News

May, 2024

• 22 May

  The CFPB Rules BNPL Users Have the Same Protections As Credit Card Users

  

  The Consumer Financial Protection Bureau on Wednesday issued an interpretive rule that buy now, pay later users are entitled to some of the same rights and protections of the Truth in Lending Act that apply to credit cards. Protections the CFPB says consumers are entitled to include the right to …
• 22 May

  Human-Initiated Digital Attacks Rose 19% in 2023 While Account Takeover Remains Dominant

  

  Account takeover, long the scourge of retailers and businesses, remained the top fraud type in 2023, according to the latest data from LexisNexis Risk Solutions. Released Wednesday, the “Confidence Amid Chaos” report found 28.7% percent of fraud in 2023 was third-party account takeover. That was followed by scams and bonus …
• 22 May

  Google Pay Updates and other Digital Transactions News briefs from 5/22/24

  

  Google launched new features for Google Pay, including rewards for American Express and Capital One transactions, an expansion of buy now, pay later options, including Affirm and Zip, and automatic fill-in of full card details. Processor FIS Inc. launched FIS Digital One Flex Mobile 6.0, an update to its mobile-banking app, with what the …
• 21 May

  Why Banks Say Sellers Are Unlikely To Pass Savings From the CCCA on to Consumers

  

  Despite some claims to the contrary, the odds are long that merchants would pass on any potential savings to consumers from the Credit Card Competition Act, payments experts say. One argument for this is that merchants price products on a line-item basis, which means the savings on a single product …
• 21 May

  Atomic Looks to Ease the Subscription Economy for Consumers Via a New App That Works Inside Banks’ Apps

  

  Recurring payments like subscriptions have been gaining increasing attention as more businesses supplement one-off sales and as banks and billers look for ways to automate the process for consumers within their own apps. Now the capability to make and control recurring payments is coming to consumers on their mobile phones. …
• 21 May

  Revenue Down 33% and other Digital Transactions News briefs from 5/21/24

  

  Presto Automation Inc., a provider of payments technology for quick-serve restaurants, said its March-quarter revenue dropped 33% year-over-year to $4.45 million. Revenue for the year ending March 31 also fell by one-third, to $14.2 million. The company said it will wind down its pay-at-table product to concentrate on its artificial-intelligence …
• 20 May

  Eye on Dining POS: NCR Voyix’s QR Code App; Olo Works With MenuSifu

  

  Point-of-sale technology for the ultra-competitive restaurant market gained even more momentum Monday as several key players unveiled new solutions. The announcements were in conjunction with the annual National Restaurant Association show taking place in Chicago. Digital-commerce technology platform NCR Voyix Corp., formerly NCR Corp., introduced its Aloha Pay-At-Table technology, an …
• 20 May

  COMMENTARY: Why Merchants Should Embrace Network Tokenization

  

  If you know anything about the payment space these days, you know that the natives are restless. Merchants have been fed up with interchange rates for years, with no shortage of lawsuits to voice their complaints. Even after winning the right to pass on interchange costs to the consumer, merchants …
• 20 May

  Verifone Makes Mashgin Integration and other Digital Transactions News briefs from 5/20/24

  

  Point-of-sale technology provider Verifone will integrate self-checkout technology from Mashgin in its Verifone Commander system at approximately 50,000 convenience stores, said to be roughly 40% of all U.S. c-stores. Zelis, a technology provider for health care, launched its Zelis Advanced Payments Platform to handle claims payments for health insurers. The Western Union …
• 17 May

  A Bill That Would Cut the Number of Banks Covered by Durbin Advances Out of Committee

  

  A bill containing a provision that would raise the asset threshold for debit card issuers covered by the Durbin Amendment narrowly passed in a vote late Thursday by the House Financial Services Committee. The committee voted 24-22 in favor of advancing the bill, called the Bank Resilience and Regulatory Improvement …