Square and Afterpay merchants counted 70 million transactions over the Black Friday-Cyber Monday holiday weekend, up 14% from the same period in 2022, Square said. In-person shopping increased 15% year-over-year. Amendments under consideration by Australia’s national government would impose on digital wallets like Apple Pay and Google Pay the same regulations as those enacted …
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A New York Times Op-Ed Video Favoring the CCCA Sparks a New Tussle Over the Bill
The Electronic Payments Coalition issued a press release late Tuesday taking issue with a New York Times op-ed video that argues merchants and consumers already pay a high price for rewards cards and expresses support for the Credit Card Competition Act. In its rebuttal responding to the video, Richard Hunt, …
Read More »Some Merchants Take Issue with the CCCA
Small businesses claim they have legitimate concerns that their larger counterparts will be the beneficiaries of lower card acceptance costs should the Credit Card Competition Act become law, argues the Small Business Payments Alliance, a trade organization recently formed by the Electronic Payments Coalition. Among the concerns about how the …
Read More »Shift4 Embraces M&A As Its Finaro Deal Finally Closes And More Stadium Business Beckons
The payments business may be shying away from the mergers-and-acquisitions market for the time being, but that’s not a strategy Shift4 Payment Inc.’s boss is interested in imitating. “Now, there’s a general distaste for acquisitions. That’s not a mistake we’re going to make,” declared Shift4 chief executive Jared Isaacman early …
Read More »The CFPB Aims To Increase Its Oversight of Non-Bank Digital Wallet Providers
The Consumer Financial Protection Bureau late Tuesday said it is expanding its efforts to increase oversight of large, non-bank technology firms with a proposed rule that would subject companies that issue digital wallets to the same regulations as those that cover wallets from financial institutions. The proposed rule, which would …
Read More »PSCU And Co-op Solutions Merge to Create a Potential Fintech Powerhouse for Credit Unions
Long-time credit union service and financial-technology providers PSCU and Co-op Solutions announced a merger late Monday. The merged entity, which has yet to be named, will create an end-to-end payments system for credit unions of all sizes, PSCU chief executive and president Charles E. “Chuck” Fagan, promised during a press …
Read More »Deluxe’s Payments Results And Other Digital Transactions News briefs from 11/2/23
Deluxe Corp. reported a slight decline in third-quarter revenue year-over-year, with $537.8 million compared to $555 million for the same period in 2022. Its payments unit, its second-largest division, recorded flat revenue of $169.5 million, with its checks business posting $180 millon, down slightly from $182.4. Known chiefly as a check …
Read More »Nuvei Links to KoreConX to Ease Investments Via Cards And Account-to-Account Transfers
The big Montreal-based payments processor Nuvei Corp. said early Wednesday it will process investments in private companies through KoreConX, a technology provider specializing in enabling such payments for individual investors. Interestingly, the arrangement includes the use of both card and account-to-account networks to route customers’ investments, with a $50 minimum, …
Read More »Security Notes: With CBDCs, Be Very Careful Indeed
Digital-money technology is irresistible, and its impact is going to be much more profound than we can imagine. Money—an entity of transactable value formed by faith, not by per se value— may be seen as the mother of all inventions. It allows inventors to invent rather than get bogged down …
Read More »What’s an Acquirer To Do?
Agents that sell card acceptance aren’t powerless when merchants gripe about the cost. Merchant discontent over card-acceptance fees is nothing new, but every few years the din rises several octaves, just as it has in 2023. While merchants, card issuers, the card networks, and politicians argue over whether acceptance costs …
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