Digital Transactions Authoritative, insightful and timely information for payments professionals
Two retailer organizations dissatisfied with a $5.7 billion settlement of a class-action antitrust case alleging unfair credit card interchange rates have filed the next step in their appeal of the settlement. The National Retail Federation and the Retail Industry Leaders Association said Monday they filed a joint brief with the …
June, 2014
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17 June
In a Move That Baffles Experts And Vexes Some Users, PayPal Drops Remote Capture
With its abrupt move over the weekend to discontinue mobile remote capture of checks, PayPal Inc. has puzzled payments experts and vexed at least some users. Some PayPal devotees took to Twitter on Sunday to post their reactions, which were generally negative. “I was told today you all won't be …
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16 June
E-Commerce Gateway Services Provider Digital River Flows Into Bitcoin’s Expanding Sea
Payment-gateway services provider Digital River Inc. announced Monday that it is adding Bitcoin as a payment option for its small and mid-sized U.S. e-commerce merchants. The Minnetonka, Minn.-based firm thus apparently becomes the first U.S.-based gateway to support the leading virtual currency. n “Bitcoin continues to attract more mainstream attention,” …
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12 June
Estimates Vary, But There’s No Doubt: EMV Cards Soon Will Be in Millions More Wallets
The conversion of U.S. magnetic-stripe credit and debit cards to the Europay-MasterCard-Visa (EMV) chip card standard is about to shift into high gear, and the payments forecasters are busier than their counterparts at The Weather Channel just before a hurricane’s landfall. The EMV Migration Forum, an affiliate of the Princeton …
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12 June
EMV Acceptance Likely To Get A Boost When Walmart Chip Cards Begin Showing Up
The debut this summer and later in the year of chip cards for cardholders of Walmart and Sam’s Club branded credit cards likely will spur other retailers to accept the new payment card technology. That’s the finding from a Digital Transactions News survey that asks if the issuance of …
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12 June
Mobile Deposit for Prepaid Cards And Wallets Poses Heightened Fraud Risk, A New Study Finds
The technology to deposit checks into prepaid cards or mobile wallets using a smart phone is less than two years old, but already the channel is proving to be 33 times more prone to fraud than mobile deposits into bank accounts, according to data from Fidelity National Information Services Inc. …
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11 June
Beyond Credit Scores: Affirm Launches Deferred And Installment Credit for Online Sales
Transactional credit providers have been few and far between. Bill Me Later launched 14 years ago and was snapped up by eBay Inc. in 2008. BillFloat Inc. started up four years ago and has changed its name to Better Finance Inc. It’s a challenging business requiring close attention to funding costs and …
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11 June
FDIC Consent Order Restricts The Bancorp Bank’s Dealings With ISOs And Merchants
The parent company of major prepaid card issuer The Bancorp Bank on Wednesday disclosed that the bank had entered into a consent order with the Federal Deposit Insurance Corp. that places restrictions on its dealings with independent sales organizations. The order also prevents the bank in some instances from issuing …
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9 June
Amazon Finesses Payments by Adding Recurring Billing to Its Log in And Pay Feature
Recurring billing is now available from Amazon Payments, putting the online payment service from Amazon.com Inc. on more equal footing with competitors that already offer the feature. n And when consumers update their payment cards, such as to replace an expired card, the update applies to payments made to merchants. …
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9 June
PayPal Chief Marcus Quits, Takes Payments Expertise to Social Network Giant Facebook
EBay Inc. confirmed on Monday that David Marcus, president of its PayPal Inc. unit, is leaving to take a job at social-network giant Facebook Inc. John Donahoe, chief executive of eBay, will run PayPal until a successor is found for Marcus, who will remain at PayPal until the end of …