Digital Transactions Authoritative, insightful and timely information for payments professionals
• A Colorado State University management professor and a Ph.D. student in finance at the University of Utah co-wrote a blog post saying that the “legal incoherence” in federal policy regarding financial services for legal marijuana businesses is hurting an otherwise fast-growing industry that in Colorado alone generated nearly $1 billion in revenues and $135 million in state taxes and fees last year.
• The Electronic Transactions Association is sponsoring a post-election conference call at 4:30 p.m. Eastern time Wednesday in which a panel will discuss what the results of the Nov. 8 presidential and Congressional elections mean for the payments industry.
• In a presentation for investors, U.S. Bancorp said it gets 16% of its revenues from payment-services fees compared with an average of just 5% for its peer banks; the bank holding company owns merchant acquirer Elavon and is a major corporate card issuer.
• Commuters using the Metro Transit system in Minneapolis and St. Paul, Minn., can now use a new app to pay for bus and rail fares. Riders can pay via a credit card or PayPal account and display an electronic ticket on their smart-phone screens.
• Russia wants a mutually compatible payments system with China to reduce the risk from further financial sanctions by the West, Reuters reported; Russia already has created a national payment system to lessen its reliance on Western networks such as Visa and MasterCard.
• Car-hailing service Uber launched its first prepaid card in Latin America with Bankaool, said to be the first Mexican online bank.
