Digital Transactions Authoritative, insightful and timely information for payments professionals
• Apple Inc. is once again talking to payments-industry players about launching a person-to-person payment service, according to a report on Recode.net, which cited “multiple sources familiar with the talks.” The sources say the service would allow iPhone users to send money to each other. Recode also reports Apple is talking to Visa Inc. about launching its own prepaid card that could be used to spend money sent through the P2P service and could also be loaded into Apple Pay wallets, competing with bank cards already working through Apple Pay. Apple first held talks with potential partners about a P2P service in 2015.
• The Bancorp Bank, a major issuer of prepaid cards, merchant-sponsor bank, and originator of automated clearing house transactions, reported a return to profitability after what its CEO called a “very difficult year” in 2016. The bank earned net income of $8 million in the first quarter, compared to a net loss of $10.9 million in the same quarter last year.
• Private-label and cobranded credit card provider Synchrony Financial reported first-quarter net income of $499 million, a 14.3% decrease from $582 million in the 2016 first quarter. In the first quarter Synchrony purchased Citibank N.A.’s Health Card portfolio and app developer GPShopper.
• ExxonMobil Corp. updated its Speedpass+ app that enables consumers to purchase fuel at the pump using their smart phones with the ability to pay using an Apple Watch. The update also enables owners of Ford vehicles with the SYNC 3 infotainment system to select and authorize a pump using in-car voice or on-screen commands.
• NACHA, the organization that manages the automated clearing house network, released a service to help nonprofit organizations grow their sustaining donor programs.
• Mastercard Inc. named Ed McLaughlin as president, operations and technology, effective May 1. McLaughlin has been Mastercard’s chief information officer for the past 16 months. McLaughlin joined Mastercard in 2005, and also had been chief emerging payments officer. He succeeds Rob Reeg, who moves to a consulting role reporting to Ajay Banga, president and CEO. Reeg joined Mastercard in 1995.
