Transaction Processing

Bank of America Institute reported that credit and debit card spending by BofA credit and debit cardholders increased 13% in April compared to the same month in 2021. Credit card dollar volume rose 22%, while spending on debit cards was up 6%. Combined transactions increased 8%.Some 43% of consumers would use …

Lightspeed Commerce Inc. early Thursday announced the launch of Lightspeed Retail. The new platform, which pulls features from platforms of other companies the Montreal-based processor has acquired, combines point-of-sale, payments, and e-commerce solutions.  The platform also leverages so-called headless commerce technology, which is an e-commerce architecture where front-end applications are decoupled …

The Judiciary Committee of the U.S. Senate heard testimony Wednesday from witnesses both for and against regulation of credit card interchange. Speakers represented a supermarket chain, merchant groups, Mastercard and Visa, and a bank. The hearing showed that “while more Democrats than Republicans likely would support greater intervention in the …

The big payments fintech Stripe Inc. extended its reach into the world of open banking late on Wednesday with the launch of Stripe Financial Connections, an application that allows businesses to establish direct connections with their customers’ bank accounts. The new application will enable businesses to verify accounts for payments …

There’s a bit of apparent good news when it comes to chargebacks. The chargeback-to-transaction ratio decreased from 1.94% in 2020 to 1.52% in 2021, and is also down from the remarkable 3.76% seen in 2017. That’s according to the fourth annual “The Year in Chargebacks Report” from Midigator LLC, a …

Against a background of emerging real-time payments and steady growth in automated clearing house transactions, The Clearing House Payments Co. LLC is working to mask those transfers with a technology the payment card business has used for years—tokenization. The job is enormous. “We’re just starting—it’s going to take time,” says …

Processor Fiserv Inc. announced it is adding buy now, pay later services from Affirm Inc. to its Carat operating system. Affirm joins Bread, Synchrony, and Zip as current providers. Affirm said its service will be the first fully-integrated BNPL provider with Carat.Payments provider Rapyd Financial Networks Ltd. launched Virtual Accounts, intended to allow businesses anywhere globally …

To effectively service markets where speed of payment is critical, such as online gaming and cryptocurrency, Paysafe Ltd. announced Tuesday it is integrating Visa Direct in its platform. Paysafe will offer Visa Direct, Visa Inc.’s real-time push-payment network, to merchants, exchanges, operators, and other online businesses in the United Kingdom …

Some processors are ready to put the pandemic behind them, but FIS Inc. may have already done it. The big payments processor and banking-services provider early Tuesday reported its merchant revenue increased 15% year-over-year in the first quarter, a number that exceeded the company’s expectations, chief executive Gary Norcross told …

Buy now, pay later provider Afterpay said retailer Rite Aid now accepts the installment payment option online and intends to offer it in-store in coming months.MoneyGram International Inc. rebutted claims by the Consumer Financial Protection Bureau that the company is a “repeat offender” with respect to “consumer harm,” citing the fact that the …