The jury is out—and will remain so for some time—on the Credit Card Competition Act and its chances of becoming the law of the land. One of the bill’s sponsors—and probably its prime mover—is Sen. Richard Durbin, Democrat of Illinois, and on the debit card side of the payments business, …

The pressure at Goldman Sachs Group Inc. to exit, or at least radically modify, its consumer-credit and payments businesses has been mounting and may have hit its summit. At least some executives at the company are pushing senior management to exit credit card deals with Apple Inc. and General Motors …

Patches and updates won’t cut it in an increasingly competitive payments industry. Time to install modern computing power. While some financial institutions try to hang on to their legacy systems, the costs to manage, maintain, and repair these systems are rising. Many now spend more every year on patches, updates, …

These apps are becoming more popular and encompassing more and more sensitive data—which is exactly why they’re attracting cyberthieves. In today’s highly competitive market, brands are tasked with providing a seamless, integrated, and convenient user-app experience to attract users. With the limited space on smart phone home screens, companies have …

By Tom Byrnes, SVP, Marketing, PayiQ After a sale is closed, the key to success is quickly assessing and onboarding the new merchant and processing them. Initiating processing is the lifeblood of every payments business, but what should be a routine, standardized process is frequently anything but smooth with most …

Payments processor Elavon announced its global acquiring multi-currency conversion services will support transactions for the airline Virgin Atlantic. Elavon, a unit of U.S. Bancorp, says it serves more than 100 airlines among its client base. Canadian banking giant BMO said it will begin offering Visa Inc.’s Installments payments service next year. Visa launched Installments …

Last year, credit card issuers charged consumers more than $105 billion in interest and more than $25 billion in fees, $14.5 billion of which came from late fees, according to the Consumer Financial Protection Bureau’s biennial credit card market report. Credit card holders paid about 20% of their average balance …

The Federal Reserve Board’s proposal Wednesday to make a 31% reduction in the main component of its debit card interchange ceiling for large issuers touches on a longstanding sore point among merchants and has already sparked a spirited debate in the payments industry. Merchant groups, long riled by debit card …

Mastercard Inc. posted strong third-quarter results of $6.5 billion in revenue, up 12% from $5.8 billion in the 2022 third quarter. The card giant’s net income of $3.2 billion increased 28% from $2.5 billion in the year-ago quarter. Mastercard cited cross-border payment volume growth of 21% in the quarter as one …

The Federal Reserve Board is set to revisit its longstanding limit on debit card interchange on Wednesday, and most observers expect the Fed to lower it. But ask Visa Inc. about the matter—as analysts did Tuesday afternoon during the network’s September-quarter earnings call—and its top executives outwardly at least profess …