PAYMENTS NEWS
Letter: Bring competition to credit card swipe fees
Jul 31, 2021
The reason is that credit card networks and the big banks charge merchants a “swipe” fee averaging about 2 percent of the purchase amount every time a credit card is used, whether it’s swiped, inserted or used via a digital wallet. Those fees add up quickly, totaling almost $100 billion a year. They are among most merchants’ highest cost and drive up prices by hundreds of dollars a year for the average family.
Payments App Square to Acquire Australian Company Afterpay
Aug 1, 2021
The deal, for $29 billion, would introduce Afterpay’s “buy now, pay later” service to U.S. consumers and the small businesses that process their credit card transactions on Square.
How the Pandemic Has Forced Changes in the Way Acquirers Approach—And Sell to—Merchants
Jul 26, 2021
Ever since the Covid pandemic set in more than a year ago, the payments industry has been abuzz with talk about its various impacts on merchant acceptance. What hasn’t received as much attention is how the pandemic has affected merchant acquiring. It turns out processors and independent sales organizations have seen some surprising results.
Colorado Opens the Door to Surcharging: Five Key Takeaways
Jul 13, 2021
On Friday, July 9, 2021, Colorado’s governor signed a new law changing Colorado’s status from one of the few states that bans surcharging to one that expressly permits it. Colorado Revised Statute § 5-2-212—which takes effect on July 1, 2022—will allow merchants to add fees to sale and lease transactions when the consumer uses a credit or charge card.
Fed seeks to dismiss or move retailers' North Dakota lawsuit
Jul 16, 2021
Retail associations' case against the Fed's setting of debit fee caps is resurfacing familiar arguments from a prior battle over the issue. The Federal Reserve Board told a North Dakota federal court this month that a lawsuit brought against it by retail associations in April over its rules for debit transaction fees seeks belatedly to rehash issues already settled by the D.C. Circuit Court of Appeals in 2014.
Discover Invests US 30 million into Sezzle with Plans to Launch Buy Now, Pay Later Network Solution
Jul 15, 2021
Sezzle Inc. (ASX:SZL) (Sezzle or Company) is pleased to announce that it has entered into an agreement with DFS Services LLC (Discover), a subsidiary of Discover Financial Services (Discover), in which Discover will invest US$30 million into Sezzle, based on a per share purchase price of US$6.58 (AUD$8.83), which equates to total shares to be issued of 4,556,210. In addition to the investment and, subject to finalising a definitive commercial agreement, the parties propose to enter into an expanded partnership, including plans for a buy now, pay later network solution on the Discover Global Network, as well as a dedicated referral program introducing Discover credit and debit products to Sezzle’s consumer base.
It's CardX versus AmEx at state capitols nationwide
Jul 15, 2021
The startup CardX is fighting American Express from coast to coast as states reassess whether merchants should be able to slap surcharges on credit card purchases.
Square Plans New iPad Payment Terminal With Built-In Tap-to-Pay
Jul 13, 2021
Square Inc. is developing an iPad point-of-sale terminal that will let shoppers more easily tap to pay for purchases at participating stores.
PayPal Australia takes on Afterpay with no-late fee 'buy now, pay later' offer
Jul 13, 2021
PayPal Holdings Inc's (PYPL.O) new "buy now, pay later" offering in Australia will not charge late payment fees, the U.S. payments giant said on Wednesday, as it attempts to edge past main industry rival Afterpay (APT.AX) in the country.
Sam’s Club Trials Scan & Ship Feature For In-Store Shopping
Jul 13, 2021
Sam’s Club is piloting a new Scan & Ship feature that enables in-store shoppers to scan items for direct-to-home shipping. The tool is part of the store’s Scan & Go tool and is integrated within its smartphone app.
Trade group seeks Biden antitrust focus on payments
Jul 13, 2021
The Merchants Payments Coalition (MPC) called on the Biden administration to include the payments industry in its federal crack down on antitrust concerns in American business.
Mastercard and Verizon announce partnership for 5G contactless payments
Jul 15, 2021
Mastercard and Verizon announced Tuesday a partnership focused on 5G contactless payments for consumers as well as small- and medium-sized businesses.
Apple, Goldman Plan ‘Buy Now, Pay Later’ Service to Rival Affirm
Jul 13, 2021
Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.
CBDCs could give 'clean slate' for cross-border payments, BIS report says
Jul 13, 2021
Cross-border payments are usually criticized for high cost, low speed, limited availability to households and businesses and insufficient transparency, but recent technological advances could help mitigate those issues, a July 9 BIS [Bank for International Settlement] report said.
Hilton hotel adds surcharge for using a credit card — Will this become a trend?
Jul 11, 2021
A funny thing happened to TPG readers Isaac Burgin and Kendra Wallace during recent stays at the Hilton Burlington Lake Champlain in Vermont: Both were charged a “credit card surcharge tax” every time they swiped their cards to pay for hotel charges.
When Money Is No Object
Jul 9, 2021
Sure, using a credit card is easy, but paying with invisible money makes saving harder and spending easier. People behaved differently when they saved—and spent—cold, hard cash. Has Covid-19 killed cash? And, if so, what might die with it?
The American CryptoFed DAO is legally recognized by the State of Wyoming as the First Decentralized Autonomous Organization (DAO) in the United States
Jul 4, 2021
On July 1, 2021, the American CryptoFED DAO received notice from the Wyoming Secretary of State's office that the newly formed Decentralized Autonomous Organization is the first DAO legally recognized in the United States.
U.S. FTC Sharpens Weapons to Tackle Big Tech by Dropping 'Consumer Welfare' Guidance
Jul 1, 2021
The U.S. Federal Trade Commission lowered the bar on when it decides to file antitrust lawsuits on Thursday by scrapping a 2015 statement that said it would be guided by the "promotion of consumer welfare" when looking at new investigations.
PayPal Zettle US Launch Brings ‘Commerce In Box’ To SMBs
Jun 30, 2021
When PayPal first announced its planned acquisition of Zettle three years ago, CEO Dan Schulman touted the firm’s shared “mission, values and culture” and the emerging opportunity for PayPal to become “a global one-stop solution for omnichannel commerce” for firms of all sizes.
EXCLUSIVE-White House order pushes antitrust enforcement throughout U.S. economy -sources
Jun 28, 2021
The White House is working on an antitrust executive order that aims to push government agencies to consider how their decisions will impact competition in an industry, according to two sources familiar with the matter.