Digital Transactions Authoritative, insightful and timely information for payments professionals
• By the end of August American Express Co. will not hold merchants liable for counterfeit fraud chargebacks for transactions under $25 as part of its updated U.S. fraud policies for EMV chargebacks. By the end of 2016, AmEx plans to limit the number of counterfeit fraud chargebacks to 10 …
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Canada’s MintChip Digital Currency Goes Live at Toronto Stores and Restaurants
MintChip, a digital cash replacement, went live Tuesday with a handful of retailers and restaurants in a trendy Toronto neighborhood. Canadians anywhere also can use MintChip for peer-to-peer payments. A loyalty and payment-services startup called nanoPay Corp. bought MintChip, which was developed by the Royal Canadian Mint, early this year. …
Read More »Facing a Rocky EMV Transition, Visa Touts Chargeback And Certification Breaks
Even the most fervent advocate of EMV would have to admit the U.S conversion to chip cards has been a rocky one, especially for merchants. On Thursday, Visa Inc. announced a four-part plan it clearly hopes will remedy at least some of the more acute headaches, including certification backlogs and …
Read More »You’ve Heard of Honor-All-Cards. Now Retailers Are Battling Honor-All-Wallets
The latest battle between merchants and the major card brands has been brewing behind the scenes for months but went public Thursday when an advocacy group for big-box retailers charged that a new twist on network rules is slowing the progress of mobile payments. The controversy involves regulations long maintained …
Read More »Risky Business
Courting and retaining high-risk merchants can yield high returns. But it’s a lot of work. It’s no simple task, but one that can yield enviable returns. Finding the profit in high-risk merchants requires diligence, a knack for customer service, and a commitment to thoroughness. It also requires deep knowledge of …
Read More »Durbin Redux
U.S. Sen. Richard Durbin, D-Ill., is familiar to Digital Transactions readers as the author of the celebrated (or infamous, depending on your point of view) Durbin Amendment to the 2010 Dodd-Frank Act. That little cherry on top of the Dodd-Frank sundae put a cap on how much interchange big banks …
Read More »Samsung Pay Now Supports Loyalty Cards and other Digital Transactions News briefs
• Fitness-band vendor Fitbit Inc. has acquired the wearable-payments assets of Coin in a deal that closed May 12 and includes relevant personnel and intellectual property. Terms were not disclosed. Coin, which was part of a wearable-payments initiative announced earlier this year by MasterCard Inc., is best-known for a device that …
Read More »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 …
Read More »Payzing Relies on Uphold Accounts to Bring Blockchain Payments to E-Commerce Sites
Payments startup Payzing Inc. is banking that a digital-currency integration with Uphold, a virtual funds and commodity platform, will lead to e-commerce success. San Francisco-based Payzing uses Uphold’s blockchain technology to offer online merchants an alternate payment method to traditional credit and debit cards. Consumers use their Uphold accounts to …
Read More »Extreme Merchant Vexation
Chargebacks stemming from the EMV liability shift are bedeviling merchants, and some of them are turning to the courts for relief. That could change the way EMV plays out in the United States. Max Milam thought his stores were ready for EMV chip cards. His four Milam’s Market grocery stores …
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