Sunday , July 14, 2024

BNPL Displacing Store Cards and other Digital Transactions News briefs from 6/3/24

  • Buy now, pay later installment plans are displacing store cards among consumers, with 64% of debit card holders reporting they have been offered an installment plan online, up from 45% four years ago, according to The Payments Report from Auriemma Research. Meanwhile, 39% report they own a store card, down from 53% over the past nine years. The report, conducted online in March and April, covered 800 U.S. adult debit card holders.
  • The Illinois state legislature passed a budget that prohibits credit card companies and financial institutions from charging interchange on sales and excise taxes and gratuities, a measure called the Interchange Fee Prohibition Act. Issuers also would not be able to increase their fees to offset the difference, said a press release from Sen. Richard Durbin (D.-Ill.)’s office. The National Association of Convenience Stores said it was a victory for retailers. The Illinois Credit Union has placed advertisements opposing the measure. The state’s fiscal year begins July 1, though a spokesman for Ill. Gov. JB Pritzker said a signing date has not been determined yet.
  • Juniper Research issued a report that says modern card issuing platforms will double the number of cards they issue from 748 million in 2024 to 1.4 billion by 2029.
  • Digital banking and payments provider i2c Inc. said it is working with Affiniti Finance to serve what it says are overlooked small businesses.
  • Nuvei Corp. said it is offering Visa Direct near real-time payments to its clients in Colombia.
  • Nacha’s Payment Innovation Alliance, a membership program, released its Security Incident Response Procedure Guide for Companies to help them when a security incident or breach is suspected.
  • DNA Payments said it is launching Alipay+, a suite of cross-border payments and digitalization products, that will enable more than 50,000 U.K. merchants using DNA Payments’ point-of-sale terminals to accept payments from global tourists, mostly from Asia.
  • Ixopay has appointed former Dwolla chief executive Brady Harris as its CEO, a move that follows the company’s merger with TokenEx. Harris succeeds former CEO, Marc Olesen.

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