Tuesday , March 31, 2020

RILA Urges Lower Durbin Debit Cap and other Digital Transactions News briefs from 2/11/20

  • The Retail Industry Leaders Association issued a statement calling on Congress to press Federal Reserve Board chairman Jerome Powell to “set a true rate” for debit card transactions that would reflect the intent of the Durbin Amendment to the Dodd-Frank Act. The amendment regulates debit card transaction pricing for large issuers. Powell is scheduled to testify before Congress this week. RILA argues the 21-cent Durbin cap needs to be updated because issuers’ costs have fallen from 7 cents to 3 cents per transaction since 2009.
  • Data from Juniper Research indicates contactless payment volume globally will reach $6 trillion annually in 2024, tripling the total value projected for this year, driven primarily by growth in the U.S. market, where contactless volume is expected to balloon from $178 billion in 2020 to $1.5 trillion in 2024.
  • Shift4 Payments LLC said its SkyTab tableside point-of-sale terminal now enables ordering in addition to payments.
  • BitPay Inc. and Poynt Corp. jointly announced that Poynt point-of-sale devices now have BitPay’s cryptocurrency capabilities built in at more than 100,000 merchants globally. A quick-response code scan at the device allows consumers to pay with Bitcoin, Bitcoin Cash, Ethereum, and three stablecoins tied to the U.S. dollar.
  • Merchant payments and software provider Square Inc. said its Square for Retail point-of-sale product is now available on Square Register, an integrated POS system built for larger sellers.
  • Euronet Worldwide Inc. said its money-transfer segment, which includes the Ria brand, handled 29.7 million transactions in the fourth quarter, up 4% year-over-year. The segment processed 114.5 million transactions in all of 2019, a 6% increase from 107.6 million in 2018. Euronet is unifying two of its international money-transfer brands, HiFX and xe, under the xe brand.
  • Diebold Nixdorf Inc. reported fourth-quarter net sales of $1.15 billion, down 9.4% year-over-year on a constant-currency basis. The ATM and retail hardware and software provider reported net sales of $4.41 billion for 2019, off 0.4% from 2018 on a constant-currency basis. The company, which reported losses of $122.6 million in the fourth quarter and $341.3 million for the year, expects total revenue of $4.2-$4.3 billion in 2020.
  • Installment-payments provider Afterpay named Geoff Seeley, a former Airbnb executive, as its first global chief marketing officer.
  • Buy-now-pay-later provider Klarna Bank AB launched its Consumer Council, which will seek consumer input on shopping.
  • Apple Inc. has joined the Fido Alliance, according to 9to5mac.com. Apple’s logo also appears on the Fido Alliance site as a board level member.

Check Also

With Stimulus Cash Pending, a Fintech Works With Banks to Get Money to the Underbanked

With the U.S. House of Representatives expected to sign off Friday on a $2 trillion …

Do NOT follow this link or you will be banned from the site!