Digital Transactions Authoritative, insightful and timely information for payments professionals
U.S. Senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.) on Thursday sent letters to Block Inc.’s Cash App and to PayPal pointing to “reports of widespread fraud and scams” on Cash App and Venmo and requesting data on the volume of reports of fraud …
June, 2023
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14 June
Fiserv Turns Up the Heat in the Hotly Contested Restaurant POS Market
Fiserv Inc.’s Clover unit has made its latest entry in the highly competitive restaurant market with the Clover kitchen display system. The new system consolidates in-restaurant and online orders, a move some see as a growing need for restaurants as consumers return to dining out, while continuing to place online …
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14 June
The CFPB Looks to Define ‘Larger Companies’ for Rulemaking in Payments
The Consumer Financial Protection Bureau is looking at creating a rule to define so-called larger companies in the consumer-payments industry, according to a notice the regulator posted on Tuesday. The rule if established would clarify the CFPB’s supervisory authority with respect to nonbank payments companies, lending more impetus to a …
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14 June
Volt’s Gateway on Shopify And Other Digital Transactions News briefs from 6/14/23
The Canada-based commerce platform Shopify announced it has added the payments gateway Volt, allowing Shopify merchants in Europe, the United Kingdom, and Brazil to process real-time account-to-account payments. In related news, payments platform Netevia announced updates to its banking-services features, including free account-to-account transfers. The free period extends until the end of the year. …
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13 June
The CFPB Sees Room for Industry Standard-Setting Bodies in Open Banking
Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …
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13 June
Eye on Restaurants: New Gambits From SpotOn, Toast, And Oracle
Few retail markets have rebounded from Covid lockdowns as fast as restaurants have. And few have attracted as much attention from payments companies. No wonder. Sales at what the National Restaurant Association calls “eating and drinking places” in the United States totaled $88.1 billion in April, up 0.6% from March. …
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13 June
Mastercard Processing Woes And Other Digital Transactions News briefs from 6/13/23
Mastercard Inc. Monday afternoon said it was looking into reports of problems with processing certain transactions on its network. Both Stripe, a major payments platform, and the U.K. bank Natwest reported issues, though Natwest said the problem had been resolved by day’s end. Prepaid card provider Paysign said it completed issuer certification with …
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12 June
With a New Card, Chase Looks to Woo New-To-Credit Customers
Chase, the consumer and commercial banking division of JPMorgan Chase & Co. in the United States, has launched Chase Freedom Rise, a credit card aimed at consumers with no credit history. Cardholders earn 1.5% cash back on every purchase, pay no annual fee, and have no minimum threshold for redeeming …
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12 June
Eye on E-Commerce: Online Prices Fall to a New Low; Stripe Joins the MACH Alliance
The leveling off of e-commerce activity continues as online prices, as measured by the Adobe Digital Price Index, fell 2.3% in May from a year ago. This is the ninth consecutive year-over-year decrease in online prices, Adobe Inc. says. Of the 18 categories tracked by Adobe, prices fell in 11 …
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12 June
Toast Signs Marriott Deal And Other Digital Transactions News briefs from 6/12/23
Restaurant point-of-sale technology provider Toast Inc. has signed an agreement with Marriott International Inc. to make its Toast for Hotel Restaurants product available in the hotelier’s Select service hotels in the United States and Canada. A report from Mastercard Inc. indicates the proportion of cash-only customers in Latin America has dropped from 45% three …