Digital Transactions Authoritative, insightful and timely information for payments professionals
The Federal Reserve released the names of 27 payments-industry executives who will serve on a work group focused on developing a governance framework for faster payments in the United States. Fifty-five percent of U.S. credit and debit card spend is now on chip cards and 96% of the top 200 …
October, 2017
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12 October
Blackhawk Network Plans To Sell its Cardpool Gift-Card Exchange Business
Prepaid card services provider Blackhawk Network Holdings Inc. disclosed Wednesday that it plans to sell its struggling Cardpool business. That news came as Pleasanton, Calif.-based Blackhawk reported a loss of $7.8 million for its third quarter ended Sept. 9, bigger than the $5.1 million loss in 2016’s third quarter. Third-quarter …
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12 October
Unstoppable? Shrugging off Setbacks, Bitcoin Rallies to Crash the $5,000 Price Barrier
Bitcoin’s remarkable ride continued early Thursday as the world’s most valuable digital currency broke through the $5,000 level and reached an all-time high price just over $5,200, according to Coinmarketcap.com. Bitcoin had been flirting with the $5,000 barrier for weeks, and indeed briefly broke through it early in September on some …
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12 October
ProPay Expands to Australia and other Digital Transactions News briefs from 10/12/17
American Express Co. announced its Business Loans service that will provide unsecured loans of $3,500 to $50,000 for small businesses; holders of AmEx business cards can apply online and receive a decision in as little as 60 seconds, AmEx said. ProPay, a merchant-acquiring subsidiary of processor Total System Services Inc. …
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11 October
Bill.com Lands $100 Million in Funding and other Digital Transactions News briefs from 10/11/17
Bill.com said it secured $100 million in a funding round led by JPMorgan Chase & Co. and Singapore-based investment firm Temasek Holdings, bringing total investment in the business-payment network to more than $200 million; the company plans to use the funds for network expansion and to accelerate its distribution among …
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11 October
Eye on POS Terminals: Ingenico Device Available in Canada While Elavon Debuts Poynt
Point-of-sale terminal maker Ingenico Group said its Telium Tetra POS terminal is now available in Canada through TD Merchant Solutions, the first Canadian acquirer to offer the device. Separately, processor Elavon, a unit of U.S. Bancorp, made the Poynt Co. POS terminal available in Canada. Ingenico said its touchscreen, countertop …
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11 October
P2P Payments Generate ‘Lots of Hype And No Results’ for Small Banks, Report Indicates
Financial institutions wearied of seeing nonbanks scoop up more and more of the digital person-to-person payments business, so they’ve begun offering the service themselves. But a report released Wednesday indicates those efforts aren’t panning out all that well, at least for mid-sized and smaller institutions. “Lots of hype and no …
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10 October
Community Bankers Ask the FDIC To Deny Deposit Insurance for Square’s Bank
Citing the heavier regulatory burden borne by conventional banks, the Independent Community Bankers of America trade group on Tuesday asked the Federal Deposit Insurance Cop. to deny merchant processor Square Inc.’s insurance application. San Francisco-based Square last month announced it would apply for an industrial bank charter from the state …
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10 October
Wells Fargo Launches NFC Cardless Cash ATM Service and other Digital Transactions News briefs from 10/10/17
Wells Fargo & Co. launched cardless cash access at its ATMs using near-field communication technology. Consumers using the bank’s mobile app hold an NFC-equipped smart phone near an NFC-enabled ATM after opening and authenticating the bank app. The ATM then prompts for a PIN entry to complete the transaction. Wells said …
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10 October
Merchants Celebrate the Durbin Amendment’s Sixth Birthday as Payments Group Sneers
The Durbin Amendment’s debit card interchange price cap took effect six years ago this month, prompting a merchant group to celebrate the occasion and claim the measure has saved consumers and merchants $48 billion. But a lobbying group of payment networks and banks derided those savings estimates and once again …