News

July, 2015

• 15 July

  EMV and Updated PCI Rules Present Opportunities for ISOs ‘To Gain or Lose Business’

  With the impending EMV chip card liability shift on Oct. 1 and the recent establishment of the newest version of the Payment Card Industry data-security standard (PCI), independent sales organizations are at a critical juncture, according to a veteran industry executive. “This is an opportunity for ISOs to gain or …
• 14 July

  Looking Ahead to Mobile, USAA Targets EMV Chips in 80% of Credit Cards by Fall

  By October, 80% of the approximately 8 million credit cards issued by USAA Bank will bear an EMV chip, furthering the payment card industry’s efforts to migrate from magnetic-stripe cards. Meanwhile, the bank, a unit of USAA, a diversified insurance and banking company based in San Antonio, Texas, is still …
• 14 July

  Eye on Earnings: Chase, Wells Report Latest Merchant-Acquiring Numbers

  JPMorgan Chase & Co. reported Tuesday that charge volume in its massive merchant-processing business grew 12% in the second quarter, and Wells Fargo & Co. said its merchant-related fee income rose 10%. New York City-based JPMorgan Chase said payment volume in its Chase Commerce Solutions unit totaled $234.1 billion versus $209 …
• 14 July

  First Data Bulks up in Digital Gift Cards with Its Transaction Wireless Deal

  First Data Corp. has added another digital gift card company to its portfolio with the purchase announced Tuesday of Transaction Wireless Inc., a digital gift card distribution company. The purchase of San Diego-based Transaction Wireless complements First Data’s 2014 deal to buy Gyft, a digital platform that enables consumers buy, …
• 14 July

  An Exception to the Rule, SECU Issues PINs for Its EMV Cards, But Usage Is Another Story

  The United States appears to be making steady progress in its conversion to the EMV chip card standard. Some 120 million chip cards were issued by the end of last year, a figure expected to balloon to 600 million by the end of 2015, according to the EMV Migration Forum, …
• 13 July

  Bitcoin Revisits $300-Plus Territory as Greece Grapples With Stringent Bailout Plans

  The price of Bitcoin, which has languished under $300 for more than six months, briefly shot past that milestone over the weekend, only to close lower in trading later Sunday. The digital currency, which traded well over $600 a year ago before beginning a slide that saw it plunge below …
• 10 July

  With Wallets in View, PayPal Bets on an All-in-One EMV, NFC, Mag-Stripe Reader

  PayPal Inc.’s plans to include three payment technologies—magnetic stripe, contactless, and EMV—in its upcoming mobile point-of-sale device could help the payments company capitalize on growing interest in mobile wallets. Many companies are betting on mobile wallets. But part of the ante is ensuring consumers can use their stored credit and …
• 10 July

  Bipartisan Senate Bill Would Ease Marijuana Businesses’ Access to Banking Services

  A bill introduced Thursday with bipartisan backing in the U.S. Senate would prevent federal regulators from cracking down on banks that provide financial services to legal marijuana businesses. The bill, similar to one pending in the House of Representatives, aims to rectify the lack of access many recreational and medicinal …
• 9 July

  The CFPB Weighs in With Guidelines to Protect Consumers Using Faster Payments

  The federal Consumer Financial Protection Bureau on Thursday issued nine guidelines summarizing its vision for faster payments as banks, payment processors, tech companies, and other government regulators continue work on proposals for improving U.S. payments. “Companies developing new financial technologies should be building systems from the outset with consumer protections …
• 9 July

  Not Your Father’s ISO: How Tech Is Forcing Acquirers To Make a Crucial Choice

  By John Stewart When the Internet, and then mobile and cloud-based technology, began to radically change the acquiring business, some independent sales organizations thought they could adapt by becoming software companies without changing the way they do business. They were wrong, and that mistake is costing them dearly, argues Rick …