Digital Transactions Authoritative, insightful and timely information for payments professionals
After a lull of more than five months, merchant processor Square Inc. is resuming its attempt to obtain a bank charter. A spokesperson for San Francisco-based Square confirmed Wednesday morning that the company would refile its application the same day. Square in September 2017 filed for an industrial-bank charter from …
December, 2018
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19 December
Venmo for Crypto? A Startup’s New Wallet Lets Users Send And Receive Bitcoin Via Text Messages
Bitcoin has had a bad year, but that isn’t stopping enthusiasts from launching new methods for consumers to buy, sell, and spend the digital currency. The latest introduction is a mobile wallet that allows users to send Bitcoin to contacts on their phone, and receive the currency from others, through …
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19 December
FIS in Shell Loyalty Deal and other Digital Transactions News briefs from 12/19/18
E-commerce technology provider 3dcart said its merchants can now offer Bread, an online financing service for consumer purchases, to their shoppers. Fidelity National Information Services Inc. (FIS) said consumers can redeem rewards points instantly at the pump at approximately 13,400 Shell stations nationwide through a new agreement between FIS and …
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18 December
Active Role for Fed in Real-Time Payments Gets Support from Big Companies and Small Banks
Big banks generally aren’t too thrilled about the Federal Reserve taking a direct operational role in a U.S. real-time payment system, but smaller banks and credit unions as well as some big companies support the idea. The Fed’s two-month comment period on its proposed Real Time Gross Settlement service closed …
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18 December
Postpone the Requiem for ATMs: A Drop in the Global Installed Base Isn’t the Whole Story
With the onset of digital wallets, observers of the payments scene might expect consumer demand for cash to wither, and with it the population of ATMs. It turns out the ATM count worldwide did hit its zenith last year, according to research released this week, but the reason is a …
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18 December
Extend Joins Visa Ready Program and other Digital Transactions News briefs from 12/18/18
Atom Tickets released a skill for Amazon Alexa, the retailer’s voice-assistant technology. Users can learn what movies are playing nearby and buy tickets using voice commands. The skill is integrated with Amazon Pay. Extend, a digital distribution platform for credit cards, registered with the Visa Ready program for business solutions, …
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17 December
Eye on Security: Oversight of Payment Software To Change Under PCI Council Plan; EMVCo Updates 3-D Secure
Oversight of payment-processing software will change under detailed plans announced by the PCI Security Standards Council. In related news, the EMVCo standards body announced an update to its 3-D Secure standard for protecting card-not-present transactions. In a Friday blog post, the PCI Council said its pending PCI Secure Software Standard …
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17 December
PayJunction’s Integration with RetailOps and other Digital Transactions News briefs from 12/17/18
Technology provider Nxt-ID Inc. said its planned spinoff of its payment assets into an independent, publicly traded company has been delayed until the first quarter of 2019 owing to the company’s inability to come to terms with its primary lender, which holds security interests in the assets targeted for the …
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17 December
COMMENTARY: How Virtual Card Acceptance Drives Innovation in Small-Business Payments
In 2018, the acceptance of virtual cards, also known as v-cards, by small-to-midsize businesses (SMBs) increased significantly as suppliers embraced the improved security and convenience of this digital payment method over paper checks. Still, making the leap to fully automated payments remained a challenge for most within this market segment. …
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14 December
Financial Institutions Can Expect To Pay Millions More Fighting Account-Application Fraud: Report
Banks and credit unions will face an uphill battle fighting account-application fraud in the next few years, according to a new report from Aite Group LLC. Boston-based Aite projects that financial institutions will spend $781 million in 2022 on services for thwarting credit card application fraud, up 40% from $557 …
