Digital wallets accounted for $13.9 trillion in payments volume last year, or 50% of e-commerce and 30% of point-of-sale spending, according to Worldpay’s Global Payments Report 2024. This will grow to more than $25 trillion by 2027, or 49% of combined point-of-sale and online volume, the report forecasts. Automated clearing house …
Read More »JPMorgan Retains Its Top Acquiring Spot in TSG’s Annual Review
TSG’s yearly review of more than 300 U.S. merchant acquirers is out, and there is little surprise that JPMorgan Chase & Co. retains the top spot with an estimated 2023 U.S. processing volume of $2.4 trillion. While the top three slots in the annual TSG Directory of U.S. Merchant Acquirers …
Read More »Lakers Draft Shift4 And Other Digital Transactions News briefs from 3/20/24
The Los Angeles Rams of the National Football League chose Shift4 Payments Inc. to process ticket sales through Shift4’s Ticketmaster integration. TokenEx, a cloud-based provider of tokenization services to shield personal information in payments, launched a point-to-point encryption service for both online and in-person transactions. The company says the service reduces the scope …
Read More »First-Party Fraud Continues to Bedevil Merchants, Mastercard Says
Chargebacks are always an issue for merchants. While there are numerous programs and indicators to identify fraudulent ones, detecting and managing first-party fraud—that committed by legitimate customers—can be tougher to root out. In response, Mastercard Inc. is pushing its First Party Trust Program, an artificial intelligence-based service that enables merchants …
Read More »Galileo Expands Its BNPL Program And Other Digital Transactions News briefs from 3/19/24
Galileo Financial Technologies said it expanded its buy now, pay later platform to enable banks and fintechs to offer new installment plans post-purchase through the consumer’s existing debit or credit card. North American Bancard launched Payment Links on its platform. These are links merchants can adopt to direct customers to a payments …
Read More »Nuvei Could Be in Play To Be Taken Private by Advent International
Montreal-based Nuvei Corp. early Monday issued a statement confirming it has received interest from potential investors and has created a “special committee” of independent directors to review “expressions of interest” regarding offers to take the company private, as well as other “strategic alternatives.” Private-equity firm Advent International Corp. is making …
Read More »FIS Enlists AI in Fraud Detection And Other Digital Transactions News briefs from 3/18/24
FIS Inc. said its SecurLock service, working with artificial-intelligence technology from the fintech Stratyfy, is set to increase the volume of card transactions accurately identified as fraudulent, allowing clients to stop the transactions before they are consummated. FIS said the technology “was able to deliver a significant improvement of accurately identified …
Read More »As McDonald’s Recovers From a Global Outage, It Looks to Prevention And Accountability
McDonald’s Corp. on Sunday showed signs it had largely recovered from a widespread system outage that began early Friday and shut down service, prevented card payments, and scrambled digital orders for hours at thousands of restaurants around the world. Now, the company is seeking the cause and promising to hold …
Read More »FedNow User Group Formed and other Digital Transactions News briefs from 3/15/24
The Federal Reserve launched a user group for the 607 financial institutions that have signed on so far to participate in FedNow, the real-time payments network the regulator launched last summer with 35 participants, a count that had reached 400 by January. All live financial institutions and certified service providers are eligible …
Read More »Elavon Lands BMO And Other Digital Transactions News briefs from 3/14/24
Processor Elavon, a unit of U.S. Bank, said it will provide a payments platform to BMO. In addition to payment services for credit, debit, and digital payment transactions, Elavon’s services to the bank include customized merchant processing services, omnichannel acceptance, fraud management, and dynamic and multi-currency conversion. Processor Stripe Inc. added support for Apple …
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