Digital Transactions Authoritative, insightful and timely information for payments professionals
With a freshly revised version of industry rules for payment card data security having just emerged (Digital Transactions News, Oct. 28), further evidence is also surfacing of the compliance challenge acquirers face with the smallest merchants. Indeed, the smaller the business, the less sensitive it is to the possibility of …
Read More »As Regulation Looms, Visa Reports Recovering Volumes
The specter of regulation cast a pall of uncertainty over Visa Inc.’s latest financials, but the U.S. operating statistics the world’s largest payment network reported on Wednesday bespoke a transaction machine shifting in high, or least a higher, gear. U.S. debit card payments volume broke the trillion-dollar mark in fiscal …
Read More »Visa Debuts Its Long-Awaited Debit Card in Canada
Two years after talk started that the major card networks had designs on Canada’s debit card market, Canadian Imperial Bank of Commerce and Visa Canada announced Monday that CIBC was introducing the country’s first Visa-branded debit card. The card, dubbed the CIBC Advantage Card, is good in Canada only for …
Read More »Processors Report Tentative Signs of Consumer Spending
While tales of unemployment, foreclosures, and other economic woes abound, some payments-industry reports indicate that consumers are coming out of their shells and spending more than they did a year ago, though the picture is still mixed. JPMorgan Chase & Co. on Wednesday reported that its mega merchant-acquiring subsidiary Chase …
Read More »TCF’s Suit Is ‘Nonsense,” Anti-Interchange Crusader Says
TCF National Bank’s federal lawsuit against the controls on debit card interchange contained in the Dodd-Frank financial reform law draws scant sympathy from retailers who have been battling against card interchange, including a merchant and entrepreneur who has been leading a crusade against the pricing mechanism for years. “It’s nonsense,” …
Read More »TCF Challenges the Durbin Amendment’s Constitutionality
TCF National Bank, a top 10 debit card issuer, on Tuesday filed a federal lawsuit challenging the constitutionality of the so-called Durbin Amendment, which, as part of the Dodd-Frank financial reform bill Congress passed in July, will regulate debit card interchange beginning next year. TCF alleges the debit card provisions …
Read More »PCI Compliance Should Be a ‘LifeStyle,’ Says Assessor Verizon
Merchants are most likely to remain compliant with the Payment Card Industry Data Security Standards and avoid data breaches if they adopt security as a lifestyle, according to a study released earlier this week by Verizon Business. Verizon Business provides audits and other PCI-related services. When we've seen people be …
Read More »Shazam Attacks Online PIN Debit with a Trio of Solutions
If one PIN-debit system for Internet payments is good, three are even better in the eyes of the Shazam electronic funds transfer network. The network on Wednesday announced it has become the first network client of a new online PIN-debit platform from e-commerce systems provider CardinalCommerce Corp. Shazam now has …
Read More »Debit Card Fraud Strikes Aldi Grocery-Store Customers
A rash of debit card fraud has hit customers of the discount supermarket chain Aldi, though its extent and methodology have not been divulged. Criminals obtained customers’ PINs and card numbers in the Midwest to make unauthorized ATM withdrawals in other states, especially California. Batavia, Ill.-based Aldi’s case is different …
Read More »CardinalCommerce Announces an Entry in Online PIN Debit
CardinalCommerce Corp., a major player in the business of enabling alternative payments for merchants and processors, entered the nascent business of online PIN debit on Tuesday with a product it says requires little to no integration work by merchants, gateways, processors, or networks. The Mentor, Ohio-based company says it has …
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