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Backers of ScramCard, a new universal card that offers consumers the ability to load multiple credit and debit cards onto one card, hope messages touting its potential security and fraud-mitigation benefits will reach welcoming ears. Like other universal cards, ScramCard enables consumers to load their payment card details onto the …
Read More »Mum About the Details, MCX’s Mooney Hints at ‘Plans on the Table’ Beyond Chase Deal
By John Stewart Last month, the spotlight shone on Merchant Customer Exchange LLC when JPMorgan Chase & Co. officially unveiled its Chase Pay wallet, set to launch next year, and said it will be included in MCX’s merchant-controlled CurrentC application. But, as big as that deal is for MCX, the …
Read More »San Francisco Sues AmEx Alleging Unfair Competitive Practices
By Kevin Woodward The City Attorney for San Francisco has filed suit in California Superior Court against American Express Co., alleging the card brand continues to restrain merchants from steering consumers to other payment options. Filed Nov. 6, the suit seeks $2,500 per violation, which City Attorney Dennis J. Herrera …
Read More »Square Low-Balls Its IPO, but Shares Pop on First Morning of Trading
By Jim Daly Merchant processor Square Inc. priced its initial public offering of stock late Wednesday at $9 per share, about 25% lower than it had hoped for, but positive investor sentiment lifted the stock Thursday morning in its first day of trading on the New York Stock Exchange. Square …
Read More »AmEx Introduces Bundled Payment Tokenization, Security, and Mobile Services
American Express Co. is now marketing a set of tokenization, security, and mobile payments services under the AmEx Enabled Digital Solutions moniker. Included in the service is the card brand and acquirer’s digital-wallet platform, near-field communication (NFC) and host card emulation technology, the American Express Token Service, and American Express …
Read More »NEWS ANALYSIS: Why Apple May Be Planning To Launch a P2P Payments Service
Is Apple Inc. laying the groundwork for an application that would let individuals pay each other electronically? Citing “people familiar with the matter,” The Wall Street Journal reported Thursday that the tech kingpin is doing just that, and has already started talking to a handful of major banks. If the …
Read More »Blackstone Invests $820 Million in NCR, but Will the Deal Enhance NCR’s Competitiveness?
Leading U.S.-based ATM manufacturer NCR Corp. announced Thursday that affiliates of private-equity firm The Blackstone Group L.P. will invest $820 million into the company for a 17% stake. NCR says it will use the investment to help fund a $1 billion share repurchase and speed its transformation into an integrated …
Read More »Credit Unions Prepping for Samsung Pay, Android Pay As Samsung Offers $50 to New Users
By Kevin Woodward With no shortage of mobile-payments options available to users, backers of Android Pay and Samsung Pay are trying to entice consumers by making their services more broadly available and by offering rebates. Institutions using The Members Group, a credit-union service organization, soon will be able to enroll …
Read More »Data About First Data Show Transaction Growth but Profitability Issues Remain
A filing Tuesday by First Data Corp. in the wake of its recent initial public offering of stock paints a picture of a payment processor growing in many areas but still carrying a heavy debt load and challenged on profitability. The filing, Atlanta-based First Data’s quarterly report to the Securities …
Read More »Following Skrill Acquisition, Optimal Payments Changes Its Name to Paysafe
Merchant processor Optimal Payments Plc announced it has changed its name to Paysafe Group Plc. The move reflects the company’s direction following the closing of its Skrill acquisition in August. The deal bolstered the company’s stake in digital wallets. “This was a major milestone for the company, and although we …
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