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- Online merchants that offer so-called accelerated payment methods such as Meta Pay, Amazon Pay, PayPal, Shop Pay, Apple Pay, and Google Pay potentially raise conversion rates by up to 50%. That’s according to “Leading Online Shoppers to the Finish Line,” a study of more than 220,000 e-commerce sites by Shopify Inc. and Boston Consulting Group.
- Payments fintech XTM Inc. has agreed to buy QRails Inc., a prepaid-payments processor and provider of earned-wage access technology, for $3.5 million, including $100,000 in cash and the balance in XTM equity. The parties expect the deal to close July 3.
- Cross River Bank said it processed more than 1 million real-time transactions in May on The Clearing House Payments Co.’s Real Time Payments network, surpassing that monthly mark for the first time. Payment volume totaled more than $500 million. In total, the bank has processed more than 9.5 million RTP transactions since launching the service in 2019.
- A MoneyGram International Inc. survey found that 85% of consumers primarily use a digital method to send money abroad. The survey of 1,000 U.S. consumers was conducted in the first quarter.
- Transaction Network Services introduced a new line of outdoor and indoor payment terminals for the petroleum industry.
- In related news, Gilbarco Veeder-Root, a technology provider for the petroleum and convenience-store industry, said it will install its Invenco iNFX payments solution across the Shell U.S. network of almost 13,000 locations by the end of next year.
- The World Wide Web Consortium, a standards body, published its Candidate Recommendation for Secure Payment Confirmation, which specifies a browser capability to streamline user authentication during a Web-based checkout.
- Digital-engineering firm Virtusa Corp. said it will work with payments-technology provider Icon Solutions to develop new payments solutions for banks.
- Payment card manufacturer CPI Card Group named H. Sanford Riley independent chair of its board of directors, replacing Bradley Seaman, who resigned from the board effective Thursday. Riley is chief executive of Richardson Financial Group Ltd. and joined the CPI board in May. CPI earlier this month announced chief executive Scott Scheirman will retire next February.
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