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Already under investigation by the U.S. Department of Justice for its competitive response to the Durbin Amendment debit card regulations in 2010’s Dodd-Frank Act, Visa Inc. is now getting scrutiny from the Federal Trade Commission about a gateway service that routes transactions to PIN-debit networks. Visa disclosed on Friday in …
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BAMS Breaks into Mobile Acceptance with a Service that Eschews Aggregation
Just when observers might have thought the mobile-acceptance market couldn’t get more crowded, merchant processor Bank of America Merchant Services LLC on Tuesday announced a service called Mobile Pay on Demand. And while the service includes the now familiar card-reading dongle for attachment to a smart phone, it also features …
Read More »Judge Gives Preliminary OK to the Controversial Credit Card Interchange Settlement
To the dismay of retailers but the joy of the card networks and bank defendants, U.S. District Judge John Gleeson on Friday gave preliminary approval to the controversial settlement of credit card interchange litigation announced July 13. The National Retail Federation, the leading retail-industry trade group and an outspoken foe …
Read More »Starbucks Debuts ‘Square Lite’ in 7,000 Stores, But More Features Are Coming
Three months after announcing their partnership, mobile-payments provider Square Inc. and coffee king Starbucks Corp. said Starbucks customers could now use the Square Wallet for purchases at 7,000 company-operated U.S. locations. The purchase process at Starbucks will be a bit different for users of the consumer-facing Square Wallet, formerly known …
Read More »First Data: Planned Settlement Would Let the Card Networks ‘Buy a License to Monopolize’
With a hearing coming up on Friday, objections to the proposed credit card interchange settlement are piling up in Brooklyn, N.Y., faster than debris from Superstorm Sandy. In addition to a number of retailers and their trade groups, those on record against the controversial plan forged by lawyers for the …
Read More »What’s in Google’s Wallet? Possibly a Discover Card
Discover Financial Services is about to team up with Google Inc. to bring the Google Wallet to the physical point of sale with a Discover-branded plastic card, according to the latest rumor sweeping Silicon Valley. Discover recently began issuing cards for PayPal Inc., so if the Google rumor proves true, …
Read More »Visa Reports Growth in Credit, Less Bleeding in Debit, Progress for Its V.me Wallet
Visa Inc. on Wednesday reported brisk growth in its credit business and a stabilizing debit market while touting progress for its new digital wallet, V.me. Overall, the results released for Visa’s fourth quarter show the world’s biggest payments network is wising up about how to cope with a new, more …
Read More »The Gimlet Eye: The Fed’s Prepaid Beneficiaries
Last month came word of what appears to be a potent new prepaid card offering from American Express Co. Dubbed Bluebird and offered through Wal-Mart Stores Inc., the card runs on AmEx’s new Serve transaction platform and eschews many of the pesky fees other prepaid cards levy on consumers. No …
Read More »Trends & Tactics: Groupon Moves Beyond the Daily Deal
With its core daily-deal market getting crowded, market leader Groupon Inc. recently made two moves that position the company as a rival of independent sales organizations, value-added resellers, PayPal Inc., and others trolling for mobile-payments transactions from small merchants. In October, Chicago-based Groupon rolled out its Breadcrumb service, a point-of-sale …
Read More »Acquiring: The Troubled World of NFC Wallets
Peter Lucas Despite backing from some of the country’s biggest carriers and tech firms, NFC-based mobile wallets are struggling to win acceptance with merchants and consumers alike. Does the solution lie in the cloud? It’s been tough sledding of late for digital wallets based on near-field communication (NFC), the contactless …
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