Digital Transactions Authoritative, insightful and timely information for payments professionals
Mastercard Inc. said it will slowly phase out the requirement that its branded cards have a magnetic stripe in favor of the EMV chip. Beginning in 2024, in most markets, newly issued Mastercard credit and debit cards will not be required to bear the magstripe. By 2033, Mastercard said none of …
August, 2021
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13 August
Grocer Giant Eagle Furthers PayPal’s Push to Capture In-store Volume At Checkout
With consumer use of mobile wallets growing, supermarket chain Giant Eagle, Inc. is adding PayPal and Venmo acceptance at checkout in its 474 Giant Eagle supermarkets and GetGo convenience stores. The move, announced Thursday, furthers PayPay Holdings Inc.’s efforts to capture in-store transactions through its mobile wallet. PayPal began its …
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13 August
WUBS Renames as Convera and other Digital Transactions News briefs from 8/13/21
Western Union Business Solutions (WUBS), formerly a unit of the Western Union group of companies, will rename itself Convera upon its recently announced $910-million acquisition by Goldfinch Partners LLC and The Baupost Group LLC. Patrick Gauthier, most recently head of Amazon Pay, has been announced as chief executive of Convera, which …
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12 August
COMMENTARY: The Application of AML Regulation Will Be Good for Crypto Exchanges
When talking about crypto exchanges, it’s common to divide them into the big, stable, safe, reliable ones on the one hand, and the little, unknown, shady, and suspicious ones on the other. However, the Financial Conduct Authority (FCA), the UK’s financial regulator, seems not to have a very high opinion …
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12 August
Veem Introduces Two Short-Term Loan Options To Boost Cash Flow for Small Businesses
In response to small and mid-size businesses’ need for capital as the economy re-opens in the wake of the Covid-19 pandemic, payment-technology provider Veem Inc. on Thursday introduced two new short-term lending options as part of its Veem Capital offering. The first option, Pay Later, allows small and mid-size businesses …
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12 August
The DoJ Supports the Fed’s Debit-Routing Proposal, But Would Like to See it Toughened
The U.S. Department of Justice on Wednesday lent its weight to a proposed rule from the Federal Reserve Board that would reinforce merchants’ choice of networks for e-commerce transactions arising from debit cards. At the same time, it suggested the rule could be made more stringent. Justice’s support for the …
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12 August
eBay’s Payments Payoff and other Digital Transactions News briefs from 8/12/21
EBay Inc. reported some 80% of its on-platform payments volume was processed through its managed-payments service by the end of the second quarter. More than 13 million sellers globally were using the platform.Payment card manufacturer CPI Card Group Inc. said consumers’ shift to contactless cards, which command a higher price than ordinary plastic, helped drive …
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11 August
BlackBerry Revs Up the Engine for Connected Car Payments
Vehicle-based payments got a boost Wednesday with BlackBerry Ltd.’s introduction of a new app to enable secure payments from a car’s dashboard. The app, which leverages the concept of the connected car, acts like a mobile wallet that connects to a payment network to enable a variety of transactions, including …
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11 August
Merchants Redouble Their Efforts to Push the Fed on Debit’s Routing And Pricing Rules
With a Federal Reserve deadline hitting Wednesday for comments on decade-old debit card regulations, large merchants are firing some last-minute salvos in hopes of influencing the Fed to make major revisions to rules governing transaction routing and pricing. “[M]ajor banks and networks continue to interfere with competition for debit business,” …
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11 August
Revel Bags Dave’s Hot Chicken and other Digital Transactions News briefs from 8/11/21
Cloud-based point-of-sale maker Revel Systems said Dave’s Hot Chicken restaurant chain will use Revel Enterprise for its POS system. In the first quarter, the chain said its newly signed franchisees expanded the number of locations to more than 400.Payments provider Qualpay said it will process transactions for FuelMor, a software platform for propane suppliers.Buy …