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Endpoint The proposal would do some useful things, but that advantage is outweighed by its—and the Bureau’s—disadvantages, says Eric Grover. Rule by regulatory mandarins is not only unconstitutional, it suppresses payments competition and innovation, and consequently consumer choice and value. On Nov. 13, the Consumer Financial Protection Bureau released its …
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USA Technologies Clinches a New Interchange Deal With Visa for Debit And Credit
USA Technologies Inc. on Friday announced it had secured a three-year agreement with Visa Inc. that will allow the supplier of payments technology for vending machines to continue receiving favorable small-ticket interchange pricing from the network. In the announcement, contained in a brief regulatory filing with the Securities and Exchange …
Read More »Settle Into the Easy Chair To Read the CFPB’s 870 Pages of Prepaid Card Rules
If you want to print out the Consumer Financial Protection Bureau’s proposed prepaid card regulations, think again. They run 870 pages in PDF form, so you’ll need almost two reams of paper and plenty of ink. The regulations unveiled Thursday would require so-called “Know Before You Owe” disclosures and aim to …
Read More »BofA Takes the EMV Lead With Debit Cards
Bank of America Corp. last month began issuing debit cards that adhere to the Europay-MasterCard-Visa (EMV) chip card standard, thus becoming the first mega-bank to begin a wide-scale EMV conversion. Cards for existing customers will be issued as old cards expire or are replaced for other reasons. The U.S. payment …
Read More »Warning: The EMV Chip Card Conversion Will Be Slow and Fraught With Peril
The conversion of U.S. payment cards from the aging magnetic stripe to the Europay-MasterCard-Visa chip card standard will hardly be a seamless transition. That’s the word from a payments researcher and Canadian retail experts who spoke on a panel at a payments conference Tuesday near Chicago. The warnings came a …
Read More »BofA Becomes First Major Issuer to Begin Conversion to Debit Chip Cards
Bank of America Corp. isn’t waiting for 2015 to convert its debit card portfolio to plastic that supports Europay-MasterCard-Visa (EMV) chip transactions. The Charlotte, N.C.-based banking giant announced Tuesday it will begin issuing debit chip cards to new customers in October, with cards for existing accountholders issued as these …
Read More »Banks’ Out-of-Network ATM Fees and Overdraft Fees Again Set Records
By Jim Daly Average out-of-network ATM fees set a record in 2014 for the eighth straight year by rising 5.3% to $4.35 per transaction, well above a 1.5% increase in 2013 but close to their 17-year average, according to Bankrate Inc.’s annual study of checking-account fees. Overdraft fees set a …
Read More »The Fed Will Leave Its Debit Card Interchange Cap Unchanged for Now
The Federal Reserve Board on Thursday said it would leave its debit card interchange cap for large issuers unchanged despite finding that some of their important expenses either declined last year or had changed little from levels found by an earlier survey. A major retailer trade group said the findings …
Read More »Payment Processors Hold Key Tokenization Role In Apple Pay
Payment processors First Data Corp. and Total System Services Inc. (TSYS) will have key roles in securing transactions using tokenization technology for payments consumers make with Apple Inc.’s newly announced Apple Pay mobile-payments scheme. The Cupertino, Calif.-based computer giant made the announcement as part of its unveiling Tuesday of …
Read More »Cover Story: Is it Still Hip to Be Square?
Is it Still Hip to Be Square? The answer, after five eventful years, is yes. But it needs to find a consumer strategy, and right now there’s no app for that. Nobody in the staid world of the payments business had ever seen anything like it before. Dozens of buttoned-down …
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