Industry

Mastercard Sued by Digital Wallet Startup Over Access to Payment Tech

Reuters

"Massachusetts-based OV Loop Inc filed the lawsuit in Boston federal court on Tuesday, seeking more than $75 million in damages under U.S. antitrust law from Mastercard for allegedly denying it access to an essential digital payments technology."

Industry

Nearly 1 in 4 Americans With Debt Are Putting Less Money Toward Credit Card Payments: ‘People Are Really Struggling’

CNBC

"Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down."

Industry

4-in-6 Payment Products — Buy Now, Pay Later: Insights from New Survey Data

Philadelphia Fed

"Since 2019, buy now, pay later (BNPL) lending products have experienced rapid growth in transaction volume and garnered significant attention from consumers, researchers, and regulators."

Tags: BNPL

Industry

MAS Warns Financial Institutions of Quantum Computing Cyber Threat

Fintech Singapore

"The Monetary Authority of Singapore (MAS) has cautioned financial institutions on the cybersecurity vulnerabilities introduced by the advent of quantum computing."

Companies Industry

Mastercard’s Latest Crypto Loyalty Scheme Aims to Plug Google Pay Gaps

Coindesk

"Payments giant Mastercard is working with Swoo Pay, an emerging markets-focused mobile payments app, to offer loyalty rewards in cryptocurrency and plug the gaps left by the likes of Google in the global payments landscape."

Tags: Mastercard

Industry

UATP Receives Patent Approval for Innovative New Payment Technology

PR Newswire

"UATP, the global payment network that enables organizations to simplify payment processes to expand their payment capabilities, has received approval from the US Patent and Trademark Office for patented Enhanced Intermediate Server technology enabling all travel agency transactions which are currently submitted in batch form to be submitted to acquirers individually instead."

Industry

One App to Rule Them All? New Survey Finds Banking Apps Are More Than Just a Home for Transactions

Tearsheet

"Until recently, it seemed that consumers were more than happy with unbundled financial products, creating their own versions of a “personal finance tech stack”."

Industry

Tokenization and Data Privacy: Safeguarding Sensitive Information in Payments

Financial and Business News

"The adoption of tokenization raises the security bar within the payments industry significantly, as it serves as a robust defense mechanism against unauthorized access and cyber threats."

Industry

LawPay Launches Innovative Payments Integration with Legal Subscription Services Platform, Fidu

Business Wire

LawPay, the leading online payment solution for legal professionals, announced its new partnership with Fidu, the leading client experience platform for law firms to deliver subscription and flat fee legal services.

Industry

US Senate Chair Wants Airline, Credit Card CEOs to Testify on Fees

"The chair of the Senate Judiciary Committee on Monday asked the CEOs of American Airlines, United Airlines, Visa and Mastercard to testify at an April 9 hearing on credit card competition, according to letters seen by Reuters."

Industry

Yellen Says Congress Should Provide Authority to Regulate Stablecoins

Reuters

"U.S. Treasury Secretary Janet Yellen told lawmakers on Tuesday that Congress should provide a federal authority to regulate stablecoin issuers and wallet providers to close gaps in consumer protection and financial stability protections."

Industry

Radial and Link Money Partner to Introduce Pay by Bank, a Secure and Cost-Effective Payment Solution for Global Merchants

Business Wire

Radial, Inc. announced a partnership on Pay by Bank, a payment solution developed by Link Financial Technologies, Inc. (dba Link Money), a US-based open banking payment platform.

Industry

NY Credit Card Surcharge Law Challenges Out-of-State Merchants

Bloomberg Law

"New York’s new disclosure law addressing credit card merchant pricing and surcharges leaves open compliance questions for sellers operating outside New York that offer products and services to New York residents."

Industry

Despite Ubiquity, Credit and Debit Card Processing Drags Down Small Business Satisfaction with Merchant Services Providers

J.D. Power

"There are 94% of merchants that now accept debit or credit cards; 88% that accept digital wallet; and 54% that accept Buy Now, Pay Later (BNPL) payment methods. However, when it comes to small business satisfaction with those services, scores are lowest among merchants for processing widely accepted payment types such as credit and debit card transactions and are highest for processing less widely accepted payment types like BNPL."

