Credit Cards

Discover Financial Services announced Friday that its No. 2 executive, president and chief operating officer Roger C. Hochschild, will become chief executive on Oct. 1, succeeding long-time chairman and CEO David W. Nelms. Nelms, 57, Discover’s CEO since February 2004, will become executive chairman at that time before retiring in …

Chase, a unit of JPMorgan Chase & Co., enabled cardless ATM access at nearly all of its 16,000 ATMs nationwide when consumers use Apple Pay, Google Pay, or Samsung Pay loaded with a Chase debit or Liquid card. In related news, Chase said Los Angeles-area consumers can use Chase Pay …

Furthering its reach into software services for card-accepting merchants, Global Payments Inc. announced Thursday that it has a deal to buy AdvancedMD Inc., a software-as-a-service provider for 33,000 doctors and 11,000 practices, from Marlin Equity Partners for $700 million in cash. The announcement came as Atlanta-based Global Payments reported second-quarter …

USA Technologies Inc. said Pepsi Bottling Ventures (PBV) has signed a multiyear contract for USAT’s ePort Connect contactless-payment technology covering 13,000 vending machines. PBV is said to be the largest privately held bottler for Pepsi products in North America. NuData Security, a unit of Mastercard Inc., released a service to …

Apple Inc. said Apple Pay transactions surpassed 1 billion in the company’s third quarter, ended June 30. During an earnings call with analysts Tuesday, Apple chief executive Tim Cook said the 1-billion mark was triple the amount a year ago. “To put that tremendous growth into perspective, this past quarter, …

E-commerce sales accounted for 30% of the total spend in the second quarter, according to First Data Corp.’s “2018 Payments and Commerce Mid-Year Review.” Overall spending in the quarter increased 4.8% from the same quarter a year ago. By channel, in-store sales increased 4% and e-commerce increased 6.7%. The report …

It’s a fact of doing business that retailers have to contend with fraud. Now, the cost of managing fraud has increased, says LexisNexis Risk Solutions in its 2018 True Cost of Fraud report for retailers. For every dollar of fraud, merchants pay $2.94, a figure that is 6% more than …

E-commerce marketplace and payments-technology provider Shopify Inc. reported revenue for the quarter ended June 30 of $245 million, up 62% year-over-year. Gross payments volume totaled $3.6 billion, up 64% from $2.2 billion in the same quarter last year. Shopify posted a $30.8 million operating loss, nearly double the $15.9 million …

Citing acceptance costs, Foods Co, a California unit of leading supermarket chain The Kroger Co., says it will stop accepting Visa credit cards Aug. 14 at 26 stores. “Foods Co is discontinuing the acceptance of Visa credit cards to save on the high costs associated with the credit card company’s …

Processor First Data Corp.’s strategy of providing payments integration to independent software vendors appears to be yielding results. The Atlanta-based company said it signed 94 ISVs in the second quarter. That, along with good growth in its direct-sales channel, contributed to the 17.1% growth in second-quarter revenue in First Data’s …