News

December, 2020

• 7 December

  Paysafe Is the Latest Payments Firm to Go Public as the SPAC Trend Picks up Steam

  

  A relatively novel method for private companies to go public gained momentum in the payments industry Monday with the announcement that London-based processor Paysafe Group Holdings Ltd. will be acquired by a group put together by Las Vegas-based Foley Trasimene Acquisition Corp. in a deal valued at approximately $9 billion.  …
• 7 December

  Credit Card Use Dips 2% and other Digital Transactions News briefs from 12/7/20

  

  Overall U.S. credit card use dipped 2% for the week ending Nov. 29 compared with the week ending Dec. 1, 2019, according to the Tracking Transaction Trends report from PSCU, a credit union service organization. Meanwhile, debit card use increased 4.9% for the same period. Regionally, the largest credit card drop was …
• 4 December

  Eye on BNPL: Affirm Acquires Rival PayBright And Alliance Data Finalizes Bread Acquisition

  

  It’s a hot time for buy now, pay later companies, especially when buyers come around. Affirm Inc. is buying Canadian rival PayBright Inc. and Alliance Data Systems Corp. completed its acquisition of Bread, the brand ran by Lon Operations LLC. Buy now, pay later specialist Affirm Inc. said it will acquire …
• 4 December

  COMMENTARY: What To Think About When You Implement Contactless Payments

  

  At UL, we have seen both customers and merchants are experiencing an increased need for contactless payment options in brick-and-mortar stores. The current pandemic is a large factor in this, of course, but so also is the convenience and speed that contactless payments bring when compared to the traditional contact …
• 4 December

  Stripe Launches Stripe Treasury and other Digital Transactions News briefs from 12/4/20

  

  Processor Stripe Inc. launched Stripe Treasury, a banking-as-a-service platform for its merchants, which can open Stripe Balance business accounts. Stripe is working with Evolve Bank & Trust on the service. Merchants can open interest-bearing accounts eligible for FDIC insurance in minutes. Commerce platform Shopify Inc. is one of the first to offer …
• 3 December

  P97 Networks Partners With Cybersource to Expand Mobile Payments at the Pump Globally

  

  Houston-based P97 Networks Inc., a provider of cloud-based mobile-commerce technology, including pay-at-pump, has partnered with Cybersource, Visa Inc.’s fraud-management platform, to expand its PetroZone platform offering to fuel retailers both in North America and overseas. P97 has installations in 140 countries. PetroZone is an EMV-compliant application that enables mobile payment …
• 3 December

  X9 Solicits Faster Payments Input and other Digital Transactions News briefs from 12/3/20

  

  The Accredited Standards Committee X9 Inc. said it is seeking participants for a newly-formed a study group on faster and real-time payments. The ASC X9 develops national and international standards for the financial-services industry.Payments-technology provider Payfacto Payments Inc. has partnered with Community Federal Savings Bank to launch a merchant-acquiring unit for the U.S. market …
• 2 December

  With an Assist From Visa, MagicCube Looks for Rapid Expansion in the U.S. And Abroad

  

  The Covid-19 pandemic is driving consumers and merchants to opt for contactless options, and now software that can enable an ordinary smart phone to accept cards via near-field communication is moving faster toward the point of sale. Visa Inc. on Wednesday granted a so-called security compliance allowance to MagicCube Inc.’s …
• 2 December

  Lightspeed Looks to Become a Major Player in Hospitality With Acquisition of Upserve

  

  Canadian processor Lightspeed POS Inc. expects its acquisition of Upserve Inc., a Providence, R.I.-based provider of cloud-based restaurant-management software, to make it more competitive in the restaurant point-of-sale business in the United States.  The acquisition of Upserve for a combination of cash and stock totaling $430 million comes hot on …
• 2 December

  Sysnet Acquires ControlScan Unit and other Digital Transactions News briefs from 12/2/20

  

  Sysnet Global Solutions said it acquired the Managed Complication Solutions division of ControlScan Inc. With the acquisition, Sysnet said almost 4 million small and mid-size businesses and payment processing companies use its services. Terms were not disclosed.Fido Merchant Services, a United Kingdom-based payment gateway and merchant services provider, is embarking on …