Thursday , March 28, 2024

Issuing/Originating

Use of Digital Identity Apps Is Set To Explode

More than 4.1 billion apps to enable consumers to verify their identity online are projected to be in use globally by 2027, up 82% from 2.3 billion this year, according to Juniper Research. Use of government-backed digital identities that replace physical-identity documents as a source of verification for third-party apps, …

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Co-op Solutions Debuts a Debit Network for Credit Unions

Credit unions wanting another option among debit card networks have a new choice with the launch of Co-op Solutions’ Co-op Pay Network. Announced Monday, the network is open to all credit unions, regardless of their debit-processing relationships. The new network, which works with regular point-of-sale transactions, PINless transactions, mobile wallets, …

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Western Union in Money Transfer Boost Deal and other Digital Transactions News briefs from 2/24/23

The Western Union Co. has collaborated with the fintech Beforepay to offer users in Australia the option of boosting money transfers with loans up to 2,000 Australian dollars ($1,349 US) in a service billed as send now, pay later. American Express Co., working with the National Trust for Historic Preservation, will …

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Block Resets to Focus on Slowing Expenses And Speeding Profit Growth

Block Inc. has been a fast-growing payments machine over the years since its founding in 2009, and now the company is looking to slow down somewhat and focus more intently on profit growth, according to top executives. That move could start with personnel. “We plan on slowing our pace of …

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Stripe Launches Its Enhanced Issuer Network to Tackle Fraud And False Positives

Stripe Inc. late Tuesday announced the launch of its Enhanced Issuer Network to help merchants reduce fraud and false positives and increase authorization rates. Card issuers within the network, which include Capital One Financial Corp. and Discover Financial Services, can incorporate Stripe Radar fraud scores into their own authorization tools. …

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42% of Income Spent on Bills And Other Digital Transactions News briefs from 2/22/23

The average U.S. household spends $29,459 per year on bills, amounting to 42% of income, according to the “2023 U.S. Bill Pay Market Size & Category Breakout Report” from bill-pay processor doxo. Mission Lane, a fintech providing access to credit and debit products to more than 2 million consumers, said it …

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Is FTX in the Rear-View Mirror? Bitcoin Rebounds Sharply As Headwinds Persist

The leading digital currency Bitcoin hasn’t returned to the values it enjoyed early last year, but it appears to have rebounded from the beating it—and the cryptocurrency industry as a whole—took in the wake of the sudden collapse in November of the major trading platform FTX.com and the bankruptcy in …

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Card Skimming Grew Dramatically Last Year And Shows No Signs of Slowing Down

Instances of card skimming were up in the United States in 2022, with more than 161,000 impacted cards identified, a five-fold increase over 2021, and a more than three-fold increase in the total number of cards compromised, according to FICO (formerly Fair Isaac Co.). In addition, 3,000 unique financial institutions …

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Entrust Group Enlists Stripe for Card and ACH Payments And Other Digital Transactions News briefs from 2/17/23

Entrust Group, an IRA administrator, said it is working with Stripe Inc. to ease credit card and automated clearing house payments for client contributions. Block Inc.’s Cash App will support a cash-giveaway promotion for Moe’s Southwest Grill on Feb. 24, with the total payout expected to be $25,000. U.S. Bank launched its Business …

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Observers Split on Banking Groups’ Effort to Get the Fed to Extend Time for Debit Compliance

Industry opinions are mixed regarding a move by banking trade groups to plead for more time to act on a ruling issued in October by the Federal Reserve. The ruling orders all banks to comply by July 1 with an 11-year-old requirement that merchants have a choice of at least …

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Digital Transactions