News

September, 2016

• 13 September

  COMMENTARY: What’s Really Happening in the PayPal Deals with Visa and MasterCard

  

  By Rick Oglesby Visa Inc. chief executive officer Charlie Scharf and MasterCard Inc. CEO Ajay Banga must be all smiles these days. PayPal Holdings Inc. CEO Dan Schulman was clearly motivated to make peace with
• 13 September

  EMV-Accepting Merchant Tally at 2 Million: MasterCard

  

  By Kevin Woodward@DTPaymentNews Two million U.S. merchants accept EMV chip cards at the checkout almost a year after the card brands made merchants also liable for counterfeit card use. That tally is a 468% increase from Oct. 1, 2015, the date of the liability shift, says MasterCard Inc., which provided …
• 13 September

  Venmo Airs Ads on TV and Online and other Digital Transactions News briefs

  • USA Technologies Inc., a provider of wireless payment services for vending machines and other unattended merchant locations, reported $169 million in purchase volume on its 429,000-location network in the fourth quarter of fiscal 2016 ended June 30, up 50% from a year earlier. Transaction volume hit 89 million, up …
• 13 September

  Merchant Groups Fail To Stop House Bill That Threatens the Durbin Amendment

  

  By Jim Daly@DTPaymentNews If you think the upcoming 2016 elections are only about The Donald versus Hillary, think again. A bill in the House of Representatives that would significantly alter the controversial Dodd-Frank Act and repeal its contentious Durbin Amendment passed the House Financial Services Committee Tuesday on a 30-26 …
• 12 September

  Elavon’s Tablet POS Service Debuts in Canada and other Digital Transactions News briefs

  • MasterCard Inc. issued its latest U.S. EMV progress report; the network says it has 2 million chip-active merchant locations and that 88% of MasterCard consumer credit cards now have chips. • Processor Elavon announced it is launching a tablet-based point-of-sale product in Canada in conjunction with talech, a POS …
• 11 September

  While Hackers Press Their Attack on Payments, CyberSecurity Funding Tails off

  

  By John Stewart @DTPaymentNews The payments industry may be undergoing an unprecedented attack by fraudsters, but funding of cybersecurity startups by top investors will drop somewhat this year compared to 2015, according to the latest data from CBInsights, a New York City-based firm that tracks venture-capital investment. Total cybersecurity funding …
• 9 September

  With a Faster Square Cash, Square Ties Fee-Based P2P to the Faster Payments Trend

  

  By John Stewart @DTPaymentNews For years, payments providers have struggled to make money on person-to-person payments, and now Square Inc. is taking a swing at the problem. Starting now, Square is offering to make instant transfers of Square Cash funds into users’ bank accounts if they pony up a 1% …
• 9 September

  MasterCard Faces U.K. Fees Lawsuit and other Digital Transactions News briefs

  • A consumer class-action lawsuit filed by the United Kingdom government’s former financial-services ombudsman against MasterCard Inc. seeks 14 billion pounds ($18.6 billion) in damages for allegedly charging excessive merchant fees between 1992 and 2008, expenses merchants passed on to consumers. In a statement, MasterCard said it “firmly” disagrees with …
• 9 September

  U.K. Class Action Seeks Almost $19 Billion From MasterCard, but How Strong Are Its Claims?

  By Jim Daly@DTPaymentNews An eyebrow-raising consumer class-action lawsuit filed Thursday in the United Kingdom against MasterCard Inc. over payment card acceptance costs has parallels with U.S. card litigation, and like its American cousins, the British lawsuit faces an uncertain future. The suit seeks £14 billion ($18.6 billion) in damages, the biggest …
• 8 September

  With No Audio Jack on Apple’s Latest iPhone, CardFlight Turns to Bluetooth

  

  By John Stewart @DTPaymentNews Tech companies like Square Inc. made their reputations by rolling out simple card readers that linked to Apple Inc.’s