Digital Transactions Authoritative, insightful and timely information for payments professionals
The word “regulation” generates little enthusiasm in the merchant-acquiring industry, but it’s more palatable when “self” is the operative adjective rather than “government.” Thus, the Electronic Transactions Association is pushing its new Self-Regulation Program for acquirers, independent sales organizations, and payment facilitators. Launched early this month, the voluntary program requires …
Read More »The World Added 15 Real-Time Payments Systems in the Last Year, and 21 More Are Coming
The world currently has 40 real-time payments systems versus only 25 just a year ago, payment processor Fidelity National Information Services Inc. (FIS) reported Wednesday. What’s more, five such programs are under development, and another 16 should be live in 12 months to 18 months, Jacksonville, Fla.-based FIS says in …
Read More »Full PCI Compliance Drops for the First Time in Six Years, Verizon Reports
Full compliance with the Payment Card Industry data-security standard dropped in 2017 for the first time in six years, according to a report released Tuesday by Verizon Communications Inc. New York City-based Verizon’s PCI-qualified security-assessment service, one of the largest in card-related security industry, says 52.5% of the organizations it …
Read More »The PCI Council Will Take Further Comments on an Updated Point-to-Point Encryption Standard
When security managers and executives gather this week for the PCI Security Standards Council’s annual North America Community Meeting, one of the topics sure to be on their minds is point-to-point encryption (P2PE) of payment card data. The Council reported Friday that it plans to issue a new version of …
Read More »Bay Area Transit Board To Consider a Big Fare Contract, but Open-Loop Payments Aren’t Included
The San Francisco Bay Area’s Metropolitan Transportation Commission next week will consider a $461 million contract with Cubic Transportation Systems to modernize the Clipper fare-payment system used by 22 separate transit agencies in the region. The upgrade will retain the closed-loop Clipper card that uses near-field communication for contactless fare …
Read More »Amazon Could Have a Ready-Made Customer Base for a Bank, Bain Reports
With rumors circulating that Amazon.com Inc. is interested in getting into banking and also preparing to open thousands more cashier-less stores, new research results released by management-consulting firm Bain & Co. claim that a large pool of consumers would be willing to bank with the online retailing giant. “Our survey …
Read More »Credit Card Interchange Settlement Once Again Divides Merchants
Déjà vu, anyone? Similar to its now-moot predecessor agreement from 2012, the proposed $6.24 billion monetary-damages settlement in a big credit card interchange antitrust case announced Tuesday by Visa Inc. and Mastercard Inc. is drawing diverging reviews from merchants. Based on anecdotal comments and the history of the earlier settlement, …
Read More »A $6.2 Billion Pact May Be Only a Prelude to Difficult Haggling Ahead for Merchants And the Card Networks
Visa Inc. and Mastercard Inc. announced early Tuesday that they and defendant banks have agreed to settle for $6.24 billion merchants’ monetary claims stemming from 13-year-old litigation over credit card interchange. Today’s announcements represent the second settlement of the sweeping class action known as MDL 1720 pending in U.S. District …
Read More »AmEx Experiments To Find the Right Solutions for the Post-Plastic World
American Express Co. formed its Digital Labs unit less than a year ago, and it has plenty to do as it evaluates new payment forms and new ways to attract cardholders and merchants. Digital Labs is concerned with digital payments, digital ways of engaging with cardholders, and research and development, …
Read More »Surcharging and Cash-Discount Programs Continue To Attract ISOs
Surcharges and discounts for cash aren’t brand-new pricing tactics, but interest in them by independent sales organizations is rising because of falling legal barriers and the potential profits. Repeated sessions about the topic were packed Thursday at the Western States Acquirers Association annual conference in Scottsdale, Ariz. The presenter was Ryan …
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