Vancouver’s public-transportation authority has selected a $220 million fare-payment system from Cubic Transportation Systems Inc. that includes a transit-only reloadable contactless card but also the ability to accept general-purpose contactless cards. Replacing proprietary fare cards with systems that add transit capabilities to contactless credit and debit cards issued by banks …
Read More »PA-DSS ‘Guidance’ for Mobile Apps Likely to Come This Year, PCI Council Says
A freeze on approvals of mobile applications for card acceptance by merchants, announced in November by the PCI Security Standards Council (PCI SSC), will likely be lifted some time before the end of the year. Top officials with the Wakefield, Mass.-based organization tell Digital Transactions News the Council is working …
Read More »Consumers Still Skeptical of Mobile Payments, But Attitudes May Change Soon
Despite the hype about mobile payments, most consumers still aren't comfortable using smart phones to pay for things, according to new research from the Bank Administration Institute and Hitachi Consulting. That, however, could change, and change soon. The study also shows that debit remains consumers' preferred payment choice, though its …
Read More »PayPal Sees Durbin As ‘Neutral to Positive’ for Foreseeable Future
The drastic reduction in debit card interchange revenue mandated by the Durbin Amendment will be somewhat favorable for PayPal Inc., an official with the e-commerce processor’s parent company said on Wednesday. “In the short and the medium term, we believe it’ll probably be neutral to positive on our performance,” said …
Read More »Durbin Challenger Cooper of TCF Says, ‘I Told You So’
It was an “I-told-you-so moment” Thursday morning for William A. Cooper, the outspoken chairman and chief executive of TCF Financial Corp. Cooper said many bankers dismissed TCF’s assertion that the Federal Reserve Board, in carrying out the dictates of the Dodd-Frank financial-reform law’s Durbin Amendment, would cut debit card interchange …
Read More »Breach Investigations Show Alarming Advances In Malware
Hackers continue to improve malware, third-party vendors continue to serve their clients poorly when it comes to data security, and the evidence points to Russia as the single biggest source of attacks on databases. Those are some of the highlights in the new Global Security Report 2011 from Trustwave Holdings …
Read More »Eye on Mobile: Starbucks Pilot Goes National, Acculynk Goes Mobile, And Mitek Logs Clients
In the largest U.S. chainwide expansion yet seen in mobile payments, Starbucks Coffee Co. announced on Wednesday it is extending its proprietary, prepaid mobile payments pilot to all of its U.S. company-owned stores. The move brings the chain’s Starbucks Card Mobile App to almost 6,800 stores and increases the number …
Read More »Tenacious Cash Is Here for the Long Term, Report Says
Cash: It’s still everywhere electronic payments want to be. Despite decades of gains by credit and debit cards, electronic commerce, the automated clearing house, and now mobile payments, cash is hanging on and will do so for many years, according to new findings from Aite Group LLC. Consumers spent $1.20 …
Read More »Online Fraud Rate Drops, But ‘Cleaner’ Fraud Poses a Bigger Threat
Good news for online merchants: In 2010, for the second year in a row, fraud losses expressed as a percentage of revenue went down. They came to 0.9%, down about $600 million from 1.2% in 2009, according to the latest research from CyberSource Corp., a unit of Visa Inc. that …
Read More »Intuit, North American Bancard Bring Free Card Readers to Mobile Payments
Mobile payments are getting increasingly competitive, and this week the competition ratcheted up even more. Intuit Inc., maker of the QuickBooks accounting software for small businesses, is now offering a free credit card reader for smart phones to merchants using its GoPayment mobile service. Intuit also is waiving monthly service …
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