News

July, 2012

• 23 July

  Target’s Scathing Criticism Casts a Cloud Over Interchange Settlement

  More evidence of widespread merchant antipathy to the credit card interchange settlement announced July 13 emerged late Friday when big-box retailer Target Corp. came out against the plan. Industry observers expect more opposition from merchants to emerge, casting doubt on the settlement’s future. But a lobbying group for payment card …
• 23 July

  The iPad Is Most Popular Mobile Device for Online Payments, Study Finds

  Only 2 years old, the Apple iPad has already become the most popular mobile device used by consumers to make payments to online sellers, according to research released on Monday. The iPad, larger than a smart phone but smaller, thinner, and lighter than a laptop, accounted for 3.6% of all …
• 20 July

  The New CFPB Will Keep an Eye on Mobile Payments

  n n n n n Blow’s comments before the regional ISO trade group came just a day after the CFBP announced its first public enforcement action, one that targeted the issuing side of the credit card business. The CFPB issued an order requiring a bank subsidiary of the big issuer …
• 19 July

  PayPal Points to More Mobile POS Rollouts, Projects $10 Billion for ’12 Mobile Volume

  PayPal Inc. on Wednesday said two more retail chains are rolling out PayPal acceptance in their stores. It also said its PayPal Here mobile-acceptance product, which it introduced in March, is now generally available to merchants in the U.S. and Hong Kong, markets where some 300,000 users have signed up …
• 19 July

  Mitek Fires Another Salvo in Battle with USAA Over Mobile Capture Technology

  A pitched battle between two of the earliest players in the business of mobile check capture escalated on Thursday when Mitek Systems Inc. filed a legal motion accusing USAA of defamation and unfair business practices. Mitek’s action is the latest salvo in a case in which San Antonio, Texas-based USAA …
• 16 July

  Not All Merchants Are Happy with the $7-Billion-Plus Credit Card Settlement

  No sooner had the ink dried on a proposed settlement of a massive credit card suit than cracks began to appear in what had been an edifice of merchant solidarity. The NACS, a national trade group for convenience-store operators, on Friday said its board of directors had unanimously rejected the …
• 13 July

  Durbin or No, First Data Figures Show Debit Continues To Flourish

  Worried about getting too far in debt and nearly oblivious to the ongoing debate in the banking and payments industries about the controversial Durbin Amendment, consumers in June continued to display their allegiance to debit cards, according to new figures from First Data Corp. The nation’s leading payment card processor …
• 13 July

  Merchants Wring More Than $7 Billion out of Networks, Banks in Credit Card Settlement

  The card networks, major U.S. banks, and U.S. merchants reached a $7-billion-plus settlement late on Friday, capping a seven-year battle over credit card interchange and network acceptance rules. If approved by the court, the settlement will be the largest such agreement ever in an antitrust case. Under the terms of …
• 13 July

  PayPal Says It Will Process Payments for GE’s Electric-Vehicle Charging Stations

  PayPal Inc. announced on Thursday it will process payments when owners of electric vehicles charge up their cars at charging stations maintained by GE Industrial Solutions, a unit of General Electric Co. In what amounts to yet another venture into the physical point of sale for PayPal, the e-commerce processing …
• 11 July

  Brooklyn Court Could Be More Inclined to Rule Reform Than Interchange Cuts

  With a trial date looming in September, speculation is rising that a major antitrust case challenging credit card interchange will result in new rules handing merchants wider latitude in surcharging for transactions, routing payments, and steering customers to other cards or forms of payment. Settlement talks in the case, known …