Point-of-sale

June, 2023

• 14 June

  The CFPB Looks to Define ‘Larger Companies’ for Rulemaking in Payments

  

  The Consumer Financial Protection Bureau is looking at creating a rule to define so-called larger companies in the consumer-payments industry, according to a notice the regulator posted on Tuesday. The rule if established would clarify the CFPB’s supervisory authority with respect to nonbank payments companies, lending more impetus to a …
• 13 June

  The CFPB Sees Room for Industry Standard-Setting Bodies in Open Banking

  

  Although the Consumer Financial Protection Bureau plans to develop a federal regulation governing the protection of consumer financial data shared through open banking, the agency says that open banking will be best served if it does not “micromanage” open banking itself. In October, the CFPB announced its intention to develop regulation …
• 13 June

  Eye on Restaurants: New Gambits From SpotOn, Toast, And Oracle

  

  Few retail markets have rebounded from Covid lockdowns as fast as restaurants have. And few have attracted as much attention from payments companies. No wonder. Sales at what the National Restaurant Association calls “eating and drinking places” in the United States totaled $88.1 billion in April, up 0.6% from March. …
• 12 June

  With a New Card, Chase Looks to Woo New-To-Credit Customers

  

  Chase, the consumer and commercial banking division of JPMorgan Chase & Co. in the United States, has launched Chase Freedom Rise, a credit card aimed at consumers with no credit history. Cardholders earn 1.5% cash back on every purchase, pay no annual fee, and have no minimum threshold for redeeming …
• 12 June

  Eye on E-Commerce: Online Prices Fall to a New Low; Stripe Joins the MACH Alliance

  

  The leveling off of e-commerce activity continues as online prices, as measured by the Adobe Digital Price Index, fell 2.3% in May from a year ago. This is the ninth consecutive year-over-year decrease in online prices, Adobe Inc. says. Of the 18 categories tracked by Adobe, prices fell in 11 …
• 12 June

  Toast Signs Marriott Deal And Other Digital Transactions News briefs from 6/12/23

  

  Restaurant point-of-sale technology provider Toast Inc. has signed an agreement with Marriott International Inc. to make its Toast for Hotel Restaurants product available in the hotelier’s Select service hotels in the United States and Canada. A report from Mastercard Inc. indicates the proportion of cash-only customers in Latin America has dropped from 45% three …
• 9 June

  Six Flags’ Great Adventure Store Adopts Amazon’s Just Walk Out Technology

  

  Amazon.com Inc.’s Just Walk Out payment technology is providing checkout-free shopping at Quick Six, a concept store at Six Flags Great Adventure, a Jackson, N.J., theme park. Announced recently, the store uses the Amazon-developed technology that requires consumers to scan a code on their cellphones that is tied to a …
• 9 June

  Shell Picks Vontier’s Payment Tech And Other Digital Transactions News briefs from 6/9/23

  

  Vontier Corp. said its Retail Solutions unit will provide cloud-based payments technology for Shell Oil Co. at more than 13,000 service stations by the end of next year. The U.S. unit of the big cryptocurrency exchange Binance said it will suspend dollar transactions as early as June 13 following word from partners they …
• 8 June

  Canadians Prefer Personal Financial Management Tools for Credit Card and Banking Apps

  

  Card issuers and banks in Canada that offer apps featuring personal financial management tools are scoring higher in customer satisfaction and engagement than issuers and banks that don’t, according to research by J.D. Power. In a series of studies conducted earlier this year, J.D. Power found that many Canadian banks …
• 8 June

  Estimated Merchant Savings from CCCA? $15 Billion Annually, Says One Researcher

  

  As proponents and adversaries wrangle over the newly resurrected Credit Card Competition Act, a market-research firm has raised by more than one-third its estimate of how much the bill could save U.S. merchants. A year ago, the firm, Atlanta-based CMS Payments Intelligence Inc., calculated the bill would result in $11 …