[Digital Transactions News staff]
Acquiring, Competitive Strategies, Credit Cards, Debit Cards, Digital Currency, E-Commerce, Issuing/Originating, Law and Regulation, Mobile Commerce, Mobile Wallets, Point-of-sale, Real-time Payments, Transaction Processing
Fintiv Inc., a digital wallet innovator, has initiated legal proceedings against Apple Inc., accusing the tech giant of appropriating its mobile-wallet technology to bolster the development of Apple Pay. This lawsuit is filed in the Northern District of Georgia, Atlanta Division. Apple Pay made its inaugural appearance in October 2014 when Fintiv was operating under the name Corfire.
The U.S.-based payment processor Payroc World Access LLC has finalized its acquisition of Agilisa Technologies, a payment gateway situated in the Dominican Republic. The specifics of the transaction remain undisclosed. This acquisition follows closely on the heels of Payroc’s agreement to acquire BlueSnap Inc., a card-not-present payment processor.
Capital One has announced via its website that cardholders can expect a new debit card, following the company’s transition from Mastercard to the Discover network. This transition comes after Capital One’s completion of a $35-billion acquisition of Discover in May.
Credit and debit card manufacturer CPI Card Group Inc. reported a year-over-year increase of 9% in net sales for the second quarter, totaling $129.3 million. However, net income plummeted by 91% to $500,000, primarily due to integration expenses associated with the company’s $45.55-million acquisition of Arroweye Solutions Inc., a provider of on-demand payment card production. This acquisition was finalized on May 6.
MoonPay, a platform for facilitating cryptocurrency transactions, has announced its collaboration with the gateway Mercury, enabling Mercury users to convert fiat currencies into cryptocurrency directly within the Mercury app.
The buy now, pay later service Sezzle Inc. reported a second-quarter gross merchandise volume reaching $927 million, representing a remarkable 74.2% increase year-over-year, driven by enhanced app features. Monthly on-demand subscribers surged to 748,000 from 658,000 in the previous quarter, with revenue climbing 76% to $98.7 million; nevertheless, a 59% rise in operating expenses resulted in a 7% decline in net income to $27.6 million.
The U.S.-based finance platform Brex has announced it has secured a Payment Institution license, permitting its operation within the European Union and allowing the company to extend its commercial credit card and direct debit offerings across the region. Additionally, Brex is contemplating the acquisition of a separate license for the United Kingdom in the forthcoming months.
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