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News

October, 2014

  • 14 October

    AmEx Converts Rewards Points Into Cash for Transactions at McDonald’s

    American Express Co. is making it easier for its cardholders to use their points to buy a Big Mac sandwich at McDonald’s restaurants in the United States. The card issuer announced Tuesday that AmEx rewards points now can be used to pay for purchases at select McDonald’s locations with national …

  • 13 October

    Merchant Processor TransFirst Trades Private-Equity Owners While IPO Put On Hold

    Merchant acquirer TransFirst Inc. has a new owner. Private-equity firm Vista Equity Partners, San Francisco, is buying Hauppauge, N.Y.-based TransFirst for an undisclosed amount, TransFirst announced Monday. This summer, TransFirst, which has more than 200,000 merchants, had planned a partial initial public offering with its current owner, Welsh, Carson, Anderson …

  • 10 October

    COMMENTARY: How History Is Repeating Itself With Apple Pay

    If you are an issuer of Visa or MasterCard, your deadline for participating in the Apple Pay service set to debut later this month has already passed. It was Tuesday, and issuers didn’t have much time to think about it (let alone perform a technical due diligence or negotiate terms). …

  • 9 October

    First Data Chief Bisignano Hails New Spirit of Innovation, Asks To Be ‘Graded’

    A humble Frank Bisignano told top non-bank acquirer executives Thursday that his company, processing giant First Data Corp., wasn’t “always good” at listening to its clients and asked the audience to hold him “personally accountable” for the company’s performance in the coming year. Bisignano, a former JPMorgan Chase & Co. …

  • 9 October

    U.S. Mobile Payments Forecasted to Reach $3.5 Billion in 2014

      Making a mobile payment is not commonplace yet, but the trend is heading that way, at least if a forecast from research firm eMarketer Inc. holds true. Mobile payments in the United States in 2014 are predicted to reach $3.5 billion, more than double the 2013 figure of $1.59 …

  • 8 October

    Discover Exec Warns Top ISO Execs They Face Loss of Relevance in Wake of Apps

    The arrival of technology companies and other new players in the payments business has left merchant processors scratching their heads over how to work with these emerging brands. Companies like Apple Inc., which has the potential to change both consumer and merchant behavior, have sent independent sales organizations scrambling to …

  • 8 October

    Heartland CEO Predicts Apple Pay Will Force MCX To Abandon Mobile-Wallet Exclusivity

    Never one to mince words, Bob Carr, chief executive of the big merchant acquirer Heartland Payment Systems Inc., predicts that demand for Apple Inc.’s new Apple Pay mobile-payment service will force the retailer-controlled Merchant Customer Exchange (MCX) to abandon a policy of requiring its members to accept only MCX’s CurrentC …

  • 8 October

    Clover Adding Apple Pay Contactless And In-App Capabilities to Its POS System

      Clover Network Inc., maker of the Clover tablet-based point-of-sale system, will be ready to accept Apple Pay contactless payment and in-app transactions when the scheme is released some time this month. That’s the word from Leonard Speiser, Clover co-founder and president. The Clover POS system will be able to …

  • 7 October

    Boku Emboldens Mobile Carrier Billing Position With mopay Acquisition

      San Francisco-based Boku Inc. has bought mopay Inc., bolstering its position among carrier billers, Boku announced Tuesday. Germany-based mopay, with a U.S. office in Palo Alto, Calif., says it processes more than 5 million monthly transactions and works with more than 400 mobile operators. Boku has built connections to …

  • 7 October

    Warning: The EMV Chip Card Conversion Will Be Slow and Fraught With Peril

    The conversion of U.S. payment cards from the aging magnetic stripe to the Europay-MasterCard-Visa chip card standard will hardly be a seamless transition. That’s the word from a payments researcher and Canadian retail experts who spoke on a panel at a payments conference Tuesday near Chicago. The warnings came a …

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