Are you ready for the weekend? Silly question — of course you are. But don’t forget to review this past week of busy news, if only to make sure you did not miss anything. PYMNTS analyzed the latest megadeal in payments and trade war developments, and a Visa exec voiced skepticism about instant payments. Amazon denied a big story about its marketplace suppliers, and new research from PYMNTS examined connected vehicles and other issues. Welcome once more to the Weekender.
Global Payments, TSYS Ink $21.5B Deal To Merge
Megadeals everywhere in payments? Global Payments has inked a deal to acquire Total Systems (TSYS) in a $21.5 billion deal. Under deal terms, TSYS shareholders will get 0.8101 Global Payments for each share they own. Jeff Sloan, chief executive officer of Global Payments, will be at the head of the merged company. Troy Woods, TSYS CEO, will become chairman of the combined company. Global Payments shareholders will end up owning 52 percent of the new company while Total Systems investors will own the rest.
Deal Breakdown: Global Payments and TSYS
The overarching strategic aim for Global Payments and TSYS, as had been among the hallmarks of the aforementioned mergers, has been to gather scale and global reach. As has been reported, Global Payments is the third largest merchant acquirer in the United States, while TSYS is the third largest card processor in the country.
Visa CEO Throws Shade On Real-Time Payments
Speaking at an investors conference in New York, the executive said he was “not convinced” that faster payments “are going to take off like crazy. Does the consumer really need the funds that much faster?”
App Defect May Have Exposed First American Financial Customers’ Data
The firm said a design defect in one of its applications may have exposed the data of its customers. The company said it hired an independent security forensic company to make sure there wasn’t access to sensitive customer data.
PayPal Hits $10B SMB Lending Milestone
Businesses of a certain size — and in industries as varied as construction and restaurants — know the pain of wondering if they will have enough capital to fund operations, inventory, expansion and other mission-critical business activities. They know the uncertainty of going to traditional financial institutions (FIs), even those rooted in their communities, that might not want to take on the risks or economics of extending smaller lines of credit to small businesses (SMBs), with fortunes that may change and which may find repayment challenging.
Citi Said ‘Thanks, But No Thanks’ To The Apple Card
Citigroup reportedly bailed over concerns that it wouldn’t earn enough of a profit from the partnership. The report noted that JPMorgan Chase, Barclays and Synchrony were also in the running to partner with Apple on the credit card. Apple went with Goldman Sachs, announcing in March the new credit card that will be available in the summer.
Trackers and Reports
Twelve Payment Execs on How to Make Instant Pay
Instant gratification isn’t instant enough for modern consumers. Gig, public utility and eCommerce companies are all focusing on payment innovations to remain competitive in increasingly saturated markets, experimenting with new tools, technologies and digital channels to engage with and retain users on their platforms.
The Connected Ecosystem Driving the $230B Connected Car Opportunity
The car is becoming more than just a way for customers to get from Point A to Point B. More of today’s consumers are looking to the car as a smart guide to parking or safe driving, as a way to interact with social media and, most importantly, as a way to shop.
Fun, Cool or Otherwise Interesting
How Contactless Payments Could Beat Summer Event Heat
This summer promises to bring payments friction down a notch, thanks to the ongoing spread of contactless payments — including via wristbands with RFID. In a new PYMNTS interview, Carlo Chiarello, CEO of Intellitix, talked about the ins and outs of providing contactless payments and access control not only at summer outdoor concerts, but at a host of other events, including trade shows, conferences and food and beverage gatherings.
Trade War Highlights Ag’s Impact on the Digital Economy
Everything is connected, and that certainly holds true when one is talking about the various developments and twists in the U.S.-China relationship — which, in many ways, is among the most significant drivers of digital payments and commerce trends. Now, as agriculture is increasingly coming into play, what happens in that massive economy sector could, at least indirectly, shape the future of technology used in modern retail and associated activities.
Amazon Calls Out Bloomberg: “Their Story And Sources Are Wrong”
The shortened work week got off with a bang, as a report in Bloomberg made the rounds that indicated a long-suspected culling of Amazon marketplace smaller suppliers has officially arrived. Or to borrow the more dramatic language of many, many headlines written yesterday, “the purge” has finally come. Or has it? Amazon — within a few hours of the story breaking — had its official response out, and it was a denial. A strong one.