Digital Transactions Authoritative, insightful and timely information for payments professionals
With all the attention being given to the upcoming EMV liability-shift deadline on Oct. 1 in the United States, one important issue is getting overlooked. That’s the effect new chip cards and EMV software and equipment will have on the customer experience. According to a recent report on EMV from …
Read More »Eye on Security: Visa-Target Settlement; Ashley Madison Hackers Post Payment Data
Visa Inc. has struck a settlement with Target Corp. that would reimburse Visa’s credit and debit card issuers up to $67 million for their expenses related to Target’s massive data breach in late 2013. Meanwhile, hackers who stole data from the Ashley Madison Web site have posted seven years of …
Read More »With Certification Final, the DNA Offers Its Common AID for EMV Debit
By Kevin Woodward Financial institutions that are facing the U.S. conversion to EMV chip cards but have no global card brands on all or a portion of their debit card portfolios now have an option that helps them meet regulatory requirements. The Debit Network Alliance LLC, which is owned by …
Read More »As MCX Plans Pilot for Late August, Observers Ponder Fate of Its CurrentC Wallet
By John Stewart After a three-year gestation period, the Merchant Customer Exchange’s CurrentC mobile-payment service is planning to launch a pilot in Columbus, Ohio, during the last week of August, a source with knowledge of the matter tells Digital Transactions News. The pilot will involve locations belonging to a handful …
Read More »Eye on Earnings: MasterCard Touts ‘Agnostic’ Tech Approach; Vantiv Revenue Climbs
By John Stewart and Jim Daly With products like its MasterPass digital wallet, MasterCard Inc. has stepped up its efforts to stake a claim in the emerging market for digital payments. But the company is loath to commit itself too soon to any particular technology, according to the card network’s …
Read More »Merchants Have New Ammo To Blow up Interchange Settlement—But Is It Enough?
By Jim Daly Citing what they say were improper communications between two lawyers on opposing sides of a $5.7 billion settlement between merchants and Visa Inc. and MasterCard Inc., attorneys for a group of about 30 merchants gave notice to the networks Tuesday that they want to have the settlement …
Read More »Eye On Earnings: AmEx’s Earnings Slip But OptBlue Grows; Discover’s Pulse Volume Dips
By Jim Daly and Kevin Woodward American Express Co. saw total revenues and profits decline by 4% in the second quarter, but its OptBlue program has added 700,000 small merchants this year. Meanwhile, Discover Financial Services reported late Wednesday that its Pulse volume fell after losing a large issuer. New …
Read More »Looking Ahead to Mobile, USAA Targets EMV Chips in 80% of Credit Cards by Fall
By October, 80% of the approximately 8 million credit cards issued by USAA Bank will bear an EMV chip, furthering the payment card industry’s efforts to migrate from magnetic-stripe cards. Meanwhile, the bank, a unit of USAA, a diversified insurance and banking company based in San Antonio, Texas, is still …
Read More »Eye on Earnings: Chase, Wells Report Latest Merchant-Acquiring Numbers
JPMorgan Chase & Co. reported Tuesday that charge volume in its massive merchant-processing business grew 12% in the second quarter, and Wells Fargo & Co. said its merchant-related fee income rose 10%. New York City-based JPMorgan Chase said payment volume in its Chase Commerce Solutions unit totaled $234.1 billion versus $209 …
Read More »An Exception to the Rule, SECU Issues PINs for Its EMV Cards, But Usage Is Another Story
The United States appears to be making steady progress in its conversion to the EMV chip card standard. Some 120 million chip cards were issued by the end of last year, a figure expected to balloon to 600 million by the end of 2015, according to the EMV Migration Forum, …
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