News

April, 2024

• 22 April

  Despite Increasing Ransomware Attacks, Fewer Victims Are Paying 

  

  Despite a spike in ransomware attacks, fewer companies are paying ransom demands to free their data. A report from ransomware-remediation firm, Coveware Inc. reveals that just 28% of companies hit by a ransomware attack during the first quarter of 2024 paid, a record low. The trend comes as ransomware attacks …
• 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 …
• 22 April

  Apple Wallet Open in Europe? and other Digital Transactions News briefs from 4/22/24

  

  The European Commission’s antitrust regulators are likely to approve, perhaps as early as next month, proposals from Apple Inc. that would open the iPhone’s NFC capability to wallets that rival Apple Pay, Reuters has reported. If accepted by the regulator, the proposals would end a four-year inquiry that otherwise could have led …
• 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

  Beyond payment acceptance – Leveraging APIs and open banking to provide more value

  

  By Steven Velasquez, Senior Vice President and Head of Partner Business Development – U.S. Bank | Elavon The emergence of open banking, financial services APIs, and banking as a service has changed the landscape of the payments ecosystem. It is no longer enough to offer integrated payments with your software …
• 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 …