Stock Index

Payments Stocks, Like Markets, Swing To The Downside

Wall Street

The PYMNTS Stock Index showed a bit more outsized volatility — on the losing side — than was seen in the overall markets. Keep in mind that the Dow and the S&P, a broader measure, sold off sharply to end the week on Friday (Sept. 9) as concerns lingered over just when the Fed will raise rates. There also remained the specter of just what the European central bank might do other than continue easy money policies, which, thus far, have held interest rates at or even below zero.

For the payments universe, the stocks hardest hit in a tough market stood out as Mitek Systems, which was off a bit more than 6 percent, while Square Class A common shares were down 5.5 percent. In the case of the latter, the competitive landscape got a bit more crowded, as iZettle bought intelligentpos, a startup that helps turn iPads into terminals that can process payments.

Diebold’s 5 percent drop for the week seemed predicated on no news, while NCR slipped a bit, where the only corporate news for the week came with the announcement that the firm had partnered with MX to launch NCR Money Management, geared toward personal finance for consumers.

These stock slides were enough to offset the relatively meager gains from the likes of PayPal, which got a little bit of lift on the continued financial trade press coverage of the firm’s deal with Mastercard. Under the terms of that pact, a Mastercard account can act as a default payment method for the service. Mastercard is also dropping fees for using PayPal and giving the company volume discounts.

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