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- Prepaid card provider Blackhawk Network Holdings Inc. said its revenue for the second quarter ended June 17 totaled $463.1 million, an 18.4% increase from $391.2 million in the same period in 2016. The company’s loss of $6.4 million improved from the $11.3 million loss last year. Blackhawk said Target Corp. will be a new distributor for its products beginning in the third quarter. Blackhawk’s U.S. retail transaction dollar volume for closed and open-loop gift cards met its expectations. Meanwhile, Blackhawk said there is continuing improvement in sales among its grocery-store distributors, which had curtailed the sale of some high-value prepaid products and adopted other restrictions as countermeasures to increasing fraud related to the advent of EMV in the United States.
- American Express Co. reported U.S. card-billed business of $177.6 billion in the second quarter, down 4% from $185.1 billion a year earlier when AmEx still issued the Costco Wholesale Corp. cobranded card. Citigroup Inc. now issues Visa-branded Costco credit cards.
- Unattended-location payments provider USA Technologies Inc. priced its secondary stock offering of 8.33 million shares at $4.50 per share and said it expects gross proceeds before underwriting expenses of about $37.5 million. Underwriters also have an option to buy another 1.25 million shares.
- Payments provider Century Business Solutions announced an integration with Sage 100, an accounting software product, to enable payments and upload invoices for payment by customers.
- Payments provider RiverPay Inc. debuted services that enable North American merchants to accept Alipay and WeChat Pay, two payments services popular with tourists from China.
- Giact Systems LLC, an authentication-technology vendor, named Kay Lynn Brumbaugh chief legal officer and secretary. She most recently was a partner and chair of the antitrust practice group at the Andrews Kurth Kenyon LLP law firm.
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