Friday November 1, 2019 –
Here are the new and noteworthy stories we have been following this week.
Visa Reports Better-Than-Expected Revenue on Higher Transaction Volume
Visa reported fourth-quarter profit of $3.03 billion on net revenue of $6.14 billion; for the year Visa earned $12.08 billion in profit and $22.98 billion in net revenue.
Payment Industry Leaders Combine – Payroc Merges with Payscape, NXGEN and BluePay Canada Fueled by Parthenon Capital
Payroc, a midwest based merchant acquirer and payment processor, is merging with Payscape, NXGEN, and BluePay Canada to create a full-service merchant processing company operating in 46 countries, serving more than 55,000 merchants, and handling $23 billion in annual volume.
Citi Chooses Global Payments and PPRO as Partners for its New Digital Consumer Payments Business
Citi is partnering with PPRO and Global Payments and using Mastercard’s Payment Gateway to facilitate payments for its institutional clients under a branded service, Spring by CitiSM,
Uber announces deeper push into financial services with Uber Money
Uber has announced a new division called Uber Money, which includes a digital wallet and upgraded cards, with an initial focus expanding Uber’s efforts to give its 4 million-plus drivers and couriers around the world access to a mobile bank account so they can get paid after each ride.
Starbucks to test digital asset app from Bakkt
Cryptocurrency trading platform Bakkt is preparing to test a consumer app for digital assets with Starbucks whereby customers can use the app to convert bitcoin to US dollars at the POS.
Mastercard beats on earnings while highlighting options beyond cards
Mastercard reported third-quarter profit of $2.1 billion on net revenue of $4.5 billion; YTD 2019, the company has earned $6 billion in net income on net revenue of $12.5 billion.
Walmart and Green Dot to jointly establish a new fintech accelerator, Tailfin Labs
Walmart and Green Dot have extended their Walmart MoneyCard program for another seven years and announced the creation of a retail and consumer financial services focused accelerator, Tailfin Labs.
Brazilian payments company Cielo eyes consolidation deals
Cielo is considering potential mergers and acquisitions to consolidate its merchant acquiring-processing business given increased competition and falling profitability.
Digital Financial Services to Generate $38 Billion in Southeast Asia, Study Finds
According to a study by Bain, Google, and Temasek, digital financial services from lending to asset management are expected to generate at least $38 billion of annual revenue across Southeast Asia by 2025, more than tripling from $11 billion in 2019.
German banks call for digital euro
The Association of German Private Banks has presented a position paper advocating the establishment of a European digital currency and a common identity standard across the Eurozone.