Digital Transactions Authoritative, insightful and timely information for payments professionals
By Jim Daly Lawyers for Target Corp. and consumers affected by the big discount retailer’s 2013 data breach were scheduled to meet in U.S. District Court in St. Paul, Minn., today to review a proposed settlement under which Target will pay up to $10 million to customers who suffered financial …
Read More »Pot Payments Piteously Poor in an Otherwise Smokin’ Industry
By Jim Daly Legal U.S. marijuana sales grew 74% to $2.7 billion in 2014 from $1.5 billion the year before, but you wouldn’t know it by the payment card and other electronic payments generated by the budding industry, according to a new research report. Even though about 20 states have …
Read More »Eye on ATMs: BMO Harris Bank’s New Cardless App; Diebold Buys Software Maker
Chicago-based BMO Harris Bank on Monday unveiled a mobile app for cardless ATM cash withdrawals and claimed it has the nation’s largest network of ATMs configured for smart-phone-based withdrawals. Meanwhile, ATM manufacturer Diebold Inc. said it bought a Canadian software company as part of a strategy to offer more software-based …
Read More »EMV Helps Drive VeriFone’s North American Revenues to a Record
Point-of-sale terminal maker VeriFone Systems Inc. continued to ride the U.S. EMV chip card wave in its first quarter of fiscal 2015 as sales of EMV-compliant payment card acceptance systems helped lift North American revenues by 31% to a quarterly record. The San Jose, Calif.-based company late Tuesday reported revenues …
Read More »Apple Data Indicate U.S. Contactless Payment Locations Have Nearly Tripled
Apple Inc. chief executive Tim Cook said Monday that nearly 700,000 U.S. merchant locations now accept the Apple Pay mobile-payment service, compared with the 220,000 locations reported to have accepted the service when it launched last October. Since Apple Pay relies on near-field communication (NFC) contactless technology to enable Apple’s iPhone …
Read More »Reduction in ID-Fraud Losses Surpasses Decrease in Fraud Victims, Study Finds
Some 12.7 million Americans fell victim to identity fraud last year, a big number but down 3% from 13.1 million in 2013, according to Javelin Strategy and Research’s latest annual ID-fraud study. Even better, estimated fraud losses fell 11% to $16 billion from $18 billion in 2013. While those decreases …
Read More »Paydiant Could Provide PayPal With the Elusive Key to the Point of Sale
When it comes to general-purpose mobile payments, PayPal Inc. is far and away the leader, having posted $46 billion in mobile charge volume last year. But recently, the mobile-payments spotlight has been trained on Apple Inc. with its new Apple Pay service, Google Inc. and the suddenly brightening prospects for …
Read More »After Investment and Licensing Trials, Visa To Buy TrialPay Outright
Visa Inc. on Friday reported that it had signed a definitive agreement to buy privately-held TrialPay Inc., provider of an offers platform that connects merchants with consumers through targeted promotions. Visa will integrate TrialPay into its portfolio of services for merchants beyond pure payment processing. Financial terms of the pending …
Read More »JPMorgan Chase says ChaseNet Rollout Is Exceeding Expectations
By Jim Daly JPMorgan Chase & Co. reported Tuesday that 60,000 merchants use its in-house ChaseNet merchant-processing venture and as of January they were generating annualized charge volume of $16 billion. Merchants in the venture include United Airlines, the Marriott hotel chain, DirecTV, 1-800 Flowers, Groupon, Zillow, and Barnes & …
Read More »DoJ, Merchant Group Hail Judge’s Ruling Against AmEx Anti-Steering Rules
By Jim Daly The U.S. Department of Justice and a merchant group focused on payment card acceptance costs Thursday afternoon hailed a federal district judge’s ruling striking down American Express Co.’s rules banning its merchants from steering AmEx cardholders to lower-cost forms of payment. Earlier in the day, New York …
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