Global Payments Inc. announced today an agreement to acquire PayPros which is a California based innovative provider of fully-integrated payment solutions for 58,000 small-to-medium sized merchants in the United States. PayPros delivers its products and services through a network of over 1,000 technology-based enterprise software partners to vertical markets that are complementary to the markets served by Accelerated Payment Technologies, Inc., a Global Payments company since October 2012. Under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420 million in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments’ 2014 fiscal year. PayPros’ calendar 2013 annual revenues are anticipated to be approximately $100 million. Global Payments will provide further details when the transaction closes.
EVO Payments International (EVO) and ReD announced a global strategic partnership to deliver a powerful, fully integrated international payments fraud solution to existing and future EVO ecommerce merchants. The partnership will leverage ReD’s expertise in providing fraud solutions for all payment types and channels present in every part of the payments value chain, to deliver real-time fraud prevention capabilities to EVO’s ecommerce merchants across all of EVO’s geographic and vertical markets, including retail, hospitality, gaming, and financial services. ReD’s solution incorporates ReD Shield®, a real-time, online fraud prevention solution tailored to the requirements of major ecommerce merchants, reducing payment fraud and the need for costly manual reviews.
Experian® today announced an analysis of bankcard trends from the Q3 2013 that showed a 29 percent year-over-year increase in bankcard origination volumes (limits), equating to a $16 billion increase in new bankcard limits issued. The Q3 2013 bankcard origination volume of $73 billion was higher than the conclusion of the 2008 recession, as origination volume in Q4 2008 was $70 billion.
UK consumers’ preference for electronic payments continued to increase in 2013 as Visa Europe announces that spending with UK Visa credit, debit, commercial and prepaid cards increased by 9.2% to £445bn. This is according to Visa Europe’s annual results for the year to 30th September 2013. Spending by UK cardholders with Visa debit increased by 9.3% on the previous year. Debit payments account for over 80% of Visa Europe’s business in the UK. More than £1 in every £3 spent in the UK is now spent using Visa. Growth was also strong in other core areas of the Visa Europe business, with spending on commercial cards increasing by 18.1% and on prepaid cards by 42.8%.
MasterCard and the Inter-American Development Bank (IDB) have recently signed a keystone agreement, as announced at the World Economic Forum in Davos, Switzerland, to work together in an effort to improve economic inclusion, transparency and financial formalization through the expansion of electronic payments in Latin America and the Caribbean (LAC). The five-year public-private partnership is intended to enhance access to information and promote the transition to electronic payment services in the region, which can help reduce transaction costs and increase the efficiency of financial disbursements. Replacing cash-based systems for electronic ones also can potentially reduce leakages, increasing the likelihood that payments and benefits end up in the hands of intended beneficiaries and recipients, helping to improve the lives of the underserved.
Hybrid POS Inc. in alliance with Paysoft International, Inc. have teamed up and have designed the First eChecking Payment Processing App for today’s businesses on the Road. Now businesses Nationwide can use their iPhone or Android device to process a collection transaction, using eCheck21 technology. This payment method allows your business to see the deposit same day in your account.
Incipio announced today the launch of the Cashwrap Mobile Wallet Case. The Cashwrap Case is available online for $69.99 starting January 24, and in AT&T company owned retail locations across the country starting on January 31. Using the Incipio Cashwrap Case, consumers with an iPhone 4, 4S, 5, and 5S can utilize the Isis Mobile Wallet to pay and save at stores with just a tap of their smartphone. The Isis Mobile Wallet holds participating payment and loyalty cards, as well as offers. The Incipio Cashwrap Mobile Wallet Case is the only Near Field Communication (NFC) mobile solution for iPhone 5/5s.
HBC is partnering with Pounce, a consumer-facing mobile app to integrate traditional media with m-commerce, providing customers the opportunity to purchase merchandise displayed in print media using tablets and smartphones. Pounce is the only Hudson’s Bay and Lord & Taylor approved mobile app that allows customers to instantly buy products seen in print by simply scanning an image.
Mercator Advisory Group reveals that credit card reward participation in the United States declined from 76% in 2012 to 68% in 2013. Reward participation appears to be age dependent as 81% of seniors, 68% of 35-64 year olds, but only 57% of young adults participate in credit card reward programs, marking significant declines in participation among each age group during the past year. Credit 2013: Consumers Eye Cobranded Rewards, the latest report from Mercator Advisory Group’s Primary Data Service, shows that some consumers who are offered retailer or other corporate-branded reward programs (e.g., airline branded) that compete with bank-issued reward programs, consider these rewards better than bank-issued rewards. Cobranded reward programs are luring consumers who may not have otherwise applied for a bank-issued credit cards.
This weekend, the Coinflash team will be attending the North American Bitcoin Conference in Miami Beach, Florida, giving attendees a sneak preview of the new Coinflash Bitcoin ATM. Coinflash is a San Francisco-based startup that plans on deploying 1000 ATMs worldwide by 2015. Team members will be conducting live demonstrations of the advanced functionality of the machine, which is based on the OpenWallet kiosk platform. The Coinflash ATM enables Coinbase and Ripple users to buy and sell bitcoins for cash, and even pay bills, transfer funds, and purchase gift cards with cash or digital currency.