News

February, 2017

• 1 February

  Remote Fraud Set To Dethrone Counterfeiting

  Counterfeiting is still the king of U.S. payment card fraud, according to the Federal Reserve’s recently released Payments Study 2016, but probably not for long thanks in part to the coming of EMV chip cards and the aftereffects of data breaches. Counterfeit fraud accounted for 44% of U.S. payment card …
• 1 February

  Notes on Loyalty: Apple Pay, USAT, VeriFone, FIS

  Payments companies are taking strides toward integrating rewards for everyday purchases into mobile wallets, while making it easier to redeem those rewards at point-of-sale terminals. Last month, vending-payments specialist USA Technologies Inc. said it is integrating its MORE. loyalty platform into Apple Pay. The deal is designed to induce more …
• 1 February

  Do Surcharge Bans Suppress Free Speech?

  A layman would have a hard time equating a ban on credit-card surcharges with repression of free speech, but that was the crux of the argument Jan. 10 between lawyers for merchants and the state of New York as they debated for about an hour before before the U.S. Supreme …
• 1 February

  Identity Fraud Climbs to an All-Time High As Card Fraud Rises ‘Across the Board’

  

  By John Stewart @DTPaymentNews Payments professionals who suspect fraud is getting significantly worse were confirmed in their suspicions Wednesday with a report indicating identity fraud hit an all-time high in 2016, affecting some 15.4 million U.S. consumers. That’s up nearly 18% from 2015 and represents a one-third increase from the …
• 1 February

  Vantiv Posts 14% Merchant Services Revenue Increase and other Digital Transactions News briefs

  • Processor Vantiv Inc. reported its Merchant Services unit increased net revenue in the quarter ended Dec. 31 14% to $412 million from $363 million in the year-ago quarter on a 13% rise in transactions and 1% increase in net revenue per transaction. For all of 2016, Merchant Services’ net revenue jumped …
• 1 February

  Vantiv Views Moneris as Key To Growing Integrated Payments Volume

  

  By Kevin Woodward@DTPaymentNews Vantiv Inc.’s
• 1 February

  The CFPB Orders Mastercard, UniRush To Pay $13 Million for 2015’s RushCard Glitch

  

  By Jim Daly@DTPaymentNews The Consumer Financial Protection Bureau on Wednesday announced a consent order that requires Mastercard Inc. and UniRush LLC, program manager of the prepaid RushCard, to pay $10 million in restitution to cardholders and a $3 million civil fine as a result of an October 2015 processing glitch …

January, 2017

• 31 January

  Mastercard Expects To Continue Growing Despite Political Turbulence in the U.S.

  

  Mastercard Inc.’s key operating and financial metrics all grew in the fourth quarter, and president and chief executive Ajay Banga on Tuesday said he expects them to continue growing despite the political turbulence created by President Donald Trump’s new administration. In the United States, total fourth-quarter credit and debit card …
• 31 January

  iPayment Revises Financial Deal and other Digital Transactions News briefs

  • Merchant acquirer Square Inc. announced a promotion that waives processing costs for small businesses on more than $12,000 in Apple Pay charge volume. It will give free processing on Apple Pay transactions for small-business customers that enroll this year in a promotion that includes purchase of Square’s contactless and EMV chip card reader …
• 31 January

  Apple Reports Record iPhone Sales And Hints at Strong Growth for Apple Pay Globally

  

  Apple Inc. reported record quarterly sales Tuesday for its iPhone smart-phone models while chief executive Tim Cook briefly sketched a strong quarter and year for Apple Pay, the Cupertino, Calif.-based computer company’s mobile-payments service. Speaking to analysts in an afternoon earnings call to discuss Apple’s results for the three months …