News

March, 2016

• 1 March

  Acquirers Report Varying Levels of Chargebacks in the New EMV Environment

  Merchant acquirers are reporting more chargebacks now that the U.S. conversion to the EMV chip card standard is underway, but chargeback exposure varies widely by acquirer. And, so far at least, relatively few of the chargebacks are translating into actual financial losses. That’s the word from First Annapolis Consulting Inc., …

February, 2016

• 29 February

  Citi’s Deal To Buy the AmEx Costco Portfolio Moves a Step Closer

  The cessation of the cobranded Costco Wholesale Corp. credit card issued by American Express Co. moved another step closer with Monday’s announcement that Citigroup will buy the AmEx Costco portfolio for an unspecified sum. Citi’s acquisition of the portfolio is expected to close this summer. That’s when Citi will begin to …
• 26 February

  Payment Card Manufacturer Sees Growing Interest in Dual-Interface Cards

  The first chapter in the U.S. conversion to the EMV chip card standard is not even complete, but a leading payment card manufacturer sees growing interest in the next chapter, one that could be centered on so-called dual-interface cards that enable contact and contactless transactions. The vast majority of U.S. …
• 26 February

  Total Merchant Services Announces New Compensation Program

    The October 1, 2015 deadline for EMV compliance has come and gone, yet many U.S. merchants have not yet upgraded to EMV terminals and cannot accept NFC payments like Apple Pay™. As the industry upgrades to new, user-friendly and secure technologies, sales partners find themselves in a great situation …
• 25 February

  Sky’s the Limit for Amazon Payments As It Handles Onboard Purchases for Southwest

  Many consumers will find it easier to make onboard entertainment purchases when flying on Southwest Airlines Inc. now that the airline is accepting Pay with Amazon. Announced Wednesday, the service enables Southwest passengers who have stored payment data in their Amazon.com Inc. accounts to pay with those credentials. To pay for …
• 25 February

  With Its EMV Conversion Nearly Complete, Canada’s POS Debit Fraud Falls to New Low

  Canada’s Interac Association PIN-based debit card network once again is reporting lower fraud losses as the country’s conversion to the EMV chip card standard nears completion. The Toronto-based network said Thursday that fraud losses from skimming, in which card data are stolen from the magnetic stripe, to financial institutions that …
• 25 February

  Known for Its Mobile-Deposit App, Ingo Money Adds a Unique Check-Splitting Feature

  Ingo Money Inc. this week introduced a feature on its 3-year-old mobile app that allows users to split check deposits across multiple accounts, including bank accounts, prepaid cards, bill payments, and PayPal. Using Ingo’s decision engine and bank integrations, the feature also offers immediate, guaranteed funds availability. The feature works …
• 24 February

  Pin4 Extends Cardless ATM Withdrawals to Non-Bank ATM Operators

  HalCash North America is making its cardless-cash ATM service available in four U.S. cities prior to eventual national expansion later this year. Under the Pin4 moniker, the HalCash North America service enables consumers to securely send cash that recipients can retrieve at participating ATMs without having to insert a card …
• 24 February

  Green Dot Launches New Products, Aims To Be a ‘Fin-Tech Powered Branchless Bank’

  Green Dot Corp. announced a number of a new products Wednesday and said it was getting into lending in order to generate new revenues and expand beyond its prepaid card base. Under pressure from a large investor to boost its bottom line and flagging stock price, Pasadena, Calif.-based Green Dot reported …
• 23 February

  For the First Time, MasterCard Opens up MDES to a Third Party With G&D Deal

  Ever since MasterCard Inc. introduced its tokenization platform nearly 18 months ago, no third party has been allowed to offer the product, called the MasterCard Digital Enablement Service. That changed Tuesday with the company’s announcement that Giesecke & Devrient is connecting its Convego CloudPay platform to MDES and will be …