Digital Transactions Authoritative, insightful and timely information for payments professionals
• With sales of EMV payment cards to U.S. credit and debit card issuers down 55% year over year in the second quarter, card producer CPI Card Group Inc. reported that total sales fell 23% to $73.7 million. Due in part to litigation expenses, CPI booked a net loss from …
August, 2016
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10 August
More Than a Quarter of Consumers Expect To Use a ‘Pay’ in the Next Six Months
By Kevin Woodward@DTPaymentNews Mobile-wallet adoption might get a boost through the rest of 2016 as 29% of consumers expect to use a mobile wallet like Apple Pay, Android Pay, or Samsung Pay before the end of the year, finds a survey from Computer Services Inc., a financial-technology company. Most—71%—had no …
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10 August
Oberthur Touts 5-Day EMV Card Production and other Digital Transactions News briefs
• A status conference in the massive credit card interchange case known as MDL 1720 is set for Thursday in U.S. District Court in Brooklyn, N.Y., in the wake of the $5.7 billion settlement in the case being overturned by an appellate court June 30. The case is returning to …
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9 August
Debit Card Issuers Struggle With Higher Fraud on Both Signature and PIN Transactions
By Jim Daly@DTPaymentNews Partly because of a big increase in skimming, debit card fraud rates jumped in 2015 on both signature and PIN-based point-of-sale transactions, according to the 2016 Debit Issuer Study commissioned by Discover Financial Services’ Pulse electronic funds transfer network. The overall fraud-loss rate on PIN POS transactions …
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9 August
Costly Chargeback Queries Help Create a Market for Better Data on Statements
By John Stewart @DTPaymentNews Chargebacks cost issuers millions every year just to investigate, let alone process, so technology companies see an opportunity in reversing the rising tide of cardholder inquiries financial institutions and merchants confront every day. The latest example is a service from financial-data aggregator Yodlee that adds information …
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9 August
OnDeck’s Lending Volume Grows and other Digital Transactions News briefs
• The Michigan Department of Health and Human Services and its Michigan State Disbursement unit are allowing parents who choose a cash option online for child-support payments to make the payments at 7-Eleven and Family Dollar stores, with processing handled by PayNearMe. The arrangement follows a similar venture in which PayNearMe …
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8 August
Quick Chip Could Benefit NFC, But Will That Mean More Mobile-Wallet Usage?
By John Stewart @DTPaymentNews When Visa Inc. and MasterCard Inc. demonstrated their merchant frustration with lengthy certification logjams. The Quick Chip and M/Chip Fast code is available at no cost, and American Express Co. and Discover Financial Services are also offering variants of it. How many merchants will adopt the …
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8 August
Contactless Payments Specialist PayRange Taps Into the Canadian Vending Market
PayRange Inc., a specialist in contactless payments for vending machines, is making good on $12 million in funding it raised last year with a couple of contract announcements. Portland, Ore.-based PayRange said Monday the Canadian National Vending Alliance, a coalition of large vending operators in Canada, will equip all vending …
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8 August
Credit Unions Join Wendy’s Data Breach Suit and other Digital Transactions News briefs
• The U.S. Marshals Service announced that bidder registration began today for its Aug. 22 online auction of 2,719.33 Bitcoins forfeited to the government in various criminal, civil, and administrative cases. The Bitcoins, which will be sold in one block, are worth nearly $1.61 million at today’s price of $590.25 …
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8 August
The Feds Set Their Fifth Bitcoin Auction; Expect More in the Future
By Jim Daly@DTPaymentNews The notion of the federal government auctioning off Bitcoin seized in drug busts and other actions looks like it’s an idea with some staying power. The U.S. Marshals Service on Monday scheduled yet another auction of the virtual currency in the wake of the four it conducted …
