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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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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 »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 »MX Telecom Looks for Rapid Growth in SMS-Based Mobile Payments
The recent launch of mobile-payment services based on short-message service (SMS) transmissions is casting a spotlight on specialist gateways that provide links from payment processors to wireless carriers. One, MX Telecom Inc., counts among its clients both PayPal Mobile, which PayPal Inc. launched earlier this month (Digital Transactions News, April …
Read More »ViVOtech Boss Predicts NFC Will Soon Enable Payments for E-Retailers
The chief executive of the company holding the largest market share of installed readers for contactless payments predicts the technology, assisted by near-field communication (NFC) capability, will move rapidly from the physical point of sale to e-commerce. Mohammad Khan, president and founder of ViVOtech Inc., which makes electronic wallets for …
Read More »More Aussie Retailers Plan Surcharges for Credit Card Payments
In news that should interest those in the U.S electronic transactions business who are contemplating the possible effects of regulation of card interchange pricing, a new study shows that an increasing number of merchants in Australia?which three years ago introduced regulation of the fees merchants pay acquirers on card payments–are …
Read More »Huge Hack Threatens to Cool off Torrid Growth of PIN Debit Payments
Security experts warn that the recently exposed case of widespread debit card fraud could jeopardize the growth of PIN debit. Debit card transactions secured by PINs have been growing by 20% or more annually in recent years, more than twice as fast as credit cards. “I think it is a …
Read More »Google’s Payments Moves Excite Comment, But May Not Threaten PayPal
Search-engine giant Google Inc. may be ramping up its electronic-payment capability for users, but it's a long way from competing with PayPal Inc. as a processor of general-purpose Internet transactions, a payments-industry researcher says. “It will take a few years for Google to even consider competing with PayPal, if they …
Read More »MobileLime Announces A New NFC Platform for Cell-Phone Payments
Boston-based Vayusa Inc., whose MobileLime network serves some 80 merchants for payments initiated from consumers' cell phones, plans to begin supporting transactions based on the near-field-communication (NFC) standard in the second quarter. Announcing its new NFC platform today, the company says consumers with MobileLime accounts will be able to use …
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