Digital Transactions Authoritative, insightful and timely information for payments professionals
Evidence continues to accumulate that the Covid-19 pandemic is not only boosting contactless and online payments, but doing so in historically short order. Some 48% of small and medium-size merchants reported in mid-June that they had observed an increase in the number of consumers either using contactless payments or asking …
July, 2020
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1 July
New ACH Contact-Registry Rule Takes Effect With the Goal of Reducing Fraud and Exceptions
A new rule requiring all financial institutions in the automated clearing house network to participate in ACH governing body Nacha’s contact registry took effect Wednesday. The registry’s purpose is to enable financial institutions to quickly find the appropriate person to resolve issues when a transaction looks fraudulent or presents other …
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1 July
MagTek Launches Token Service and other Digital Transactions News briefs from 7/1/20
MagTek Inc. said its Magensa unit launched token technology to make touchless payments easier. The technology enables a merchant to send a payment link containing the token via email or text that allows consumers to pay in a secure environment. MagTek said the technology is available in QwickPAY, the Magensa mobile …
June, 2020
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30 June
Wirecard’s U.S. Unit Bids for a New Owner As Rivals Sense an Opportunity to Win New Business
The fallout from the Wirecard AG financial scandal has hit the U.S. market as the processor’s North American unit announced late Monday it is seeking a buyer. Wirecard North America Inc., based in Conshohocken, Pa., said it has engaged an unnamed investment bank to assist in the transaction. In the …
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30 June
European Commission Report Details Wealth Redistribution From Interchange Regulation
A new European Commission report shows how interchange regulation has lowered merchants’ payment card acceptance costs and taken more than $3 billion a year from card issuers’ top lines. The EC, the executive arm of the Brussels-based European Union, implemented its so-called Interchange Fee Regulation in 2015 and 2016. The …
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30 June
Wix Payments Unveiled and other Digital Transactions News briefs from 6/30/20
Website-creation platform Wix.com Ltd. launched its e-commerce service that offers Wix Payments, a payment-processing service.The Regal movie-theater chain, a unit of Cineworld Group, said it will reopen its 541 U.S. theaters July 31 and will implement contactless payments along with other measures to prevent the spread of Covid-19.Marqeta Inc. said it will support issuance …
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29 June
Chargebacks911 Debuts a Chargeback-Management Tool for Financial Institutions
Chargebacks reverberate throughout the payment stream, and now Chargebacks911 has released a tool that it says will help financial institutions better manage them. Dubbed Fi911, the tool is meant to automate procedures and make them more efficient, Clearwater, Fla.-based Chargebacks911 says. The company says more chargeback inquiries are being directed …
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29 June
COMMENTARY: Wirecard Was a Fairy Tale With an Unhappy Ending
Stories too good to be true often aren’t. The curtain has at long last been pulled back on high-flying payments fintech Wirecard AG. A whopping $2.1 billion in cash on its balance sheet can’t be verified and likely never existed. Chief executive Markus Braun has resigned and was arrested. Chief …
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29 June
AmEx Launches $200 Million Shop Small Program and other Digital Transactions News briefs from 6/29/20
American Express Co. announced a global, $200 million Shop Small campaign to support small businesses, many of which have been affected by the Covid-19 pandemic. U.S. AmEx cardholders can get $5 back after they spend $10 or more, up to 10 times, when they buy online or in-store at qualified businesses …
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26 June
Some E-Commerce Categories Return to Growth While Small Business Sales Continue Double-Digit Rise
While e-commerce sales overall have ballooned for many merchants since the March 11 declaration of the Covid-19 pandemic, health-and-beauty and business supplies generally did not. Until last week. Online business supplies sales were up 21% and health-and-beauty sales were up 20% for the week of June 16-22, reports the Signifyd …