U.S. Holidays Sales Soar 7.6% And Other Digital Transactions News briefs from 12/27/22

U.S. retail sales in the Nov. 1 to Dec. 24 period, excluding automotive, grew 7.6% compared to the same time in 2021, according to Mastercard Inc.’s SpendingPulse, which tracks in-store and online sales. E-commerce sales alone were up 10.6%. The calculation took account of all forms of payment but was not adjusted for inflation.
Payments platforms like PayPal and Venmo got a reprieve as the Internal Revenue Service delayed for a year a rule that would have required the services to report 2022 transactions to users that amounted to $600 or more. For the next year, the current threshold of 200 transactions summing to $20,000 or more will remain in place. The new rule is part of the American Rescue Plan of 2021.
The Federal Trade Commission voted 4-0 to issue an order requiring Mastercard Inc. to stop what the agency called “illegal tactics” and detokenize online debit card transactions so they can be processed by other networks in compliance with the Durbin Amendment. The order is subject to public comment.

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