Point-of-sale

February, 2023

• 13 February

  FIS Announces a Spin-Off of Its Merchant Solutions Unit Less Than Four Years After Its Worldpay Deal

  

  In a quarterly earnings call held on short notice, top management at FIS Inc. confirmed early Monday the Jacksonville, Fla. -based company plans to spin off its merchant-services business within the next 12 months. The move comes less than four years after FIS acquired the big merchant processor Worldpay for …
• 13 February

  Nuvei’s F1 Ambition And Other Digital Transactions News briefs from 2/13/23

  

  Nuvei Corp. said it will be a multiyear sponsor of the Mercedes-AMG Petronas Formula One Team. Business management marketing software provider Marketing 360 added a tap-to-pay feature to its mobile app, enabling its clients to accept payment cards and digital wallets. The cryptocurrency-payments platform Wirex said it will become a member of Visa Inc. in …
• 10 February

  Global Payments Adds EVO But Cashiers Gaming And NetSpend As It Posts Record Volume for ’22

  

  The big transaction processor Global Payments Inc. is set to get significantly bigger by the end of March, its top executives stressed early Friday as they underscored the importance of scale in a business in which Atlanta-based Global processed a record 64 billion-plus transactions in 2022, according to chief executive …
• 10 February

  January Restaurant Spending Soars And Other Digital Transactions News briefs from 2/10/23

  

  January retail sales, excluding automotive, were up 8.8% over January 2022, Mastercard Inc. said in its latest SpendingPulse report. Restaurant spending, in particular, was high at 24.2% more sales year-over-year. Spending on Bank of America Corp. credit and debit cards increased 5.1% year-over-year in January in a sign the bank interprets as “signs of …
• 9 February

  PayPal’s Schulman Announces He Will Retire As CEO at Year’s End

  

  Dan Schulman, chief executive and president of PayPal Holdings Inc., will retire at the end of the year but retain a seat on the company’s board, he revealed late Thursday during a conference call with equity analysts to discuss PayPal’s fourth-quarter and full-year 2022 results. Schulman, who turned 65 in …
• 9 February

  Affirm Cuts 19% of Its Workforce As Heightened Interest Rates Buffet Its Results

  

  The buy now, pay later trend has lifted a wide range of companies specializing in these online and point-of-sale installment-payment products, not least Affirm Holdings Inc. But late on Wednesday the 11-year-old company reported subpar results for its December quarter and announced it is dismissing 19% of its workforce. The …
• 9 February

  BofA’s 608 Patents in 2022 And Other Digital Transactions News briefs from 2/9/23

  

  Bank of America Corp. said the 608 patents it received in 2022 was a record number and was 19% more than in 2021, with grants covering areas such as mobile banking and payments, machine learning, artificial intelligence, and other technologies. Kasheesh, a digital payments platform than enables consumers to split payments …
• 8 February

  Visa Rolls Out Incentives for Small Businesses To Use Its Business Card And Accept Digital Payments

  

  Seeking to entice small businesses to pay for purchases using their Visa business card, Visa Inc. on Wednesday launched Visa SavingsEdge, a program that rewards small businesses that have Visa business cards with savings and discounts on business-related services from about 60 merchants. The rewards and incentives include everyday savings …
• 8 February

  The Potential to Choose Foreign Networks Worries Backers of Credit Card Choice

  

  A bill designed to allow merchants to have a choice of networks for routing credit card transactions failed to pass last year, but now international tensions could affect the proposed law’s prospects in the new Congress. The bill, called the Credit Card Competition Act, would mandate that merchants have a …
• 8 February

  What Drives Cart Abandonment And Other Digital Transactions News briefs from 2/8/23

  

  Cost surprises at checkout are the leading cause of cart abandonment, with 57% of consumers saying they walked away from checkout at least once in the past year because of unexpected delivery costs, according to a wide-ranging shopping report released by point-of-sale technology provider Verifone Inc., which surveyed 995 respondents globally. Price …