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Warren probes Zelle scam policy

Feb 22, 2024

Last year, Scottsdale, Arizona-based Early Warning Services came under fire from senators, including Warren, after The New York Times reported in March 2022 that scams were flourishing on the app.

OCC’s Hsu calls for federal payments licensing

Feb 22, 2024

Hsu raised concerns about the growing payments industry in 2022, during a conference hosted by The Clearing House and the Bank Policy Institute in New York City. Big tech companies moving into payments and lending was changing the risk profile of banking in “profound ways,” he said at the time.

The Capital One-Discover deal raises thorny issues for Washington

Feb 21, 2024

Capital One Financial's proposed acquisition of Discover Financial Services will spark an epic test of Washington policymakers who are increasingly skeptical of concentration in the financial industry.

US Senate chair wants airline, credit card CEOs to testify on fees

Feb 13, 2024

WASHINGTON, Feb 12 (Reuters) - The chair of the Senate Judiciary Committee on Monday asked the CEOs of American Airlines, United Airlines, Visa (V.N), and Mastercard (MA.N), to testify at an April 9 hearing on credit card competition, according to letters seen by Reuters.

DOJ: FTC’s proposed junk fee ban would promote competition

Feb 9, 2024

The Department of Justice and a group of state attorneys general have encouraged the Federal Trade Commission to finalise rulemaking that would prohibit the use of hidden add-on fees.

Secure wallets for CBDC: how do they work?

Feb 8, 2024

Everybody knows that to keep CBDC, you need a wallet. Those wallets can come in different shapes, be they physical devices, such as smartphones or smartcards, or virtual, i.e., managed by a financial institution. Wallets are used to perform transactions between users and at the point of sale.

Cantaloupe Makes a Play for Stadium Pay With a $4.75 Million Deal for Cheq

Feb 2, 2024

Cantaloupe, Inc., a provider of cashless payment technology for the self-service market, has acquired Cheq Inc. for $4.75 million, Cantaloupe announced late Thursday. Cheq is a payments and ordering platform for sports, entertainment, and hospitality venues. 

Why aren't more banks sending real-time payments?

Feb 2, 2024

The push to get financial institutions on board with real-time settlement has several layers — the choice to join FedNow, RTP or both being one decision. Many are also choosing to only receive instant payments, rather than also send funds.

42% of Gen Z admit to committing ‘friendly fraud.’ Here’s how to protect your business

Feb 2, 2024

Most business leaders are all too familiar with the challenges of protecting their organizations from hackers and spammers. But what do you do when legitimate customers are the ones participating in fraudulent activities? 

20 Years of Payments Coverage

Feb 2, 2024

When publishers start a magazine, whether in print or online—or both—there’s simply no way to tell how long it will last. There are too many unpredictable factors. But the publishers can count on one thing: editorial rigor won’t guarantee success in this crazy business, but it will help make it more likely.

Demystifying AI: Why Putting a Humanizing Spin on AI’s Impact Will Get Businesses Nowhere

Jan 30, 2024

In October of 1950, British mathematician Alan Turing created what he called the Imitation Game. Turing’s journal article, first published in the Mind quarterly review of psychology and philosophy, would later become known as the “Turing Test” — a widely popularized  test of a machine’s ability to exhibit intelligent behavior equivalent to, or indistinguishable from, that of a human.

Bill banning Central Bank Digital Currency one step closer to becoming law

Jan 25, 2024

SALT LAKE CITY — A Utah House Committee has approved a bill making it against the law to use Central Bank Digital Currency in the Beehive State.

Fed extends comment period on debit card fee proposal

Jan 24, 2024

Debit cards are offered by traditional banks, as well as neobanks such as Varo and fintechs such as Bluevine, as a way for account holders to use funds in an account to pay for goods and services. Transactions paid for with the cards are typically routed over networks operated by Visa and Mastercard.

Addressing identity-related fraud with verifiable credentials

Jan 24, 2024

We all know that there is a strong connection between identity and fraud but getting a real picture of the identity-related fraud problem is not always easy.

AI is bringing 'Minority Report' payments and loyalty to life

Jan 23, 2024

An iconic scene from the sci-fi film Minority Report depicts Tom Cruise walking through a mall, instantly identified through biometrics to bring up his character's shopping history and personalized recommendations. Salesforce is so committed to making that future a reality that it hired one of the film's writers, Peter Schwartz.

How Apple's new payment fees portend more legal fights

Jan 22, 2024

Apple's long legal battle with Epic Games over app store checkout policies has entered a new phase after Apple said it would charge a commission of up to 27% for non-Apple payment providers, a move that immediately drew threats of fresh legal action.

Shell Lawsuit Asks: Is a Gift Card the Same as Cash?

Jan 22, 2024

Shell is facing a class action lawsuit in California, alleging its gas stations have charged customers using a prepaid Shell gift card the credit card price instead of the cash price. What the suit really asks is, are prepaid cards more akin to cash, or more akin to credit cards?

Apple Offers to Open Mobile Payments to Third Parties Amid EU Antitrust Case

Jan 19, 2024

BRUSSELS—Apple has agreed to let third-party mobile wallet and payment services in Europe use the technology behind its Apple Pay app in a move to allay competition concerns from European regulators. 

Whether you need orchestration or not depends on the 'music' that you want to make

Jan 19, 2024

Over the past few years, the term ‘payment orchestration’ has slowly been gaining traction, however, not everyone is entirely sure of what exactly that means:

Chiplet Technology May Be Poised to Transform Payment Systems

Jan 19, 2024

It’s said the whole is other than the sum of its parts, but often, it is the parts that are more interesting — and more malleable. Human history has been defined by using the parts to build a new, frequently better, whole.

The Merchant Advisory Group

Driving positive change and innovation in the payments industry that serves the merchants interest through collaboration, education, and advocacy.