Digital Transactions Authoritative, insightful and timely information for payments professionals
Merchants want lower interchange. In their Shangri-la, interchange would be negative, meaning merchants would be paid to accept credit and debit cards. This is not unknown in the real world. For example, Australia’s national debit network for many years had negative interchange. Merchants want to be able to freely surcharge …
August, 2024
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19 August
Gen Z Digital Wallet Love and other Digital Transactions News briefs from 8/19/24
Interac Corp., Canada’s national debit network, said 69% of Gen Z Canadian adults have embraced the mobile wallet, while 63 % prefer to leave their physical wallet at home for short trips, according to a recent survey. Gen Z’s use of mobile wallets outpaces all other generations including Millennials (60%), …
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16 August
Lenders Bring Suit Against Illinois’s Newly Enacted Interchange Law
Several organizations representing banks and credit unions filed a lawsuit late Thursday challenging Illinois’s Interchange Fee Prohibition Act, which was signed into law June 7. The lawsuit, filed in United States District Court for the Northern District of Illinois, was brought by the Illinois Bankers Association, The American Bankers Association, …
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16 August
COMMENTARY: Why Merchants’ Legal Assault on Acceptance Costs Is Anti-Consumer: Part I
While merchants, like consumers, love credit and debit cards, they don’t like having to pay to accept them. It’s human nature to want to pay less for products and services, no matter how good they are. To reduce payment-acceptance fees, merchants have brought a battery of antitrust lawsuits against Mastercard …
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15 August
Consumers Favor Cash Back Over Other Rewards As a Counter to Inflation, J.D. Power Finds
Cashback has replaced miles and rewards as the top credit card perk consumers want, according to J.D. Power’s 2024 U.S. Credit Card Satisfaction Study. The trend is being driven by inflationary pressures that have hiked credit card interest rates and annual fees. As a result, consumers are gravitating to cards …
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15 August
FIS’ New P2P Payments Service and other Digital Transactions News briefs from 8/15/24
FIS Inc. said it will make a peer-to-peer payment service from Neural Payments available to its banking customers. The white-label product enables bank customers to transfer money from their accounts to anyone, regardless of weather the recipient’s financial institution uses Neural Payments and without the need to download a third-party app …
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14 August
Merchants Get Another Extension to File Claims in Their Class Action Against Visa and Mastercard
Merchants were granted a second extension late Tuesday for filing claims against Visa Inc. and Mastercard Inc. in their ongoing class-action lawsuit against the two networks over interchange costs. U.S. District Court Judge for the Eastern District of New York Margo K. Brodie, who is presiding over the case, moved …
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14 August
Lightspeed’s New Data Tool and other Digital Transactions News briefs from 8/14/24
Lightspeed Commerce, a specialist in hospitality payments, launched Retail Insights, a data service for merchants. Shift4 Payments Inc. announced it will process all ticket sales and foodservice payments at Gainbridge Fieldhouse in Indianapolis, the arena for the Indiana Pacers of the National Basketball Association. U.S.-based fintech software firm OMNIQ Corp. said …
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13 August
Lowthers Cites Steady Progress at Paysafe, But Says ‘We’re Not Done’
When Bruce Lowthers took over a struggling Paysafe Ltd. two years ago, he immediately plunged into what he noted then was a wide-ranging reclamation project. On Tuesday, he called out some progress but also offered a blunt update on his transformation efforts. “We have the right strategy and our execution …
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13 August
X9 To Develop New QR Code Payments Standard and other Digital Transactions News briefs from 8/13/24
The Accredited Standards Committee X9 Inc. has begun work on a new QR code payments standard. The goal is to establish the content of a QR code for payments, emphasize interoperability, and include both merchant-presented and consumer-presented QR codes. X9 said the standard is needed to accelerate the adoption of instant payments. Block …
