PAYMENTS NEWS
Aurora police warn of scam with contactless payment at area gas stations
Sep 28, 2023
Police in Aurora are warning of compromised contactless payment devices at area gas stations. The scammers are drilling holes in the contactless payment screens and damaging the contactless option.
Mastercard fires back at Durbin in letter
Sep 25, 2023
Mastercard, the second-largest card network in the U.S., wrote a letter last Wednesday to congressional lawmakers, reiterating a prior denial of reports that it is planning to raise interchange fees this fall and asserting that the credit card industry “has never been more competitive.”
Paze Digital Wallet Launch Delayed Until Early 2024 – Here’s the New Plan
Sep 25, 2023
Things got very quiet after the initial buzz about Paze, the ecommerce-only digital wallet from the bank-owned consortium that runs Zelle. But James Anderson, head of Paze, says a flurry of deals is in the offing as the fledgling venture tests its system out ahead of a delayed national launch. Our exclusive interview details what’s been done so far and what’s ahead, along with some lessons learned.
Block Squares off Against Mastercard And Visa
Sep 22, 2023
In a major case whose effects could ripple widely across the payments industry, Block Inc. this summer sued Visa Inc. and Mastercard Inc., alleging the global networks worked together to fix interchange fees paid by Block’s Square operation.
California legislature passes plastic gift card ban
Sep 21, 2023
California’s legislature has passed a bill that would outlaw plastic gift cards, with legislators in the Senate and Assembly overcoming some opposition this month in votes approving the legislation, according to the state’s legislative website.
EMVCo floats click-to-pay guidelines
Sep 20, 2023
Major card network companies, including Visa and Mastercard, offer click-to-pay options to consumers who are making purchases online. A click-to-pay icon lets them know the option for faster checkout is available. Card holders need to register for the click-to-pay option before they can use it.
US Lawmakers Propose Legislation To Halt the Digital Dollar
Sep 18, 2023
A battle is brewing in Congress over the idea of a central bank digital currency, or CBDC, in the United States. This week, the House Financial Services Committee will take up legislation aimed at slamming the brakes on any potential digital dollar from the Federal Reserve.
Digital dollar bill resurfaces in Congress
Sep 18, 2023
Rep. Stephen Lynch, the top Democrat on the House Financial Services’ Subcommittee on Digital Assets, last week reintroduced legislation that calls for a Treasury Department pilot program to create a digital dollar, which would be an electronic version of the currency.
How Tech Is Changing the Checkout Process
Sep 18, 2023
The final stage of any grocery shopping trip, the checkout process, has long been a significant pain point for many consumers. Extended wait times, inefficiencies, and the occasional system malfunction often transform a simple shopping trip into an unexpectedly frustrating ordeal that negatively impacts the customer experience.
Foundational Models: Building Blocks for Generative AI Applications
Sep 18, 2023
Generative artificial intelligence (GenAI) refers to a category of machine learning models that, in response to a user’s input prompt, can generate output based on the prompt.
An Interchange Class-Action Settlement Inches Forward With a Recent Court Action
Sep 15, 2023
The federal court overseeing a $5.54-billion settlement between millions of card-accepting merchants, on one hand, and Visa Inc. and Mastercard Inc., on the other, over interchange costs recently took several steps that ultimately could get payments out to merchants. But checks still won’t be in the mail for some time.
Payment data security requirements are set to change and organizations aren’t ready
Sep 15, 2023
98% of organizations have reported at least one data breach in the past two years and 94% of organizations have very significant concerns about payment data security, according to a new research. Shielding the payments ecosystem from being exposed to vulnerabilities generated by advancements in technologies and lax data governance are Payment Card Industry Data Security Standards (PCI DSS). PCI DSS provides important guidelines and requirements that delineate how payment partners should manage and govern their payment data and lessen the attack surface that bad actors can exploit.
CCCA backers target vote this year
Sep 11, 2023
The National Restaurant Association, NACS and other backers of the Credit Card Competition Act are counting on a Senate vote on the legislation this year.
A Top Fed Official Points to Real Time Payments Progress While Eyeing Stablecoins Skeptically
Sep 10, 2023
The Federal Reserve seeks to work closely with private-sector instant-payment services and plans to carve out a regulatory role to govern developments in stablecoins, a top official at the Fed said Friday.
US Faster Payments Council announces Board Advisory Group members
Sep 9, 2023
The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today announced its 2023-2024 FPC Board Advisory Group, a standing body authorized by the FPC Board of Directors. The Board Advisory Group is comprised of experts from diverse corners of the payments ecosystem including financial institutions, technology providers, business end users, payment network operators, consultant groups, and payments associations.
How to Tap Real Time’s Potential
Sep 8, 2023
If you’re not a payments geek, you could be forgiven for wondering what all the fuss was about when the Federal Reserve announced in July that its real-time payments network, FedNow, had opened for business. If you are a payments geek, you cannot be forgiven for not realizing how FedNow might have changed the payments world forever.
Credit-card swipe fees are hidden 'tax' on American consumers
Sep 6, 2023
Have you ever asked yourself why gas stations offer a cash discount when you pay to fill up your tank? The answer is: credit card swipe fees.
Capital rules may have 'poisoned the well' for bank policy on the Hill
Sep 6, 2023
As Congress returns from its August recess, a number of banking issues — ranging from credit card interchange fees to cannabis banking — could get traction before the year is out. But some experts say a busy summer for bank regulators has soured any chance of bipartisan compromise on banking-related bills.
Who Will Route Transactions?
Sep 6, 2023
Senator Richard Durbin is back at it. After failing to advance the Credit Card Competition Act out of Congress last year, the Illinois Democrat has reintroduced the legislation in the new Congress. Not only is the bill generating more buzz, it enjoys more bipartisan support in both chambers.
Visa, Mastercard are about to make changes customers really won't like
Sep 5, 2023
Visa (V) - Get Free Report and Mastercard (MA) - Get Free Report are preparing to increase the fees they charge merchants when customers pay with a credit card, according to the Wall Street Journal. The increases are set to start in October and April, respectively.