A cashless Super Bowl: Why the NFL and Visa want stadiums to pivot to digital payments

stadium.jpg

As live sports have groped for handholds during the pandemic, Visa and the NFL have been busily collaborating on no contact fan experiences in preparation for the eventual return of spectators. Recently, Visa and the NFL announced they are — in their own words — putting “a stake in the ground for the future of live events by announcing completely cash-free for all Super Bowls moving forward,” according to a spokesperson. These efforts will take effect starting in Tampa this year.

Also: Best POS systems in 2020: Get the right one for your business 

“Visa is one of our key partners in helping us imagine how our fans will experience the NFL in years to come,” says Renie Anderson, Executive Vice President of Partnerships & Chief Revenue Officer for the NFL. “We’re excited to announce that for our biggest event the future is here and we thank Visa

Read More

York Capital Makes Strategic Investment in F1 Payments

AUSTIN, Texas & NEW YORK–(BUSINESS WIRE)–F1 Payments (the “Company”), a fintech company focused on increasing business velocity for all constituents in the payments ecosystem, today announced it has received a strategic recapitalization and growth investment from an affiliate of York Capital Management. Financial terms of the transaction were not disclosed.

In conjunction with the transaction, Chad Anselmo, President, has been named Chief Executive Officer. F1 Payments Founder, Shane Hibbeler, has retired from the Company. Sunil Kappagoda, a 30-year fintech executive who previously held senior leadership positions at Verifone and Boston Consulting Group, has joined F1 Payments as Chairman of the Board of Directors.

F1 Payments delivers quick, secure and easy-to-use payments services to financial agents, merchants and institutions. The Company will leverage the investment to further accelerate its rapid growth, both organically and via strategic acquisitions.

“We are incredibly excited to partner with York Capital during this next

Read More

Facebook’s Diem, Visa, PayPal extend reach in crypto payments space

  • Facebook’s Diem, formerly known as Libra, and Visa are looking to extend their reach in the growing crypto payments space.
  • Additionally, PayPal’s CEO has underscored the importance of regulatory compliance for the developing industry.
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce industry with the Payments & Commerce Briefing. You can learn more about subscribing here.

Visa, PayPal, and Diem, formerly known as Libra, are looking to capitalize on the rapidly growing industry.

visa payments volume

Visa is eyeing the cryptocurrency space.

Insider Intelligence


  • Visa’s newest credit card will feature crypto rewards—helping it cash in on consumers’ appetite for rewards. The card network partnered with cryptocurrency startup BlockFi to introduce the Bitcoin Rewards Credit Card. Users will get 1.5% cash back for every transaction made on the card—which will then be converted to Bitcoin and stored in a BlockFi account in a regular monthly cycle—as well
Read More

Flipkart’s Digital Payments Firm PhonePe to Raise $700 Million From Existing Investors | Investing News

NEW DELHI (Reuters) – PhonePe, the digital payments unit of Walmart’s Indian e-commerce arm Flipkart, said on Thursday it would sell a stake to existing investors for $700 million, helping it fuel growth in a crowded market that includes Google and Amazon .

PhonePe’s fundraising, from Flipkart investors led by Walmart, will give it a valuation of $5.5 billion, the company said in a statement.

PhonePe is also using the opportunity to assert its independence from the Flipkart Group which runs a successful e-commerce business in India rivalling Amazon’s local unit.

It will have its own board of directors, which will include founder and CEO Sameer Nigam and former Flipkart boss Binny Bansal, who is no longer at the company he co-founded.

PhonePe will also have employee stock ownership plans separate from Flipkart, which will continue to be its majority shareholder, the statement said.

“We are really excited to have

Read More

Mastercard: Treasury Banks Prioritize Digital Payments

The digital shift brought on by the coronavirus has caused treasury banks to reprioritize their support of digital payments as consumers and merchants increasingly demand fast, easy and secure ways to get their money. And while the origins of that trend pre-date the current crisis, Silvana Hernandez, senior vice president of digital payments at Mastercard, tells PYMNTS that the pandemic has sped up the process.

“I think it all starts and ends with the consumer — and what we’re seeing is that consumers, more than ever with COVID, want digital experiences,” Hernandez said.

She added that as consumers lean on merchants, those merchants have started to lean on their banks to offer solutions that are faster and more convenient than simply moving money by check or ACH. But as Hernandez noted, the fact that many treasury banks still have complex legacy systems in

Read More

McConnell’s COVID plan has business tax breaks but $0 for unemployment boost and direct payments

Senate Majority Leader Mitch McConnell, R-Ky., on Tuesday rejected a bipartisan compromise to break the months-long delay of coronavirus stimulus funding, instead offering a counterproposal which includes few of the priorities economists say are crucial to saving the economy.

