Digital Transactions Authoritative, insightful and timely information for payments professionals
No sooner were we going to press with this issue than the U.S. Supreme Court rejected a petition from major merchants and merchant groups that, if it had been accepted, might have thrown the Federal Reserve’s interpretation of the Durbin Amendment into a cocked hat—again. High-court review at a minimum …
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Bitcoin’s Achilles’ Heel: Mainstream Consumer Adoption
For all the talk about merchant adoption and wallet creation, Bitcoin hasn’t found a consumer market—and probably won’t, says Nathalie Reinelt. Bitcoin isn’t really disrupting anything until it starts pulling large volumes of assets away from traditional financial institutions. That’s not likely to happen any time soon. Only days into …
Read More »No Argument Here: Younger Consumers More Likely To Use Mobile Wallets
Twice as many 18-to-34 years old consumers, 32%, are likely to use mobile wallets like Apple Pay or Google Wallet as those 35 and older (16%), according to a survey of more than 900 adults by Fair Isaac Corp. That divide is even more pronounced among respondents 50 years or …
Read More »Observers Applaud Fed’s Payments Plan, But Lament Slow Pace of Progress
Now that the Federal Reserve has released its plan for faster payments in the United States, observers are applauding the effort while expressing some impatience with what they see as the central bank’s overly deliberate approach. “The Fed is indeed headed in the right direction, but it is a slow …
Read More »The Fed Releases Strategies, Plans for Faster Payments, Looks for Industry Participation
In a blueprint released Monday for a faster and more secure U.S. payments system, the Federal Reserve called for industry task forces to form early this year and for a “framework” to emerge by 2016 to set rules for near real-time payments. The banking regulator also set out five broad, …
Read More »Despite Top Court’s Rebuff, Merchants Seek Debit Relief With Fed’s Own Data
The U.S. Supreme Court may have rebuffed merchants seeking to cut debit card transaction costs, but that doesn’t mean they’re entirely out of options. On Thursday, the Merchant Advisory Group, a Minneapolis-based trade group that counts big-box stores and airlines among its 175 members, released a 16-page white paper using …
Read More »Supreme Court Rejects Petition, Dealing Merchants Another Defeat on Debit Cards
Merchants battling debit card pricing and routing rules suffered another defeat on Tuesday. The U.S. Supreme Court rejected a petition from a merchant group seeking to have the high court hear its arguments against Federal Reserve rules regulating debit card interchange and transaction routing. The move leaves intact a lower-court …
Read More »Too Soon To Say Bitcoin And Apple Pay Will Flop
The Gimlet Eye While we were putting together this month’s cover package observing the sixth anniversary of Bitcoin, it struck me that this bête noir of banking shares something in common with that other upstart in digital payments, Apple Pay. Yes, they are different in nearly every respect. For consumers, …
Read More »Bitcoin Leaves the Station
Cover Story By John Stewart Putting the Silk Road and Mt. Gox disasters behind it, the Bitcoin train is picking up speed. But what’s the real destination? If you want to get an idea of how far Bitcoin has come, take a look at what people are buying with it. At …
Read More »A Quickening Pulse
Components Biometrics in electronic payments didn’t have much life until last year, when Apple’s Touch ID and other applications gave the technology a shot of adrenaline. What’s next? It’s Act II for biometrics in payments. The now-defunct Solidus Networks Inc., better known as Pay By Touch, dominated Act I for …
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