Credit Cards

With just over seven months to go before a crucial liability shift, just how well is the conversion of U.S. gasoline pumps to accept EMV chip cards going? It depends on whom you ask. Visa Inc. says it’s progressing nicely. “I think we’re actually doing pretty well,” Julie Scharff, Visa’s …

A Wichita, Kan.-based restaurant chain will settle for more than $60,000 a case alleging it illegally added 4% surcharges on credit card transactions, The Wichita Eagle reported. Kansas is one of the four states that prohibit credit card surcharging.Big U.S. banks are providing the best payments-acceptance experience for merchants, but non-banks such as PayPal Holdings Inc. and Square …

Fiserv Inc. announced its Clover unit has launched Clover Station Pro, a cloud-based point-of-sale device featuring a customer-facing countertop display and software specific to quick-service and full-service restaurants on the Clover platform.Elavon Inc., the merchant acquiring unit of U.S. Bancorp, announced the sale of its Mexico-based operations to banking giant Santander …

Ajay Banga, chief executive of Mastercard Inc. for the past decade and the strategist who converted what had been mostly a consumer card network into a player in non-card and real-time payments, said Tuesday he will step down Jan. 1 as CEO. He will then assume the role of executive …

Wire-transfer provider MoneyGram International Inc. said transaction volume from its MoneyGram Online service grew 39% year-over-year in the fourth quarter; the company reported a net loss of $11.9 million compared with a loss of $12.5 million in 2018’s fourth quarter.Former Fit Pay Inc. shareholders are suing Garmin International, alleging the company, known for its …

Fiserv Inc. announced more than 600 financial institutions have joined the Zelle peer-to-peer payments network through its Turnkey Service for Zelle program, with more than 300 of those institutions coming on board last year.Private-equity firm Great Hill Partners and payments provider VersaPay Corp. announced the closing of the previously announced acquisition of VersaPay by an …

FMR LLC, the parent company of Fidelity Investments, the big mutual-fund and asset-management firm, this week spun off Akoya LLC, a tech company that recently launched an account-access protection network. Akoya is now co-owned by FMR, The Clearing House Payments Co., and 11 of TCH’s member banks, a development expected …

Fiserv Inc. said this week its First Data unit has performed the first PIN-on-mobile contactless transaction involving only a commercially available mobile device. Observers say the breakthrough could expand the availability of PIN-on-mobile technology significantly by allowing small merchants like food-truck operators and other mobile sellers to accept card payments …

Ally Financial Inc. announced this week it will buy CardWorks Inc. for $2.65 billion. CardWorks owns Merrick Bank, a major player in merchant acquiring. In the deal, expected to close in the third quarter, Detroit-based Ally says Merrick Bank will merge into Ally Bank. Merrick has approximately $32 billion in …

Prepaid card and banking services provider Green Dot Corp. reported $10.6 billion in gross dollar volume on its products for the fourth quarter, up 8% year-over-year. Green Dot also announced a multi-year extension of its contract with Apple Inc. for issuing the Apple Cash card.ATM network operator Cardtronics plc said Amazon.com customers can now add cash to …