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Born of the transformed world wrought by Durbin, Visa’s new acquirer fee is either a rational response to changed economics or a diabolical exercise of raw power, depending on whom you ask. By John Stewart Bruce Reisman is an angry man. “I’m not a happy camper. I’m constantly looking for …
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High-Tech PayPal-Discover Tieup Rests on Huge Issuance of Old-Tech Mag-Stripe Cards
The massive deal PayPal Inc. and Discover Financial Services announced on Wednesday that will bring online-payments leader PayPal to 7 million physical U.S. merchant locations has all the hallmarks of electronic payments in the 21st Century’s second decade, including digital wallets and cloud-based technology. But the foundation of the deal …
Read More »Acculynk Lands American Airlines, Cites Momentum for Online PIN Debit
Acculynk Inc., which on Wednesday announced it has signed up American Airlines Inc., says the recruitment of its largest merchant yet indicates stronger interest among online retailers in accepting PIN debit transactions. Indeed, Ashish Bahl, chairman and chief executive of the Atlanta-based company, tells Digital Transactions News it expects to …
Read More »Square Enters Big-Time Acquiring with Its Cube-Less Starbucks Deal
The announcement late on Tuesday that Square Inc. struck a deal with coffee giant Starbucks Corp. for the first time puts Square, a specialist in bringing mobile-payment acceptance to small businesses and consumers, into the role of a more traditional card processor for a large national merchant. And at least …
Read More »Google Wallet 2.0: Now Open to All Cards, But Can It Attract Users?
Google Inc. on Wednesday announced an overhaul of its struggling mobile wallet product that the online search giant hopes will make the product more attractive to consumers and banks alike. Indeed, a key feature of the new Google Wallet is that is now open to any credit or debit card …
Read More »Interlink Loses More Than Half Its Volume as Durbin Routing Provisions Take Effect
The Durbin debit numbers are out, and they aren’t pretty for Visa Inc., the leading debit card player in the U.S. Visa on Wednesday reported that U.S. debit payments volume plummeted 9.8% in the third quarter of fiscal 2012 ended June 30, hitting $266 billion versus $294 billion a year …
Read More »As Big Chains Chafe at Settlement, Smaller Retailers Celebrate the Deal
With each passing day, the proposed settlement of the giant antitrust suit over credit card interchange and card network rules appears to unravel even more as big-box merchants increasingly express dissatisfaction with the $7-billion-plus deal. The latest is Wal-Mart Stores Inc., which issued a statement on Tuesday opposing the agreement …
Read More »Not All Merchants Are Happy with the $7-Billion-Plus Credit Card Settlement
No sooner had the ink dried on a proposed settlement of a massive credit card suit than cracks began to appear in what had been an edifice of merchant solidarity. The NACS, a national trade group for convenience-store operators, on Friday said its board of directors had unanimously rejected the …
Read More »Decoupled Debit Goes Mobile As Closed-Loop Card Processor Pushes Wallets
National Payment Card Association is out to prove the obituaries for decoupled debit were, as the saying goes, exaggerated. Not only does the company have 4,000 gas stations accepting its PIN-based debit cards, it expects a major petroleum vendor will begin accepting debit transactions through its platform on a mobile …
Read More »Late with Its ‘Roadmap,’ AmEx Could Jump into EMV Lead Among Networks
American Express Co. announced what it calls its “roadmap” for EMV and chip-based and mobile payments in the U.S., which means all four of the major U.S.-based payment card networks are now on record with plans to move beyond the magnetic-stripe payment card. Like the ones from MasterCard Inc. and …
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