Amazon launches cash advances and other digital transactions Brief 11/01/22 – Digital Transactions

  • Inc. launched a merchant cash advance service. The funding option, a white-label service from capital provider Parafin Inc., ties the cash advance to a portion of the merchant’s future sales for a fixed fee. It will roll out Tuesday for select US-based companies and should be available for many more by the end of 2023, Amazon said. Advances range from $500 to $10 million.
  • ParTech Inc. announced its punchh Loyalty technology now supports launching and managing subscription programs for large restaurants and convenience stores.
  • In related news, the restaurant payment platform Touch Bistro said it secured $150 million (Canadian) in funding from Francisco Partners.
  • electronics retailer Newegg Commerce Inc. said buy now, pay later Affirm Inc.’s services are available to its consumers in Canada.
  • MoneyGram International Inc. launched a feature for US consumers to buy, sell and hold cryptocurrencies in the company’s mobile app. The feature, which includes Bitcoin, Ethereum, and Litecoin, works in “almost every US state and the District of Columbia,” MoneyGram explains.
  • payment security provider PCI Pal said airline Air Europa will use its service in its contact centers to securely process credit card information.
  • Wirexa payment platform specializing in cryptocurrency, has launched DUO, a tool allowing the platform’s 5 million users to make their assets profitable.
  • Beyond Bancard named Steve Eazell vice president of business development. Eazell has over 20 years of payments experience and most recently served as a Managing Member of Eazy Consulting.
  • Alex Gonthier has returned to the position of General Manager of Trustly Inc., the Americas division of Trustly AB, a specialist in payments based on open banking. Founder and former CEO of PayWithMyBank, Gonthier became executive chairman of Trustly last year.

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