Digital Transactions Authoritative, insightful and timely information for payments professionals
Merchants have been granted a 90-day extension to file a monetary claim as part of the settlement of a nearly two-decades-old interchange lawsuit filed against Visa and Mastercard. Merchants now have until Aug. 30 to file their claims, the court overseeing the settlement has ruled. A settlement between Visa and …
May, 2024
-
28 May
CredBuild’s Renters Reporting and other Digital Transactions News briefs from 5/28/24
Fintech CredBuild said it is working with BloomCredit to enable renters to report rent payments to credit bureaus via property management systems. BloomCredit provides the API codes. PayIt, a specialist in government payments, said the Eastern Band of Cherokee Indians will use PayIt for a new digital fish-licensing system. Waystar Holding Corp., …
-
24 May
The MPC Fires Back at Claims Merchants Won’t Pass Along CCCA Savings to Consumers
Claims by banks that merchants won’t pass along savings from the Credit Card Competition Act to consumers are grossly misleading and do not reflect the economic realities merchants face, argues the Merchants Payments Coalition, a lobbying group representing sellers on payments-acceptance matters. Passing along cost savings or at least holding …
-
23 May
Debit Cards Remain The Most Popular Payment Option, Especially With Younger Consumers
Despite the growing popularity of digital wallets, the vast majority of consumers prefer to pay with their debit card at the point of sale, according to research from J.D. Power. Some 72% of consumers surveyed by Power physically use their debit card at the point of sale or enter their …
-
23 May
Processors Scramble to Offer Tap to Pay on iPhone As Apple Launches the Technology in Canada
Tap-to-pay technology for ordinary smart phones is a relatively recent development, but payments companies aren’t wasting any time offering it as it spreads into new countries. The latest example comes from Canada, which became the latest market expansion Thursday for Apple Inc.’s tap to pay on iPhone technology. The first …
-
23 May
Mastercard’s AI in Fraud Detection and other Digital Transactions News briefs from 5/23/24
Mastercard Inc. outlined how it uses generative artificial intelligence to counter fraud, such as when criminals place part of a 16-digit card number on an illegal Web site. Mastercard said it is better able to predict the full card detail of these compromised cards on its network, enabling them to be …
-
22 May
The CFPB Rules BNPL Users Have the Same Protections As Credit Card Users
The Consumer Financial Protection Bureau on Wednesday issued an interpretive rule that buy now, pay later users are entitled to some of the same rights and protections of the Truth in Lending Act that apply to credit cards. Protections the CFPB says consumers are entitled to include the right to …
-
22 May
Human-Initiated Digital Attacks Rose 19% in 2023 While Account Takeover Remains Dominant
Account takeover, long the scourge of retailers and businesses, remained the top fraud type in 2023, according to the latest data from LexisNexis Risk Solutions. Released Wednesday, the “Confidence Amid Chaos” report found 28.7% percent of fraud in 2023 was third-party account takeover. That was followed by scams and bonus …
-
21 May
Why Banks Say Sellers Are Unlikely To Pass Savings From the CCCA on to Consumers
Despite some claims to the contrary, the odds are long that merchants would pass on any potential savings to consumers from the Credit Card Competition Act, payments experts say. One argument for this is that merchants price products on a line-item basis, which means the savings on a single product …
-
21 May
Revenue Down 33% and other Digital Transactions News briefs from 5/21/24
Presto Automation Inc., a provider of payments technology for quick-serve restaurants, said its March-quarter revenue dropped 33% year-over-year to $4.45 million. Revenue for the year ending March 31 also fell by one-third, to $14.2 million. The company said it will wind down its pay-at-table product to concentrate on its artificial-intelligence …
