Two the nation’s biggest banks on Friday reported gains in card volume, with JPMorgan Chase & Co. showing double-digit increases in merchant-processing volume as well as card spending. Chase’s first-quarter merchant volume totaled $356.5 billion, a 13% increase over the same period in 2018. The massive Chase Merchant Services unit …
Read More »Blockchain Has a Long Way To Go in Winning Over Computer Professionals, Survey Says
It turns out that the people closest to computer technology are far from sold on blockchain and cryptocurrency. Some 80% of developers, data scientists, and engineers surveyed earlier this year indicated they are not using blockchain at all. Just 13% said they are using non-currency applications of the technology, while …
Read More »The Latest AFP Fraud Study Unveils a Surprising Jump in Fraud on the ACH
Which payment method holds the dubious distinction of racking up the fastest growth in fraud last year? According to the latest annual fraud report from the Association for Financial Professionals, it’s debits and credits on the automated clearing house network. In fact, the ACH was the only payment method examined …
Read More »A New Refund Policy From PayPal Will Stop Returning Fees to Sellers on Canceled Sales
PayPal Holdings Inc. has posted some important policy changes set to take effect soon, including one that will stop refunding sellers for the commission part of the fee they pay on sales when buyers cancel. Sellers on forums like Reddit have been reacting for at least the last five days …
Read More »Nxt-ID Closes in on a Spin-Off of Its Fit Pay Payments And Tokenization Unit
Nxt-ID Inc. is getting closer to spinning off its Fit Pay Inc. unit, which markets the contactless-payment technology behind Garmin Pay and Swatch Pay and also this week began shipping a contactless device to allow consumers to spend their Bitcoin holdings at stores. The spin-off, first announced in September, will …
Read More »Eye on Crypto: FitPay Starts Shipping Flip; InstaMed Prototypes a Blockchain Payment App
FitPay Inc. has started shipping its contactless, coin-shaped Flip device, which allows users to spend Bitcoin as U.S. dollars at stores. The company said on Wednesday it plans to “ramp up” production of Flip though the first half of the year. The news comes after Fit Pay announced in January …
Read More »The Prepaid Business Adopts a Sanguine Approach As the CFPB’s Big Rule Finally Takes Effect
A day long dreaded by the U.S. payments industry came and went on Monday with little fanfare and not much more gnashing of teeth. The Consumer Financial Protection Bureau’s voluminous prepaid card rule finally took effect with sweeping provisions governing matters ranging from fee disclosures to error-resolution rights to consumers’ …
Read More »E-Commerce And a Thirst for Data Are Driving Big Payments Mergers, An Analyst Argues
The payments industry’s relatively rapid move into digital transactions and broader business software is doing much to fuel the consolidation of big payments providers, according to an analysis posted Friday. Just since January, the industry has witnessed deals that will see Fiserv Inc. acquire industry giant First Data Corp. in …
Read More »After a Decade of Experience, Banks Get More Comfortable With Mobile-Capture Risk
Ten years after remote deposit capture became a commercial proposition, banks that offer the service are progressively allowing customers to deposit larger and larger sums. Indeed, as of this month, slightly more than half are applying per-item limits somewhere between $2,001 and $5,000, compared to 49% a year ago and …
Read More »While It Merges With FIS, Worldpay Looks to Expansion in Australia And New Zealand
Worldpay Inc. may be embroiled in combining its business with that of Fidelity National Information Services Inc., but that isn’t stopping the huge processor from seeking international expansion. Cincinnati-based Worldpay said on Wednesday it will open two new offices in Australia and has obtained a license to acquire card payments …
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