Point-of-sale

July, 2023

• 3 July

  Why Goldman Sachs Is Looking for the Exit

  

  An overwhelming risk-management burden, coupled with a lack of familiarity with consumer credit, may have triggered the decision at Goldman Sachs Group to negotiate a withdrawal from its agreement to support Apple Inc.’s credit card and its recently launched buy now, pay later service, according to observers. The Wall Street …
• 3 July

  Commentary: Developers Don’t Know Enough About Payments. It’s up to Gateways to Fix That

  

  The fundamental problem with payments software is that, for most developers, it’s a necessary evil. They must integrate payment-transaction capabilities so they can get paid for all the other code they’re writing. Now, thanks to one-size-fits-all application programming interfaces and tokenization that devalues everything, developers barely know a PAN from …
• 3 July

  FIS Mulling New Worldpay Path? And Other Digital Transactions News briefs from 7/3/23

  

  Payments-processing giant FIS Inc. is reportedly looking into selling a majority stake in its Worldpay unit to private-equity firms at a valuation of $15 billion. The news indicates a change in strategy at FIS, which announced in February it intended to spin off Worldpay as a publicly held company some time during the coming …

June, 2023

• 30 June

  Mitek Turns to Fraud Control As Remote Deposit Capture Matures

  

  Mitek Systems Inc., provider of remote deposit capture and fraud-prevention technology, says revenue for fiscal 2022 grew 20% to $143.9 million from fiscal 2021’s $119.8 million. Much of the growth came from more demand for the company’s fraud-control offerings. San Diego-based Mitek is a leading vendor of remote deposit technology. …
• 30 June

  Fed Routing Rule Takes Effect Saturday And Other Digital Transactions News briefs from 6/30/23

  

  On Saturday, a final rule issued in October by the Federal Reserve goes into effect, requiring that all issuers offer a choice of at least two networks for routing online debit card transactions. The update, derived from the 2010 Durbin Amendment, has been a bone of contention for years between merchants and issuers. …
• 29 June

  On the Eve of FedNow, TCH’s RTP Readies for a Real-Time Payments Boom

  

  As the payments industry waits a few more weeks for the expected July launch of the Federal Reserve’s FedNow real-time payments platform, the backer of a real-time payments service that is entering its sixth year readies for more business. Operated by The Clearing House Payments Co. LLC, the Real Time …
• 28 June

  Square Unveils Its AmEx Card for Merchants as Part of Its Banking Expansion

  

  Fulfilling a promise it made seven months ago, Block Inc.’s Square merchant-acquiring unit on Wednesday announced it will offer an American Express-branded credit card to its sellers that gives rewards in the form of lower processing costs. Square also announced several enhancements to its financial services to get more of …
• 28 June

  Tap to Pay Arrives for Venmo And PayPal Zettle

  

  PayPal Holdings Inc. is adding tap to pay on mobile phones to its U.S. Venmo users with business profiles. The Tap to Pay on Android technology enables merchants that accept Venmo payments to do so using conventional Android smart phones without having to attach a special payment dongle. The service …
• 28 June

  DoorDash Adds EBT Payments And Other Digital Transactions News briefs from 6/28/23

  

  DoorDash announced a number of new features for its food-delivery app, including the ability to create multiple carts simultaneously and the addition of online payments funded by SNAP/EBT benefits. Alphabet Inc.’s mobile-payments app, Google Wallet, will reportedly begin supporting QR codes to trigger payments, starting in Brazil. The wallet has up to …
• 27 June

  Processors Are Starting to Adopt AI, But Consumers May Not Be Entirely Onboard

  

  The explosive potential that lies in recent advances in artificial intelligence is beginning to be felt in the payments business as banks and fintechs search for ways to wring intelligible trends and operational improvements out of enormous masses of data. The nascent trend toward AI in payments was underscored by …