Merchant

The Georgia company increased its target for annual expense cuts and new revenue to $175 million from $100 million. But executives warned that low interest rates and weaker mortgage volume, along with a need to invest in technology, will delay some of the bottom-line benefits.

Small businesses still process a large number of transactions and can fall behind if there are delays, says Valtatech's Jussi Karjalainen.

The Stamford, Conn., company is acquiring Allegro, a California lender that finances the purchase of hearing aids and other health-related products or services. It’s aiming to capitalize on the rising popularity of point-of-sale lending and a need for more financing options in health care — especially as more Americans turn to high-deductible plans.

The companies are reacting to an ongoing shift in customer preferences to digital channels.

The ATM and payment terminal makers are facing more competition from software providers. Both have taken steps to head off this threat.

In a post-Brexit move, Mastercard is raising interchange rates for card-not-present transactions on U.K.-issued cards when spent with European merchants.

Biometric authentication has always been a challenging subject with consumers, who are accustomed to using the technology to unlock their phones but are still wary about how much personal information they share with retailers and card issuers.

Spurred by the coronavirus pandemic, 88.6% of Barclaycard in-store transactions were made using contactless technology last year, up from 86.4% in 2019, an increase of about 2.5%.

Mergers and acquisitions were largely on ice in 2020, but banks' mounting need to control expenses and invest heavily in technology could spur a comeback this year.

Pandemic-induced shifts in how people work and bank will allow the Tennessee company to shed more branches and office space. It now projects it will slash expenses by an additional $30 million a year.