McConnell, who has already rejected a $3.4 trillion offer and a $2.2 trillion compromise from House Democrats, shot down a $900 billion short-term deal urged by a bipartisan group of legislators that included GOP Sens. Mitt Romney, R-Utah, Susan Collins, R-Maine, and Bill Cassidy, R-La. The Republican leader alternatively presented another $500 billion proposal providing even less relief for jobless Americans than his previous offers, which will be dead-on-arrival in the House of Representatives. 

Though McConnell’s previous proposal included an extension of a federal unemployment boost at $300 per week, or half of the rate included in the Cares Act, his latest proposal includes $0 for the unemployment boost. McConnell’s spokesman

Read More

Visa Exists in a Payments World No Longer Ruled by Banks, Only Fintechs



a statue in front of a building: 3 Reasons Visa Stock Remains a Solid Bet for Income Investors


© Source: Tada Images / Shutterstock.com
3 Reasons Visa Stock Remains a Solid Bet for Income Investors

Every bank is a fintech now. In this world, having money matters less than being able to move it. That’s why Visa (NYSE:V) is worth more than JPMorgan Chase (NYSE:JPM), with its nearly $2.7 trillion asset base.



a statue in front of a building: 3 Reasons Visa Stock Remains a Solid Bet for Income Investors


© Provided by InvestorPlace
3 Reasons Visa Stock Remains a Solid Bet for Income Investors

It’s not even close. After rising about 11% for 2019, Visa is now worth nearly $100 billion more than the country’s largest bank.

But the crown hangs heavy. Smaller, nimbler, cloud-based start-ups keep chipping away at Visa’s leadership. They can move money for less than Visa charges, and in ways foreign to Visa’s card-based business model.

Loading...

Load Error

The question for investors is, should you stay with the new money, or switch to the newer money, like

Read More

Bipartisan group of senators unveils $908 billion stimulus plan with no direct payments

  • A bipartisan group of senators unveiled a $908 billion stimulus plan that contains federal unemployment benefits but omits another round of $1,200 direct payments for taxpayers.
  • The plan also includes aid for strapped state and local governments.
  • The compromise package represents a concerted effort to break the deadlock on Capitol Hill on another coronavirus relief plan, but its unclear whether it will gain traction.
  • Visit Business Insider’s homepage for more stories.

A bipartisan group of senators unveiled a $908 billion stimulus plan on Tuesday aimed at breaking the monthslong deadlock on Capitol Hill. It’s a concerted effort that comes as Congress faces mounting pressure to act before the end of the year with the looming end of several programs keeping struggling people afloat.

The plan was introduced by a group of lawmakers that include Democratic Sen. Joe Manchin of West Virginia; Republican Sen. Susan Collins of Maine; and Democratic Sen.

Read More

Iceland Central Bank Debuts Instant Payments

The Central Bank of Iceland (CBI) is debuting a new instant pay platform with partnership with SIA, a European company specializing in high-tech payment services and infrastructures, according to a press release.

The service will help CBI focus on a more “strategic and modern” infrastructure for both high and low payment values, and it will use SIA’s technology to enable better connectivity with other central banks.

Sturla Pálsson, director for Markets Department of the Central Bank of Iceland, said in the release that the efficient, secure payment system is a prerequisite for “smooth, normal business transactions in a modern economy.”

“We need to use the best available tools at all times, and we are delighted with the implementation of the new interbank payment system from SIA,” he said, according to the release.

CBI manages all the interbank payments in Iceland, and processes up

Read More

Velo Labs, Lightnet Group and Visa collaborate on payments provisioning in Asia


Velo Labs Technology Ltd. (Velo Labs) has announced a collaboration with Lightnet Pte. Ltd. (Lightnet Group) and Visa Worldwide Pte. Limited (Visa) to jointly develop payment solutions in Asia.

With a Memorandum of Understanding (MoU) in effect between the parties, Velo Labs, Lightnet Group and Visa will collaborate on payment solutions aimed at addressing the under-served micro, small and medium enterprise (MSME) lending market in Asia. The International Finance Corporation estimates that, globally, USD 5.2 trillion in MSME lending goes unserved annually, with more than half of this financing gap existing in the Asia-Pacific (APAC) region.

“Being new-to-credit or lacking creditworthiness is often an obstacle to achieving one’s financial goals, such as securing loans to start a business or even buying a car,” said Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet Group. “We are delighted to be a part of this unique cooperation along with trusted

Read More