Trump Urges Digital Payment Push and other Digital Transactions News briefs from 3/26/25
Digital Transactions News staff
March 26, 2025
Acquiring, Fraud & Security, Near-Field Communication (NFC), Prepaid Cards, Transaction Processing
- President Trump issued an executive order requiring a move to electronic processing for all federal payments and receipts “by digitizing payments to the extent permissible under applicable law.” The order specifically rules out the creation of a central bank digital currency.
- The Financial Crimes Enforcement Network issued an interim rule that removes the requirement for U.S. companies and individuals to report beneficial ownership information under the Corporate Transparency Act, following a March 2 Treasury Department decision to suspend enforcement of BOI rule. FinCEN said it intends to finalize the rule this year.
- U.S. Bank is working with Grazzy, a digital platform for tips, to introduce a prepaid card aimed at hourly employees to access tip income.
- Prepaid card platform Paysign Inc. reported 2024 revenue of $58.4 million, up 23.5% from 2023. Net income dropped 41% to $3.82 million, in part owing to a 12.7% increase in cost of revenues.
- Toast Inc., a point-of-sale provider specializing in hospitality, said it is working with food critic Keith Lee to award $50,000 to each of three restaurants, starting Wednesday and extending over coming weeks. Criteria for the awards include commitment to hospitality, community connection, and employee care and engagement.
- Payments platform FreedomPay said it will work with reservation-app provider OpenTable to offer payments and other services to restaurants, including prepaid capabilities.
- The big French processor Worldline will ally with Castles Technology, a provider of point-of-sale payment technology, to offer payment services in North America, including softPOS, the ability to accept payments on an off-the-shelf mobile device.
- Visa Inc. has concluded a referral agreement with Extend, a platform aimed at allowing businesses to manage spending through the use of virtual cards.
- Early Warning Services LLC, the company behind the Zelle and Paze payments services, has widened its use of Aria Billing Cloud to include more data for financial institutions, Aria announced.
Digital Transactions Authoritative, insightful and timely information for payments professionals
