Shopify launches Shop Pay installment payments and other digital transactions Brief 5/21/20 – Digital Transactions


  • Work with an anonymous partner, trading platform Shopify Inc. said it will launch Shop Pay Installments later this year. The option will allow consumers at checkout to split their purchases into four equal interest-free installments.
  • In related news, the point-of-sale installment lender PayBright said Canadian fashion retailer Groupe Dynamite offers PayBright’s service on merchant websites, allowing shoppers to pay in four installments every two weeks.
  • point of sale system manufacturer Lightspeed POS Inc. said its service was used in about 76,500 locations worldwide as of the end of its fourth fiscal quarter on March 31. The average gross trading volume per trader is over $600,000 per year. Approximately 75% of Lightspeed customers continue to accept transactions despite the impact of Covid-19.
  • RedStone Federal Credit Union has elected to add the Zelle person-to-person payment service operated by Fiserv Inc. It will also adopt the company’s TransferNow account-to-account transfer service, Fiserv said.
  • Mobile rewards platform Ibotta inc. said he would offer $5 cash back on wine purchases over Memorial Day weekend on the grounds that “we could all use a glass or two right now.”
  • Green Dot Corp. appointed Philip Lerma as senior vice president and chief risk officer; Lerma joins prepaid card and banking services provider EML Payments where he served as vice president of risk. Prior to EML, Lerma was chief risk officer at NetSpend Corp., the new CEO of prepaid card company Green Dot. Dan Henry led for six years.



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