The Accredited Standards Committee X9 Inc. has published a standard, “QR Code Protection Using Cryptographic Solutions, X9.148,” laying out how to create secure QR codes. Nuvei Corp. announced it will provide payments processing in a partnership with GIG, a technology company specializing in the iGaming business. Paysafe Ltd. has won approval from the …
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An Asian-American businesswoman named Nisha Desai has sued PayPal Holdings Inc. on grounds of racial discrimination, alleging the company restricted some of a $535-million investment commitment to Black and Hispanic candidates. The suit, filed in U.S. District Court for the Southern District of New York, asks for unspecified damages and an order …
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The Internal Revenue Service will begin requiring peer-to-peer payment apps in 2025 to issue 1099-K statements to self-employed workers who received more than $5,000 in payments through those apps in 2024. The new requirement, which is being implemented after a two-year delay, applies to such P2P apps as PayPal, Venmo, …
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Meta Platform’s WhatsApp payments service has been permitted by the National Payments Corp. of India, a regulatory body, to roll out WhatsApp Pay to its entire user base of 500 million in that country. Meta formerly was known as Facebook. GasBuddy, which offers a payments card featuring discounts on gasoline, forecasts the …
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The FinCEN Beneficial Ownership Information mandate is back in force with a recent court decision. That rule, part of the Corporate Transparency Act passed in 2024,had required businesses to file a Beneficial Ownership Information report by Jan. 1, which was delayed earlier in December but now makes these reports due Jan. 13. Businesses formed …
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The Merchants Payments Coalition fired back late Monday at a request last week from the American Bankers Association that the Federal Reserve not act on a proposal to lower a longstanding limit on the interchange banks can earn on debit card transactions. In a letter to the Fed, the MPC …
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The outlook for payments in 2025 will be rife with open finance, instant payments, multi-rail payments, interchange questions, and the increasing use of artificial intelligence, observers suggest. The top three payments trends next year will be open finance, instant payments adoption, and point-of-sale innovations, says Capgemini Research Institute in its …
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United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer. Kendell, who is overseeing a lawsuit filed against the IIFPA, ruled the injunction applies only to financial …
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The Consumer Financial Protection Bureau has sued Walmart Inc. and Branch Messenger Inc. over allegations of fees for transferring earnings made by individuals in the Walmart Spark Driver program. The CFPB alleges Walmart forced delivery drivers to use Branch deposit accounts. To move funds from these accounts to another drivers faced “a …
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The Consumer Financial Protection Bureau early Friday said it has sued Early Warning Services LLC as well as Bank of America, JPMorgan Chase, and Wells Fargo, alleging the Zelle person-to-person payments network failed to protect consumers against fraud. The banks are three of the seven financial institutions that own Early …
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