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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.

The Merchant Advisory Group

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