Digital Transactions Authoritative, insightful and timely information for payments professionals
The first version of the online-authentication protocol has acquired a nasty rep. With a new version on the way, will it go from four-letter word to four-star performer? It just might be the best-kept secret in payments. An authentication protocol called 3-D Secure, which issuers, acquirers, and merchants have used …
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MCX, Softcard, And the Conundrum of Consortia
The idea of the payments consortium has a checkered history. Nick Holland explains why. We have recently witnessed the likely demise of yet another attempt at cracking the mobile-payments nut. For many, the implosion of Merchant Customer Exchange LLC’s CurrentC wallet venture was no great surprise. To be sure, MCX …
Read More »MCX, Softcard, And the Conundrum of Consortia
The idea of the payments consortium has a checkered history. Nick Holland explains why. We have recently witnessed the likely demise of yet another attempt at cracking the mobile-payments nut. For many, the implosion of Merchant Customer Exchange LLC’s CurrentC wallet venture was no great surprise. To be sure, MCX …
Read More »Now Retailers Are Battling Honor-All-Wallets
The latest skirmish between merchants and the major card brands has been brewing behind the scenes for months but went public early last month when an advocacy group for big-box retailers charged that a new twist on network rules is slowing the progress of mobile payments. The controversy involves regulations …
Read More »Now Retailers Are Battling Honor-All-Wallets
The latest skirmish between merchants and the major card brands has been brewing behind the scenes for months but went public early last month when an advocacy group for big-box retailers charged that a new twist on network rules is slowing the progress of mobile payments. The controversy involves regulations …
Read More »An Appeals Court’s Decision Puts Interchange in Play, With an Unpredictable Outcome
The sweeping 4-year-old settlement between card networks and banks on the one hand and merchants on the other, which the U.S. Court of Appeals for the Second Circuit overturned Thursday, covered a lot of ground. But the case the agreement grew out of had as its central focus credit card …
Read More »Visa’s Counterclaim in Debit Dispute Accuses Wal-Mart of Contract Fraud
Visa Inc. on Wednesday filed a counterclaim against Wal-Mart Stores Inc. alleging that the retailer’s May lawsuit against the network is not an issue involving violations of federal regulations regarding debit cards, as Wal-Mart cast it, but a contract dispute. Visa says Wal-Mart “fraudulently induced” it to sign an acceptance …
Read More »Uncertainty Shrouds Huge Interchange Settlement After Appellate Court’s Stunning Veto
A federal appeals court on Thursday threw out a massive agreement initially reached four years ago over card-network interchange and acceptance rules, drawing a sudden veil of uncertainty over crucial legal matters much of the payments industry had thought were all but settled. In a 41-page opinion studded with sometimes …
Read More »Swifter EMV Certification Will Aid Chip Card Transition—And Terminal Makers
Getting point-of-sale terminals through the EMV-certification process should become a bit quicker thanks to the card brands’ efforts to “streamline” the testing process. That should bode well for POS terminal maker VeriFone Systems Inc., says Vin D’Agostino, executive vice president of VeriFone Services. MasterCard Inc. and Visa Inc. separately announced programs that …
Read More »The Stop-and-Start State of Virtual-Currency Regulation
Regulation of virtual currency at the state level is proving to be a stop-and-start affair. No other state has yet followed New York with its now famous “BitLicense” to regulate virtual currencies under existing law. But in North Carolina, a bill to update the state’s money-transmitter act could become …
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