includes positions at First Data, Worldpay, Heartland Payments, and Elavon.
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