Digital Transactions Authoritative, insightful and timely information for payments professionals
Having just launched earlier this month, PayPal Holdings Inc.’s Fastlane checkout has lined up processor and competitor Adyen NV as a partner. Designed to accelerate guest checkout flows, Fastlane is meant to help e-commerce retailers boost their conversion rates. Reducing friction in the guest-checkout process can help boost conversion rates for e-commerce …
August, 2024
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20 August
Hotels.com Picks Affirm and other Digital Transactions News briefs from 8/20/24
Affirm Inc. said it will work with Hotels.com to allow consumers to book rooms and pay over time. The move builds on Affirm’s existing partnerships with Expedia Group. Shopping-app installs increased 61% in the first half of the year compared to the same period last year, according to Adjust’s shopping-app insights report. myKaarma, …
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19 August
With Two Major Providers of Real Time Payments, the Request for Payment Takes on a Higher Profile
When the Federal Reserve’s FedNow real-time payments service debuted commercially 13 months ago, the story mainly focused on the general concept of immediate money transfers. But since then the payments industry has been busy refining that concept and working on service-ready applications. One of the most talked-about of these applications …
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19 August
COMMENTARY: Why Merchants’ Legal Assault on Acceptance Costs Is Anti-Consumer: Part II
Merchants want lower interchange. In their Shangri-la, interchange would be negative, meaning merchants would be paid to accept credit and debit cards. This is not unknown in the real world. For example, Australia’s national debit network for many years had negative interchange. Merchants want to be able to freely surcharge …
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19 August
Gen Z Digital Wallet Love and other Digital Transactions News briefs from 8/19/24
Interac Corp., Canada’s national debit network, said 69% of Gen Z Canadian adults have embraced the mobile wallet, while 63 % prefer to leave their physical wallet at home for short trips, according to a recent survey. Gen Z’s use of mobile wallets outpaces all other generations including Millennials (60%), …
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16 August
Lenders Bring Suit Against Illinois’s Newly Enacted Interchange Law
Several organizations representing banks and credit unions filed a lawsuit late Thursday challenging Illinois’s Interchange Fee Prohibition Act, which was signed into law June 7. The lawsuit, filed in United States District Court for the Northern District of Illinois, was brought by the Illinois Bankers Association, The American Bankers Association, …
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16 August
COMMENTARY: Why Merchants’ Legal Assault on Acceptance Costs Is Anti-Consumer: Part I
While merchants, like consumers, love credit and debit cards, they don’t like having to pay to accept them. It’s human nature to want to pay less for products and services, no matter how good they are. To reduce payment-acceptance fees, merchants have brought a battery of antitrust lawsuits against Mastercard …
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16 August
Flexa Components Debuts and other Digital Transactions News briefs from 8/16/24
Flexa, a digital-currency platform, has launched Flexa Components, a program aimed at easing wallet-based point-of-sale payments with cryptocurrencies. In related news, gift card platform Raise said it will accept cryptocurrency in its Raise App, used by 6 million consumers, according to the company. Payments-technology provider Sionic has launched a fraud-detection and mitigation service aimed …
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15 August
Consumers Favor Cash Back Over Other Rewards As a Counter to Inflation, J.D. Power Finds
Cashback has replaced miles and rewards as the top credit card perk consumers want, according to J.D. Power’s 2024 U.S. Credit Card Satisfaction Study. The trend is being driven by inflationary pressures that have hiked credit card interest rates and annual fees. As a result, consumers are gravitating to cards …
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15 August
With Little Fanfare, Apple Will Make Its Secure Element Available to U.S. Developers
U.S. third-party developers soon will have new capabilities to access the secure element piece of Apple Inc.’s iPhone when iOS 18.1 eventually is released, a move that could herald further app development and cement Apple’s position among mobile-wallet providers. Apple, without fanfare, revealed this long-desired access Thursday in a simple …
