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U.S. Bancorp is joining the ranks of banks and tech companies testing near-field communication (NFC) technology by pairing a rewards credit card account with Apple Inc.’s iPhone in Salt Lake City, Utah, and Portland, Ore. The Minneapolis-based banking company is offering new holders of its FlexPerks Travel Rewards Visa …
Read More »Appeals Court Tells Settlement Challengers To Wait Until Agreement Gets Final Approval
A federal appellate court has turned down a retailer appeal to review part of the controversial settlement in a massive credit card interchange case, clearing the way for the trial court to move toward final approval. Meanwhile, the Herculean task of notifying millions of merchants about the settlement is getting …
Read More »Online Volume Grows 13% As Mobile Traffic and Bill Me Later Surge
Retail purchases online will reach $318 billion this year, up a healthy 13% from 2011, with mobile transactions accounting for more than 6% of that volume, according to a new report from Javelin Strategy & Research. This year marks the first time mobile-originated transactions have accounted for a meaningful share …
Read More »Merchants Appeal a Key Part of the Credit Card Interchange Settlement
Merchants opposed to the agreement settling a massive, 7-year-old credit card interchange case filed an appeal on Tuesday challenging the court’s preliminary approval of a key part of the pact. The appeal, filed by four merchants and seven merchant trade groups, comes on the same day as the U.S. District Court for …
Read More »Judge Gives Preliminary OK to the Controversial Credit Card Interchange Settlement
To the dismay of retailers but the joy of the card networks and bank defendants, U.S. District Judge John Gleeson on Friday gave preliminary approval to the controversial settlement of credit card interchange litigation announced July 13. The National Retail Federation, the leading retail-industry trade group and an outspoken foe …
Read More »First Data: Planned Settlement Would Let the Card Networks ‘Buy a License to Monopolize’
With a hearing coming up on Friday, objections to the proposed credit card interchange settlement are piling up in Brooklyn, N.Y., faster than debris from Superstorm Sandy. In addition to a number of retailers and their trade groups, those on record against the controversial plan forged by lawyers for the …
Read More »Visa Reports Growth in Credit, Less Bleeding in Debit, Progress for Its V.me Wallet
Visa Inc. on Wednesday reported brisk growth in its credit business and a stabilizing debit market while touting progress for its new digital wallet, V.me. Overall, the results released for Visa’s fourth quarter show the world’s biggest payments network is wising up about how to cope with a new, more …
Read More »MasterCard Reports Debit Up, Credit Growth So-So, And a Tie-Up with Square
New PIN-debit business as a result of the Durbin Amendment continued to lift MasterCard Inc.’s transaction volume in the third quarter, though the No. 2 card network’s top executives warned on Wednesday that the big growth is likely to slow down. Meanwhile, MasterCard is turning its attention to juicing up …
Read More »Credit Card Settlement Judge Says He Sees Grounds for Preliminary Approval of Pact
The judge overseeing the mammoth litigation involving credit card interchange said on Wednesday the controversial proposed settlement appears to meet the requirements for preliminary approval. Judge John Gleeson, however, also said he would hear merchants’ objections to the settlement struck by lawyers for the merchant plaintiffs and the payment card …
Read More »Retailers Prepare To Argue for a Rewrite of Debit Rules While Durbin Spars With Bankers
You’d almost think it was 2010 all over again, given the current fights about the Durbin Amendment, the section of that year’s Dodd-Frank Act that regulates debit card interchange and transaction routing. Oral arguments are set for Oct. 3 in a retailer lawsuit that seeks to have a court order …
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