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- Working with an unnamed partner, commerce platform Shopify Inc. said it will launch Shop Pay Installments later this year. The option will let consumers at checkout split purchases into four equal installments at no interest.
- In related news, point-of-sale installment lender PayBright said Canadian fashion retailer Groupe Dynamite is offering PayBright’s service on the merchant’s Web sites, allowing shoppers to pay in four bi-weekly installments.
- Point-of-sale system maker Lightspeed POS Inc. said its service was used at approximately 76,500 locations globally as of the end of its fiscal fourth quarter, March 31. The average gross transaction volume per merchant is more than $600,000 annually. Approximately 75% of Lightspeed’s customers are continuing to accept transactions despite the Covid-19 impact.
- RedStone Federal Credit Union opted to add the Zelle person-to-person payment service as managed by Fiserv Inc. It will also adopt the company’s TransferNow account-to-account transfer service, Fiserv said.
- Mobile rewards platform Ibotta Inc. said it will offer a $5 cash-back reward on wine purchases over the Memorial Day weekend on the grounds that “we could all use a glass or two right now.”
- Green Dot Corp. appointed Philip Lerma as senior vice president and chief risk officer; Lerma comes to the prepaid card and banking services provider from EML Payments where he served as the vice president of risk. Before EML, Lerma was chief risk officer at NetSpend Corp., the prepaid card company new Green Dot CEO Dan Henry headed for six years.
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