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Continuing a chargeback-streamlining process that began back in 2004, Visa Inc. in April will no longer require card issuers to obtain signed paper documentation in disputes involving transactions the cardholder claims are fraudulent. Instead, issuers may submit the required documentation electronically. Visa is not mandating that issuers eliminate signed documentation, …
Read More »Moneris and Merchants Reach a Deal That Could Keep Canada’s Voluntary Code Voluntary
A small-business trade group and Canada’s leading merchant acquirer reached a deal on Thursday that seemingly ends a dispute that, had it continued on its original course, might have transformed Canada’s seemingly voluntary code of conduct for payments companies into a mandatory one. At issue was a Dec. 30 letter …
Read More »Acculynk Sees Itself Closer to Web-Based PIN Debit ‘Mainstream’ with First Data Deal
First Data Corp., one of the largest merchant processors in the country, said on Monday it will offer an Internet PIN debit option to its merchant clients starting some time in the second quarter. The option will be available to the company’s 300,000 merchants that derive at least some of …
Read More »How the Fed’s Durbin Proposals Could Ensnare Alternative-Payments Players
A philosophical turn by the Federal Reserve Board, having to do with the definition of a “payment card network,” has already raised questions for PayPal Inc. and could have major implications for a wide range of other alternative-payment systems. “It’s a huge issue,” says Conrad Sheehan, chief executive of mPayy …
Read More »MasterCard’s Banga Points to Opportunities Arising from Durbin
It’s bad for consumers and bad for the payments industry, but the Durbin Amendment that imminently will upend the U.S. debit card market still presents some opportunities for MasterCard Inc., according to the No. 2 payment network’s president and chief executive, Ajay Banga. Specifically, MasterCard could well pick up new …
Read More »New York’s Open-Fare Transit Plan Starts Down the Development Path
After about four years of testing, the New York City area’s Metropolitan Transportation Authority is beginning the process of building a fare-payment system based on general-purpose contactless cards. MTA officials tell Digital Transactions News that they plan to publish a so-called Concept of Operations, a document outlining the agency’s broad …
Read More »PA-DSS ‘Guidance’ for Mobile Apps Likely to Come This Year, PCI Council Says
A freeze on approvals of mobile applications for card acceptance by merchants, announced in November by the PCI Security Standards Council (PCI SSC), will likely be lifted some time before the end of the year. Top officials with the Wakefield, Mass.-based organization tell Digital Transactions News the Council is working …
Read More »Online Fraud Rate Drops, But ‘Cleaner’ Fraud Poses a Bigger Threat
Good news for online merchants: In 2010, for the second year in a row, fraud losses expressed as a percentage of revenue went down. They came to 0.9%, down about $600 million from 1.2% in 2009, according to the latest research from CyberSource Corp., a unit of Visa Inc. that …
Read More »VeriFone Details the Element of Risk in Its Planned Hypercom Buy-Out
Every corporate merger presents risks to the companies involved and their owners, employees, and customers. Leading U.S.-based point-of-sale terminal maker VeriFone Systems Inc.’s planned takeover of smaller rival Hypercom Corp. is no exception: a recent regulatory filing detailing VeriFone’s merger plans devotes 26 pages to a host of risks. Of …
Read More »TSYS Cements Strategic About-Face with Takeover of First National Merchant Solutions
Total System Services Inc. on Tuesday brought to an end a short-lived joint venture with First National Bank of Omaha by buying the 49% of FNBO unit First National Merchant Solutions LLC it didn’t already own. In the deal, TSYS paid FNBO $169.6 million for the remaining stake, implying a …
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