Digital Transactions Authoritative, insightful and timely information for payments professionals
Cash is fighting an uphill battle to remain a payment option during the novel coronavirus pandemic. Over the past week, a number of toll-highway and bridge authorities have ceased accepting cash to limit the spread of the highly infectious disease. According to local press reports, the Pennsylvania Turnpike, the Illinois …
March, 2020
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23 March
WorldRemit Partners With Paykii to Enable Users in One Country to Pay Bills Digitally in Another
Often overlooked in the market for digital bill payments is the need for immigrants, expats, and other persons living in one country to pay bills to service providers based in another country. To make that connection, international remittance service WorldRemit Ltd. said on Monday it is working with bill-payment platform Paykii …
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23 March
PayPal, Square Boost Hiring and other Digital Transactions News briefs from 3/23/20
PayPal Holdings Inc. and Square Inc. are moving to increase hiring as consumers reportedly shift to mobile payments as a result of calls for social distancing.Arguing that “the [coronavirus] pandemic will pass, but the economic impact will last,” a collation of payroll processors and trade associations issued an open letter to President Donald …
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20 March
Contactless Payment Use Drops, But Not As Much As Chip And Magstripe, a Report Finds
With students not in school, the closure of restaurants and bars, and work-from-home edicts in place, consumer spending is shifting. Witness that in the week of March 9-15, the payment volume made with dipped EMV cards fell 5.17% from the week prior and mag-stripe volume fell 13.07%, according to the …
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20 March
Experts Expect Even Faster Growth for Same-Day ACH As a $100,000 Cap Goes Into Effect
Faster payments got a boost Friday as Nacha, the governing body for the nation’s automated clearing house network, raised the limit on same-day payments from $25,000 to $100,000. The move follows a similar action earlier this year by The Clearing House Payments Co. for real-time transactions and is expected to …
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20 March
Chargeback Gurus Issues Coronavirus Chargeback Guidance and other Digital Transactions News briefs from 3/20/20
Chargeback Gurus released guidance on the potential for chargebacks as consumers and merchants contend with the effects of the coronavirus infection.Email-security firm Armorblox Inc. said it will provide its services free to companies with between 100 and 2,000 employees until April 30 to help guard against social-engineering attacks exploiting the Covid-19 pandemic.A cryptocurrency …
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19 March
Square Wins FDIC And Utah Approvals for Its ILC, Sparking Heated Banking Opposition
The federal government and the state of Utah this week cleared the way for a controversial industrial loan corporation to be set up by Square Inc. that could help the payments company cement ties with its merchant base. But the approvals also drew fierce opposition from banking groups concerned about …
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19 March
Electronics Payments Suspends Fees and other Digital Transactions News briefs from 3/19/20
Electronic Payments Inc. said it will temporarily suspend the monthly support fees for its TableTurn and Exatouch Point of Sale products for three months.JPMorgan Chase & Co. is temporarily closing 1,000 of its bank branches, or 20% of its network, because of Covid-19, according to press reports. The remaining open branches will …
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18 March
Womply Data Show How the Coronavirus Has KO’d Many Merchants
New findings from a software and business-services provider that examined what happened at thousands of small businesses last week show the damage the coronavirus, or Covid-19, is inflicting on merchants. San Francisco-based Oto Analytics Inc., which does business as Womply, looked at payment card data from its merchant-acquiring partners, data …
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18 March
Familiar Names Dominate New Rankings of U.S. Merchant Acquirers, With Chase Retaining the Lead
JPMorgan Chase & Co. led U.S. merchant acquirers last year with $1.51 trillion in dollar volume processed, according to new industry rankings announced Wednesday by The Strawhecker Group. Long a powerhouse in acquiring, Chase led 2018’s rankings with $1.4 trillion in volume. Retaining second place last year was Worldpay, with …