Digital Transactions Authoritative, insightful and timely information for payments professionals
Payments observers have expected Apple Inc. to add person-to-person payments to its Apple Pay mobile-payments service for almost as long as the mobile wallet has been available, and on Monday, the computing giant obliged. Without adding much detail, Apple announced that users of its iMessage feature will be able to …
June, 2017
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2 June
Eye on Security: Data Breaches up 35%; Malware Hits Kmart
By Jim Daly@DTPaymentNews The number of data breaches tracked by the Identity Theft Resource Center in 2017 hit 698 as of May 30, a 35.3% increase over the record pace of a year ago when the ITRC flagged 516 breaches in 2016’s first five months. The San Diego-based nonprofit monitors …
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2 June
EDGE, a Universal Card Service, Eyes Coin Users and other Digital Transactions News briefs
• EDGE Mobile Payments LLC, which offers a card-consolidation device, said it is offering users of the former Coin card a discount on the purchase of its EDGE Card. Fitbit Inc. purchased Coin in 2016, and the service was shuttered earlier this year. • PayPal Holdings Inc.’s dominance in e-commerce payments …
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2 June
In Yet Another ISV Play, GTCR Buys Sage Payment Solutions for $260 Million
Finally, the rumors can stop. Sage Payment Solutions, the U.S. merchant-services arm of Sage Group plc, has been sold to GTCR LLC, a Chicago-based private-equity firm, for $260 million, GTCR announced Friday. Reports of a possible sale of the company, which counts approximately 100,000 merchants in its portfolio, originally surfaced …
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1 June
Get Set for Quantum Computing
The connection between computing capacity and payment practice is obvious to all. While passing coins hand-to-hand remains a ritual, the bulk of human transactions are carried out through electronic computing. Now, all the computers that we know—mainframes, minis, PCs, tablets, smart phones, and so on—are a special case of a …
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1 June
What To Watch in Payments
What are the ingredients of payments modernization in the United States? I suggest there are three: 1. Faster Payments The race to create a U.S. faster-payments system has begun. What’s not clear is what it will look like at the finish line. The variety of systems being either launched or …
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1 June
An Approaching P2P Payments Upswell?
A survey for megabank Bank of America Corp. indicates that consumers of all ages are ready to embrace electronic person-to-person payments. BofA’s latest Trends in Consumer Mobility Report, released last month, found that 36% of all respondents use a P2P payments service. Market-research firm Convergys queried for the bank 1,005 …
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1 June
Pressure Builds for Cannabis Payments
The growth of the legal cannabis industry will force bankers and payments executives to examine the business prospects of serving that industry, according to an executive with a regional automated clearing house association. While marijuana remains illegal under federal law, 29 states have approved for it for use by adults …
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1 June
First Data’s New Fraud-Detection Tool Features Real-Time Algorithm Updating
First Data Corp. is hoping that its scale—it says it processes more than 2,800 transactions per second coming from more than 6 million merchants—will give its new Fraud Detect service an edge in thwarting fraudulent transactions. Announced Thursday, Fraud Detect uses artificial intelligence and machine learning, fraud scoring, cybersecurity intelligence, …
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1 June
iPayment Launches Gateway and other Digital Transactions News briefs
• Marking an end to American Express Co.’s cobranded card losing streak, hotel chain Hilton Worldwide Holdings Inc. named AmEx as its exclusive credit card issuer effective Jan. 1, according to Bloomberg. AmEx and Citigroup Inc., which took over issuance of the Costco Wholesale Corp. cobranded card from AmEx a year …