Point-of-sale

April, 2024

• 23 April

  Same-Day ACH Volume Maintains Growth Pace

  

  Same-day ACH transactions helped fuel a strong first quarter for the automated clearinghouse network. Nacha, the governing body for the automated clearing house network, reported early Tuesday that same-day ACH transactions totaled 273.7 million during the quarter, a 47% increase from the same period a year ago. The dollar value …
• 23 April

  A Fast-Expanding Clover Provides a Hot Engine for Growth at Fiserv

  

  Fiserv Inc. has been an acquisitive payments processor in recent years, but it’s a deal the company concluded nearly five years ago that is energizing growth at the company. Fiserv’s $22-billion acquisition of First Data Corp. in the summer of 2019 brought Clover, a set of point-of-sale technologies that today …
• 23 April

  MPC’s New CCCA Ad and other Digital Transactions News briefs from 4/23/24

  

  The Merchants Payments Coalition released a 30-second TV ad that says the Credit Card Competition Act, a measure that would stipulate merchants have credit card routing choices, would prohibit China’s credit card network UnionPay from processing U.S. credit card transactions. Currently, no regulation prohibits that the MPC says. The CCCA, if passed, would …
• 22 April

  Amid Many Changes, Acquirers Retain Their Importance Among Card Brands

  

  Though the big news about Discover Financial Services is its pending acquisition by Capital One Financial Corp., the acquiring segment remains vital to the card brand. “Our business model, being a network rail, is the right space for us,” Judith McGuire, Discover senior vice president of global products, told Digital …
• 19 April

  Time Will Tell on How Soon Pay by Bank Goes Mainstream

  

  Open banking, the ability for third-party developers to access financial data in traditional banking systems, as defined by Stripe Inc., may provide one component for a new payment type, at least one that has limited use today. Pay by bank, a payment method that enables an online payment without the …
• 19 April

  COMMENTARY: Don’t Take It Any More! It’s Time for the Payments Industry to Fight Back (Part II)

  

  (Editor’s note: This is Part II of a two-part article. Part I appeared Thursday.) Interchange fees paid by merchants are the credit card industry’s second-largest revenue source. For debit cards and neobanks, these fees are a primary revenue source. The 2010 Dodd-Frank Act imposed price controls on debit interchange fees …
• 19 April

  AmEx’s Encouraging Results and other Digital Transactions News briefs from 4/19/24

  

  American Express Co. reported first-quarter 2024 revenue of $15.8 billion, up 11% from the same period last year, and billed business of $367 billion, up 6%. Net income grew 34% to $2.44 billion. Affinipay, a payments platform specializing in the legal and accounting professions, said it has expanded its LawPay and …
• 18 April

  In an Abbreviated Call, Discover Sticks to the Numbers And Stays Mum About Cap One

  

  Executives at Discover Financial Services Inc. early Thursday cut short their first-quarter 2024 earnings call, saying in advance they would not take questions after the presentation. Instead, equity analysts listening to the presentation were told to direct questions to Discover’s investor-relations team. On the call, executives duly reported a significant …
• 18 April

  COMMENTARY: Don’t Take It Any More! It’s Time for the Payments Industry to Fight Back (Part I)

  

  The Cato Institute’s Nicholas Anthony warned recently that the Biden Administration is waging “a war on (payments-industry) prices.” The payments industry provides services funded by a range of fees paid by consumers and businesses. Demagogic regulators and politicians pillory industry fees as exploitative, as “junk fees,” and “a tax.” These …
• 18 April

  PAX’s Network Tech and other Digital Transactions News briefs from 4/18/24

  

  Point-of-sale technology provider PAX Technology Inc. introduced Airlink, networking technology that provides payment connectivity in outdoor settings and other venues where wireless Internet or other network service may be unavailable or insufficient. Mastercard Inc. introduced what it calls a mobile virtual card app, which is aimed at financial institutions and supports the loading …