Law and Regulation

Unlike Visa and Mastercard, Plaid is not just another credit and debit card company largely beholden to the big banks. It uses modern technology, in a sector that has been slow to adopt it, to create a new payments paradigm. It likely has no plans to issue cards or use …

Finally! No doubt, merchants throughout the country are applauding the Justice Department’s suit against Visa to stop its planned acquisition of Plaid, a potential competitor. For far too long, we’ve witnessed the growth of Visa’s dominance of the debit card business, which has come at a huge cost to America’s …

Independent ATM operators are lauding a proposed rulemaking from the federal Office of the Comptroller of the Currency they say would correct a history of denial of access to banking services for entrepreneurs that install and operate ATMs in retail stores and other locations. Observers say the rulemaking, if adopted, …

Credit cards historically have either been secured by a deposit or tied to a credit limit that remains fixed over time. On Friday, a Toronto-based payments-technology provider announced it is developing an unsecured card that comes with a credit line that varies with cardholder behavior. The Visa-branded Vert card, managed …

Visa Inc. may be stymied for the time being in its quest to enter the increasingly crucial data-networking business, but its archrival Mastercard Inc. now expects to become a key player in that arena by the end of the year. That’s when the number-two card network says it will close …

JPMorgan Chase & Co. is the latest to join the buy now, pay later trend with “My Chase Plan,” which allows holders of Chase consumer credit cards to pay off purchases over time with no interest. A monthly fee applies.Debit card use in mobile wallets soared 58.6% for the week ending …

Visa Inc. on Thursday delivered a rebuke to the Department of Justice’s antitrust lawsuit attempting to block its $5.3 billion acquisition of Plaid Inc., calling the lawsuit “legally flawed and contradicted by the facts.”  The Department of Justice, which had filed the suit hours earlier, charges that Visa’s deal for …

Payments provider Gravity Payments said it is processing mobile transactions for IDS Service360, a new software product that integrates with a management system from Integrated Dealer Systems for RV, marine, and trailer dealers.Coro Global Inc., whose app allows users to make payments backed by physical gold, announced its Coro Corp. unit has …

The Western Union Co. reported third-quarter revenue of $1.259 billion, down 4% year-over-year. Peer-to-peer transactions in the quarter totaled 77.3 million, up 6%.MoneyGram International Inc. reported third-quarter revenue of $323.2 million, down 1% year-over-year on a constant-currency basis. Digital transactions accounted for a 27% share of all money transfers in the quarter.Amazon.com …

National Retail Solutions, a POS platform provider for independent convenience stores, is reselling an EMV at the pump retrofit kit from Sound Payments Inc. under its own brand that can significantly reduce station owners’ EMV compliance costs. NRS is calling the technology the NRS EMV EZ Pump Solution. The retrofit …