Digital Transactions Authoritative, insightful and timely information for payments professionals
• A variety of financial-services firms, including MasterCard Inc., SWIFT, and Visa Inc., participated in a 130-page report released Friday by the World Economic Forum that concludes “distributed-ledger technology will form the foundation of next-generation financial services infrastructure in conjunction with other existing and emerging technologies.” • M&T Bank announced …
August, 2016
-
12 August
As Merchants Struggle With EMV, Their Chargeback Toll Will Hit $5.8 Billion in 2016
By John Stewart@DTPaymentNews The U.S. EMV transition that began in earnest last October has brought with it a lot of pain, but few issues have been more agonizing for merchants than the flood of chargebacks they’re seeing for the first time. Now estimates are emerging that begin to quantify that …
-
11 August
Visa Reminds Thunder Bay That It’s Still Around as Its Standoff With Wal-Mart Continues
By Jim Daly@DTPaymentNews Visa Inc. and Wal-Mart Stores Inc. say there is no news in their standoff that began July 18 with Wal-Mart kicking Visa out of its three stores in Thunder Bay, Ontario. But Visa over the past several weeks has run a marketing campaign to remind residents of …
-
11 August
A New Mobile Wallet from Pharmacy Giant CVS Shows Further Migration From MCX
Slowly but surely, the big merchants that make up the stalled Merchant Customer Exchange LLC retailer consortium are finding their own way in mobile payments. The latest example is MCX stalwart CVS Health Corp., which on Thursday announced the launch of its CVS Pay mobile wallet. The Woonsocket, R.I.-based chain …
-
11 August
BlueSnap Intros Developer Tools and other Digital Transactions News briefs
• With sales of EMV payment cards to U.S. credit and debit card issuers down 55% year over year in the second quarter, card producer CPI Card Group Inc. reported that total sales fell 23% to $73.7 million. Due in part to litigation expenses, CPI booked a net loss from …
-
10 August
More Than a Quarter of Consumers Expect To Use a ‘Pay’ in the Next Six Months
By Kevin Woodward@DTPaymentNews Mobile-wallet adoption might get a boost through the rest of 2016 as 29% of consumers expect to use a mobile wallet like Apple Pay, Android Pay, or Samsung Pay before the end of the year, finds a survey from Computer Services Inc., a financial-technology company. Most—71%—had no …
-
10 August
Oberthur Touts 5-Day EMV Card Production and other Digital Transactions News briefs
• A status conference in the massive credit card interchange case known as MDL 1720 is set for Thursday in U.S. District Court in Brooklyn, N.Y., in the wake of the $5.7 billion settlement in the case being overturned by an appellate court June 30. The case is returning to …
-
9 August
Debit Card Issuers Struggle With Higher Fraud on Both Signature and PIN Transactions
By Jim Daly@DTPaymentNews Partly because of a big increase in skimming, debit card fraud rates jumped in 2015 on both signature and PIN-based point-of-sale transactions, according to the 2016 Debit Issuer Study commissioned by Discover Financial Services’ Pulse electronic funds transfer network. The overall fraud-loss rate on PIN POS transactions …
-
9 August
Costly Chargeback Queries Help Create a Market for Better Data on Statements
By John Stewart @DTPaymentNews Chargebacks cost issuers millions every year just to investigate, let alone process, so technology companies see an opportunity in reversing the rising tide of cardholder inquiries financial institutions and merchants confront every day. The latest example is a service from financial-data aggregator Yodlee that adds information …
-
9 August
OnDeck’s Lending Volume Grows and other Digital Transactions News briefs
• The Michigan Department of Health and Human Services and its Michigan State Disbursement unit are allowing parents who choose a cash option online for child-support payments to make the payments at 7-Eleven and Family Dollar stores, with processing handled by PayNearMe. The arrangement follows a similar venture in which PayNearMe …
