Digital Transactions Authoritative, insightful and timely information for payments professionals
As mobile-payments strategists struggle with clunky checkouts that lead to abandoned sales, a startup based in Albuquerque, N.M., is seeing dramatic early success with a 3-month-old solution that allows consumers to buy products from e-mail messages with a pair of clicks. The company, @Pay LLC, has signed up more than …
July, 2013
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11 July
Retailer-Owned MCX M-Payments Network Takes Shape with FIS As Processor
Merchant Customer Exchange (MCX) on Thursday announced that Fidelity National Information Services Inc. (FIS) will do the transaction processing for the nascent mobile-payments network owned by some of the nation’s largest retailers. MCX also said department-store company Kohl’s Corp. and the parent company of the Circle K convenience-store chain are …
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11 July
With EMV Looming, Fears of Rising Online Fraud Will Drive Biometrics, Expert Says
Biometric authentication will be in widespread use by financial institutions and online merchants by 2015, a payments-security expert predicts. “We’re at the threshold, it’s going to be common in the next year or so,” Al Pascual, a senior analyst at Javelin Strategy & Research, tells Digital Transactions News. Pascual forecasts …
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10 July
Small Issuers See Durbin Impact on Interchange, Pulse Debit Study Indicates
The Durbin Amendment’s pricing caps are having an impact on small issuers as well as large, and issuers overall are far from bullish about debit-transaction growth, according to a wide-ranging report released on Wednesday. Issuers exempt from the law’s interchange cap report an average income of 45 cents per transaction …
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10 July
Researcher Predicts Almost 90% of U.S. POS Terminals Will Be EMV-Capable by 2017
Nearly 90% of U.S. point-of-sale terminals will be ready to accept Europay-MasterCard-Visa (EMV) chip cards by 2017, according to a new Aite Group LLC study. The report examines the reterminalization of card-acceptance locations triggered by the payment card networks’ plans announced in 2011 and 2012 to wean America off of …
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8 July
New Consensus on Debit Routing Removes EMV Obstacle But Leaves Timing Unclear
The payments industry may have solved a vexing problem related to EMV chip cards and the Dodd-Frank Act’s Durbin Amendment, but whether that solution will smooth the way for EMV (Europay-MasterCard-Visa) deployment in the United States is less clear. The EMV Migration Forum, an industry group that has been working …
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8 July
How a Brewing Fee Controversy Could Threaten Growth of Prepaid Payroll Cards
A controversy over paying lower-wage workers with payroll cards could threaten the growth of one of the fastest-expanding prepaid card markets, observers say. A lawsuit filed by a former McDonald’s Corp. restaurant worker in Pennsylvania who was paid via payroll card has attracted attention from federal authorities and triggered an …
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3 July
Will That Be Chip And PIN Or Chip And Signature? Expert Forecasts EMV Confusion
Payments executives already know the coming changeover from magnetic-stripe cards to chip cards using the Europay-Visa-MasterCard (EMV) standard will be expensive—about $11 billion, according to a new report from Aite Group LLC. But Aite notes that while likely to greatly reduce fraud at the point of sale, the big switcheroo …
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2 July
Sale of Financial-Service Unit Narrows Intuit’s Payments Focus on Acquiring, Mobile POS
Intuit Inc.’s sale of its financial-services division, which it announced on Monday, will likely narrow the Mountain View, Calif.-based software giant’s focus in the electronic-payments business, leaving it with an established stake in merchant processing and mobile acceptance. Intuit agreed to sell the financial division to private-equity firm Thoma Bravo …
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2 July
PAI Sticks To Its Guns in Serving Firearms Merchants As Square Walks Away
Sometimes news developments turn certain types of merchants into public-relations and political hot potatoes for their payment processors, forcing merchant acquirers to decide whether they want to continue serving them. Despite strong sales, firearms merchants are one such category today, thanks to several mass shootings in the past two years, …