News

June, 2023

• 7 June

  Phoenix-Like, a Bill Aimed at Controlling Credit Card Acceptance Costs Rises Again

  

  The Credit Card Competition Act is making a comeback, this time with more bipartisan support. The bill, originally launched last summer by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan,), is expected to be reintroduced in the Senate, apparently with few changes, as early as this week, according to an …
• 7 June

  Coinbase Faces SEC Lawsuit And Other Digital Transactions News briefs from 6/7/23

  

  The Securities and Exchange Commission sued cryptocurrency exchange Coinbase, alleging the company operates as an unregistered broker. The suit comes on the heels of a similar SEC action against Coinbase competitor Binance. U.S.-based stablecoin platform Circle Internet Financial LLC said its Circle Singapore affiliate obtained a Major Payment Institution license from the Monetary …
• 6 June

  Worldpay Partners with Volt to Bring Account-to-Account Payments to Merchants

  

  Worldpay, a unit of processor FIS Inc., has partnered with open-banking gateway and real-time payments network Volt to enable merchants to accept account-to-account payments from consumers. Through the use of application programming interfaces Volt will enable Worldpay merchants to initiate account-to-account (A2A) payments using open-banking technology. Open banking allows banks …
• 6 June

  Gr4vy And Spreedly Launch New Vaults As Merchants Contend With Payments Complexity

  

  Two major practitioners of the art of payments orchestration have announced cloud-based payments vaults within hours of each other. Both new services, from Spreedly Inc. and Gr4vy Inc., promise sophisticated management of a wide range of payments data in a bid for more efficient transaction routing and settlement on behalf …
• 6 June

  80% Use a P2P Payment App And Other Digital Transactions News briefs from 6/6/23

  

  Some 80% of U.S. consumers say they have used a peer-to-peer payment service at least once, while two-thirds report having used a mobile wallet in the past year, according to the 2023 State of Payments report from card-issuing platform Marqeta Inc. The study surveyed 4,091 consumers in February, including 2,013 in the …
• 5 June

  Eschewing Card Payments, Startup Sway Money Exceeds Its Funding Goal

  

  Sparing merchants card-acceptance fees is the fuel that has propelled alternative payments options, such as account-to-account transactions. One startup benefitting from this trend is London-based Sway Money Ltd., which enables merchants to accept account-to-account payments using a QR code and an off-the-shelf mobile device. Sway, which was incorporated in December …
• 5 June

  Mercedes-Benz Puts Parking Payments in the Dashboard

  

  Finding and paying for parking can be a hassle, but Mercedes-Benz, the German automaker, is hoping its new in-car parking payment service can help with that. Newly released as part of the MBUX infotainment system in eligible U.S. Mercedes-Benz vehicles, the parking service enables motorists to find off-street parking and …
• 5 June

  Chase Resolves Double Debit Issue And Other Digital Transactions News briefs from 6/5/23

  

  JPMorgan Chase & Co. late on Friday said it had resolved an issue that was generating duplicate online transactions and fees on customers’ checking accounts. The bank said it was issuing refunds or reversing transactions. At least some of the transactions had been generated through the Zelle peer-to-peer payments platform, though …
• 2 June

  A Snafu at Chase Doubles Debits for Zelle Users

  

  [Updated with new information over the weekend] An unknown number of Chase online-banking customers experienced duplicate Zelle debits to their accounts on Friday, while most anecdotal evidence suggests payees received only one payment. Zelle, the online peer-to-peer payment service, is integrated into Chase’s mobile app and online site. Early Warning …
• 2 June

  Payments Tech Giant Stripe Launches a Charge Card Program for Small Businesses

  

  Eyeing an opportunity among cash-strapped small businesses, Stripe Inc. has jumped into the virtual credit card game with the launch of a charge card program for Stripe Issuing, the San Francisco-based processor’s commercial card program. The new program will be offered through fintechs serving small businesses. Announced late Thursday, the …