Debit Cards

The Merchants Payments Coalition fired back late Monday at a request last week from the American Bankers Association that the Federal Reserve not act on a proposal to lower a longstanding limit on the interchange banks can earn on debit card transactions.  In a letter to the Fed, the MPC …

The outlook for payments in 2025 will be rife with open finance, instant payments, multi-rail payments, interchange questions, and the increasing use of artificial intelligence, observers suggest. The top three payments trends next year will be open finance, instant payments adoption, and point-of-sale innovations, says Capgemini Research Institute in its …

Bus riders in Indiana, Pa., can now use smart cards to pay their fares with the debut of the transit system’s IndiGO Mobile Pay. Boston-based Modeshift Inc. designed the fare-collection system in conjunction with the Indiana County Transit Authority. Riders can use a mobile app to find routes, buy tickets …

Ackroo Inc., a Canadian gift card and loyalty platform, announced early Friday it has reached a “definitive” agreement to be acquired by Paystone, a Canadian-based gift card and loyalty processor, in an all-cash deal for $21 million. Paystone will acquire all of the issued and outstanding shares of Ackroo at …

The American Bankers Association on Thursday issued a long and detailed letter it has sent to the Federal Reserve Board to argue its case against a Fed proposal that would reduce a longstanding cap on the interchange banks can earn on debit card transactions. The ABA’s action follows an analysis …

So-called hidden costs—such as overdraft charges, late fees, and identity fraud—linked to bill payments amount to $196 billion on an annual basis, up 18% from last year, according to a study from bill-payment platform doxo. Mastercard Inc. released its 2025 payment trends forecast that discusses AI, small business, and contactless payments, which …

Consumers holding Bank of America Corp. credit and debit cards now have access to the Paze online checkout following BofA’s  declaration that all of its eligible cards are now enabled for the e-commerce service. Paze is an online-checkout service developed by Early Warning Services LLC. It is designed to provide …

Same-store sales volume rose 5.7% and transactions were up 6.7% during the days from Nov. 27 and Dec. 2 compared to the same week last year, according to the 2024 Thanksgiving Holiday Insights report from Fiserv Inc. Illinois-based payments provider Payroc will work with Sunday, a restaurant point-of-sale technology provider, to offer the …

A new report from Surfshark, a provider of virtual private network services, finds that the United States far outpaces the top nine other major economies when it comes to the rate of breached payment card details. Based on 5.7 million payment card data points that have been compromised since 2004, …

If the Illinois Interchange Fee Prohibition Act survives the legal challenges it faces, the law would “create significant market distortions,” says a recent report from the International Center for Law & Economics, a Portland, Ore.-based nonprofit research and policy center. Some of the most significant impacts on the market, according …