FedNow, the impending real-time payment service from the Federal Reserve, was formally introduced to the merchant-acquiring industry Thursday at the annual Northeast Acquirers Association conference. Expected to launch in July, FedNow will enable participating banks to offer instant payments with a default limit of $100,000 per transaction and stretch to …

Apple Inc.’s newest financial product, a buy now, pay later service called Apple Pay Later, has finally arrived. Launched Tuesday, Apple Pay Later was announced in June, but only now is it being made available, and just to a limited set of Apple Pay users. Apple says it will offer broader …

What’s the future of shopping going to be like? If consumers have their way, it will be more personalized and convenient, found the “Future of Shopping” report from Synchrony. And online retailer Newegg Commerce Inc. is incorporating artificial intelligence tool ChatGPT into its shopping protocols. With increased sophistication in personalization, …

No surprise, the top merchant acquirer by payment volume remains JPMorgan Chase & Co., according to the 2023 edition of Directory of U.S. Merchant Acquirers from TSG, formerly known as The Strawhecker Group. With volume of $2.15 trillion, Chase retained the top spot last year that it has held since …

Mastercard Inc. is adding another arrow of digital-security technology in its cybersecurity quiver with the acquisition of Baffin Bay Networks, a Sweden-based cybersecurity company. Payments companies constantly need advanced ways to counter fraud because criminals are relentless. In fact, credit card fraud accounted for 6.2% of digital fraud in 2020, …

With merchant risk being as important for payment facilitators as it is with traditional merchant-services companies, Infinicept, which provides embedded payment services, and LegitScript, a merchant-monitoring service, are collaborating on a new service to provide merchant-monitoring capabilities. Announced Wednesday, the service will enable payfacs, independent sales organizations, and merchant acquirers …

Mercedes-Benz’s new Mercedes pay+ in-car payment service is coming to five models manufactured by the Germany-based luxury-car maker. Though earlier efforts from a variety of car makers put in-car payments on the road, Mercedes-Benz is the first, with its Mercedes pay+ technology, to use Visa Inc.’s Delegated Authentication and Cloud …

Visa Inc. may be readying a lower cap on credit card surcharges—moving from 4% to 3%—in April, but there’s no guarantee it will happen then. While a bulletin sent to large acquirers says the change to the brand rules will go into effect April 15, its implementation could be delayed, …

Payment technology provider Repay Holdings Inc. has high hopes in 2023 for two new business segments—Consumer Payments and Business Payments—as its posts $6.6 billion in processed card volume for 2022. In related news, CardFlight, developer of SwipeSimple, a mobile point-of-sale service, hits a record merchant count of 125,000. Repay’s plans …

Credit unions wanting another option among debit card networks have a new choice with the launch of Co-op Solutions’ Co-op Pay Network. Announced Monday, the network is open to all credit unions, regardless of their debit-processing relationships. The new network, which works with regular point-of-sale transactions, PINless transactions, mobile wallets, …