Digital Transactions Authoritative, insightful and timely information for payments professionals
Fintech Rellevate Inc. announced a multiyear licensing and distribution agreement with Richard Petty Motorsports for gift and reward cards depicting NASCAR icon Richard Petty. The cards will be issued by Sutton Bank.CommentSold, a 3-year-old social e-commerce site, said it added 2,000 merchants in 2020 and saw record growth in gross merchandise value …
January, 2021
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21 January
Discover Posts Volume Gains for Its Payments Properties But Logs an Overall Revenue Drop
Discover Financial Services reported mixed results Thursday for the fourth quarter of 2020. Despite a 4% decline year-over-year in revenue, which totaled $2.82 billion, Discover’s net income rose 13% to $799 million. Payment Services volume totaled $70.1 billion, up 6% year-over-year, with all four legs that comprise the division—the Discover …
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21 January
As Consumers And Businesses Turn to Electronic Channels, ACH Growth Accelerates
For the nation’s automated clearing house network, payments trends already under way before the coronavirus pandemic are still unfolding—only faster. ACH payments initiated on the Web to pay bills and make other transfers totaled 2.1 billion in 2020’s fourth quarter, a 15.2% increase year-over-year, Nacha reported Thursday. Herndon, Va.-based Nacha …
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21 January
Nuvei Lands Tennessee Sports-Betting OK and other Digital Transactions News briefs from 1/21/21
Nuvei Corp. said a wholly owned subsidiary has been approved to process sports-betting transactions in Tennessee, where sports wagers have been legal since 2019. Previously, Nuvei received approval to process sports betting in Colorado, Indiana, and West Virginia.Point-of-sale system provider Revel Systems said majority owner Welsh, Carson, Anderson & Stowe made another investment …
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20 January
Peoples Trust Launches Deposit Insurance on Prepaid Cards In Canada
In a new twist on prepaid cards in Canada, Vancouver-based Peoples Trust Co. is extending eligibility for deposit insurance from the Canadian Deposit Insurance Corp. to general-purpose reloadable prepaid cards and payroll cards issued by the financial institution. The CDIC ruled in 2020 that prepaid cards can be eligible for …
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20 January
A Look at the Dark Web Shows How Thieves Market Payment Data—And the Prices They Get
Much has been written over the years about the seemingly unending succession of data breaches involving credit card and other personal payment data. But little is known about the so-called dark Web, the sites where these data thieves set up shop to sell what they’ve pilfered. It turns out these …
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20 January
Restaurant Volume Dips and other Digital Transactions News briefs from 1/20/21
Transaction volume for hotels and restaurants fell between 40% and 50% in December compared to December 2019, according to numbers released by payments provider Shift4 Payments Inc. Retail and e-commerce businesses, on the other hand, saw a year-over-year increase in volume last month for the first time since the pandemic set in.Xformative …
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19 January
Walmart Adds to Its Financial Services With Western Union Money Transfers at U.S. Stores
Walmart Inc. is adding money-transfer services from The Western Union Co. to its more than 4,700 U.S. stores this spring, the giant retailer announced Tuesday. Western Union will be the third money-transfer provider to be offered at Walmart stores, joining MoneyGram International Inc. and Ria, a subsidiary of Euronet Worldwide …
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19 January
PPRO Secures $180 Million in Funding and other Digital Transactions News briefs from 1/19/21
Payments provide PPRO Financial Ltd. announced a $180-million funding round valuing the company at more than $1 billion.AeroPay, a payments provider specializing in the cannabis industry, said it is working with Blackbird, a cannabis software and delivery company, to process online ordering for cannabis businesses.U.S. payments provider WEX Inc. announced it will process …
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19 January
How Covid-19 Helps Fuel A Rise in Fraud and Identity Theft
As consumers pivoted in droves to digital channels for purchases and financial services at the outset of the Covid-19 pandemic, criminals pounced on the trend to perpetrate more fraud and identity theft, according to data from credit-reporting agency TransUnion LLC. Between March 11 and April 28, 2020, when the first …
