Saturday , August 13, 2022

Smart Cards

MasterCard Reports Growth in EMV Merchants, With a Decline in Counterfeit Fraud

Despite hiccups and hitches along the way, the conversion of the massive and highly fragmented U.S. payment card industry from magnetic-stripe credit and debit cards to ones bearing an EMV chip appears to be moving apace. The latest data from MasterCard Inc. finds the number of merchants accepting chip cards …

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Cabela’s Using Ingenico Encryption and other Digital Transactions News briefs

• The number of merchants accepting chip cards increased to 1.4 million as of April 30, according to new data from MasterCard Inc. That’s a 17% increase from 1.2 million MasterCard reported in March. MasterCard also says 68% of all U.S.-issued MasterCard-branded consumer credit cards have an EMV chip. The …

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Dallas’s Rapid Transit System Looks To Move Cash Payments to Local Retailers

More than 80% of the fare value collected by the Dallas Area Rapid Transit System at its ticket windows and on its buses comes in the form of cash, so next spring the transit agency will start offloading that cash onto local 7-Elevens and other stores. DART and PayNearMe Inc., …

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Payments Network Bogeyman Durbin Unleashes Double-Barreled Inquiry Into EMV

U.S. Sen. Richard Durbin, D-Ill., made his name in the payments business with an amendment to the 2010 Dodd-Frank Act that put a cap on the debit card interchange big banks can earn. Now, he’s investigating the nation’s rocky EMV rollout with separate inquiries concerning snarled certification queues and the …

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Excess Chip Card Inventories and Small Issuers’ Delayed EMV Rollouts Hurt CPI Card Group

Despite a 66% increase in shipments of EMV chip cards to U.S. credit and debit card issuers in the first quarter, shares of CPI Card Group Inc. plunged as much as 43% Thursday morning after the big card manufacturer reported financial results below its expectations. CPI said large issuers and …

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Dwolla’s Faster-Payments Plan and other Digital Transactions News briefs

• Money-transfer specialist Dwolla Inc. submitted a 164-page proposal for speedier electronic payments, dubbed FiSync, to the Federal Reserve’s Faster Payments Task Force. • Fuel-pump manufacturer Gilbarco Veeder-Root introduced its FlexPay IV, a payment terminal developed with VeriFone Systems Inc. that Gilbarco says is the industry’s first terminal for a …

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Mitek’s Billion Deposits and other Digital Transactions News briefs

• Imaging applications developer Mitek Systems Inc. said its Mobile Deposit service has processed more than 1 billion check deposits; more than 5,000 U.S. financial institutions and 70 million of their customers use Mobile Deposit. • Payments company Zooz closed on $24 million in funding that it will use for growth, …

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Visa Inc. Revises Deal To Acquire Visa Europe, and Pays More for Client Incentives

Visa Inc. will be paying more upfront cash to acquire Visa Europe Ltd., and it paid more in client incentives in the quarter ending March 31. But the leading payment card network still managed to turn a tidy profit and saw double-digit increases in U.S. transaction volumes even though volume …

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Visa Tweaks Chip Card Processing Protocol; Says EMV Debit Cards Now Surpass Their Credit Brethren

Many consumers and merchants adjusting to using newly-issued EMV credit and debit cards may undergo a perception versus reality check as Visa Inc. prepares to debut its Quick Chip for EMV program. Visa also provided updated chip card issuing and acceptance data. Announced Tuesday, the program enables consumers to remove …

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Eye on EMV: Terminal Hiccups, Petroleum’s Challenge, And a Dual-Interface Future

Of the challenges presented by the U.S. payments systems’ transition to the EMV chip card standard, one of the least reported is confusion among both consumers and merchants  caused by the sudden appearance of puzzling terminal messages. Meanwhile, new numbers indicate petroleum marketers face a daunting challenge meeting their October …

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Digital Transactions