Digital Transactions Authoritative, insightful and timely information for payments professionals
Acquirers and independent sales organizations have plenty of opportunity to build transaction volume with merchants despite the economic downturn. They just need to work harder at incentives for merchants to accept cards instead of cash or checks and on satisfying merchant needs, according to a new research report released Wednesday …
Read More »A 7-Eleven Anti-Interchange Petition ‘Touches a Nerve’
7-Eleven Inc. has gathered between 1 million and 1.2 million signatures on in-store petitions asking Congress to regulate interchange rates, and expects to have 3 million customer signatures by the time the petition drive ends Aug. 10, according to an executive with the Dallas-based convenience-store chain. The response, says Keith …
Read More »Canadian Legislative Report Echoes U.S. Card-Pricing Proposals
A sweeping new report from a Canadian Senate committee recommends the federal government create a payment-system oversight board, ban percentage-based debit card interchange for three years, and permit merchants to surcharge for card transactions. Those are just some of the proposals in the report as Canada confronts many of the …
Read More »NYCE Looks to 2010 for SafeDebit Rollout, Pilot Later This Year
NYCE Payments Network LLC expects to start testing Internet-based debit transactions by the end of the year and to start a commercial service some time next year, says Steven A. Rathgaber, president and chief operating officer of the Secaucus, N.J.-based electronic funds transfer network. The service will rely on single-use …
Read More »MasterCard Puts the 13-Year-Old Wal-Mart Case in the Rear-View Mirror
MasterCard Inc. plans to pay off its remaining $400 million settlement obligation to retailers over debit card acceptance early for a discounted $335 million, according to a filing the card network made on Thursday with the Securities and Exchange Commission. Attorneys for the retailer plaintiffs have signed on to the …
Read More »Travel Agents Prepare to Fight United on New Card-Acceptance Policy
A move by United Air Lines Inc. to shift to certain travel agents the costs and other responsibilities for ticket sales on credit cards has the industry in an uproar and has prompted a leading trade association to file a letter with the U.S. Department of Justice asking the agency …
Read More »CashEdge Unveils a P2P Service To Be Controlled by Banks
The person-to-person payment business, which has attracted a number of new players already this year, grew more crowded on Tuesday with the announcement by CashEdge Inc. that it will launch a service later this year. Executives with New York City-based CashEdge, which specializes in supporting online account opening and account-to-account …
Read More »MasterCard Launches Mobile MoneySend for U.S. P2P Transactions
MasterCard Inc. on Wednesday announced its person-to-person payment service for mobile phones has launched in the U.S. with one issuer on board and an untold number waiting in the wings. The card network's Mobile MasterCard MoneySend service, which has been in the works for at least a year (Digital Transactions …
Read More »Boku Debuts to Exploit Markets in Social Networks And Games
Micropayments may have failed in previous attempts, but the idea of processing tiny transactions is enjoying new life in mobile payments. The latest example lies in the announcements made on Tuesday by Boku Inc. that it has acquired two rivals and is launching its worldwide service to allow handset users …
Read More »Two More Congressional Bills Aim at Interchange Regulation
U.S. Sen. Richard Durbin's introduction this week of a Senate companion to U.S. Rep. John Conyers Jr.'s Credit Card Fair Fee Act of 2009, along with a little-noticed bill introduced last month in the House, bring to three the number of interchange bills pending in the Democrat-controlled Congress. And while …
Read More »