Digital Transactions Authoritative, insightful and timely information for payments professionals
It may well be the mobile-payments app provider you never heard of, but Paydiant Inc. is winning deals with major banks, processors, and merchants, and on Tuesday it secured $15 million in a Series C round of funding. The financing brings to almost $35 million the cash injections the Wellesley, …
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Security: Are Small Merchants Finally Getting It?
Lauri GiesenDespite years of effort by ISOs and acquirers, most small merchants still fail to meet the PCI security standards. But there are signs of hope. If you look at the big picture, progress by independent sales organizations and other merchant acquirers in getting small merchants into compliance with the …
Read More »Cover Story: Wall Street Pulls the Strings
Banks remain key clients, but ultimately Visa and MasterCard must serve the interests of major investors. Can they pull that off while warring with merchants over fees?By Peter Lucas Former Visa Inc. chairman and chief executive Joe Saunders couldn’t have been happier on March 19, 2008, when the day’s trading …
Read More »The PCI Council Wants To Get into Your Head with Its Pending Update to Security Standards
By Jim Daly The coming update to the Payment Card Industry data-security standard (PCI) will include new guidelines about physically protecting credit and debit card terminals, when third-party vendors share security responsibilities with merchants, protecting card data in a computer system’s short-term memory, and strengthening passwords, among others. The PCI …
Read More »Wide-Ranging Hacker Indictment Casts New Light on Some Notorious Breaches
A federal indictment announced on Thursday against four Russians and a Ukrainian man casts new light on some of the biggest breaches of payment card data in recent years. The defendants, affiliated with notorious computer hacker Albert Gonzalez, who is serving a 20-year prison sentence but named as one of …
Read More »Interlink Starts Growing Again And Visa Prospers Despite Legal And Regulatory Uncertainties
Visa Inc.’s Interlink PIN-debit network is recovering after a devastating year following implementation in April 2012 of the transaction-routing requirements in the Dodd-Frank Act’s Durbin Amendment. Visa reported Wednesday that Interlink transaction volume rose 25% in its third quarter of fiscal 2013 ended June 30, a sharp turnaround from the …
Read More »Nine Months After Launch, Isis Usage Sputters Among Small Merchants
Nine months after the Isis mobile wallet launched in Austin, Texas, and Salt Lake City, usage among small merchants appears to be sporadic at best, despite considerable fanfare and promotion at the launch. But some of the factors blamed by merchants contacted by Digital Transactions News have little to do …
Read More »Trends & Tactics
Settlement? What Settlement? Who said the proposed settlement of a massive court case involving interchange unveiled in July 2012 would put to rest the decades-old dispute between merchants and the bank card networks over card-acceptance costs? Beginning just before Memorial Day, partisans filed three interchange-related lawsuits in less than a …
Read More »Security Notes: The Age of Bit Money Is Here
Gideon Samid • Gideon@bitmint.com The specter of consumers pushing electronic money bits to merchants is a cause for concern in the payment empires of today: the networks. Concern, not alarm, because consumers will continue to have eyes bigger than their pockets, and will be eager for credit. What will the …
Read More »Components: The Changing Role of the Trusted Service Manager
Peter Lucas The sluggish progress of near-field communication in payments has TSMs looking to extend their services to cloud-based wallets and beyond. Consider the plight of the trusted service manager. Its fate is closely tied to mobile payments that use a form of short-range, interactive radio-wave exchange called near-field communication …
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