Saturday , February 23, 2019

Credit Cards

Evertec’s Payment Volumes Surge as Hurricane-Ravaged Puerto Rico Recovers

Puerto Rico-based payment processor Evertec Inc. suffered along with the rest of the island when hurricanes Irma and especially Maria swept through in September 2017 and destroyed homes, businesses, and the electrical grid, but now Evertec’s payment volumes are surging as the island recovers. Puerto Rican transaction volumes were up …

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The Brooklyn Federal Court Gives a ‘Preliminary’ OK to a $6.24 Billion Deal in Interchange Case

The federal court handling the long-running class-action litigation between merchants on one hand and big banks and Visa Inc. and Mastercard Inc. on the other announced on Friday it has granted “preliminary approval” to a settlement that could award between $5.54 billion and $6.24 billion to merchant plaintiffs. The parties …

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PayPal Debuts Rainbow Card for Venmo and other Digital Transactions News briefs from 2/22/19

PayPal Holdings Inc. introduced a so-called rainbow card for users of its Venmo peer-to-peer payments service. The colorful plastic, available for a limited time, is the latest version of a debit card PayPal launched last year to allow users to pay merchants with their Venmo balance. As with the original …

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Goldman Sachs in Apple Credit Card Deal and other Digital Transactions News briefs from 2/21/19

Apple Inc. and the Goldman Sachs Group Inc. will begin issuing a joint credit card this spring, The Wall Street Journal reported. The new card will tie into the Apple Wallet. Apple’s brand already is on a credit card issued by Barclaycard. It is unknown what will happen to that …

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NAB Integrates With Vend and other Digital Transactions News briefs from 2/20/19

Payments provider North American Bancard Holdings LLC said it is integrating its capabilities with retail-management and point-of-sale software provider Vend. The joint service will be available to retailers through NAB’s resellers. Digital Debit Group, a unit of Qondado LLC, released a Quick Response code-based app for iOS and Android devices …

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Apple Pay Adoption Reaches 43% of iPhone Users, Up From 36% Just Five Months Ago

Apple Pay adoption show no signs of abating, with an estimated 43% of iPhone users across the globe enabling the mobile-payments service, says Loup Ventures LLC in a research note released Tuesday. That’s up from 36% in September and 20% in December 2017. Other estimates from the Minneapolis-based venture-capital firm …

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ATM Deployer Paramount Makes Acquisition and other Digital Transactions News briefs from 2/19/19

ATM and payment-services provider Paramount Management Group LLC acquired CAI—The ATM Company, an independent deployer with thousands of ATMs in New Jersey, New York, Connecticut and other states. Terms of the acquisition were not disclosed. A partnership between Transaction Network Services and P97 Networks has processed in-dash fuel payments for …

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A Coming Boom in Voice Commerce? and other Digital Transactions News briefs from 2/18/19

Voice commerce accounted for only 1% of U.S. online purchases last year, but is projected to grow to 5% by 2023, research firm Euromonitor International said. Research and consulting firm Mercator Advisory Group released the “Securing E-Commerce: Competing Technology Crowds the Market” report that examines e-commerce fraud and measures and …

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COMMENTARY: Tired of Payments Fraud? Maybe It’s Time to Give Blockchain a Try

On the heels of a robust holiday shopping season come some sobering statistics. The recently released 2018 “True Cost of Fraud” study by LexisNexis Risk Solutions shows a 35% increase in fraud for midsize to large e-retailers over 2017. In the retail sector, the monthly average of fraudulent transactions jumped to 306 from …

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Chase’s New Token Is Strictly Intrabank, And Won’t Be Coming to Consumers Any Time Soon

For years, banking and payments veterans have dismissed cryptocurrencies like Bitcoin but at the same time have shown interest in the digital currencies’ underlying technology, the blockchain. Now one of the world’s biggest banking titans is testing its own blockchain-based token, but its restriction of the system to its own …

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