Digital Transactions Authoritative, insightful and timely information for payments professionals
• WePay Inc. introduced a service that allows business-services platforms to offer card readers under their own brand to merchants for mobile acceptance of mag-stripe and EMV chip cards. Standard processing rate is 2.75% plus 30 cents. The first platforms to take advantage of the service are FreshBooks and Infusionsoft. …
May, 2016
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16 May
After Eight Months of Testing, MCX Postpones CurrentC Rollout, Lays off 30 Staffers
After eight months of experimentation in Columbus, Ohio, Merchant Customer Exchange LLC on Monday issued a statement from chief executive Brian Mooney announcing it is putting off a national rollout of its CurrentC mobile-payments service to an unspecified date. Mooney added that the Boston-based company, formed in 2012 by many …
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13 May
Payments Network Bogeyman Durbin Unleashes Double-Barreled Inquiry Into EMV
U.S. Sen. Richard Durbin, D-Ill., made his name in the payments business with an amendment to the 2010 Dodd-Frank Act that put a cap on the debit card interchange big banks can earn. Now, he’s investigating the nation’s rocky EMV rollout with separate inquiries concerning snarled certification queues and the …
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13 May
Payzing Relies on Uphold Accounts to Bring Blockchain Payments to E-Commerce Sites
Payments startup Payzing Inc. is banking that a digital-currency integration with Uphold, a virtual funds and commodity platform, will lead to e-commerce success. San Francisco-based Payzing uses Uphold’s blockchain technology to offer online merchants an alternate payment method to traditional credit and debit cards. Consumers use their Uphold accounts to …
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12 May
Wendy’s Goes Public With Data Breach, And Cautions About Current And Possible Suits
The Wendy’s Co. admitted publicly Wednesday that a point-of-sale system at “fewer than 300” of its franchised restaurants in North America had been affected by malware, starting last fall. In a quarterly filing with the Securities and Exchange Commission, the Dublin, Ohio-based hamburger chain also said it has worked with …
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12 May
Excess Chip Card Inventories and Small Issuers’ Delayed EMV Rollouts Hurt CPI Card Group
Despite a 66% increase in shipments of EMV chip cards to U.S. credit and debit card issuers in the first quarter, shares of CPI Card Group Inc. plunged as much as 43% Thursday morning after the big card manufacturer reported financial results below its expectations. CPI said large issuers and …
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12 May
TransFirst Joins TSYS with Future-Focused Strategies for Payments Innovations
By John Shlonsky, Senior Executive Vice President & President, Merchant Services, TSYS In today’s dynamic payments environment, there are two vital components needed for ongoing growth. First, bring relevant products and services to the market. Then, provide operational excellence and support to the customers who use them. A …
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11 May
Latest Data Confirms More Fraudsters Are Targeting Bank And Card Issuer Call Centers
Call-center fraud is becoming a bigger problem for card issuers and financial institutions, increasing 45% globally since 2013, according to a new study from Atlanta-based Pindrop Labs. In 2013, an average of one in every 2,900 calls to a call center was fraudulent. This year, the rate is one fraudulent call …
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11 May
Dwolla’s Faster-Payments Plan and other Digital Transactions News briefs
• Money-transfer specialist Dwolla Inc. submitted a 164-page proposal for speedier electronic payments, dubbed FiSync, to the Federal Reserve’s Faster Payments Task Force. • Fuel-pump manufacturer Gilbarco Veeder-Root introduced its FlexPay IV, a payment terminal developed with VeriFone Systems Inc. that Gilbarco says is the industry’s first terminal for a …
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10 May
They May Account for a Sliver of Acquiring, But ISVs And VARs Are Poised for Fast Growth
For all the talk about independent software vendors and value-added resellers as an alternative channel for acquirers to sign up new merchants, the ISV/VAR share of the market is actually quite small, according to research released last week by Annapolis, Md.-based First Annapolis Consulting. The research does indicate, however, that …