Digital Transactions Authoritative, insightful and timely information for payments professionals
Everyone knows data breaches are expensive and affect a lot of people, but just how much is startling. In a new analysis, Javelin Strategy & Research estimates credit and debit card issuers spent $252.7 million in 2009 replacing more than 70 million cards compromised by data breaches. Analyst Robert Vamosi …
Read More »Bullish on the iPad, Square Says It Will Be a POS Game Changer
With application developers rushing to bring apps to market for Apple Inc.’s immensely popular iPad tablet computer, payment service provider Square Inc. is predicting the iPad will become a game changer in wireless payments, and says that it will aggressively pursue developing iPad applications that enrich the transaction experience. The …
Read More »New Developer Deals Could Spur Mobile Growth for PayPal
Having seen a significant uplift in mobile-payments volume so far this year, PayPal Inc. along with developer partners have in the past few days unveiled new products and services that could accelerate the processor's growth in this nascent market. PayPal said it is providing payment processing for new mobile-storefront software …
Read More »Visa Eases up on Triple DES Deadline in Face of ‘Migration Challenges’
Visa Inc. has “relaxed enforcement” of the July 1, 2010, deadline for petroleum retailers to install software that meets the so-called Triple Data Encryption Standard (also called 3DES or TDES) in response to requests from the major oil companies, including ExxonMobil, the card network said in a statement released this …
Read More »VeriFone Results Perk up As Services Revenues Start to Kick in
Business is turning around for VeriFone Systems Inc., the leading U.S.-based point-of-sale terminal maker, as the economy shows signs of recovery and services rather than traditional hardware for processing payment card transactions account for an ever-greater share of VeriFone’s sales. San Jose, Calif.-based VeriFone late Wednesday reported net income of …
Read More »A Bill to Regulate Online Gambling Gets an Airing in Washington
The battle over online gambling continued earlier this week during a hearing held by the U.S. House Ways and Means Committee on legislation to tax licensed Internet gambling in the U.S. The bill—known as the Internet Gambling Regulation and Tax Enforcement Act—was reintroduced in March by Rep. Jim McDermott, D-Wash. …
Read More »Software Platforms Will Rule the Future of Payments, Expert Argues
The future of payments belongs to innovators that use software platforms to develop new services that can be quickly brought to market, according to David S. Evans, an economist and veteran payment-industry observer. Evans, keynote speaker at the Federal Reserve Bank of Chicago’s annual payments conference Thursday, cited PayPal Inc., …
Read More »Questions Arise in the Wake of Durbin’s Winning Amendment
Payments-industry partisans of all stripes got onto their soap boxes on Friday and Monday to praise or denounce U.S. Sen. Richard Durbin’s successful amendment that could pave the way for regulation of debit card interchange and acceptance terms. Merchant interests basked in the surprisingly large (64-33) victory they scored late …
Read More »PCI Council Consolidates PIN-Entry Standards into One Set of Rules
The PCI Security Standards Council on Wednesday released updated guidelines governing PIN-entry devices that incorporate all the rules into a single set of requirements. Previously, there were three separate sets of requirements for point-of-sale PIN entry devices (PED), encrypting PIN pads (EPP), and unattended payment terminals (UPT). Version 3.0 of …
Read More »Experts Challenge Payments Execs to Get Ready for Social Media
Banks, merchants, and others scratching their heads over the exploding popularity of social networking and its close cousin, social gaming, can harness the online phenomenon for payments but will likely have to jettison decades of settled thinking, experts say. Banks, in particular, will have to wrestle with knotty problems surrounding …
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