Apple’s recent smartphone revenue decline contrasts with strength in wearables and services, making these alternative venues increasingly important to Apple Pay’s continued success. Apple reported $84.3 billion in revenues for its fiscal 2019 first quarter, which ended Dec. 29, a 5 percent decline from the prior year’s $88.3 billion and the company’s first holiday quarter…
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When JPMorgan Chase & Co. announced in November it would soon start mass-issuing contactless Visa cards, industry experts expected the move to at last kickstart a trend in the U.S. payments industry toward tap-and-pay EMV plastic. But while most experts thought Chase’s decision might stir smaller banks to follow suit, it turns out at least…
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Fiserv’s $22 billion deal to acquire First Data creates pressure to scale core banking and payment processing that may force further industry consolidation. That puts M&A bullseyes on companies like FIS, TSYS and myriad bank IT and merchant services companies. “A deal has been brewing for years and it was no secret that Fiserv has…
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Community banks could put more contactless cards into the hands of consumers with the help of the Independent Community Bankers of America (ICBA). At the same time, gig economy workers don’t want to wait for funds or spend additional time moving money from one account to another. And the demand for faster payments is strong in the U.S., yet not all financial…
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The proposed mega-deal that has Fiserv Inc. buying First Data Corp. for $22 billion presents integration issues that could take up to 10 years to iron out, according to a new report. “The integration of two companies of this scale will undoubtedly be a challenge—the short-term shock will take more than 18 months to recover…
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The proposed merger of Fiserv Inc. and mega-processor First Data Corp. has huge implications for many parts of the payments industry. But the deal, if consummated as planned, could have an especially large effect on the U.S. debit card market. First Data owns the Star electronic funds network, while Fiserv owns the rival Accel network.…
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The news that Fiserv is buying First Data may be unwelcome to small banks and credit unions as some fear it will create a combined entity that is even slower and more bureaucratic than the large core vendors are seen as today. The deal makes sense for Fiserv. It brings together two financial industry behemoths:…
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In a stunning announcement that surprised many observers, Fiserv Inc. said Wednesday morning it has struck a deal to acquire First Data Corp. with what the parties say will be the biggest ever such transaction in the payments and financial-technology businesses. The all-stock deal, expected to close in the third quarter, values First Data at…
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PenFed Credit Union announced Tuesday it will begin issuing contactless Visa-branded credit and debit cards this month. The move comes after a decision by Chase, a unit of JPMorgan Chase & Co., to issue dual-interface cards that will be in force this year. The cards are called dual interface because they can be dipped into…
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Mobile payment volumes to hit 20% of retail volume Mercator expects mobile payment volumes to hit 25 percent of total card throughput and 20 percent of total retail sales, or $900 billion, by 2020. That includes card on file transactions, such as those made within an Amazon account or to pay a utility bill; mobile…
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