Tuesday , November 12, 2019

Final Arguments Heard in MDL 1720 Interchange Suit and other Digital Transactions News briefs from 11/8/19

  • U.S. District Judge Margo K. Brodie heard final arguments from lawyers Thursday on the fairness of a proposed settlement in the 14-year-old MDL 1720 credit card interchange case but, as attorneys involved in the case said was probable, did not make an immediate determination from the bench. Brodie in January gave preliminary approval to the settlement, which could pay more than $5 billion to card-accepting merchants that haven’t opted out of the damages portion of the case.
  • Consumer use of mobile payments rebounded to 2016 levels with the use of any mobile payment at 60% in 2019 compared to 48% in 2018, said Mercator Advisory Group in its “Mobile Payments: Making a Comeback” report. The rate was 53% in 2016. Also, Mercator released its “16th Annual U.S. Open Loop Prepaid Cards Market Forecast, 2019-2023” report.
  • Mastercard Inc. and Tappy Technologies, a token-service provider for wearable devices, said they are collaborating on contactless payments in fashion wearables. The first wearables are watches and straps from Timex Group, beginning the first half of 2020.
  • NCR Corp. reported an 18% third-quarter year-over-year increase in banking revenue to $942 million based on a 55% jump in ATM hardware, software, and services revenue. Revenue in the retail sector rose 12% to $539 million, driven by growth in payments, self-checkout, and services. Total company revenue came to $1.78 billion for the quarter, up 15%.
  • Mitek Systems Inc. said revenue increased 19% year-over-year to $25 million in the fourth quarter of fiscal 2019 ended Sept. 30. The provider of remote deposit capture and identity-verification software reported net income of $3.28 million compared with a $2.13 million loss a year earlier. For all of fiscal 2019, Mitek posted a 33% year-over-year revenue increase to $84.6 million and a loss of $724,000 versus an $11.8 million loss in fiscal 2018.
  • On Track Innovations Ltd., a provider of payment technology based on near-field communication, reported third-quarter revenue of $3.9 million, down from $6.1 million in the year-ago period. The company said its report includes year-ago results for its MediSmart division, which was sold in the fourth quarter last year. Interim chief executive Assaf Cohen announced the appointment of Yehuda Holtzman as the new CEO.
  • Arkose Labs said online fraud increased 30% in the third quarter and bot-driven account registration was up 70%, according to its “Q4 Fraud and Abuse Report.” The activity indicates, in part, criminals testing credentials in advance of the holiday retail season.
  • Research firm eMarketer Inc. forecasted that person-to-person payment transaction volume will grow 27.9% to $396.5 billion in 2020.
  • Unattended Card Payments Inc., a value-added reseller of payment devices for self-service kiosks, said its key-injection facility met the PCI Security Standards Council’s point-to-point encryption validation requirements.
  • Carnival Cruise Line said it now offers the Uplift installment-payment service for U.S. travelers.
  • Intuit Inc. announced it will soon enable instant deposit via bank transfer or credit card payments for its QuickBooks Payments service. The company also said enhancements to its GoPayment payment-acceptance service will allow businesses to get paid three times faster than others that do not use QuickBooks Payments. The new capabilities are part of a range of new features and enhancements Intuit announced for QuickBooks, its popular accounting software.
  • The social fundraising platform GoFundMe launched a previously announced plugin for WordPress that eases acceptance of donations on third-party sites. The plugin is part of GoFundMe Charity, a new set of features for nonprofits.

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