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American Express Co. and the U.S. Department of Justice submitted proposals Monday for rules changes conforming to a federal judge’s ruling that AmEx’s current ban on merchants steering customers to cheaper forms of payment violates antitrust law. The proposals show the two sides remain far apart, and AmEx reiterated that …
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Optimal Buys Skrill for $1.2 Billion, Eyes Gaming Opportunities
Online-payments provider Skrill Group has a new owner. United Kingdom-based Optimal Payments Plc is buying London-based Skrill for 1.1 billion euros (U.S. $1.2 billion), Optimal announced Monday. Both companies provide digital-wallet services, with Skrill specializing in wallets for online-gambling users, e-commerce and money transfers. Skrill also offers a payment gateway and …
Read More »EMV May Crush POS Fraud, But Will Losses Online More Than Offset That Gain?
The U.S. payments industry is counting on EMV chip cards to eliminate much if not all of the counterfeit and lost-and-stolen fraud merchants suffer at the point of sale. They may well do that when EMV is fully deployed, but is it likely that rising e-commerce fraud will swamp any …
Read More »Square Unveils Debit-Based Square Cash for Businesses, and ‘$Cashtags’
By Jim Daly Square Inc. on Monday introduced a business-oriented version of its Square Cash person-to-person payments service aimed at displacing checks. The merchant processor also unveiled so-called “$Cashtags,” which Square touts as a simple and fast way for people to get paid through Square Cash. Dubbed Cash Pro for …
Read More »Plenti Offers Cross-Merchant Rewards—But Will Consumers Use It?
When the Plenti loyalty program—announced Wednesday by American Express Co.—debuts this spring, it will mark the first time a U.S. consumer-rewards program on a national scale enabled points to be earned and used across multiple merchants. The inaugural group of merchants includes AT&T, ExxonMobil Corp., Macy’s Inc., Nationwide Mutual Insurance …
Read More »With 92% Backing, NACHA’s Same-Day Proposal Will Go to Ballot Within Weeks
A proposal to speed up processing on the automated clearing house network from next-day to same-day settlement will go to a ballot among NACHA voting members as early as next month, according to information posted this week on NACHA’s Web site. NACHA took comments on the proposal from early in …
Read More »As P2P’s Popularity Shoots Upward, Facebook Enters the Game With Messenger
The viral popularity of peer-to-peer payments among younger consumers hasn’t gone unnoticed at the massive social networks that serve their needs for instant communication. Facebook Inc. on Tuesday said it has introduced a P2P payments service on its Messenger platform and will be rolling it out across the country “over …
Read More »Intuit Extends POS, E-Commerce Reach for QBO With Shopify, Bigcommerce Deals
Intuit Inc., which markets the highly popular QuickBooks accounting product for small businesses, continues to reinforce the online version of the software with point-of-sale and e-commerce capabilities. The Mountain View, Calif.-based company on Thursday announced an integration for QuickBooks Online (QBO) with Shopify Inc., an Ottawa-based platform for e-commerce and …
Read More »Shoppers Favor Retailers That Accept Mobile Wallets—And Punish Those That Don’t
By John Stewart While big-time companies like Apple Inc., Google Inc., and Samsung Electronics Co. prepare to battle it out for control of mobile payments, evidence is emerging that consumers may be strongly inclined to reward merchants that accept mobile wallets and punish those that don’t. Some 30% of consumers …
Read More »Nearly Two-Thirds of Organizations Fall Out of PCI Compliance a Year Later: Report
It’s a sobering statistic. Only 28.6% of the companies surveyed in the Verizon 2015 PCI Compliance Report were still in compliance with the Payment Card Industry data-security standard a year after a successful validation. Released Thursday, the annual report catalogs the state of PCI compliance gleaned from more than …
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