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Read More »Fed’s Final Durbin Rule Chops Interchange by More Than 40%, Extends Compliance Deadline
n The 5 basis points added by the Fed to the 21-cent cap is intended to capture some of the fraud losses issuers sustain, the central bank said in a staff memo released on Wednesday summarizing the final rule. The final rule also allows, on an interim basis, a …
Read More »Discover Chief Says Pulse Has Beefed up for Expected Durbin Volume
With final debit card regulations at hand that will end exclusive partnerships between payment networks and debit card issuers, the head of Discover Financial Services says his company has added capacity to its Pulse electronic funds transfer network to handle anticipated new business. n Nelms was responding to a question …
Read More »Issuers Eyeing Fees for Debit Can Expect Cardholder Backlash, Survey Shows
Some 49% of debit card holders would either stop using their cards or use them less often if their issuers slapped a $1-to-$2 monthly fee on their checking accounts in return for unlimited usage, and another 25% would close their accounts altogether, according to consumer research released this week. …
Read More »An Industry Divide over Durbin’s Impact on PIN Debit for E-Commerce
While the payments industry awaits stringent new rules concerning debit card transactions, some processors and technology players are starting to exploit what they see as opportunities in the new regulations. Acculynk Inc., for example, released last week a statement calling on Internet merchants to sign up now for online PIN …
Read More »Visa Offered 35% Interchange Cut for Small Merchants on Eve of Tester-Corker Vote
n That’s the gist of a June 8 letter purportedly from Visa Inc. chairman and chief executive Joseph W. Saunders to U.S. Sen. Joe Manchin, D-W. Va., a copy of which was obtained by Digital Transactions News. On June 8, an amendment to delay Durbin’s provisions for further study …
Read More »Visa Announces Deal with Monitise for Mobile Service Tied to Debit, Prepaid
Visa Inc. on Thursday cemented into place two more pieces of a developing strategy for what is rapidly turning into a hotly competitive market for mobile payments. The world’s largest card network announced it had struck an agreement with Monitise PLC, a U.K.-based provider of mobile services for financial …
Read More »An Amendment To Delay the Durbin Amendment Comes Up Short
Defenders of the debit card interchange status quo saw their last, best hope to delay draconian Federal Reserve regulations from taking effect go down to defeat Wednesday afternoon. An amendment in the U.S. Senate that would have delayed the Fed’s rules died on a 54-45 vote, six shy of the …
Read More »A Hefty Investment Accelerates eWise’s Expansion Plans for SVP
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Read More »Debit May Have Dethroned It, But King Cash Retains Its Allure
Cash: the merchant’s friend or foe? Two of the nation’s largest merchants on Thursday expressed surprisingly favorable views about the ancient payment method while an executive with the Chicago Transit Authority, the nation’s second-largest public-transportation system, wished it would go away as soon as possible. The comments came during the …
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