The generative AI revolution received a significant boost from Discover Financial Services with the card network’s announcement early Tuesday it is deploying the artificial-intelligence technology within the Google Cloud platform in Discover’s call center. With the deployment, Discover’s nearly 10,000 customer-service agents will have access to intelligent document summarization through …

Merchants and credit and debit card issuers have controlled the bulk of the narrative, pro and con, about the proposed Credit Card Competition Act since the legislation was reintroduced last year. But now a recent poll from Independent Community Bankers of America says that most consumers feel they would not …

Consumers are not only favoring contactless payments more, they are relying more on their mobile wallets to initiate payments, according to the NFC Forum’s bi-annual Near Field Communication Usage and Adoption study. The study, conducted by ABI Research, reveals that 95% of respondents have left their physical wallets at home …

Looking to dispel criticism that buy now, pay later loans are predatory-lending products, BNPL provider Klarna AB has launched Wikipink, a Web page that details information about its BNPL business, such as repayment rates, late fee rates, and consumer demographics. “By publishing our facts and figures with full transparency, including …

Mastercard merchants will see a network fee increase later this month when Mastercard increases its Acquirer Brand Volume Fee from 0.13% to 0.14%, effective April 15. The increase comes on the heels of last week’s settlement between Visa and Mastercard, on one hand, and merchants, on the other, in their …

Nuvei Corp. announced early Tuesday it has entered into a definitive agreement with private-equity firm Advent International to be taken private in an all-cash deal valued at $6.3 billion. The deal comes less than a month after the Montreal-based processor announced it was fielding offers to take the company private. …

ACI Worldwide Inc. announced early Monday it has signed a 10-year partnership with digital-payments technology provider Arab Financial Services. The deal is expected to accelerate ACI’s push to help financial institutions and fintechs in the Middle East and Africa modernize their digital-payments technology infrastructure, according to ACI. Under the terms …

Customer satisfaction with digital wallets is on the rise, which is helping propel consumer adoption and usage, according to J.D. Power’s newly released 2024 Digital Wallet Satisfaction Study. Despite the increase in customer satisfaction, though, the study found wallets providers still have work to do to raise adoption among both …

Synthetic identity fraud has become the fastest growing form of digital fraud, totaling $3.1 billion in 2023, up from $1.9 million in 2020, a 63% increase, according to TransUnion LLC’s 2024 State of Omnichannel Fraud Report. Criminals are using synthetic identities, which are created from a combination of real and …

New technologies such as generative AI are making it easier for fraudsters to scam consumers, according to the spring edition of Visa Inc.’s 2024 Biannual Fraud Threats report, just released. What makes generative AI such an effective fraud tool is that it can be used to convince consumers to give …