Digital Transactions Authoritative, insightful and timely information for payments professionals
More credit unions will have access to real-time payments networks in separate deals announced Tuesday. BankSocial, a division of Fivancial Inc., launched its real-time payment service for credit unions. Meanwhile, Pidgin Inc. is working with core processing provider Corelation Inc. to enable broader real-time payments access to its clients. Dallas-based …
May, 2024
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28 May
CredBuild’s Renters Reporting and other Digital Transactions News briefs from 5/28/24
Fintech CredBuild said it is working with BloomCredit to enable renters to report rent payments to credit bureaus via property management systems. BloomCredit provides the API codes. PayIt, a specialist in government payments, said the Eastern Band of Cherokee Indians will use PayIt for a new digital fish-licensing system. Waystar Holding Corp., …
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24 May
As Users Return to ATMs, Guidance Emerges for Contactless Transactions With And Without Cards
The onset of the covid pandemic spurred deployers and developers to bring contactless technology to the ATM, and now industry organizations are offering guidelines on the matter as deployers look to widen acceptance of contactless cards and mobile devices. Calling contactless technology “table stakes” for most consumers, the Redwood City, …
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24 May
The MPC Fires Back at Claims Merchants Won’t Pass Along CCCA Savings to Consumers
Claims by banks that merchants won’t pass along savings from the Credit Card Competition Act to consumers are grossly misleading and do not reflect the economic realities merchants face, argues the Merchants Payments Coalition, a lobbying group representing sellers on payments-acceptance matters. Passing along cost savings or at least holding …
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24 May
CPACharge Lines up Referral Agreements and other Digital Transactions News briefs from 5/24/24
CPACharge an online payment service for accounting businesses that is a unit of AffiniPay, said it lined up referral partnerships with the CPA societies in New Jersey, Nevada, and Wyoming. Boston’s mass-transit system will launch contactless fare payments, possibly by early summer, according to news reports. The fintech Guavapay said it is collaborating with …
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23 May
Debit Cards Remain The Most Popular Payment Option, Especially With Younger Consumers
Despite the growing popularity of digital wallets, the vast majority of consumers prefer to pay with their debit card at the point of sale, according to research from J.D. Power. Some 72% of consumers surveyed by Power physically use their debit card at the point of sale or enter their …
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23 May
Processors Scramble to Offer Tap to Pay on iPhone As Apple Launches the Technology in Canada
Tap-to-pay technology for ordinary smart phones is a relatively recent development, but payments companies aren’t wasting any time offering it as it spreads into new countries. The latest example comes from Canada, which became the latest market expansion Thursday for Apple Inc.’s tap to pay on iPhone technology. The first …
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23 May
Mastercard’s AI in Fraud Detection and other Digital Transactions News briefs from 5/23/24
Mastercard Inc. outlined how it uses generative artificial intelligence to counter fraud, such as when criminals place part of a 16-digit card number on an illegal Web site. Mastercard said it is better able to predict the full card detail of these compromised cards on its network, enabling them to be …
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22 May
The CFPB Rules BNPL Users Have the Same Protections As Credit Card Users
The Consumer Financial Protection Bureau on Wednesday issued an interpretive rule that buy now, pay later users are entitled to some of the same rights and protections of the Truth in Lending Act that apply to credit cards. Protections the CFPB says consumers are entitled to include the right to …
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22 May
Human-Initiated Digital Attacks Rose 19% in 2023 While Account Takeover Remains Dominant
Account takeover, long the scourge of retailers and businesses, remained the top fraud type in 2023, according to the latest data from LexisNexis Risk Solutions. Released Wednesday, the “Confidence Amid Chaos” report found 28.7% percent of fraud in 2023 was third-party account takeover. That was followed by scams and bonus …