News

June, 2023

• 16 June

  Cash App And Venmo Operators Have Two Weeks To Answer Senators’ Scam Queries

  

  Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …
• 16 June

  These Methods Boost Conversion Rates And Other Digital Transactions News briefs from 6/16/23

  

  Online merchants that offer so-called accelerated payment methods such as Meta Pay, Amazon Pay, PayPal, Shop Pay, Apple Pay, and Google Pay potentially raise conversion rates by up to 50%. That’s according to “Leading Online Shoppers to the Finish Line,” a study of more than 220,000 e-commerce sites by Shopify …
• 15 June

  Relay Payments’ Rollout for Pilot Aims to Help Fleets Combat Fraud

  

  Relay Payments, an Atlanta-based fintech, is rolling out its digital diesel-payment platform at more than 800 Pilot Travel Centers LLC locations. Pilot, which is owned by investment firm Berkshire Hathaway Inc. and Pilot Corp., operates a chain of truck stops across the United States and Canada. In addition to its …
• 15 June

  Luxury Retailer LVMH Adopts Tap to Pay on iPhone

  

  A handful of U.S. retail outlets owned by luxury-goods retailer LVMH Group will offer Tap to Pay on iPhone later this year, the Paris-based company announced Wednesday. Tap to Pay on iPhone enables merchants to accept contactless payments using a payment-acceptance app and an off-the-shelf iPhone. The service, announced in …
• 15 June

  Senators Query Venmo, Cash App About Scams And Other Digital Transactions News briefs from 6/15/23

  

  U.S. Senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.) on Thursday sent letters to Block Inc.’s Cash App and to PayPal pointing to “reports of widespread fraud and scams” on Cash App and Venmo and requesting data on the volume of reports of fraud …
• 14 June

  Fiserv Turns Up the Heat in the Hotly Contested Restaurant POS Market

  

  Fiserv Inc.’s Clover unit has made its latest entry in the highly competitive restaurant market with the Clover kitchen display system. The new system consolidates in-restaurant and online orders, a move some see as a growing need for restaurants as consumers return to dining out, while continuing to place online …
• 14 June

  The CFPB Looks to Define ‘Larger Companies’ for Rulemaking in Payments

  

  The Consumer Financial Protection Bureau is looking at creating a rule to define so-called larger companies in the consumer-payments industry, according to a notice the regulator posted on Tuesday. The rule if established would clarify the CFPB’s supervisory authority with respect to nonbank payments companies, lending more impetus to a …
• 14 June

  Volt’s Gateway on Shopify And Other Digital Transactions News briefs from 6/14/23

  

  The Canada-based commerce platform Shopify announced it has added the payments gateway Volt, allowing Shopify merchants in Europe, the United Kingdom, and Brazil to process real-time account-to-account payments. In related news, payments platform Netevia announced updates to its banking-services features, including free account-to-account transfers. The free period extends until the end of the year. …
• 13 June

  The CFPB Sees Room for Industry Standard-Setting Bodies in Open Banking

  

  Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …
• 13 June

  Eye on Restaurants: New Gambits From SpotOn, Toast, And Oracle

  

  Few retail markets have rebounded from Covid lockdowns as fast as restaurants have. And few have attracted as much attention from payments companies. No wonder. Sales at what the National Restaurant Association calls “eating and drinking places” in the United States totaled $88.1 billion in April, up 0.6% from March. …