FedNow is set for commercial launch next month, but if you’re wondering how the Federal Reserve’s shiny new real-time payments service is going to be used and what it will cost, just look at how early participants are putting it to work now. As Digital Transactions learned this spring, the …

The alphabet of money used to be the various coins that were put together to make a financial statement. Or similarly, the various denominations of bank notes that were bound to express a given sum. And then we invented computers, and a new language for money came forth. Money was …

Fiserv Inc. will discontinue its longstanding Popmoney peer-to-peer payments service on June 30, the processing giant said, following notices being posted by participating banks. The move comes as the processing giant shifts its priorities to supporting the bank-owned Zelle network, according to a Fiserv spokesperson. “Due to the tremendous success …

So-called friendly fraud is a growing problem for many merchants. A report from chargeback-management firm Chargebacks911 reveals that nearly three quarters of the 300 merchants surveyed have seen a 19% increase in illegitimate chargebacks on average so far in 2023 compared to the same period last year. At the same …

British automaker Lotus Cars Ltd. has selected Stripe Inc. as the processor for its direct-to-consumer sales in Europe. The deal will enable consumers to configure, order, and pay for cars online. Consumers can use such payment methods as Apple Pay, Google Pay, and bank transfers. Lotus will be able to …

Some 38% of U.S. small businesses have tried generative AI tools—27% for fun and another 11% to run their businesses—according to an April survey of 1,003 businesses by Web-site provider and payments platform GoDaddy Inc. Such payments companies as Stripe Inc. have incorporated chatGPT, a form of generative AI, to support their …

Citizens Bank has launched the Private Client World Elite Mastercard, which uses tactile notches on the side of the card to help visually impaired consumers determine the type of card they are using—credit, debit or prepaid—by touch alone. The card features different types of notches to distinguish the card type …

As part of a settlement with Citizens Bank, the Consumer Financial Protection Bureau is requiring the bank to pay a $9-million civil money penalty for its alleged failure to “properly manage and respond to customers’ credit card disputes and fraud claims.” The agreement is subject to approval by the court. UATP, a …

The share of all payments using cash declined only modestly to 18% in 2022 from 20% in 2021, while the share of in-person and person-to-person payments has stayed constant at 81%, according to the Diary of Consumer Payment Choice from the Federal Reserve System’s FedCash Services. Sunmi Technology Co., a China-based point-of-sale …

Marathon Digital Holdings Inc., a digital-asset company that supports the Bitcoin ecosystem, is teaming up with Brink Technology to raise $1 million to support Bitcoin Core developers that maintain the Bitcoin protocol. Brink Technology works to strengthen the Bitcoin protocol and network. The Bitcoin protocol enables Bitcoin to function as …