Digital Transactions Authoritative, insightful and timely information for payments professionals
An obscure transaction code used by the automated clearing house network for debit card payments is surging as major merchants adopt the payment method and offer significant rewards to customers who use it. The POS code, which refers to ACH debit entries initiated at an electronic terminal, accounted for 4.59 …
Read More »Visa Doubles Floor Limit for Credit And Debit at Grocery, Discount Stores
Visa Inc. in October will double the current $25 purchase limit in its Visa Easy Payment Service to $50 under which no signature or PIN entry will be required for credit and debit card transactions at grocery and discount stores. The network also is changing some chargeback procedures that it says will …
Read More »Interlink Takes a Hit While Antitrust Officials Investigate Visa
Visa Inc.’s pricing plans for merchant acquirers in the wake of the Durbin Amendment have generated controversy in the acquiring industry, and now they’re attracting scrutiny from the U.S. Department of Justice, the leading payment card network disclosed on Wednesday. Visa said in a regulatory filing that the DoJ’s Antitrust …
Read More »MasterCard Reports a Strong Quarter for Debit, Takes Issue with Fed’s Durbin Update
MasterCard Inc. on Wednesday posted continued strong growth in debit cards during the first quarter, including in fee revenue. The No. 2 U.S. card network also took issue with the findings of a Federal Reserve report released on Tuesday showing interchange for regulated card issuers has plunged since the Durbin …
Read More »A ‘Hard Core’ of Check Users Likely to Resist Inducements to Convert to E-Payments
For years, the growth of electronic payments has been fueled by the conversion of check writers into card users at the point of sale, but now those days may be coming to an end. Research, as well as the experience of one major retail chain, indicates the check writers who …
Read More »New Fed Data Give a Glimpse of the Durbin Amendment’s Early Effects
The Federal Reserve Board on Tuesday released data about banks’ debit card interchange income now that the Durbin Amendment is in effect. Not surprisingly, the numbers show that interchange for regulated card issuers plunged. The nation’s leading retailer trade group took the occasion to decry the Fed, even though merchants …
Read More »Card-Using Customers at Vending Machines Apparently Aren’t Miffed at Cash Discounts
Vending machine payment-network operator USA Technologies Inc. has instituted a two-tier pricing option that gives machine owners the ability to offer discounts for cash. But the Malvern, Pa.-based company says early results show many consumers still prefer card payments even if paying by cash would save them some small change. …
Read More »Vantiv Joins the Ranks of Publicly Traded Payment Processors
Vantiv Inc. began trading on the New York Stock Exchange on Thursday with the symbol VNTV, having priced its shares late on Wednesday at $17, the mid-point of its estimated opening range. The Cincinnati-based payment processor saw its initial offering of 29.4 million shares raise just shy of $500 million. …
Read More »Studies: Gift Cards Preferred to Higher-Value Gifts, While Many Prepaid Holders Are Banked
As the prepaid card market matures, more data are emerging about surprising consumer behavior regarding prepaid cards or that challenge the conventional wisdom. For example, research commissioned by big processor First Data Corp., a major player in the prepaid space, found that given a choice between taking a gift or …
Read More »Pulse Pulsates with New Issuers As MoneyPass Adds POS Utility to Its ATM Network
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