Law and Regulation

From a merchant perspective, one of the most harmful features of today’s card networks is default pricing. One merchant advocate succinctly described the anti-competitive impact of default pricing, stating, “with default pricing, banks have no incentive to compete for merchants’ business.”  Today, individual merchants are forced to face off against …

Less than a month after Paysafe Group Holdings Ltd. announced processing online gambling transactions will become a primary focus for the company, the strategy is quickly paying dividends as the processor has expanded its relationship with Golden Nugget Online Gaming Inc. to Michigan. The deal is an outgrowth of online-gambling …

Paysafe Group Holdings Ltd. said Thursday it is launching in the U.S. market a digital version of its Visa-branded Skrill prepaid card. A Web version is available now, while an app that works with Paysafe’s Skrill wallet coming later this year. As with physical version of the card, the virtual …

Certegy Payment Solutions LLC added a white-label version of its buy now, pay later service that enables merchants to add their own branded BNPL option.Buy now, pay later specialist Quadpay Inc. said its inaugural “Quadpay Fest” sale, which offered deals to users over a four-day period, saw 40% of purchases on average made …

The Diem cryptocurrency, once known as Libra, has undergone so much change in the past year that some observers at least might argue it’s almost an entirely different project. The latest development emerged late Wednesday with the announcement that the Diem Association is moving its operations from Switzerland to the …

Pressure may be building on the Federal Reserve to take action on a debit card interchange-fee regulation that it has left intact for 10 years despite sweeping changes in the payments business, including an onrush of e-commerce transactions over the past year. In part, observers are reacting to a report …

Flywire Corp. said users of its education payment service can now use Discover and Diners Club International cards to pay tuition and fees at educational institutions served by Flywire.The chief executives of 21 banks plus Fiserv Inc. and Jack Henry & Associates signed a letter committing their organizations to real-time bill …

Square Inc. continues to build out delivery services for its Square Online platform with the addition of liquor delivery. Merchants using Square Online that sell liquor can offer customers the option to purchase alcohol from the store’s Web site and have the order fulfilled through Square’s delivery partner DoorDash Inc. …

The PCI Security Standards Council says its new Terminal Software Module, which is part of version 1.1 of the PCI Secure Software Standard introduced last week, offers a more flexible approach to testing the security and integrity of payment software. The Terminal Software Module is the third module to be …

Merchants have complained for years that they pay too much for debit card acceptance. Late last week, they took their beef to the federal courts with a lawsuit alleging a ceiling set on debit card fees a decade ago by the Federal Reserve is too high and seeking to have …