Digital Transactions Authoritative, insightful and timely information for payments professionals
With Colorado Governor Jared Polis signing Senate Bill 21-091, repealing the state’s ban on credit card surcharging, Colorado has a surcharging law that not only ensures proper disclosure about surcharges to consumers, but mirrors the surcharging rules implemented by Visa Inc. and Mastercard Inc. The new law, signed by Polis …
July, 2021
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9 July
Two Charged by Justice Dept. in Card Scheme and other Digital Transactions News briefs from 7/9/21
The U.S. Justice Department charged two individuals in a $19 million credit card laundering scheme. Arrested were Steven Short, former head of E.M. Systems & Services LLC on charges of fraudulently obtaining credit card processing services for his allegedly deceptive Florida-based telemarketing operation. From 2012 to 2015, Short and E.M. Systems, …
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8 July
COMMENTARY: Congress Could Scrap Debit Pricing Caps—if It Feels Enough Heat
With his eponymous Durbin Amendment, passed into law just over a decade ago, Illinois’s senior senator intended to hurt large banks, along with Visa and Mastercard. The text, however, couldn’t be as expressly punitive as Durbin might have liked. He would likely have preferred capping debit interchange and network acquirer …
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8 July
As Buy Now, Pay Later Usage Rises, It Bids to Become an ‘Option’ Rather Than Just a ‘Sweetener’
Consumer usage of buy now, pay later has increased significantly over the last couple of years. Research from Auriemma Consulting Group Inc. reveals the number of debit card holders offered a BNPL option in-store or online increased more than 10 percentage points between the first quarter of 2019 and the …
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8 July
June Retail Sales up 11% and other Digital Transactions News briefs from 7/8/21
U.S. retail sales increased 11% in June from June 2020, according to the latest Mastercard Inc. SpendingPulse report. They were up 10.4% compared to June 2019. E-commerce sales increased 8.3% year-over-year and were up 95% over June 2019.Payments provider Paysafe Ltd. launched a program that lets travel businesses accepting consumer payments to use a …
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8 July
Blockchain Payments Pioneer Circle Will Go Public in a $4.5-Billion SPAC Deal
The SPAC trend has come to the blockchain industry. Circle Internet Financial Inc. announced early Thursday it has agreed to be acquired by Concord Acquisition Corp., a special purpose acquisition company, in a deal that will take Circle public and values the 8-year-old company at $4.5 billion. That valuation would …
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7 July
Eye On Payments for Professions: New Initiatives From DepositLink, LawPay, And Repay
With the Covid-19 pandemic accelerating the adoption of digital payments, it was only a matter of time before payments providers began pushing the technology beyond mainstream merchants, such as retailers and restaurants, and down to professions with specialized needs, such as realtors, attorneys, and healthcare providers. DepositLink Inc., a Boston-based …
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7 July
An App Emerges for Fast Payments to a Fast-Growing Base of Freelance Workers
As the gig economy grows, startups are emerging to meet an expanding market for payment. An especially ambitious example is Willa Inc., which on Wednesday announced an $18-million Series A funding round led by FinTech Collective and including sums from existing investors EQT Ventures and Entrée Capital. The Ventura, Calif.-based …
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7 July
Splitit Adds BNPL In-Store Option and other Digital Transactions News briefs from 7/7/21
As consumers return to physical stores, Splitit USA Inc., a buy now, pay later provider, announced it is making its service available in-store and including availability with Apple Pay and Google Pay.Fly Now Pay Later, a United Kingdom-based fintech, announced a deal with Cross River Bank in New Jersey that will …
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6 July
BlocPal And OneFeather Team to Deliver Services Via Mobile Wallets to Canada’s Indigenous People
As part of its goal to provide unbanked and underbanked consumers affordable digital access to financial services through a single application, BlocPal International Inc. has partnered with OneFeather, a Victoria, British Columbia-based provider of digital services to indigenous people in Canada, to introduce the OneFeather app in that country. The …