Monday , April 22, 2024

Search Results for:

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 …

Read More »

Mastercard’s Real-Time Canada Move and other Digital Transactions News briefs from 4/15/24

Mastercard Inc. said it is working with payments-technology platform VoPay to offer what the partners say will be near-real-time money-movement service in Canada. The service relies on Mastercard Move, a set of funds-transfer options. The Merchants Payment Coalition, which advocates for passage of the Credit Card Competition Act, cited the recent profits …

Read More »

PayPal And Venmo’s Visa+ Entry Could Aid Interoperable P2P Payments

Enrolling PayPal and Venmo into the Visa+ interoperable peer-to-peer payments system may help foster even more P2P transactions, an analyst says. Visa Inc. earlier this week announced the two P2P wallets from PayPal Holdings Inc. had been enabled in the United States for Visa+. Users can sign up for a …

Read More »

Wallets Aren’t Prepaid Cards, Says a Federal Judge in Opposing Fee Disclosure Rules From the CFPB

For the second time, PayPal Holdings Inc. has prevailed against the Consumer Financial Protection Bureau. This time, the case involved the Bureau’s effort to require PayPal to make disclosures regarding its fees associated with digital wallets. U.S. District Judge Richard Leon ruled Friday that wallets are not prepaid cards and …

Read More »

PayPal, Venmo Activate Visa+ and other Digital Transactions News briefs from 4/2/24

Visa Inc. announced PayPal and Venmo have activated Visa+, its interoperable peer-to-peer payments service that enables users in one P2P service to make a payment to another person using another network. Fintech Current and The Western Union Co. are expected to enable Visa+ next, Visa said. The service’s B2C payout capability has …

Read More »

AirAsia and Trip.com in Payments Collab and other Digital Transactions News briefs from 4/1/24

Travel platform Trip.com Group said it will work with Capital A Berhad, parent of the airline AirAsia, to support ticketing, payments, and other functions. Visa Inc. has been announced as a founding partner of Bay FC, a new Bay Area women’s professional soccer franchise in the National Women’s Soccer League. Dime Community Bancshares launched …

Read More »

Elavon Lands BMO And Other Digital Transactions News briefs from 3/14/24

Processor Elavon, a unit of U.S. Bank, said it will provide a payments platform to BMO. In addition to payment services for credit, debit, and digital payment transactions, Elavon’s services to the bank include customized merchant processing services, omnichannel acceptance, fraud management, and dynamic and multi-currency conversion. Processor Stripe Inc. added support for Apple …

Read More »

PayPal Adds Tap to Pay on iPhone And Other Digital Transactions News briefs from 3/7/24

PayPal Holdings Inc. said Tap to Pay on iPhone is available for all Venmo business profile and PayPal Zettle users in the United States. Tap to Pay on iPhone enables merchants to accept contactless payments using an iPhone with no extra hardware, only a payments app. The service had been in …

Read More »

CFPB’s New Card Late Fees Cap and other Digital Transactions News briefs from 3/5/24

The Consumer Financial Protection Bureau finalized a rule that caps late fees on credit card payments to $8, down from a typical $32. The rule goes into effect 60 days following its publication in the Federal Register. Other provisions include ending automatic annual inflation adjustment on the fee and requiring larger card …

Read More »

Zelle Posts Strong Growth for 2023 And Its Single Largest Quarter for Growth in Q4

Zelle, the peer-to-peer payment network operated by Early Warning Services LLC, announced late Monday a 28% increase in transaction volume in 2023 and that the fourth quarter of 2023 was its single largest quarter based on volume since its launch in 2017. Overall, Zelle handled 2.9 billion transactions totaling $806 …

Read More »

COMMENTARY: The Only Sure Thing These Days Is the Need for Improved Cross-Border Payments

There are a lot of conflicting economic forecasts about what lies ahead for the rest of 2024. Of course, it is said that economic forecasting exists only to validate astrology, but two things are certain: increased global trade and shifting populations due to migrations by higher-income-seeking migrant labor. Both of …

Read More »

You Can Attribute Google Pay’s Demise to Weak Market Share And Google Wallet’s Popularity, Experts Say

Alphabet Inc.’s decision to discontinue Google Pay in the U.S. market, including its peer-to-peer payments capability, effective in June is not entirely an unexpected move, experts say, as the app has a more popular sibling in Google Wallet. And, they note, it lacks the market share of competing digital wallets. …

Read More »

Visa and GSMA In Education Tie-up And Other Digital Transactions News briefs from 2/26/2024

Visa Inc. and the GSMA Mobile for Development Foundation launched Digital Finance for All, a five-year program aimed at increasing access to digital finance for some 20 million persons in Africa, Asia, and Latin America. RevSpring Inc. launched a new scoring model for its Engage IQ service that evaluates the quality of …

Read More »

Block’s Dorsey: Cash App Is Your New Bank, And Square May Enlist ISOs

Block Inc. posted double-digit increases in net income for its December quarter and for 2023, but its co-founder and chief executive let it be known late Thursday the company has work to do. “Across the board, we’ve been going through an exercise in how we work so we can move …

Read More »

Google Pay’s U.S. Sunset And Other Digital Transactions News briefs from 2/23/24

Alphabet Inc. will discontinue Google Pay, including its peer-to-peer payments capability, in the U.S. market on June 4, though it will maintain a Google Pay website.  In the place of Google Pay, which launched amid much fanfare in 2011, Alphabet is promoting Google Wallet, which appeared in 2022 with wider functionality than payments, …

Read More »

Booming Same-Day ACH Volume Is Up 22%

Volume for automated clearing house transactions cleared and settled on the same day they’re initiated increased 22.3% in 2023, signaling the embrace of same-day ACH by the payments industry, Nacha says. Same-day processing was launched nearly eight years ago. Nacha, a rulemaker for the ACH network, says overall ACH volume …

Read More »

BofA Zelle Users at 21.5 Million And Other Digital Transactions News briefs from 2/13/24

Bank of America reported an all-time high 21.5 million customers now use the peer-to-peer payments network Zelle. BofA customers last year sent and received 1.24 billion Zelle payments totaling $373 billion, both also record highs. In the fourth quarter, Zelle send transactions were double the number of checks written, the bank …

Read More »

Fiserv Logs Robust Results in Its Merchant Unit As Its Clover Tech Surges Ahead

Fiserv Inc., already a behemoth in merchant processing, is preparing to straddle its twin pillars of acquiring-bank relationships, on the one hand, and its own acquiring operations through a Georgia bank charter, on the other. The charter, which the big processor applied for last month, has “a very specific purpose,” …

Read More »

Consumers Are Spending More On Gift Cards As P2P Apps Open As a Channel

Prepaid card spending is on the rise, according to Fiserv Inc.’s annual Prepaid Consumer Insights Study. Some 69% of consumers surveyed say they purchased the same number of gift cards, or more, in 2023 compared to 2022. In addition, 40% of  buyers are putting at least $50 on gift cards, …

Read More »

Bit.Store’s Crypto Card And Other Digital Transactions News briefs from 1/22/24

Digital-currency platform Bit.Store launched its Visa Virtual Crypto Card, a prepaid card that can store Bitcoin and offers cashback rewards on transactions. The social-media platform X has reportedly established a “dedicated account” that could transact in cryptocurrency for the platform’s expected peer-to-peer payments service. There has been no official word so far from X, formerly …

Read More »
Digital Transactions