News

July, 2020

• 14 July

  How the Pandemic Has Underscored the Crucial Role of Software in Processor Growth Plans

  

  With the Covid-19 pandemic forcing merchants to beef up or add an e-commerce channel to service customers disinclined to enter a physical store, processors that have partnered with or acquired independent software vendors (ISVs) specializing in the online sales channel are well-positioned for growth, according to The Strawhecker Group. Since …
• 14 July

  Big Banks See Credit Card Purchases Plunge by More Than 20% in the Second Quarter

  

  Three of the nation’s largest banks reported Tuesday that their credit card purchase volumes fell by more than 20% in the second quarter as the Covid-19 pandemic slammed the brakes on the economy, though things were better on the debit card side. New York City-based JPMorgan Chase & Co., the …
• 14 July

  COMMENTARY: How 3-D Secure 2.0 Will Change the Payments Industry

  

  With the massive increase in e-commerce this year, and new merchants moving to an online model out of necessity, combating card-not-present fraud is incredibly important. EMV 3-D Secure 1.0 (or 3DS1) has been continually upgraded as technology and consumer habits changed; however, from its first iteration it has always had …
• 14 July

  Visa’s Installment-Payment Test and other Digital Transactions News briefs from 7/14/20

  

  Visa Inc. announced it is working on U.S. pilots for a new installment-payment service. TSYS, part of Global Payments Inc., will be the first issuer technology partner, with Commerce Bank as the first U.S. bank partner. 42nd Street Photos, Tire Agent, and The Room Place are among the first merchants to offer …
• 13 July

  As Contactless Gains, Will QR Codes Win Over NFC Adherents?

  

  With consumer and merchant preferences shifting towards contactless payment methods in the wake of the Covid-19 pandemic, payments activated by Quick Response codes are gaining more attention. That’s because they are a low-cost way for merchants without NFC (near-field communication)-based applications, such as Apple Pay and Google Pay, to add …
• 13 July

  Eye on the Point of Sale: Behind the Coin Shortage; The Decline in ATM Cash Withdrawals Slows

  

  Consumers have been spending considerably less in most stores over the past four months, but that hasn’t prevented a shortage of coins from developing. But in one sign of a nascent revival of cash usage, the number ATM cash withdrawals by credit union members has finally broken a 15-week streak …
• 13 July

  eBay’s Pact With PayPal Nears End and other Digital Transactions News briefs from 7/13/20

  

  Sellers continue to have questions about the impact of moving to eBay Inc.’s managed-payments program as the online marketplace’s five-year operating agreement with PayPal Holdings Inc. is set to expire later this week.Financial-services platform Nymbus Inc. announced it will offer digital billing and other payment services from Payrailz LLC as part of its cloud-based set of banking …
• 10 July

  Fraudsters’ Schemes to Get a Share of Covid-19 Stimulus Funds Draw a Warning From FinCEN

  

  With trillions of dollars in federal stimulus money sloshing around in the economy to help consumers who have lost their jobs due to Covid-19, fraudsters are ratcheting up their efforts to get a piece of that pie. Two popular plans of attack are imposter scams, where criminals impersonate representatives of …
• 10 July

  Contactless Transactions at Small Businesses Have More Than Doubled Since March

  

  New data from a point-of-sale services provider show just how much of a boost the Covid-19 pandemic has given to contactless payments. New York City-based CardFlight Inc., a technology company serving more than 60,000 small businesses through its SwipeSimple service, says in its latest weekly report on payment trends since …
• 10 July

  Marqeta’s Possible IPO and other Digital Transactions News briefs from 7/10/20

  

  Marqeta Inc., a 10-year-old provider of a digital card-issuing platform, is looking to hire investment banks for a possible initial public offering later this year or in 2021, according to Reuters. The company, valued at $4.3 billion after its latest funding, is backed by Goldman Sachs and Visa Inc. and …