Digital Transactions Authoritative, insightful and timely information for payments professionals
While mobile-wallet ownership holds steady at 45%, younger consumers are embracing the payment technology more readily than they were 10 months ago, according to a research from the big processor FIS Inc. As of February, 65% of young Millennials use a mobile wallet, compared to 59% in April 2020. In …
May, 2021
April, 2021
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29 April
FIS Unveils RealNet, a Network-of-Networks Approach to Real Time Payments
The real-time payments movement continues to build momentum in the United States with FIS Inc.’s announcement Wednesday of RealNet, a cloud-based, software-as-a-service platform that enables businesses, consumers, and governments to initiate account-to-account transactions. RealNet, which FIS describes as a network of networks, will leverage The Clearing House Payment Co. LLC’s …
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26 April
How Welcome Tech Will Use $35 Million in Fresh Funding to Serve Unbanked Hispanics
Welcome Tech, a provider of digital financial services to unbanked and underbanked Hispanics, plans to leverage $35 million in new funding it secured last week to grow its customer base by about 1 million and add more financial services, such as a pathway to credit, to help bring its customers …
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21 April
Amazon Expands its Amazon One Pay by Palm Technology to Whole Foods Stores
Amazon.com Inc. is expanding its Amazon One biometric payment technology to Whole Foods stores in Seattle. Amazon, which launched Amazon One in its two Seattle Amazon Go stores last September, will initially roll the technology out to a Whole Foods store near its headquarters and eventually to seven more stores …
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19 April
San Francisco Becomes the Fourth Transit System to Adopt Cubic’s Contactless Payment App
San Francisco late last week became the fourth city to roll out Cubic Transportation Systems’ mobile contactless-payment application, joining Washington D.C., Chicago, and Los Angeles. Consumers can use the white-label app and an iPhone or Apple Watch to purchase tickets from the 24 transit agencies that operate the city’s subway, …
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16 April
As Covid Restrictions Ease, Consumers Are Using Debit Cards for Hotels, Motels, And Auto Rental
More evidence emerges of how consumer spending has changed in the past year. Consumers are using their debit cards more for transactions at hotels and motels within the travel sector, according to the PSCU Payments Index for April. Released Thursday, the index shows that debit card use accounted for 35% …
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5 April
Looking to Serve Bigger Payments, Nacha Sets a $1 Million Same-Day Limit for March 2022
Nacha on Monday announced it will raise its dollar limit on same-day transactions 10-fold to $1 million starting next March. The move, which will come only two years after the governing body for the automated clearing house network raised the cap to $100,000 from the original $25,000 limit, comes as …
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2 April
An Acquisition of AxiaMed Helps BofA’s Effort to Rebuild Its Acquiring Business
With its acquisition of Axia Technologies Inc., also known as AxiaMed, Bank of America Corp. took a big step toward rebuilding its merchant-acquiring business. AxiaMed provides financial services and payments technology to health-care providers. Terms of the deal were not disclosed. The acquisition, announced Friday, gives Bank of America a …
March, 2021
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29 March
On The Fly POS Adds Biometric Authentication to Stem Both Merchant And Consumer Fraud
Seeking to reduce merchant-account fraud, also known as merchant bust-out fraud, and provide merchants with a way to authenticate consumers, payments-technology provider On The Fly POS is adding Ipsidy Inc.’s Identity as a Service (IDaaS) biometric identity-verification technology to its platform. Ipsidy’s app validates a merchant’s identity by comparing a …
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11 March
A Rollout in Brazil Is Part of MagicCube’s Push for Card Acceptance on Ordinary Phones
As part of its drive to turn off-the-shelf mobile devices into secure point-of-sale terminals using software as opposed to a dongle, MagicCube Inc. announced Thursday that its i-Accept application has expanded to Brazil. Acquiring banks and financial-technology service providers in Brazil can now enable merchants and retailers to accept contactless …
