Digital Transactions Authoritative, insightful and timely information for payments professionals
Steve Mott When EMV stalled last year, a battle royal erupted across the payments business to draft the rules for a key security technology. Here’s who’s winning—and whether that’s a good thing for the industry. The spate of mag-stripe-based data breaches over the holidays sent the industry into convulsions and …
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Pulse Deal Gives Visa’s Common AID Nearly Universal Enablement for Chip Debit Transactions
Discover Financial Service’s Pulse subsidiary last week became the latest debit network to license Visa Inc.’s so-called common application identifier (AID) on soon-to-be-issued Europay-MasterCard-Visa (EMV) chip debit cards. This latest agreement means Visa’s common AID will be enabled on cards that account for nearly 90% of U.S. PIN-debit transactions. The …
Read More »A Smart Phone in Hand Could Mean Cash in Pocket From an ATM
Security and convenience-conscious consumers wielding smart phones may one day have a safer and easier way to get cash from ATMs. ATM maker Diebold Inc. is testing a cash-dispensing-only ATM that relies on a mobile wallet to authenticate the consumer, eschewing a PIN pad and card reader. The ATM, …
Read More »Trends & Tactics
Plastic: High Growth, High Risk More than ever, plastic dominates the business of electronic payments in the United States, with two-thirds of all noncash transactions in 2012 occurring on a card, up substantially from 60% just three years earlier. That’s according to the Federal Reserve System’s triennial payments study, released …
Read More »E-Commerce: Better Transaction Reviews Require Better Data
Tom Donlea Though separated by many differences, large and small merchants share a common problem: insufficient data to help decide whether to approve an online transaction. Here’s one way to fix that. The rapid growth of e-commerce has truly revolutionized consumer behavior. Businesses now have a broader reach to a …
Read More »Mitek Pictures Itself as a New Tech Provider in Mobile Biller-Direct Payments
Mobile-imaging software developer Mitek Systems Inc. on Wednesday announced its Mobile Photo Payments application that enables large billers to receive bill payments from consumers using their mobile devices. The service complements San Diego-based Mitek’s existing Mobile Photo Bill Pay product, which rolled out last year and is distributed mainly through …
Read More »Experts Differ on Whether EMV Chip Cards Provide Data-Breach Immunity
The huge data breach at Target Corp. and now one at upscale department store Neiman Marcus Group and possibly other retailers has introduced many Americans to the term “EMV” and the possibility that more secure Europay-MasterCard-Visa chip cards will replace vulnerable magnetic-stripe credit and debit cards in the United States. …
Read More »Opinion & Analysis: The Time Is Now for EMV
Erik Vlugt When it comes to testing hardware and software and training staff, the chip card deadline is a lot closer than it looks. Merchants should start getting ready now. The 2015 EMV liability shift may appear to be a concern for the future; but in reality, merchants need to …
Read More »Target Denies Reports That Data Thieves’ Haul Included PINs
Target Corp. is denying a widely circulated report that the information stolen by cyber criminals in a massive breach of credit and debit card data included customer’s debit card PINs Citing a “senior payments executive familiar with the situation,” Reuters reported early Christmas Day that the data thieves have the …
Read More »Target Says Little Fraud And No Apparent PIN Theft Resulting From Data Breach So Far
In the wake of the huge payment card data breach it confirmed Thursday, big-box retailer Target Corp. today said that so far it has received few reports of fraud resulting from the breach. The retailer also said that while hackers obtained considerable customer data on approximately 40 million credit and …
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