Digital Transactions Authoritative, insightful and timely information for payments professionals
By Jim Daly@DTPaymentNews If you think the upcoming 2016 elections are only about The Donald versus Hillary, think again. A bill in the House of Representatives that would significantly alter the controversial Dodd-Frank Act and repeal its contentious Durbin Amendment passed the House Financial Services Committee Tuesday on a 30-26 …
September, 2016
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12 September
Elavon’s Tablet POS Service Debuts in Canada and other Digital Transactions News briefs
• MasterCard Inc. issued its latest U.S. EMV progress report; the network says it has 2 million chip-active merchant locations and that 88% of MasterCard consumer credit cards now have chips. • Processor Elavon announced it is launching a tablet-based point-of-sale product in Canada in conjunction with talech, a POS …
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11 September
While Hackers Press Their Attack on Payments, CyberSecurity Funding Tails off
By John Stewart @DTPaymentNews The payments industry may be undergoing an unprecedented attack by fraudsters, but funding of cybersecurity startups by top investors will drop somewhat this year compared to 2015, according to the latest data from CBInsights, a New York City-based firm that tracks venture-capital investment. Total cybersecurity funding …
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9 September
With a Faster Square Cash, Square Ties Fee-Based P2P to the Faster Payments Trend
By John Stewart @DTPaymentNews For years, payments providers have struggled to make money on person-to-person payments, and now Square Inc. is taking a swing at the problem. Starting now, Square is offering to make instant transfers of Square Cash funds into users’ bank accounts if they pony up a 1% …
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9 September
MasterCard Faces U.K. Fees Lawsuit and other Digital Transactions News briefs
• A consumer class-action lawsuit filed by the United Kingdom government’s former financial-services ombudsman against MasterCard Inc. seeks 14 billion pounds ($18.6 billion) in damages for allegedly charging excessive merchant fees between 1992 and 2008, expenses merchants passed on to consumers. In a statement, MasterCard said it “firmly” disagrees with …
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9 September
U.K. Class Action Seeks Almost $19 Billion From MasterCard, but How Strong Are Its Claims?
By Jim Daly@DTPaymentNews An eyebrow-raising consumer class-action lawsuit filed Thursday in the United Kingdom against MasterCard Inc. over payment card acceptance costs has parallels with U.S. card litigation, and like its American cousins, the British lawsuit faces an uncertain future. The suit seeks £14 billion ($18.6 billion) in damages, the biggest …
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8 September
With No Audio Jack on Apple’s Latest iPhone, CardFlight Turns to Bluetooth
By John Stewart @DTPaymentNews Tech companies like Square Inc. made their reputations by rolling out simple card readers that linked to Apple Inc.’s
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8 September
The ETA Readies Underwriting Guidelines for Payment Facilitators
By Kevin Woodward@DTPaymentNews Not thoroughly knowing merchants and submerchants harbors peril for payment facilitators, and that’s one risk the Electronic Transactions Association hopes to alleviate. The ETA, a Washington-based trade group representing the merchant-acquiring industry, expects to release a set of underwriting guidelines for payment facilitators soon. According to Visa …
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8 September
Quick Chip Or Not, Cayan Figures EMV Will Consume 116 Million Hours This Year
Consumers and merchants can count the seconds it takes to complete an EMV chip card transaction, and now payments provider Cayan LLC has quantified the total cost in hours: 116 million. That is Boston-based Cayan’s estimate of how much more time consumers will spend at the checkout completing EMV transactions …
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8 September
FinCEN Issues Email Fraud Advisory and other Digital Transactions News briefs
• Apple Inc. said it is bringing its Apple Pay mobile-payments service to Japan with its new iPhone 7 and 7 Plus smart phones, and Apple Watch Series 2. Apple Pay will work with Japan’s variant of near-field communication (NFC) contactless technology known as FeliCa. • The U.S. Treasury Department’s Financial …