PAYMENTS NEWS
CrowdStrike hints at root cause of Friday's sweeping IT outage
Jul 23, 2024
While the company is still analyzing the error that caused many Windows systems to crash, it said a logic error in a channel file was the cause.
Fetterman, others say Consumer Financial Protection Bureau needs to safeguard EBT cards in new rule
Jul 18, 2024
Senators John Fetterman (D-PA), Ron Wyden (D-OR), Raphael Warnock (D-GA), and Tina Smith (D-MN) have sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra urging the agency to include Electronic Benefits Transfer (EBT) cards in a soon to be finalized rule that provides critical protections for users of various financial services.
Regulators raid Visa Japan offices over fees
Jul 18, 2024
Sources say regulators have searched the offices of the Japanese arm of credit card company Visa.
A Card Issuer Trade Group Turns Up the Heat in Its Anti-CCCA Campaign
Jul 12, 2024
The Electronic Payments Coalition’s attack this week against the Credit Card Competition Act calls out retailers Target Corp. and Walmart as greedy mega-corporate stores that stand to profit at the expense of consumers should the legislation pass.
Fighting Friendly Fraud: New Approaches for Beleaguered Merchants
Jul 11, 2024
When you think about a disputed card charge, most people’s minds go directly to identity theft and criminal scams. But most chargebacks don’t fit into that category. Rather, they are what has come to be known as first-party misuse, or “friendly fraud.”
Congress members egg on US payments system expansion
Jul 8, 2024
A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system.
EV Sales Tick Up as Payment Challenges Define the Road Ahead
Jul 5, 2024
As U.S. consumers take to the road this summer, the state of electric vehicles hangs in the balance and the payments industry grapples with the issues that will provide the right platform for its growth.
The Supreme Court rules for a North Dakota truck stop in a new blow to federal regulators
Jul 1, 2024
Contactless May At Some Point Include Functions Beyond Payment, the NFC Forum Says
Jul 1, 2024
Contactless transactions were supercharged by the pandemic, and now slightly more than half of U.S. cardholders are using the technology when they pay with either cards or wallets, according to Mastercard Inc. research. With that kind of momentum behind them, researchers are looking at ways to expand near-field communication technology, enabling a tap or wave to trigger a range of functions beyond payment.
Friction or Fraud: Optimizing the User Experience in the Digital Age
May 14, 2024
As companies work tirelessly to serve their customers, criminals work to exploit vulnerabilities in the digital product lifecycle. That threat necessitates friction points so companies can ensure that their services are delivered safely and securely. Too much friction, however, drives away customers.
US judge rejects Visa, Mastercard $30 billion swipe fee settlement
Jun 26, 2024
A U.S. judge on Tuesday rejected a $30 billion antitrust settlement in which Visa opens new tab and Mastercard opens new tab agreed to limit fees they charge merchants who accept their credit and debit cards.
Senate Republicans join battle against Fed debit card plan
Jun 20, 2024
Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit transactions.
The fight over credit card swipe fees hits the road
Jun 18, 2024
Banks and credit card companies are contending with new threats to swipe fees that have popped up in statehouses across the U.S.
Visa, Mastercard $30 billion fee settlement in peril
Jun 14, 2024
Visa's opens new tab and Mastercard's opens new tab proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord.
Legislation threatens consumer privacy, retailers say
Jun 13, 2024
Legislation under consideration in the Pennsylvania legislature raises serious consumer privacy concerns and could unduly burden small businesses, a statewide coalition of bankers and credit unions said Monday.
Gov. DeSantis’ veto pen snares legislative budget over credit card fees study
Jun 12, 2024
A proposal to study the effect of fees imposed by credit card companies on sales taxes appears to have doomed a large chunk of the Legislature’s budget. Gov. Ron DeSantis vetoed $56.7 million in legislative support services funding. It’s funding he hasn’t vetoed before in five previous budgets.
5 Things to Watch as Open Banking Gains Ground in the US
Jun 10, 2024
Open banking’s success in the United States — as with any ecosystem — will hinge on several factors, none guaranteed. But, with lessons learned from abroad, and with an incrementally clearer picture of regulation and what consumers want, a few guideposts can be set along the way.
Is it Time for Pay-By-Bank at Retail?
Jun 6, 2024
New technology, consumer affinity for digital payments, and the allure of cheaper payment processing may be setting the stage for broader use of pay by bank in the United States
Visa Says 10 Billion Tokenized Payments Are Just the Beginning
Jun 5, 2024
The modern consumer more and more demands convenience and seamlessness across their daily lives. This simple, singular fact has served as a benchmark for much of the innovation defining the payments and commerce landscape of the past few decades.
Merchants Get an Extension to File Monetary Claims in the Big Credit Card Settlement
May 28, 2024
Merchants have been granted a 90-day extension to file a monetary claim as part of the settlement of a nearly two-decades-old interchange lawsuit filed against Visa and Mastercard.