Industry

CUSIP Global Services Assumes Administration of Card Issuer Identification Numbering System

GlobeNewswire

"CUSIP Global Services (CGS) today announced that it has assumed administration of the industry standard Issuer Identification Number (IIN), also known as the Bank Identification Number (BIN), an 8-digit identifier used to uniquely identify card-issuing institutions, such as credit, debit and points/rewards card issuers."

Industry

Average Credit Card Balances Jump 10% to a Record $6,360, and More Consumers Fall Behind on Payments

CNBC

"Credit card debt has notched another new high...Balances jumped 10% from a year ago, according to a separate quarterly credit industry insights report from TransUnion, with the average balance per consumer hitting $6,360, also a historic record."

Industry

Why Hasn’t the US Fully Embraced the Digital Dollar?

Tearsheet

"While many countries worldwide are exploring the potential of Central Bank Digital Currency (CBDC), China continues to expand its e-CNY in the market...For its part, the US Federal Reserve is conducting research and strategic planning regarding the potential implementation of CBDCs."

Industry

NCUA to Require Credit Unions to Report Overdraft, NSF Fees

ABA Banking Journal

"The National Credit Union Administration is planning to require credit unions with more than $1 billion in assets to report their overdraft fees and nonsufficient fund fees."

Industry

Beyond the Transaction: The Art of Invisible Payments

Finance Magnates

"Embedded payments are emerging as a transformative force, not merely as transactional tools but as integral components of a customer's journey."

Industry

Credit Cards Could Swipe Department Stores’ Profits

WSJ

"Crackdown on late fees and more delinquent accounts poses a threat to Macy’s, Kohl’s, Nordstrom and others [Subscription Required]"

Industry

3 Predictions for the ATM Industry in 2024

Atmmarketplace

"The ATM industry is constantly evolving to meet the changing needs of consumers. Going into this new year, several key trends are expected to shape the future of ATMs."

Industry

Changing The Tune On Tokenization

Global Finance Magazine

For years, tokenization was just a finance-sector buzzword, but lately, more companies are making it a reality by weaving it into their corporate finance strategies (i.e., smart contracts, stablecoins and tokenized US Treasury bills).

Industry

PSD3 Tries to Keep Pace With Open Banking Expansion

The Banker

"The adoption of the third iteration of the Payment Services Directive may be seen in 2025, which — among other changes — looks to improve the framework for open banking, a market which is expected to continue growing exponentially and exceed $31bn in 2024, up from $24.67bn in 2023."

Industry

Rectangle Health Launches All-in-One Platform to Drive Healthcare Providers’ Growth

Business Wire

"Rectangle Health, the leader in patient engagement, payments, and office compliance solutions for healthcare providers, announced the launch of its unified Practice Management Bridge platform."

Industry

NY AG Sues Citibank for Failing to Protect Customers From Hackers and Scammers

CNN

"New York Attorney General Letitia James filed a lawsuit against Citibank on Tuesday, alleging the big bank failed to do enough to protect and reimburse victims of fraud."

Industry

To Promote Its CBDC, Jamaica Plans to Fund POS Equipment Upgrades

Ledger Insights

"Jamaica launched its JAM-DEX central bank digital currency (CBDC) into production in April 2022. Seven months later, we reported slow merchant onboarding because retailers needed to upgrade their Point of Sale (PoS) equipment."

Industry

Venmo and Other Payment App Theft Is ‘Skyrocketing,’ Manhattan DA Warns

CNN

"Venmo, Cash App, PayPal, Zelle and other payment apps may be convenient ways to send cash with a few taps of your smartphone, but they’re a breeding grounds for theft, Manhattan District Attorney Alvin Bragg tells CNN."

Industry

Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

Business Wire

"Research reveals more than half of Americans say junk fees are negatively affecting their financial and emotional well-being, and nearly three-quarters say junk fees are a key issue in upcoming elections."

Industry

The Buy Now, Pay Later Holiday Debt Hangover Has Arrived, as Consumers Wonder How They’ll Pay Bills

CNBC

"Buy now, pay later helped fuel record holiday spending online, surging 14% year over year, but now that those bills are coming due, consumers aren’t sure how they’ll pay them."

Industry

NIST in the Spotlight for Facial Recognition Standards; Some Say It’s Too Much

Biometric Update

"When will the U.S.’ chief standards organization reach a limit in what it can do to give the facial recognition industry a coherent foundation on which to grow?"