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Business is turning around for VeriFone Systems Inc., the leading U.S.-based point-of-sale terminal maker, as the economy shows signs of recovery and services rather than traditional hardware for processing payment card transactions account for an ever-greater share of VeriFone’s sales. San Jose, Calif.-based VeriFone late Wednesday reported net income of …
Read More »With New Cash in Hand, Payvment Plots Post-Facebook Expansion
Payvment Inc., a San Francisco startup whose shopping-cart software has been enabling transactions for storefronts on Facebook for the past six months, plans to use $1.5 million in new funding to add engineers and expand its network beyond the massive social network. Christian Taylor, the company’s chief executive, tells Digital …
Read More »MasterCard Seeks to Harness Innovation Through Open APIs
In what one of its top executives characterizes as a “philosophical shift,” MasterCard Inc. on Tuesday unveiled a plan by which it will make its payments platforms available to developers through open application programming interfaces, or open APIs. The company will also create a portal for developers where they can …
Read More »Victors in Senate Interchange Skirmish Take Battle to the House
Fresh from their Senate victory May 13, proponents of interchange regulation on Tuesday urged U.S. House of Representatives leaders to adopt the so-called Durbin amendment that could limit debit card interchange and overturn some bank card network rules in order to make it easier for merchants to discount for other …
Read More »Software House Behind Mobile Capture Gets into the Black
After rolling out its flagship mobile remote deposit software product in mid-2009, Mitek Systems Inc. is harvesting a bit of a profit. The company last week reported net income of $7,000 for its fiscal 2010 second quarter ended March 31. That’s close to break even, but much better than the …
Read More »A Bill to Regulate Online Gambling Gets an Airing in Washington
The battle over online gambling continued earlier this week during a hearing held by the U.S. House Ways and Means Committee on legislation to tax licensed Internet gambling in the U.S. The bill—known as the Internet Gambling Regulation and Tax Enforcement Act—was reintroduced in March by Rep. Jim McDermott, D-Wash. …
Read More »Software Platforms Will Rule the Future of Payments, Expert Argues
The future of payments belongs to innovators that use software platforms to develop new services that can be quickly brought to market, according to David S. Evans, an economist and veteran payment-industry observer. Evans, keynote speaker at the Federal Reserve Bank of Chicago’s annual payments conference Thursday, cited PayPal Inc., …
Read More »Heavyweight Entrants Help Trigger a Merger in Card-Acceptance Apps
The principals of a leading software developer and its independent sales organization partner in the card-processing application market for Apple Inc.’s iPhone have bought a key rival, a move they say will enable them to thrive in a fast-changing market that is attracting heavyweight competitors. Inner Fence LLC and Dublin, …
Read More »Heartland, MasterCard Forge a $41 Million Data-Breach Settlement
Continuing its massive clean-up in the wake of the payment card industry’s biggest data breach, merchant acquirer Heartland Payment Systems Inc. late on Wednesday announced a $41.4 million settlement with MasterCard Inc. The settlement will reimburse MasterCard debit and credit card issuers for their costs stemming from the breach Heartland …
Read More »An iPhone Accessory Heats up the Push for NFC on Memory Cards
With the announcement on Monday by DeviceFidelity Inc. that it has developed a case for Apple Inc.’s iPhone that will let the popular smart phone accept a memory card, the payments industry took what some observers consider a key step toward the commercialization of near-field communication (NFC), the interactive technology …
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