Digital Transactions Authoritative, insightful and timely information for payments professionals
With consumer and merchant preferences shifting towards contactless payment methods in the wake of the Covid-19 pandemic, payments activated by Quick Response codes are gaining more attention. That’s because they are a low-cost way for merchants without NFC (near-field communication)-based applications, such as Apple Pay and Google Pay, to add …
July, 2020
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13 July
Eye on the Point of Sale: Behind the Coin Shortage; The Decline in ATM Cash Withdrawals Slows
Consumers have been spending considerably less in most stores over the past four months, but that hasn’t prevented a shortage of coins from developing. But in one sign of a nascent revival of cash usage, the number ATM cash withdrawals by credit union members has finally broken a 15-week streak …
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13 July
eBay’s Pact With PayPal Nears End and other Digital Transactions News briefs from 7/13/20
Sellers continue to have questions about the impact of moving to eBay Inc.’s managed-payments program as the online marketplace’s five-year operating agreement with PayPal Holdings Inc. is set to expire later this week.Financial-services platform Nymbus Inc. announced it will offer digital billing and other payment services from Payrailz LLC as part of its cloud-based set of banking …
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10 July
Fraudsters’ Schemes to Get a Share of Covid-19 Stimulus Funds Draw a Warning From FinCEN
With trillions of dollars in federal stimulus money sloshing around in the economy to help consumers who have lost their jobs due to Covid-19, fraudsters are ratcheting up their efforts to get a piece of that pie. Two popular plans of attack are imposter scams, where criminals impersonate representatives of …
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10 July
Contactless Transactions at Small Businesses Have More Than Doubled Since March
New data from a point-of-sale services provider show just how much of a boost the Covid-19 pandemic has given to contactless payments. New York City-based CardFlight Inc., a technology company serving more than 60,000 small businesses through its SwipeSimple service, says in its latest weekly report on payment trends since …
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10 July
Marqeta’s Possible IPO and other Digital Transactions News briefs from 7/10/20
Marqeta Inc., a 10-year-old provider of a digital card-issuing platform, is looking to hire investment banks for a possible initial public offering later this year or in 2021, according to Reuters. The company, valued at $4.3 billion after its latest funding, is backed by Goldman Sachs and Visa Inc. and …
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9 July
‘Tens of Thousands of Dollars’ in Fraud for Operators That Don’t Upgrade Gas Pumps to EMV, a Report Estimates
When the big card networks this spring postponed until April 2021 the fraud-liability deadline for EMV chip cards at gas pumps, the retail fuel industry heaved a huge sigh of relief. But now estimates are emerging that indicate even relatively small gas-station operators that don’t enable their pumps for EMV …
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9 July
How Criminals Are Pushing Fake Content Online to Test Stolen Cards
Online fraud has always been a big problem, but now with consumers purchasing more online in the face of the coronavirus pandemic, criminals are finding even greater opportunity for illicit gain. One big area of concern is content fraud on digital marketplaces, which can be used to perpetrate payment fraud …
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9 July
Wirecard’s U.S. Unit Draws Interest and other Digital Transactions News briefs from 7/9/20
The U.S. subsidiary of failed German payment processor Wirecard AG is drawing strong interest from potential buyers, according to media reports. The Wall Street Journal also reported that the U.S. Justice Department is investigating whether Wirecard AG played a critical role in an alleged $100 million bank-fraud conspiracy connected to an online marijuana marketplace.Splitit Payments Ltd., which enables …
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8 July
Report: Apple Testing QR Codes With Apple Pay
Apple Inc., whose Apple Pay is the leading mobile-payment service based on near field communication technology, reportedly is testing Quick Response codes as an alternative technology with Apple Pay. That development was first reported Tuesday by the 9 to 5 Mac blog, which said a second beta version of the …