Saturday , February 17, 2018

News

February, 2018

  • 16 February

    Senators’ Letter on Pot Won’t Sway Card Networks, But Could Parry Sessions’s Thrust

    The efforts of 18 U.S. senators to persuade the Senate Appropriations Committee to honor state laws for legal cannabis are not expected to sway Visa Inc. and Mastercard Inc. to drop their prohibitions on marijuana-related purchases over their networks. Earlier this week, a group spearheaded by Sens. Michael Bennett (D) …

  • 16 February

    POS Malware Hides in Plain Sight; 18 Senators Vs. Jeff Sessions; Plus Weekly Recap from 2/16/18

    The cryptocurrency Litecoin was still riding high Friday morning following a mid-week announcement that a new entity called LitePay Inc. will provide merchant processing in 41 countries, including the United States, starting Feb. 26. As of mid-morning, Litecoin traded at $220, up 38% from $160 at noon Tuesday. Also this …

  • 15 February

    A New POS Software Malware Strain Avoids Detection By Fitting in With the Crowd

    A new point-of-sale software malware strain wants its victims to think it is a nondescript bit of code that computers and networks commonly use when surfing the Internet. Uncovered by investigators at Austin, Texas-based Forcepoint, a data-security services provider, the malware, dubbed “UDPos” by Forcepoint, attempts to conceal itself in …

  • 15 February

    U.S. Bank To Pay $613 Million in Penalties and other Digital Transactions News briefs from 2/15/18

    The Accredited Standards Committee X9 Inc. and the PCI Security Standards Council announced they will jointly develop a unified PIN-security standard. Currently each organization maintains a separate standard for PIN use, which could result in an entity being subject to one or both of the existing standards. The joint effort …

  • 15 February

    Operation Choke Point Lives on in Actions by Other Federal Agencies, ETA Chief Warns

    While the U.S. Department of Justice’s Operation Choke Point initiative ended last year, over-zealous efforts by other federal agencies threaten law-abiding payments companies in the same way Choke Point did, the chief executive of the Electronic Transactions Association warned Congress on Thursday. Testifying before the House Financial Services Subcommittee on …

  • 15 February

    Eye on Acquiring: Shopify’s Volume Booms; North American Revenues Grow for Global Payments

    More sales on its commerce platform and more payment-processing business from its merchants translated into a 71% revenue increase for Shopify Inc. in the fourth quarter. And the big merchant acquirer Global Payments Inc. reported Thursday that its North American revenues grew 9% in the quarter. Ottawa, Ontario-based Shopify, which …

  • 15 February

    The Rise of Chargebacks

      Did you know that the typical business will only hear from around 4 percent of their unsatisfied customers? That leaves the remaining 96 percent with the potential to file a chargeback against a merchant’s business, negatively impacting their bottom line. The ability to maintain positive cash flow is one …

  • 14 February

    Currencycloud Eyes U.S. Expansion in Bid for More International Payments Volume

    Currencycloud, an international payments platform based in the United Kingdom, has hired a U.S. general manager in a push to capture more cross-border payments volume from U.S. merchants. Currencycloud announced Richard Arundel as the general manager of Currencycloud North America. Arundel, a co-founder of Currencycloud, spent the past two years …

  • 14 February

    As Players Jockey for Position, Faster Payments Will Total $650 Billion This Year

    Last year, the Federal Reserve set a goal of having ubiquitous faster payments available in the United States by 2020, and now the first estimates are emerging of just how much dollar volume will flow across systems already in place and in progress. The total will come to $650 billion …

  • 14 February

    Eye on Online Payments: Groupon+ Snags 2.7 Million Cardholders; Western Union’s Online P2P Volume Rises 22%

    Online and mobile offers provider Groupon Inc. reported Wednesday that 2.7 million Visa and Mastercard card holders are using its new Groupon+ service to get discounts at restaurants without presenting a voucher. And wire-transfer provider The Western Union Co. says its online consumer-to-consumer payment transactions rose 22% in the fourth …