PAYMENTS NEWS
Fed proposes review of debit transaction routing, but leaves fee alone
May 13, 2021
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
Federal Reserve Board to hear public comment on fintech proposal
May 7, 2021
The Federal Reserve Board is seeking public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks from non-bank organizations or financial technology companies, or fintechs.
Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing summary information on debit card transactions
May 7, 2021
The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases. The Board views these clarifications of Regulation II's existing requirements as necessary in light of information indicating that often only one network is enabled for such transactions.
Mastercard New Payments Index: Consumer Appetite for Digital Payments Takes Off
May 4, 2021
As the world went into pandemic lockdown in 2020, consumers shifted their spending habits to embrace contactless tap-and-go payments and online shopping. As stores closed and social distancing took hold, retailers worldwide moved their businesses online, embraced e-commerce and explored the potential of new ways to pay. More than a year later, research from Mastercard shows that the adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.
European Payments Initiative Looking To Topple US FinTechs
May 3, 2021
The European Payments Initiative (EPI) is looking to create a payments firm that can take on some of the biggest U.S. FinTechs and payments companies, Financial Times (FT) reported on Monday (May 3).
FIS Unveils RealNet, a Network-of-Networks Approach to Real Time Payments
Apr 29, 2021
The real-time payments movement continues to build momentum in the United States with FIS Inc.’s announcement Wednesday of RealNet, a cloud-based, software-as-a-service platform that enables businesses, consumers, and governments to initiate account-to-account transactions. RealNet, which FIS describes as a network of networks, will leverage The Clearing House Payment Co. LLC’s real-time payment network, in addition to the automated clearing house’s same-day network, to speed up the processing, clearing, and settlement of payments.
Restaurants Plan for Post-COVID Renewal: Smaller Menus, Merch Stores, Healthcare for Workers
May 6, 2021
The pandemic provided a window of experimentation. Here’s what chefs, restaurateurs and industry experts think will stick.
FIS and TCH Aim to Bring Real-Time Payments to Minority Communities
May 4, 2021
In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by minority-owned depository institutions (MDIs), financial technology leader FIS and The Clearing House are jointly funding the onboarding fees for MDIs joining the RTP® network, the real-time payments network operated by The Clearing House, through FIS.
Merchants Can Offer More Touch-free Ways to Pay as Fiserv Brings PayPal and Venmo QR Code Payments to the Point of Sale
Apr 27, 2021
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling businesses of all sizes across a range of industries to support in-demand digital payment options and expand their touch-free payment capabilities via a new relationship with PayPal.
Amex sees China as launchpad for global debit growth
Apr 23, 2021
American Express' payment processing operations in China are giving it a foundation upon which to expand its debit offering to new countries.
Merchants sue Federal Reserve over fees for debit cards
May 3, 2021
Two trade groups representing businesses in North Dakota filed a lawsuit Thursday against the Federal Reserve, asking the agency to lower its 10-year-old cap on “swipe” fee banks charge to process debit card transactions.
Retail organizations sue Fed over debit law enforcement
Apr 29, 2021
Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.
Fiserv benefits from SMB-business demand, pens PayPal pact
Apr 28, 2021
Payments processing giant Fiserv is tapping recently acquired fintech units to spur more business, particularly among small and mid-sized companies, and will egg that trend on through a new partnership with rival PayPal.
Barclays US to offer merchants BNPL payments option
Apr 27, 2021
Barclays US Consumer Bank will give its merchant partners the option to offer point-of-sale (POS) financing choices later this year, making the London bank’s North American arm the latest financial institution to get in on the buy-now-pay-later (BNPL) trend.
Amazon to let Whole Foods shoppers pay with a swipe of their palm
Apr 21, 2021
Amazon.com Inc (AMZN.O) said it is rolling out biometric technology at its Whole Foods stores around Seattle starting on Wednesday, letting shoppers pay for items with a scan of their palm.
Digital Wallets Eclipse Cash Globally at Point of Sale for First Time During Pandemic, FIS Study Finds
Feb 24, 2021
In 2020, eCommerce spending grew at the fastest rate in five years, while usage of cash for in-store payments fell sharply, as global consumers made increasing use of mobile wallets and other alternative payment methods in 2020 during the pandemic, according to new report released today from financial technology leader FIS® (NYSE: FIS).