PAYMENTS NEWS
New York Fed advances tests of CBDCs for cross-border payments
Nov 22, 2022
Even as the high-profile FTX crash sent the cryptocurrency world scrambling once again, the Federal Reserve Bank of New York embarked on projects that could inform an expanded government role in digital currencies.
Digital payment giant Mercado Pago enters cryptocurrency market in Mexico
Nov 17, 2022
Mercado Pago is reportedly the largest online payment platform in Latin America and subsidiary of Mercado Libre
How a bad economy could be good for fraudsters
Nov 15, 2022
Synthetic identity fraud — where scammers create fake personas to steal and launder money — has been on the rise for years, but the pandemic followed by the recent economic crunch are complicating efforts to stem it.
Mastercard Loses Bid To Appeal Decision About Pass-On Fees
Nov 15, 2022
A London tribunal has dismissed Mastercard Inc.'s bid to appeal its decision about how judges will assess allegations about how much of anti-competitive interchange fees were passed on to customers, finding that the credit giant has "no real prospect of success."
Security Notes: Lifeboats on the Titanic
Nov 10, 2022
Call me a sore loser, if you will, having just lost the prestigious G20 BIS 2022 CBDC contest to a payment company from the Philippines, Dragonpay. I arm myself with excuses. Perhaps. Dragon is a fine, accomplished outfit. The thoughtful judges saw more merit there than they identified in BitMint.
Push for Pay by Bank Expected in 2023
Nov 10, 2022
Old school paper checks are a thing of the past, but they are trying to make a new, digitized comeback. Pay By Bank is a fancy way of saying, “pay using an electronic check without having to input my account and routing number for each new transaction.” With electronic check specialty companies like GoCardless and Trustly, consumers can hook up their checking accounts. They can pay by electronic check seamlessly at the point-of-sale.
The Law is the Law
Nov 10, 2022
The business of routing payment card transactions has been much in the news lately, first with a bill that would legislate network choice for credit card transactions and then with action by the Federal Reserve to reinforce a requirement that was supposed to guarantee merchants a choice of networks for debit card transactions.
Swipe fees may come to a head in lame-duck Congress
Nov 4, 2022
A bill that aims to reduce the largest payment networks' leverage on swipe fees could get new life after the midterm elections come to a close.
Fed sets prices that banks will pay for FedNow
Nov 4, 2022
The Federal Reserve has set the prices that banks will pay for its new instant payment system, FedNow, which is scheduled to debut in the summer of 2023.
How Canada's merchants are reacting to a new surcharging rule
Nov 4, 2022
In October, Canada began allowing merchants to surcharge up to 2.4% on Mastercard and Visa credit card transactions. This follows the settlement of a multimillion-dollar class action by Canadian merchants against Mastercard, Visa and various banks.
Why the Metaverse Is the Next Big Opportunity
Nov 4, 2022
With digital commerce showing huge potential, it’s time for payments players to take this virtual world seriously.
Bank of Canada sets out path for regulating digital payment providers
Nov 3, 2022
The Bank of Canada on Wednesday said it would take a flexible, risk-based approach in its nascent role as a digital payment regulator, aiming to ensure confidence in the safety and reliability of the fast-growing electronic payment segment.
6 payments takeaways from big consulting firms
Nov 3, 2022
Recent reports from big accounting and consulting firms examined forces at play in the payments industry, from economic headwinds and “swipe” fee frustration to open banking and cross-border payments.
If More States Allow Digital IDs, More Mobile Payments Could Follow
Nov 2, 2022
A nascent movement among states to allow citizens to store a driver’s license or other state ID card in a mobile app could give mobile payments a lift, according to research released early Wednesday.
OCC to create fintech office
Oct 31, 2022
The Office of the Comptroller of the Currency will establish a new unit to regulate financial technology firms, it announced on October 27.
Credit-Card Debt Returns to Levels Before Covid-19 Pandemic
Oct 28, 2022
Record card issuance and increased spending helped push total card balances to $916 billion last month
CFPB aims to give ‘open banking’ rule teeth in 2024
Oct 27, 2022
The bureau’s chief, Rohit Chopra, laid out the timeline this week for a rule change meant to make it easier for consumers to break up with their banks.
What makes a good web3 wallet?
Oct 27, 2022
The demand for digital assets and DeFi is growing, and the market needs better products to serve it. Key among these products are web3 wallets.
Visa’s Top Executives See Little Impact from the Fed’s Ruling on Debit Transaction Choice
Oct 26, 2022
It was only a matter of time before the two big international card networks responded to a recent Federal Reserve requirement that issuers make at least two unrelated networks available to merchants for debit card transactions.
FedNow will be a ‘public utility model,’ Waller says
Oct 26, 2022
The central bank governor equated the nascent system with an interstate highway on which private companies will provide “on-ramps” and “off-ramps.”