Saturday , March 23, 2019

News

March, 2019

  • 22 March

    Debit Card Issuers’ Authorization Costs Fell 54% in Eight Years, the Fed Reports

    Debit card issuers subject to the Durbin Amendment’s interchange price controls saw their average authorization, clearing, and settlement expense, excluding fraud, fall to 3.6 cents per transaction in 2017, down 54% since 2009, the Fed reported Thursday. The Durbin Amendment to 2010’s Dodd-Frank Act requires the Fed to issue a …

  • 22 March

    Mastercard’s Contactless Transit Announcement and other Digital Transactions News briefs from 3/22/19

    Mastercard Inc. announced contactless-payment capability will go live in 20 U.S. cities “within the next few years,” starting with subway and bus systems later this year in New York City, where the company is working with transit-technology firm Cubic Transportation Systems. Bitmo, a startup that offers mobile gift cards that …

  • 22 March

    Tech-Supplier Avnet Finds Bitcoin Acceptance Is ‘Not As Hard As You Think’

    Avnet Inc., a technology supplier for industries as diverse as automotive, communications, energy, and wearables, quickly has found that accepting Bitcoin via BitPay Inc. is a hit, especially with the Bitcoin mining industry. Atlanta-based BitPay announced this week that Phoenix-based Avnet uses it for Bitcoin and Bitcoin Cash transactions. With …

  • 21 March

    Priority Technology Blames a Mastercard Subscription Rule for Its $19.5 Million Revenue Hit

    Merchant processor Priority Technology Holdings Inc.’s fourth-quarter revenues fell by $19.5 million, a drop of 16.5%, in the face of a new Mastercard Inc. rule change tightening consumer notices on subscription billings. “This decline was being driven by one factor and one factor only,” Priority chairman and chief executive Thomas …

  • 21 March

    eBay Adds Google Pay and other Digital Transactions News briefs from 3/21/19

    The eBay Inc. online marketplace is adding Google Pay as a payment option as it rolls out its new managed-payments platform to sellers. Google Pay will be activated in April and will be available via the app or mobile Web, and users will be able to use it on desktops …

  • 20 March

    The Future of Tokens Will Extend Beyond Payments

    As more and more companies adopt tokens as a proxy for the primary account number and other sensitive payment data, the day is fast approaching when the utility of the technology will move beyond the payments box. That’s the forecast from Nate Morgan, senior director for product management at CyberSource, …

  • 20 March

    Chase Replacing Prepaid Liquid Card With a Bank Account

    Banking giant JPMorgan Chase & Co. is discontinuing its Chase Liquid general-purpose reloadable prepaid card and replacing it with a checking account called Chase Secure Banking, which has many of the same features but requires the customer to open a Chase bank account. Launched in 2012 and aimed mainly at …

  • 20 March

    In an Active Week for Worldpay, the Big Processor Says It Will Be Amazon Pay’s First Acquirer

    As if the announcement of its pending merger with Fidelity National Information Services Inc. wasn’t enough news for one week, Worldpay Inc. on Wednesday said it will acquire Amazon Pay transactions for online merchants. The news means Cincinnati-based Worldpay has become the first merchant acquirer to work with the retailing …

  • 20 March

    The Fed’s Defining Security Moment and other Digital Transactions News briefs from 3/20/19

    The Federal Reserve announced the 22 members of its new Fraud Definitions Work Group, another component of its sweeping Payment System Improvement Project. The group, which comes from the banking and payments industries, regional Fed banks, and other organizations, will work with Fed leaders on recommendations for improving the quality …

  • 19 March

    The Cboe’s Move to Stop Bitcoin Futures Trading May Not Be All That Hard a Hit

    The decision by Cboe Global Markets Inc. to shut down its Bitcoin futures market, news of which emerged late last week, may have been seen as yet another blow to the digital currency’s bid for mainstream respectability. But in some respects Bitcoin may not be any worse off for the …