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- 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 factor. Mastercard also had a 15% growth in its switched transactions and the number of Mastercard-branded cards totaled 2.9 billion in the quarter, up 7.4% from 2.7 million a year ago.
- The Western Union Co. reported third-quarter revenue of $1.1 billion, up 1% year-over-year. Consumer-to-consumer transactions totaled 70.6 million, up 5%. Through the third quarter, consumer transactions totaled 205.5 million, a 1% rise versus the same period in 2022.
- Consumer spending for the upcoming holiday season will come to $770 per person, up just 3% from 2022, with shoppers planning to spend 43% of their holiday budget on gift cards, according to a report from prepaid-payments platform Blackhawk Network. The company’s holiday survey canvassed 2,024 U.S. consumers in July.
- Cheddar Up, a payments platform for event organizers, launched a ticketing service that lets event attendees gain entrance via a QR code representing prepayment for a ticket.
- National bank Pathward N.A. said its expanded partnership with TabaPay, a money-movement platform for merchants and fintechs, now includes payments, issuing, acquiring, processors, credit, and tax products.
- Payments provider Wex has agreed to acquire software firm Payzer for approximately $250 million, with a contingent additional payment of $11 million tied to meeting performance goals. The deal is expected to close by the end of the year.
- Shift4 Payments Inc. completed its $525 million acquisition of Finaro, an Israel-based processor, which will be rebranded as Shift4.
- Payoneer said it will process payments to sellers on the Etsy online marketplace through the Etsy Payments platform.
- GivBux Inc. said it will add by year’s end domestic utility bill payments and international merchant payments to its shopping app, which the company calls its Super App.
- Grocery giant Kroger Co. announced it is now taking electronic benefit transfer (EBT) payments for digital pickup and delivery at all of its brands.
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