Digital Transactions Authoritative, insightful and timely information for payments professionals
• By the end of August American Express Co. will not hold merchants liable for counterfeit fraud chargebacks for transactions under $25 as part of its updated U.S. fraud policies for EMV chargebacks. By the end of 2016, AmEx plans to limit the number of counterfeit fraud chargebacks to 10 …
June, 2016
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21 June
A BofA Survey Finds More Consumers Are Using Their Phones to Make Purchases
The number of consumers of all age groups who would or already use their phones to make purchases at the checkout increased to 40% this year, finds Bank of America Corp.’s “Trends in Consumer Mobility Report 2016,” released Tuesday. That’s up from 34% in 2015. Younger consumers—Millennials between 18 and …
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21 June
Canada’s MintChip Digital Currency Goes Live at Toronto Stores and Restaurants
MintChip, a digital cash replacement, went live Tuesday with a handful of retailers and restaurants in a trendy Toronto neighborhood. Canadians anywhere also can use MintChip for peer-to-peer payments. A loyalty and payment-services startup called nanoPay Corp. bought MintChip, which was developed by the Royal Canadian Mint, early this year. …
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21 June
Visa Closes its Visa Europe Acquisition and other Digital Transactions News briefs
• Banking and financial-services provider BNY Mellon announced its Treasury Services unit has introduced Tokenized Payments, a service that allows its clients to send real-time or next-day payments to consumers. The service relies on Early Warning Services LLC’s clearXchange network and allows payments using the recipient’s email address or mobile …
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20 June
Elavon Boosts Apple Pay Support in Canada and other Digital Transactions News briefs
• Costco Wholesale Corp., along with Citigroup Inc. and Visa Inc., officially announced the new Citi-issued Costco Anywhere Visa consumer and business credit cards to replace Costco’s American Express Co. cobranded card; the new card gives 4% cash back on gas purchases, 3% back on restaurant and eligible travel purchases, …
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20 June
ATM Skimming Hits Just a Few Machines, Finds National ATM Council Survey
There may be less ATM skimming going on than is commonly thought. Most ATMs placed in retail locations—93%—have not experienced a skimming incident, finds a survey from the National ATM Council Inc., which represents independent ATM operators. Skimming happens when a consumer inserts a credit or debit card into what …
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20 June
MasterCard Joins Visa in Easing EMV Testing And Chargebacks for Merchants
MasterCard Inc. on Monday is releasing a new policy aimed at speeding the testing and certification of EMV chip card terminals at U.S. merchant locations. The policy change, which the Purchase, N.Y.-based network says will cut test time to a few hours from as much as a couple of weeks, …
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17 June
COMMENTARY: Three Steps to Building Loyal Digital Customers for Your Brand
Creating lifetime, brand-loyal customers who return to your online store with what we call “surprise and delight” is not as easy as it once was. The fact is, shoppers are not created equal. Some online shoppers are deal seekers. Hopping from site to site, these shoppers are easily lured away …
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17 June
Costco’s Switch From American Express to Visa and Citi Set for This Weekend
One of the biggest changeovers in the history of general-purpose credit cards is set for this weekend when warehouse retailer Costco Wholesale Corp. stops accepting American Express Co. cards and begins taking Visa Inc. cards. In an email to its customer-members this week, Issaquah, Wash.-based Costco said to “mark your …
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17 June
Wells Fargo’s New Payment Service and other Digital Transactions News briefs
• Noting that U.S. businesses send consumers write 3 billion paper checks annually, Wells Fargo & Co. said it will allow companies to send consumer payments electronically through a new service called Payment Manager B2P, expected to roll out early next year. The service will work with the clearXchange peer-to-peer …