PAYMENTS NEWS
Adyen Rolls Out ‘Intelligent Routing’ in Response to Debit Network Choice
Sep 11, 2024
The service was developed primarily in response to the Federal Reserve’s 2023 statement reinforcing the mandate that all debit cards issued in the United States carry the brands of at least two unaffiliated networks.
Merchants urge CFPB to address bank-driven cash-back fees in small towns
Sep 6, 2024
A recent CFPB report revealed that while most merchants offer cash-back at no charge, some charge fees due to the exorbitant costs imposed by credit card companies and unregulated small banks.
FedNow advances toward making real-time payments mainstream
Sep 6, 2024
Real-time payments are moving beyond early adopters to a new phase as a number of banks and credit unions take up the government-backed FedNow network as it enters its second year. There are now more than 900 financial institutions offering FedNow, the Federal Reserve said in August. That's up from 450 in February and 35 at the real-time payment network's launch in July 2023.
Visa, Mastercard and Google go big in India; U.K. interchange suit moves forward
Sep 5, 2024
Visa, Mastercard and Google go big in India; U.K. interchange suit moves forward
Abolish the Penny?
Sep 3, 2024
Why are we still making tons (many thousands of tons) of pennies if no one uses them?
Blame High Swipe Fees for Stores’ Cash-Back Charges, a Merchant Group Says
Aug 30, 2024
High card-acceptance fees are the root cause for why some merchants are charging consumers for cash back at the point-of-sale, a service merchants have historically provided consumers even though customers can make purchases with their debit cards at no charge, says the Merchants Payment Coalition.
CFPB Seeks Developers’ Comments on Apple’s Rules on Tap-to-Pay Access
Aug 30, 2024
The Consumer Financial Protection Bureau (CFPB) is seeking public comment on Apple’s recently announced rules governing how financial companies and app developers offer tap-to-pay functionality on its devices.
Dollar General, Dollar Tree and Kroger customers pay over $90 million a year in cash-back fees, federal agency finds
Aug 27, 2024
Three of the nation’s largest retailers — Dollar General, Dollar Tree and Kroger — charge fees to customers who ask for “cash back” at check-out, amounting to more than $90 million a year, according to the Consumer Financial Protection Bureau.
Fed’s Waller eggs on payments research
Aug 27, 2024
Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.
The CFPB Reviews Cash Back at the Point of Sale Amid Concerns of Reduced Access to Cash
Aug 27, 2024
Retailers providing cash-back services at the point of sale fill a void for many consumers who may live in so-called banking deserts, the Consumer Financial Protection Bureau says in a new report on the service. Some, however, charge a fee for that access, along with other banking hurdles.
CFPB chides retailers on fees for cash back
Aug 27, 2024
The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.
BNPL providers won’t face penalties during transition to new CFPB rule
Aug 26, 2024
CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions.
Is this the end for the magnetic stripe?
Aug 26, 2024
Once everywhere the magnetic keycard is being phased out
Bank groups challenge Illinois swipe fee law
Aug 16, 2024
Several banking and credit union trade groups are challenging Illinois' new swipe fee law in court, saying the changes override federal regulations.
‘Fortnite’ maker Epic Games launches its app store on iOS in the EU, worldwide on Android
Aug 16, 2024
Epic Games, the maker of Fortnite, announced on Friday that it has officially launched its rival iOS app store in the European Union. The Epic Games Store is also launching on Android worldwide.
Merchants Get Another Extension to File Claims in Their Class Action Against Visa and Mastercard
Aug 15, 2024
Merchants were granted a second extension late Tuesday for filing claims against Visa Inc. and Mastercard Inc. in their ongoing class-action lawsuit against the two networks over interchange costs.
NIST urges immediate adoption of new, post-quantum encryption standard
Aug 15, 2024
On Tuesday, the U.S. finalized standards for post-quantum encryption — a move intended to ensure companies, citizens and government agencies can all stay ahead of the potential of quantum computers that can break the encryption used today on nearly every computer.
Illinois Credit Card Swipe Fee Law Sparks Legal Fight With Banks
Aug 8, 2024
Illinois is the first state to bar credit card companies such as Visa Inc. and Mastercard Inc. from charging swipe fees on retail tips and taxes, but implementation hurdles and likely litigation from banks means it may also be the last.
Mastercard pushes for new payment fee deal
Aug 1, 2024
The card brands are scrambling to come up with a solution to their long-running battle with merchants over payment fees after a judge said a recent agreement would be tossed.