• Two merchant organizations have filed a friend-of-the-court brief supporting a U.S. Department of Justice filing that asks the full panel of the Second U.S. Circuit Court of Appeals to hear a 6-year-old case alleging anti-steering rules established by American Express Co. are anti-competitive. A three-judge panel of that court ruled …
Read More »Visa’s EMV Debit Routing Practices Attract the Attention of the FTC And the Fed
By Jim Daly@DTPaymentNews The Federal Trade Commission is investigating Visa Inc.’s practices involving EMV debit card transaction routing, Visa disclosed Tuesday. And the Federal Reserve earlier this month posted guidance about EMV debit routing that, according to retailer trade groups, was issued in response to their objections to Visa’s practices …
Read More »NFC Rising: The Contactless Terminal Base Expands in North America And Globally
By Peter Lucas @DTPaymentNews By the numbers, at least, merchants appear to be paving the way for mobile and contactless payments to become mainstream in the United States. The installed base of terminals ready for near-field communication in the U.S. and Canada is projected to reach 9.2 million by year’s …
Read More »FTC Investigating Visa EMV Routing Practices and other Digital Transactions News briefs
• The Federal Reserve posted a notice that a payment network violates the debit card transaction-routing requirements in its rule implementing the Dodd-Frank Act’s Durbin Amendment if the network requires a merchant to allow a cardholder to choose an application that routes to only one network during an EMV debit card purchase. …
Read More »U.S. Online Newcomer Klarna Expands Its User Base And Rolls out New Features
By Peter Lucas @DTPaymentNews Sweden-based e-commerce payments provider Klarna continues to expand its footprint in the United States by doubling its user base and adding new features to enhance the user experience. More than 2 million U.S. consumers now use Klarna’s streamlined checkout service, generating hundreds of millions of dollars …
Read More »The Numbers Are In: Same-Day ACH Traffic Meets Expectations in First Full Month
By John Stewart @DTPaymentNews The faster-payments movement in the United States took a key step forward late in September with the automated clearing house network’s adoption of same-day clearing, and now numbers are available for the first full month of faster ACH processing. A total of $4.98 billion on 3.8 …
Read More »JetPay Posts 48% 3Q Revenue Increase and other Digital Transactions News briefs
• Payments-technology provider linked2pay said it and Push Payments, a payments processor, have made real-time payments available on linked2pay’s Bank Centric Payments platform. • JetPay Corp. reported a 48% year-over-year increase in third-quarter revenues to $15.2 million; the processor also reported a net loss of $2.9 million compared with a $1.7 …
Read More »More Than 600 Retailers Urge Congress To Retain the Durbin Amendment
By Jim Daly@DTPaymentNews Merchant trade groups have kept up a steady drumbeat this year in support of the Dodd-Frank Act’s Durbin Amendment with its debit card regulations. But, with Republicans taking full control of the federal government in January, the drumbeat got louder Tuesday when 627 large and small merchants …
Read More »Lack of Value, Crowded Market, and Risk Aversion Crimp Mobile Wallets, Analyst Says
By Jim Daly@DTPaymentNews Countless analysts have tried to diagnose what ails the lackluster U.S. mobile-wallet market, but new observations from securities rating agency Fitch Ratings Inc. succinctly identify three primary causes: a lack of compelling value propositions, an overcrowded market, and cyber-risk aversion on the part of consumers. “The vast …
Read More »Etsy Adds Apple Pay on the Web and other Digital Transactions News briefs
• Rite Aid Corp. announced that American Express Co. cardholders now can use their Membership Rewards points for purchases at its drugstores. They also can use their Plenti points earned using the AmEx-backed coalition rewards service • Growth in consumer revolving credit cooled off to a 5.2% seasonally adjusted annualized rate in …
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