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In another indication of the erosion of paper checks in consumer transactions, the volume of bill payments made by check as a fraction of all bill payments has fallen to 37.5% from 61.1% four years ago, according to a report released this week by online bill-payment processor CheckFree Corp. with …
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Wal-Mart Claims Its Bank Could Stop Transactions for PCI Non-Compliance
Critics blasted away at Wal-Mart Stores Inc.'s plan to open a Utah industrial loan corporation for most of three days in late April, and now the world's biggest retailer is firing back. Wal-Mart filed a 14-page letter earlier this month with the Federal Deposit Insurance Corp. addressing the major concerns …
Read More »Newly Private iPayment Logs Profit Jump, Points to CardSystems Fallout
The final quarterly filing from iPayment Inc. as a public company contains a report of a double-digit gain in profit at the Nashville, Tenn.-based merchant acquirer as well as a terse reference to what amounts to continuing fallout from the huge data breach last year at Atlanta-based merchant processor CardSystems …
Read More »Home Depot: No Designs on Payments with Deal to Buy ILC
In sharp contrast to Wal-Mart Stores Inc., leading home-improvement retailer Home Depot Inc. professes no intentions of getting into the payments business even though, like Wal-Mart, it plans to operate a Utah-chartered industrial loan corporation, or ILC, that would give it an entrée into financial services. Less than a month …
Read More »Key Issues Nag NACHA As It Nears Internet Payments Pilot
NACHA, which took the opportunity presented by its annual payments trade show this week in San Diego to promote the upcoming pilot of its new Internet payment application, appears to be on track toward its Aug. 30 target date for recruiting most participants for the project. But key issues like …
Read More »NACHA Chairman Looks to Retry NREF, Will Push Internet Payments
The chairman of the board of NACHA, the rules-setting organization for the automated clearing house network, looks for widespread adoption of a new point-of-sale payment application the association approved this week and says the network will try again this year to introduce a controversial fee aimed at controlling risk. Chairman …
Read More »Patent in Hand, Yahoo! Moves Toward a P2P Payments Product
Online search giant Yahoo! Inc. is developing what appears to be a person-to-person payment service and may be weeks away from introducing it, but details of the new service remain unclear. A spokesperson for Yahoo! told Digital Transactions News this week the Sunnyvale, Calif.-based company was “not ready to discuss” …
Read More »Eye on RFID: Utah Transit, Arby’s Plan for Contactless Payment
The Utah Transit Authority in November will begin accepting contactless payment tokens in a pilot project that will represent the first use of contactless technology to process bus fares in the U.S. The Salt Lake City-based transit agency in September will begin equipping 41 buses that ferry passengers to local …
Read More »A BankAmericard Redux Poses Risks But Could Reap Rewards for BofA
The possibility that Bank of America Corp. could start its own payment card network and brand poses some big risks and would bring big expenses for the Charlotte, N.C.-based banking giant, though it could enable BofA to differentiate itself in a mature card industry, analysts say. Reports that BofA chairman, …
Read More »ATM Surcharges, Number of Banks Assessing Them, Rise Again
More banks than ever now levy surcharges on ATM transactions performed by non-customers, and the fee is now higher than ever, according to new data released this week by Bankrate.com, a service of Bankrate Inc. The average ATM surcharge is now $1.60, up from $1.54 in the fall of 2005, …
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