Digital Transactions Authoritative, insightful and timely information for payments professionals
Issuers contending with payment card fraud will have to factor in mobile wallets, especially as the battle to thwart account takeovers intensifies. A majority of issuers—56%—said they cannot further reduce account takeovers without hurting the customer experience, according to a card-issuer fraud study released recently by LexisNexis Risk Solutions and …
June, 2016
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7 June
Following Its Decision to Put off a Rollout, MCX to Shut Down Its CurrentC Pilot on June 28
When the Merchant Customer Exchange LLC announced last month it is postponing a rollout of its CurrentC pilot in Columbus, Ohio, observers suspected the news did not bode well for the merchant-controlled mobile wallet. On Monday, those suspicions were confirmed as MCX told CurrentC account holders in an email that …
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7 June
The CFPB Sues Processor Intercept Corp. and other Digital Transactions News briefs
• A bill by U.S. Rep. Jeb Hensarling, R-Texas, to replace 2010’s Dodd-Frank Act” would hurt consumers and Main Street businesses,” the Merchants Payments Coalition said, because the measure would do away with the financial reform law’s Durbin Amendment that regulates debit card interchange and sets debit card transaction-routing requirements. …
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7 June
Durbin’s Latest Salvo Challenges a New Visa Fee, But Visa Says It Has Dropped It
Sen. Richard Durbin, D-Ill., the author of the fee-capping Durbin Amendment, is well-known as a champion of merchants, but now he’s taking up the cause of small banks and credit unions. Durbin on Tuesday sent a letter to Visa Inc. chief executive Charles Scharf asking for information about a new …
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7 June
VeriFone’s EMV Honeymoon Ends; Certification Delays Crimp Earnings
The U.S. conversion to EMV chip cards has produced a windfall for VeriFone Systems Inc. over the past couple of years. But despite record revenues in the quarter ended April 30, delays in getting EMV equipment certified contributed to sharply lower profits and financial expectations for the leading domestic point-of-sale …
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6 June
As the mPOS Revolution Spreads to More Merchants, Players Must Build Scale Fast
The mobile point-of-sale revolution started in North America with smart-phone readers from startups like Square Inc. and established software houses like Intuit Inc., but it’s now a global phenomenon with broad implications for entrenched players and newcomers alike, according to research released Monday. Indeed, mobile POS gear—chiefly phones or tablets …
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6 June
Payments Veteran Khan Says His New Wallet, OmnyPay, Is Nearing Its Retailer Launch
Mobile-wallet provider OmnyPay Inc. is nearing the launch of its white-label service, which includes payments, loyalty, and offers, with a top 30 U.S. retailer. The debut is expected within the next few months. That’s the word from Mohammad Khan, OmnyPay president and cofounder, in an interview with Digital Transactions News. …
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6 June
Nearly 40% of U.S. Visa Credit and Debit Cards Now Have an EMV Chip
Nearly 283 million Visa-branded credit and debit cards issued by U.S. financial institutions now have an EMV chip, Visa Inc. reports. In addition, some 1.1 million U.S. merchant locations that accept Visa cards now take chip cards. In the latest of the payment card networks’ updates on the U.S. chip …
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6 June
Vantiv Security Pay Program Update and other Digital Transactions News briefs
• The ATM Industry Association teamed up with media and conference firm Reconnaissance International to organize a series of international events under the “ATM & Cash Innovation” moniker. • Vantiv Integrated Payments, a Vantiv Inc. company, began the next phase of its Security Pays program to encourage business owners to …
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3 June
Visa Gets OK for Visa Europe Purchase and other Digital Transactions News briefs
• Visa Inc. said the European Commission, the competition authority of the European Union, approved its planned acquisition of bank card association Visa Europe Ltd.; the $23-billion-plus deal has now received all regulatory approvals, and Visa Inc. expects it to close by June 30. • Visa debuted a payment ring for Team …