Digital Transactions Authoritative, insightful and timely information for payments professionals
Déjà vu, anyone? Similar to its now-moot predecessor agreement from 2012, the proposed $6.24 billion monetary-damages settlement in a big credit card interchange antitrust case announced Tuesday by Visa Inc. and Mastercard Inc. is drawing diverging reviews from merchants. Based on anecdotal comments and the history of the earlier settlement, …
Read More »A $6.2 Billion Pact May Be Only a Prelude to Difficult Haggling Ahead for Merchants And the Card Networks
Visa Inc. and Mastercard Inc. announced early Tuesday that they and defendant banks have agreed to settle for $6.24 billion merchants’ monetary claims stemming from 13-year-old litigation over credit card interchange. Today’s announcements represent the second settlement of the sweeping class action known as MDL 1720 pending in U.S. District …
Read More »Surcharging and Cash-Discount Programs Continue To Attract ISOs
Surcharges and discounts for cash aren’t brand-new pricing tactics, but interest in them by independent sales organizations is rising because of falling legal barriers and the potential profits. Repeated sessions about the topic were packed Thursday at the Western States Acquirers Association annual conference in Scottsdale, Ariz. The presenter was Ryan …
Read More »Adyen Touts Its 3-D Secure 2.0 Service As “First” to Market
The first commercial implementation of 3-D Secure 2.0, an online fraud-prevention tool, appears to be here. Processor Adyen N.V. announced Friday the launch of its 3DS 2.0 service, claiming it is the first to be available to merchants. 3-D Secure 2.0 is an EMVCo-maintained standard that aims to curb online …
Read More »3.1 Million Merchants Accept Chip Cards and other Digital Transactions News briefs from 8/29/18
In its latest update about the U.S. conversion from magnetic-stripe to EMV chip cards, Visa Inc. said more than 3.1 million merchant locations accepted chip cards as of June versus only 392,000 in September 2015. The number of Visa chip cards increased 214% in that time to 499.7 million. Some …
Read More »An Activist Social Network Alleges PayPal Is Still Processing for Supremacist Groups
Reacting to violent clashes a year ago in Charlottesville, Va., between white supremacist groups and counter demonstrators, several major payment systems shut down access for supremacist organizations that used the systems to process donations. But now a social network devoted to activist causes says PayPal Holdings Inc. is still processing …
Read More »Why the Electronic Transactions Association Is Focusing on Canada
In response to Canada’s moves to introduce further regulation of its payments industry, the Washington, D.C.-based Electronic Transactions Association said this week it is “expanding” its advocacy effort into that country. So far, the ETA’s effort includes hiring a lobbyist to represent the interests of Canadian payments companies and U.S. …
Read More »Canada’s Credit Card Interchange Is Going Down, But Will It Make Much of a Difference?
The Department of Finance Canada on Thursday issued its latest merchant-friendly announcement regarding payment cards, this one disclosing agreements with Visa Inc. and Mastercard Inc. for an average 10-basis-point reduction in credit card interchange for small and mid-size businesses to take effect in 2020. The department also said American Express …
Read More »Fintech Firms Can Now Apply for National Bank Charters As the OCC Opens the Door
Financial technology firms, many of which command significant positions in the payments business, can now apply to become national banks. Moving on a proposal it’s had under consideration for months, the Office of the Comptroller of the Currency announced on Tuesday it will begin accepting bank-charter applications from fintech firms. …
Read More »The SEC Hits Carr and Companion With Insider-Trading Lawsuit
The Securities and Exchange Commission filed a civil lawsuit Tuesday accusing former Heartland Payment Systems Inc. chief executive Robert O. Carr and his girlfriend, Katherine M. Hanratty, with insider trading in connection with Heartland’s sale to Global Payments Inc. in April 2016. The lawsuit pending in U.S. District Court in Bridgeport, …
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