Prepaid Cards

RDE Inc., owner of Restaurant.com, a popular dining-deals site, has closed on its acquisition of CardCash Exchange LLC, operator of CardCash.com, a secondary gift card marketplace. The deal advances RDE’s presence in gift cards for consumers and merchants. The combined business accounted for more than $100 million in revenue in …

The payouts platform Onbe said it will enable instant payment on virtual Mastercard cards to consumers who want to sell unused gift cards on the CardCash secondary gift card market. Buy now, pay later platform Affirm Inc. said it is expanding to self-checkout kiosks in more than 4,500 U.S. Walmart stores. U.S. households spend …

Payments provider Usio Inc. says benefits administrator Genius Avenue will use multiple Usio payments products, including automated clearing house transfers and a prepaid card program, to serve its customers. Announced Monday, the partnership integrates Usio’s payments services with the Genius Avenue platform. Tucson, Ariz.-based Genius Avenue is keen to tap …

Digital gift cards are a hot product, and that’s attracting the interest of payments players looking to make acquisitions to enter or bulk up their assets in this market. In the latest deal, the Hamilton, Ontario-based point-of-sale payments platform Ackroo Inc. early Tuesday announced it has agreed to acquire the …

Real-time account-to-account payments provider AppBrilliance announced it closed an investment from Truist Ventures, the venture-capital arm of Truist Financial. Terms were not announced. AppBrilliance works with The Clearing House’s Real Time Payments network as well as FedNow, the real-time network from the Federal Reserve. Pay Plantation LLC, whose payment gateway allows merchants to accept e-checks …

Card manufacturer CPI Card Group Inc. reported $105.9 million in third-quarter revenue, a 15% decrease from $124.6 million in the 2022 third quarter. It had a profit of $3.9 million, a 67.2% decrease from $11.9 million a year ago. Cautious consumer spending and a focus on managing inventory levels likely had an …

Deluxe Corp. reported a slight decline in third-quarter revenue year-over-year, with $537.8 million compared to $555 million for the same period in 2022. Its payments unit, its second-largest division, recorded flat revenue of $169.5 million, with its checks business posting $180 millon, down slightly from $182.4. Known chiefly as a check …

Gift cards are becoming a popular employee incentive, Fiserv Inc.’s “Q4 2023 Gift Card Survey” finds. Some 80% of respondents say they would prefer a gift card as a reward from their employer, while 9% say they would prefer an event or outing, and 11% would prefer some other type …

Mastercard Inc. posted strong third-quarter results of $6.5 billion in revenue, up 12% from $5.8 billion in the 2022 third quarter. The card giant’s net income of $3.2 billion increased 28% from $2.5 billion in the year-ago quarter. Mastercard cited cross-border payment volume growth of 21% in the quarter as one …

Ninety-nine percent of large enterprises—those with annual revenue of $1 billion to $9.9 billion—expect to send real-time payments in the next five years, found the 2023 AFP Real-Time Payments Survey released by the Association for Financial Professionals and sponsored by The Clearing House Payments Co. LLC. It also found that 77% of …