The Federal Reserve released its latest triennial payments study Thursday morning, and it reports that the number of U.S. non-cash payments totaled 144 billion in 2015, up 5.3% annually from 2012. Debit and credit cards led in growth, while the automated clearing house network “grew modestly,” the Fed said. The …
Read More »A Majority of Deployers Say ATM Crime Isn’t Rising, but Fraud Still Remains a Problem
ATM deployers reporting a “general increase” in physical and fraudulent attacks on their machines declined to 42% this year from 51% in 2015, according to new data from the ATM Industry Association. While that overall finding was good news, skimming, PIN compromises, malware, and other types of fraud-related attacks on ATMs remain …
Read More »New Pew Report Says Overdraft Fees Need More Regulation
A new report by The Pew Charitable Trusts says a minority of “financially vulnerable” consumers generate most overdraft fee revenue for banks, and it calls for bank regulators to put stricter controls on the controversial fee. The report uses data from the federal Consumer Financial Protection Bureau, more than 40 banks, and …
Read More »Payments IPOs Plunge in 2016, but 2017 Could See Some High-Profile Offerings
After an active 2015 in which such prominent payments-industry firms as processor First Data Corp. and merchant acquirer Square Inc. completed initial public offerings of stock, 2016 saw little IPO activity by payment firms. But 2017 could be a different story, according to an analyst. The most notable new U.S. …
Read More »Google Wallet Gets New Browser Capability and Moves Beyond Mobile Devices
Alphabet Inc.’s Google unit has updated its Google Wallet to enable the person-to-person payments service to work on desktop computers and laptops using any browser. Google Wallet dates back to 2011 as a mobile-payments and P2P service, but in September 2015 Alphabet transferred the purchasing functionality to its Android Pay …
Read More »Fraudsters Targeting Mid-Priced Luxury Goods, Refurbished Electronics This Holiday Season
Tougher security vetting by high-end luxury goods retailers has online fraudsters moving downscale to the still-profitable mid-price range, and crooks also are targeting refurbished consumer electronics, according to new findings from security technology firm Forter Inc. Forter, which has offices in San Francisco and Tel Aviv, Israel, this week released …
Read More »Bill Pay, Mobile Deposit Among the Most Popular Features of Banks’ Mobile Apps
Bill payment continues to reign as the most-used payments feature of banks’ mobile apps, but mobile deposit and person-to-person payments are coming on strong, according to new findings from research firm Celent and FI Navigator Corp. The “Mobile Banking Quantified” study by Celent, a division of New York City-based of Oliver …
Read More »ACH Volumes Continue Their Hot Streak With Nearly 6% Growth in the Third Quarter
Continuing the stepped-up growth rate it’s seen for nearly two years, the automated clearing house network’s transaction volume grew 5.7% in the third quarter, slightly better than the second quarter’s 5.6% growth. The third quarter was notable for marking the start of same-day ACH processing. The latest quarterly report from …
Read More »Image Exchange Leader ECCHO Exploring ‘Possible Strategic Opportunities’
The Electronic Check Clearing House Organization (ECCHO), a leader in the movement to develop check image exchange, announced Monday that it is “exploring possible strategic opportunities.” The terms “exploring strategic opportunities” or “exploring strategic options” usually mean a company is up for sale. It is indeed possible that the ECCHO …
Read More »Nearly a Third of Payments Are Cashless at New USAT Client’s Converted Vending Machines
USA Technologies Inc. (USAT), a provider of electronic payments for vending machines and other unattended locations, said Monday that it is working with Ten M. Corp. to upgrade 1,000 of Ten M’s vending machines with USAT’s ePort Connectcashless payment technology. In addition to cash, the ePort devices will enable the machines to …
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