News

March, 2015

• 9 March

  More Than 70% of Small Merchants Are Unaware of EMV Liability Shift, Survey Finds

  By Jim Daly Another sign that the U.S. EMV conversion has a long way to go emerged last week when a survey of more than 990 independent business owners by Newtek Business Services Inc. revealed that 71% of respondents were unaware of the so-called EMV liability shift coming on Oct. …
• 9 March

  COMMENTARY: The Mobile Wallet Fallacy: How the Wrong Metaphor Led Us Astray

  Familiar is easier than unfamiliar. This basic truth explains much misspent effort in the payments world. Wallets are familiar. We all have them. So as it became clear that the physical part of payments—cash, checks, plastic cards—would at some point disappear, it was natural to carry the idea of a …
• 9 March

  Apple Data Indicate U.S. Contactless Payment Locations Have Nearly Tripled

  Apple Inc. chief executive Tim Cook said Monday that nearly 700,000 U.S. merchant locations now accept the Apple Pay mobile-payment service, compared with the 220,000 locations reported to have accepted the service when it launched last October. Since Apple Pay relies on near-field communication (NFC) contactless technology to enable Apple’s iPhone …
• 6 March

  New Patent Review Process Brings Relief to Defendants in Infringement Cases

  Payments and other financial-services executives have long complained about what they call patent trolls, typically individuals who gain a patent on what some regard as a longstanding business method and then sue practitioners for infringement. In some instances, these cases have succeeded in wringing large settlements out of banks and …
• 6 March

  Shopify Makes App Free and Expands POS Service to iPhones

  Online-commerce company Shopify Inc. has made its Shopify POS app free for its merchants and introduced an iPhone version of the payments service, the company recently announced. The app, which launched in 2013, includes a card reader. The new app replaces the Accept Payment option in Shopify Mobile, the Ottawa, Ontario-based company’s …
• 5 March

  With Fraud Hitting Apple Pay in Its ‘Soft Underbelly,’ Experts Work on a Fix

  Ever since its launch, proponents of Apple Inc.’s Apple Pay mobile-payments service have touted the wallet’s high-tech security features, including tokenization of card credentials, a secure element in the phone locking down those credentials, and fingerprint authentication. But now, only four months after that much-heralded launch, banks that support Apple …
• 4 March

  Reduction in ID-Fraud Losses Surpasses Decrease in Fraud Victims, Study Finds

  Some 12.7 million Americans fell victim to identity fraud last year, a big number but down 3% from 13.1 million in 2013, according to Javelin Strategy and Research’s latest annual ID-fraud study. Even better, estimated fraud losses fell 11% to $16 billion from $18 billion in 2013. While those decreases …
• 3 March

  Synchrony Financial, U.S. Bank Become Early Samsung Pay Backers

    Consumers holding credit cards issued by private-label card issuer Synchrony Financial and credit and debit cards issued by U.S. Bank will be able to use their cards with Samsung Pay, a mobile-payment service available this summer. Samsung Electronics Co. announced Samsung Pay Sunday. It can use either near-field communication …
• 3 March

  Apple Pay Is Helping Sell Phones And Drive Transactions, But With Caveats

  When Apple Inc. launched its Apple Pay mobile-payments service in October, the computing giant hoped the new wallet would help sell smart phones and banks hoped it would help drive transactions on their cards. Now new research indicates both hopes are being realized, but the risk for financial institutions may …
• 3 March

  For $95 a Year, Stratos Promises Ease of Use as a Consolidated Card Service

    Consumers wielding multiple credit and debit cards in their wallets have yet another service to use to consolidate them into one electronic payment card. Stratos Inc. on Tuesday introduced its Stratos Bluetooth Connected Card that enables consumers to load multiple cards onto the electronic device. The card begins shipping …