Digital Transactions Authoritative, insightful and timely information for payments professionals
Fiserv Inc. is looking to beef up its capabilities in embedded payments with an agreement to acquire Payfare Inc., a Toronto-based company, for $201.5 million Canadian, or approximately $139 million in U.S. currency. The deal, which was announced early Monday and is subject to shareholder approval, comes as processors look …
December, 2024
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23 December
CFPB Sues Walmart, Branch and other Digital Transactions News briefs from 12/23/24
The Consumer Financial Protection Bureau has sued Walmart Inc. and Branch Messenger Inc. over allegations of fees for transferring earnings made by individuals in the Walmart Spark Driver program. The CFPB alleges Walmart forced delivery drivers to use Branch deposit accounts. To move funds from these accounts to another drivers faced “a …
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20 December
WooCommerce Makes Affirm Its Go-To BNPL Provider
WooCommerce is making Affirm Holdings Inc. its default buy now, pay later payment option, the e-commerce platform provider announced early Thursday. WooCommerce has offered Affirm as a payment option since 2015. In 2022, WooCommerce began offering Affirm to its merchants in Canada. As part of the deal, eligible merchants will …
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20 December
The CFPB Sues Early Warning, BofA, Chase, And Wells Over Zelle Fraud
The Consumer Financial Protection Bureau early Friday said it has sued Early Warning Services LLC as well as Bank of America, JPMorgan Chase, and Wells Fargo, alleging the Zelle person-to-person payments network failed to protect consumers against fraud. The banks are three of the seven financial institutions that own Early …
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20 December
GiveCard’s Prepaid Role in Guaranteed Income program and other Digital Transactions News briefs from 12/20/24
The city of El Monte, Calif., has extended its agreement with GiveCard, a prepaid debit card platform, to manage the city’s Guaranteed Income pilot program, which embraces 125 low-income participants. Togetherwork, a payments provider specializing in pet-care businesses, has acquired Petexec, a software provider for the same market. Terms were not …
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19 December
Consumers Are Struggling to Pay Their Credit Card Bills on Time, J.D. Power Finds
Consumers may not be racking up more revolving credit card debt than they did in 2023, but their ability to pay their bills on time is coming under pressure, according to a report released early Thursday by J.D. Power. Consumers say they are having a harder time paying their bills, …
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19 December
Worldline Adds Flexible Pricing for ISVs
The demand for more flexible pricing from independent software vendors using Worldline’s payment-processing services has spurred a new pricing model. Dubbed FlexPricing, the feature enables ISVs to adapt their pricing strategies to best suit them, Worldline says. Among the capabilities: charging a percentage fee on bank transfer transactions, adding custom …
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19 December
CapOne Inches Closer to Discover and other Digital Transactions News briefs from 12/19/24
Capital One Financial Corp.’s proposal to acquire Discover Financial Services for $35.3-billion, announced in February, has been approved by the Office of the Delaware State Bank Commissioner. The proposal includes Discover Bank. Shareholders in both companies are set to vote on the transaction Feb. 18, 2025. Visa Inc. has closed on its offer to acquire …
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18 December
A CFPB Circular Warns of Illegal Rewards Practices; Shareholders Will Vote on the Cap One-Discover Deal
The Consumer Financial Protection Bureau early Wednesday released a circular to law-enforcement agencies warning that operators of credit card rewards may be violating a prohibition against unfair, deceptive, or abusive acts or practices by devaluing earned credit card points and airline miles. The CFPB issued the circular in part due …
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18 December
FinCEN’s Ownership Reporting Rule Delayed Amid Court Ruling
A court ruling in Texas earlier this month has delayed an ownership reporting requirement mandated by the Corporate Transparency Act. That is not likely to be a reason to rejoice because a future court could uphold the requirement. Under the act, which went into effect Jan. 1, businesses were supposed …