Debit Cards

By John Stewart @DTPaymentNews Visa Inc. stunned the payments industry late Monday with an announcement that its chief executive, Charles Scharf, has resigned, effective Dec. 1. Scharf will be replaced by Alfred F. Kelly, a 23-year veteran of American Express Co. and currently a Visa board member. Kelly, whose service …

In a break from the practice of most EMV chip card issuers, TCF National Bank reported this month that it will be issuing all of its customers’ debit cards with both contact and contactless capabilities. The bank, the principal subsidiary of Wayzata, Minn.-based TCF Financial Corp., said it will begin …

MasterCard Inc. and Visa Inc. reported Monday that online-payments specialist Stripe Inc. is using their instant-payment services to pay merchants such as ride-sharing service Lyft and other users of Stripe’s marketplaces. Stripe actually began offering what it calls Instant Payouts relying on the network services—Mastercard Send and Visa Direct—to merchants as …

By Kevin Woodward@DTPaymentNews With more than 3 million renters enrolled in an online rent-payment service, Entrata Inc.’s desire to optimize its payment-card acceptance costs is paramount. That’s why Lehi, Utah-based Entrata is working with Visa Inc. on an improved payment and authorization program for the multifamily-housing industry. Announced Thursday, the …

The fraud bug struck debit card issuers last year, and the illness spared neither signature nor PIN-based varieties of debit. Researchers identified a big increase in skimming as part, but only one part, of the cause. According to the 2016 Debit Issuer Study commissioned by Discover Financial Services’ Pulse electronic …

A streamlined approval for contactless mobile-payment devices announced Wednesday by chip card standards body EMVCo could help mobile-payments boosters realize their elusive dream that the coming of chip cards to the U.S. also will lift smart-phone-based payments. The new approval process is meant to confirm that mobile devices enabled for …

By Jim Daly@DTPaymentNews Partly because of a big increase in skimming, debit card fraud rates jumped in 2015 on both signature and PIN-based point-of-sale transactions, according to the 2016 Debit Issuer Study commissioned by Discover Financial Services’ Pulse electronic funds transfer network. The overall fraud-loss rate on PIN POS transactions …

• American Express Co. reported $2 billion in net income for the second quarter, including a $1.1 billion pre-tax gain from the sale of its Costco Wholesale Corp. cobranded portfolio to Citigroup Inc., which is now issuing a cobranded

Visa Inc.’s combined U.S. credit and debit card purchase volume grew nearly 10% in the quarter ending June 30, but the payment network’s net income plunged 76% mainly because of its costs to acquire Visa Europe. PayPal Holdings Inc., meanwhile, saw its volumes and bottom line increase in the second …

Dollar volume on Discover Financial Services’ Pulse electronic funds transfer network declined 9% in the second quarter, but that was an improvement from the first quarter’s 15% plunge and the bottom is in sight, Discover said on Tuesday. Meanwhile, the impact of grocery stores’ reluctance to accept credit cards for …