The European Commission’s antitrust regulators are likely to approve, perhaps as early as next month, proposals from Apple Inc. that would open the iPhone’s NFC capability to wallets that rival Apple Pay, Reuters has reported. If accepted by the regulator, the proposals would end a four-year inquiry that otherwise could have led …
Read More »Time Will Tell on How Soon Pay by Bank Goes Mainstream
Open banking, the ability for third-party developers to access financial data in traditional banking systems, as defined by Stripe Inc., may provide one component for a new payment type, at least one that has limited use today. Pay by bank, a payment method that enables an online payment without the …
Read More »COMMENTARY: Don’t Take It Any More! It’s Time for the Payments Industry to Fight Back (Part II)
(Editor’s note: This is Part II of a two-part article. Part I appeared Thursday.) Interchange fees paid by merchants are the credit card industry’s second-largest revenue source. For debit cards and neobanks, these fees are a primary revenue source. The 2010 Dodd-Frank Act imposed price controls on debit interchange fees …
Read More »AmEx’s Encouraging Results and other Digital Transactions News briefs from 4/19/24
American Express Co. reported first-quarter 2024 revenue of $15.8 billion, up 11% from the same period last year, and billed business of $367 billion, up 6%. Net income grew 34% to $2.44 billion. Affinipay, a payments platform specializing in the legal and accounting professions, said it has expanded its LawPay and …
Read More »In an Abbreviated Call, Discover Sticks to the Numbers And Stays Mum About Cap One
Executives at Discover Financial Services Inc. early Thursday cut short their first-quarter 2024 earnings call, saying in advance they would not take questions after the presentation. Instead, equity analysts listening to the presentation were told to direct questions to Discover’s investor-relations team. On the call, executives duly reported a significant …
Read More »COMMENTARY: Don’t Take It Any More! It’s Time for the Payments Industry to Fight Back (Part I)
The Cato Institute’s Nicholas Anthony warned recently that the Biden Administration is waging “a war on (payments-industry) prices.” The payments industry provides services funded by a range of fees paid by consumers and businesses. Demagogic regulators and politicians pillory industry fees as exploitative, as “junk fees,” and “a tax.” These …
Read More »PAX’s Network Tech and other Digital Transactions News briefs from 4/18/24
Point-of-sale technology provider PAX Technology Inc. introduced Airlink, networking technology that provides payment connectivity in outdoor settings and other venues where wireless Internet or other network service may be unavailable or insufficient. Mastercard Inc. introduced what it calls a mobile virtual card app, which is aimed at financial institutions and supports the loading …
Read More »Visa Launches Enhancements for its Acceptance Platform
Visa Inc. on Wednesday unveiled enhancements intended to further remove friction from the customers’ payment experience for merchants of all sizes. The enhancements, which are being launched on Visa’s Acceptance Platform, were developed in response to merchants’ needs for simpler implementation of payments technology, Visa says. The enhancements include Developer …
Read More »Klarna Gets Set to Launch a New U.S. Credit Card ‘Over the Next Few Months’
The buy now, pay later specialist Klarna AB signaled its intention Wednesday to issue a new credit card in the U.S. market. The company said it has opened a waitlist for the product, which it calls a “new and improved Klarna Card.” The new Visa card, which does not offer …
Read More »Fiserv’s Clover Kiosk and other Digital Transactions News briefs from 4/17/24
Fiserv Inc. introduced Clover Kiosk for the hotly competitive restaurant payments market, along with what it calls an enhanced Clover Kitchen Display System. Ferry, a tip-payout specialist, has launched a payroll card and tipping platform nationally for casual-dining chain BJ’s Restaurants, which operates more than 200 locations in 30 states. U.S.-based …
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