News

December, 2012

• 27 December

  The Federal Trade Commission Confirms Its Probe of Debit Card Network Rules

  The Federal Trade Commission disclosed on Wednesday that it is investigating whether payment card network rules and practices violate the debit card transaction-routing provisions of the Durbin Amendment in 2010’s Dodd-Frank Act. It’s uncertain, however, whether the investigation goes beyond what Visa Inc. said the FTC requested of it in …
• 20 December

  Discover Prowls for More Deals; CEO Blasts Visa’s “Hijack-Transaction” Tactics

  In the wake of its path-breaking partnership with PayPal Inc., Discover Financial Services is ready to do more deals with other companies that will add transaction volume or build its acceptance footprint, chief executive David Nelms indicated on Thursday. Nelms also told stock analysts that growth in the Discover-owned Pulse …
• 19 December

  Co-Op Boosts Debit Usage Among Infrequent Users with a Charitable, Not Personal, Appeal

  While some big banks pull back on debit card promotion, smaller institutions are finding ways to boost usage among customers who have cards but seldom use them. And some are finding out that, perhaps because of the time of the year, charitable appeals may work better than personal rewards. Co-Op …
• 19 December

  As EMV-Debit-Durbin Problem Festers, a Solution May Be on Its Way

  A knotty problem involving the EMV chip card standard, debit card transaction routing, and the Durbin Amendment may take a crucial step toward resolution next month when the country’s two largest card networks are expected to indicate whether they will support a potential solution proposed by a debit-network group, according …
• 19 December

  With VeriFone Trimming Its Sail, Acquiring Industry Debates Micro-Merchant Profitability

  Leading U.S.-based point-of-sale terminal maker VeriFone Systems Inc.’s retreat from its role as merchant acquirer for its Sail mobile-payments platform for micro-merchants last week after only seven months is triggering intense debate among independent sales organizations and payments-industry veterans. The crux of the debate concerns whether processing for tiny merchants …
• 18 December

  The Latest Numbers Herald Checks’ Electronic Future

    New data from the automated clearing house network show that ACH debit transactions for online bill payments grew 9% in the third quarter while paper checks converted into ACH transactions after being mailed to lockboxes decreased by 8%. The story behind the interrelated numbers boils down to the years-long …
• 14 December

  VeriFone To Exit Acquiring for Mobile Merchants; Will Revert to Tech-Supplier Role

  Seven months after VeriFone Systems Inc. launched Sail, its mobile-payments platform for micro-merchants, the San Jose-based point-of-sale terminal maker and payments software provider is stepping back from its role as an acquirer for Sail merchants and will instead revert to its traditional role of solutions provider. The announcement from chief …
• 13 December

  Appeals Court Tells Settlement Challengers To Wait Until Agreement Gets Final Approval

  A federal appellate court has turned down a retailer appeal to review part of the controversial settlement in a massive credit card interchange case, clearing the way for the trial court to move toward final approval. Meanwhile, the Herculean task of notifying millions of merchants about the settlement is getting …
• 13 December

  By Launching a Branded Cash-Funding Product, PayPal Turns up Heat on Banks

  PayPal Inc. on Thursday took a step closer to providing bank-like account access with its introduction of a branded prepaid card that can be used to fund PayPal accounts. The PayPal My Cash Card, which is the first PayPal-branded prepaid card in the 14-year-old company’s history, allows consumers who lack …
• 11 December

  Online Volume Grows 13% As Mobile Traffic and Bill Me Later Surge

  Retail purchases online will reach $318 billion this year, up a healthy 13% from 2011, with mobile transactions accounting for more than 6% of that volume, according to a new report from Javelin Strategy & Research. This year marks the first time mobile-originated transactions have accounted for a meaningful share …