Digital Transactions Authoritative, insightful and timely information for payments professionals
Piggly Wiggly Carolina Co., a Charleston, S.C.-based supermarket chain, today switched on an in-lane biometric payment system in four stores on the way to a planned rollout of the fingerprint authentication system to all 116 stores in the chain. The system, from San Francisco-based Pay By Touch, allows customers to …
July, 2004
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22 July
PayPal Reports 45% Year-Over-Year Transaction Growth
Transactions at PayPal Inc. totaled 77.7 million and added up to $4.35 billion in value in the second quarter, up 45% and 53% respectively over the year-ago period, according to a quarterly report released this week by Internet auctioneer eBay Inc., the online payment processor's parent company. PayPal's average ticket …
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21 July
Burger King Is Installing High-Speed Terminals for Card Acceptance
Following its agreement earlier this year with Chase Merchant Services L.L.C. for transaction-processing services, Burger King Corp. announced today it is deploying high-speed-capable card terminals in its restaurants across the country. In the past four months, it has installed VeriFone Omni 3750 devices in some 2,000 of its restaurants in …
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21 July
Despite Strong Results, FDC Faces a Barrage of Questions
While First Data Corp. reported strong financial results today for its second quarter, its chief executive fielded a barrage of questions on concerns that have emerged recently for the company, including J.P. Morgan Chase & Co.'s decision to switch its account processing from FDC to rival TSYS Inc., with the …
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20 July
CyberSource Announces Non-Card Credit with Fewer Merchant Hassles
Mountain View Calif.-based CyberSource Corp., a transaction gateway for Internet merchants, announced today it is offering a credit-based, non-card payment alternative that can be implemented with a minimum of integration hassles. The company says an arrangement with merchant processor Paymentech L.P. will allow CyberSource merchant clients to install I4Commerce Inc.'s …
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19 July
J.P. Morgan Reaps a Windfall from Lockbox Check Conversion
The recent surge in transactions in the category of electronic checks called accounts-receivable conversion (ARC) comes as no surprise to the banks that are playing a major role in moving utilities, insurers, retailers, credit card companies, and other major consumer billers from paper checks to electronic transactions on the automated …
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16 July
Visa’s New Chief Will Face Legal Headaches, Observers Predict
Carl F. Pascarella's decision to retire in September 2005 as chief executive of Visa USA is being greeted in the payments industry with expressions of praise for his leadership in transforming the San Francisco-based bank card network from a one-dimensional credit card company into a force to be reckoned with …
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15 July
A Trade Forum Looks to Extend IFX Standard to POS Transactions
A trade group that is developing a new transaction-messaging standard based on extensible markup language (XML) for financial transactions says it is now turning its attention to point-of-sale payments. The Interactive Financial Exchange Forum, Falls Church, Va., released earlier this year a version of the Interactive Financial Exchange (IFX) standard …
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14 July
New Survey Shows a Rapid Rise in Micropayments Market
The number of people buying goods online at prices below $2 has grown to some 10 million, up from 4 million nine months ago, according to a survey on micropayments whose results were released today. In the same nine months, the proportion of online buyers who bought content from more …
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13 July
Pricing Pressure in Merchant Processing Brings BofA and NPC Together
Severe price compression in the merchant acquiring market drove together two major players and led to further consolidation in the merchant-processing business as Bank of America Corp. today announced it has acquired National Processing Inc.for $1.4 billion in cash. BofA says it will combine its Merchant Services unit with NPC …