The Card Networks and Open Banking; Crypto Platform Joins Mastercard Network

Posted on Categories News
Digital Transactions

The Card Networks and Open Banking; Crypto Platform Joins Mastercard Network and other Digital Transactions News briefs from 7/20/20

Cryptocurrency platform Wirex has become the first such entity to obtain a principal membership in the Mastercard network. The move comes as Mastercard Inc. announced an expansion of its cryptocurrency program, which aims to make it easier for crypto card companies to market their products. Wirex also announced recently it has hired long-time acquiring-industry executive Harold Montgomery as managing director of Wirex USA.

Debit mobile-wallet purchases among consumers with cards issued by member credit unions of processor PSCU finished 2020’s 28th week up 83.4% year-over-year while credit mobile-wallet purchases rose 49.7%, PSCU said in its latest weekly report on the Covid-19 pandemic’s effects on payments. The results represent six supported mobile wallets: Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, LG Pay, and Samsung Pay.

Sixty-six percent of consumers say retailer safety measures to protect shoppers from Covid-19 will determine where they shop, found a survey of 2,000 consumers from Cennox, a business-services provider. Additionally, 69% said they would consider switching from their regular supermarkets if their in-store safety expectations were not met.

Visa Canada said Alberta-based ATB Financial will issue Visa-branded debit cards usable for online and international transactions.

ClassWallet, provider of a spending management platform for teachers and school districts, said the Utah State Board of Education awarded it a five-year contract to implement its system for managing teachers’ discretionary budgets for purchasing classroom supplies.

Automated clearing house governing body Nacha has scheduled a webinar for Thursday about how to comply with its pending account-validation rule.

Cross-border business-to-business payment volume will rebound to $35 trillion in 2022 after experiencing a coronavirus-related decline to $27 trillion this year for a 30% growth rate over the two years, according to a forecast from Juniper Research.

Payment technology provider ScanSource Inc. announced the creation of its Diversity & Inclusion program, and the appointment of Ken Peterson, senior director of human resources, to the additional role of chief diversity officer.