PAYMENTS NEWS
BearingPoint survey: Cash is the most used payment method in Europe
Dec 8, 2023
BearingPoint’s survey has found that cash use is significantly higher in Austria (79%) and Germany (71%) than in other European countries. Respondents from Switzerland (63%), Ireland (61%), the Netherlands (57%), and France (55%) also show a relatively high level of cash use but are well behind Germany and Austria. Finland has a significantly lower frequency of cash usage at 43%.
Government of Canada announces finalized agreements with Visa and Mastercard to lower credit card transaction fees for small businesses
Dec 7, 2023
OTTAWA, ON, Dec. 5, 2023 /CNW/ - The Government of Canada today announced it has finalized agreements with Visa and Mastercard to lower credit card transaction fees for small businesses. The agreements also protect reward points offered to Canadian consumers by Canada's large banks.
Visa and MasterCard agree to lower average credit card interchange fee below 1%
Dec 6, 2023
The government has announced new details of an agreement with Visa and MasterCard that will see them lower the amount that they charge retailers when a customer pays for a purchase with a credit card.
Who’s Afraid of SoftPOS?
Dec 6, 2023
It wasn’t all that long ago that the idea of turning an ordinary smart phone into a point-of-sale terminal seemed like a pipe dream. But more than a decade after its introduction, software point of sale, or softPOS for short, is riding a growing wave of adoption.
Connectivity Defined the Past Decade — Interoperability Will Shape the Next
Dec 6, 2023
A decade ago, in 2013, Amazon counted around a thousand robots across its fulfilment warehouses. That same year, tech giant Google spent more on headcount and people costs than it did compute and data.
Are We Approaching a World Without Cards?
Dec 5, 2023
I’ve said it before and I’ll say it again: cards aren’t fit for digital commerce. They’re costly, they’re clunky, and they provide an experience that’s stuck in the past. At a time when consumers want fast and frictionless online payment experiences, cards just can’t keep up.
Why super apps have yet to take off in the U.S
Dec 1, 2023
Despite the best efforts of multiple tech and e-commerce giants, no one company has yet to crack the code for building a successful super app in the U.S.
Visa sees no effects so far from Fed debit-routing enforcement
Nov 30, 2023
Visa is facing various legal and political challenges around payment card interchange — or "swipe fees" — that play a key role in the card network's revenue from financial institutions. But so far, Visa has dodged harm from one potential threat to its debit card volume.
Fed proposes rule to slash interchange fee cap
Nov 30, 2023
The Federal Reserve Board of Governors has proposed slashing the cap on the interchange fees banks are allowed to charge merchants for debit card transactions.
UK payments report calls for alternatives to Mastercard and Visa
Nov 29, 2023
LONDON, Nov 22 (Reuters) - Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday.
How generative AI is assisting payment scams
Nov 29, 2023
The rise of generative artificial intelligence is driving a sharp uptick in basic payment-card fraud tactics including bot attacks, card testing, credential stuffing and ordinary account phishing, according to a new Arkose Labs report.
17th Annual The 10 Most Pressing Issues in E-Payments
Nov 29, 2023
If adversity breeds strength, as the old saying goes, then payments professionals may have plenty of opportunity to develop their strategic and tactical biceps. The industry no sooner recovered from all the ill effects of the pandemic than it found itself enmeshed in a slew of other issues, some old and familiar but some others quite surprisingly fresh.
Biometrics May Be Online Retail’s Ticket to More Sales
Nov 28, 2023
Retailers are leveraging innovative solutions, such as biometrics, to enhance convenience, security and personalized services in their day-to-day business.
CCCA battle may slide into next year
Nov 27, 2023
The battle over the proposed Credit Card Competition Act may drag into next year, despite an initial goal of winning passage this year. Nonetheless, supporters and opponents remain locked in battle.
A New York Times Op-Ed Video Favoring the CCCA Sparks a New Tussle Over the Bill
Nov 22, 2023
The Electronic Payments Coalition issued a press release late Tuesday rebuking a New York Times op-ed video that argues merchants and consumers already pay a high price for rewards cards and expresses support for the Credit Card Competition Act.
Venmo, Cash App users sue Apple over peer-to-peer payment fees
Nov 21, 2023
Nov 20 (Reuters) - Apple Inc (AAPL.O) has been sued by Venmo and Cash App customers in a proposed class action claiming the iPhone maker abused its market power to curb competition for mobile peer-to-peer payments, causing consumers to pay "rapidly inflating prices."
Farm bill extension continues prohibition on EBT processing fees for SNAP purchases
Nov 20, 2023
A short-term funding package that President Joe Biden signed into law on Thursday continues the prohibition on EBT processing fees for SNAP purchases as part of the one-year farm bill extension.
Singapore pilots next generation QR mobile payments service
Nov 17, 2023
The Monetary Authority of Singapore (MAS) is testing an upgraded version of its SGQR unified QR payment code that will enable merchants to accept QR code payments made using a wider range of local and cross-border payment schemes through a single financial institution rather than having to maintain commercial relationships with individual payment scheme providers.
Unable to Hold Their Pegs, Stablecoins Prove Anything but Stable
Nov 10, 2023
In a paper published this week by the Bank of International Settlements (BIS), the analysis shows that with a decade of trading history, none of the more than five dozen stablecoins observed were able to hang on to their pegs.
Payment Security in the Digital Age: Strategies to Safeguard Customer Transactions
Nov 9, 2023
It’s an unfortunate fact: financial services institutions make a compelling target for cybercriminals. Research from 2022 shows that the finance and insurance sector was the second most impacted by cybercrime, with 566 reported breaches and 254 million leaked records. Overall, successful cybercrime attacks have cost the sector around $5.9 million—and that was last year.