Transaction Processing

The average holiday shopper will purchase four gift cards this year, and spending volume on them will rise slightly over last year, according to results of a new survey conducted for the National Retail Federation. Based on reports from 7,439 consumers about their holiday shopping plans, the Washington, D.C.-based NRF …

Consumer electronics maker Garmin International Inc. said Garmin Pay, based on Fit Pay Inc. technology, is now available to users of Garmin’s vivoactive 3 smart watch. Garmin Pay was announced in August. Fit Pay is a subsidiary of NXT-ID Inc. Automated clearing house network governing body NACHA reported that same-day …

Private-label card issuer Synchrony Financial and PayPal Holdings Inc. have expanded their credit agreements. Announced Wednesday, the deal sees Stamford, Conn.-based Synchrony Financial become the exclusive provider for PayPal Credit, the payment company’s U.S. online consumer financial program, and extends an existing co-branded consumer credit card issued by Synchrony Financial, …

In the latest example of the growing market for cross-border payments using blockchain technology, American Express Co. announced Thursday that business customers of its FX International Payments (FXIP) service can now use Ripple Labs Inc.’s blockchain-based RippleNet network for payments between the United States and the United Kingdom. The two …

Point-of-sale services provider National Retail Solutions announced wholesale grocery distributor Pitco Foods is selling NRS POS terminals in its four warehouse stores. A court ordered PayPal Holdings Inc. to give the Canada Revenue Agency, the country’s national taxing authority, information about Canadians with PayPal business accounts who sent or received …

For the last four years, Square Cash has been a popular person-to-person payment app, but now Square Inc. is adding another function: buying and selling Bitcoin. The San Francisco payments company is testing the new feature with an undisclosed number of Square Cash users, according to the company and users’ …

Unless there is a potential fraud issue or customer dispute, very few of the trillions of transactions that cross U.S. electronic payment networks annually attract any attention. But the first transaction on The Clearing House’s new real-time payments system was so different that BNY Mellon, the bank originator, invoked the …

Richard Cordray, director of the Consumer Financial Protection Bureau since 2011, is resigning, according to a report on TheHill.com, a political news site. The CFPB’s only director since it was created, Cordray expects to leave the agency by the end of the month, the site said. Fashion retailer Forever 21 Inc. said it …

The Clearing House’s much-anticipated real-time payments system, dubbed RTP, went live late Monday afternoon, ushering in a new era of faster electronic payments in the United States. The transaction between The Bank of New York Mellon Corp.’s BNY Mellon subsidiary and U.S. Bancorp’s U.S. Bank was completed at 4:59:40 p.m. …

Chatbots, quick-response codes, and so-called invisible payments will spur digital-coupon redemption volume to $91 billion worldwide by 2022, forecasts Juniper Research Ltd. These three technologies will propel redemption as consumers increasingly become accustomed to them, says the United Kingdom-based research firm. For example, chatbots, a form of machine learning that …