The new Code of Conduct for the Credit and Debit Card Industry in Canada says merchants cannot be forced to accept credit card companies’ debit products, often with higher acceptance costs, if they accept the credit offerings. Also, merchants have the ability to steer customers to lower costs options, like Interac Debit, through discounting.
MasterCard got a settlement done with Target to resolve claims by MasterCard and its issuers related to the retailer’s 2013 serious screw-up data breach. Under the agreement, Target will make available up to $19 million in alternative recovery offers to eligible banks and credit unions across the globe.
ACH volume grew to almost 23 billion electronic payments last year, an increase of almost 5%, or 1 billion transactions, over 2013 volume, according to new statistics released by NACHA ” The Electronic Payments Association. RAM Research projects it will grow to 24.5 billion by EOY 2017.
EVO Payments and Boomtown, a San Francisco based provider of on-demand tech support for small to medium-sized businesses (SMB), inked a partnership that will provide push button IT support for POS developers and their SMB customers.
First National Bank (Slayton, Minnesota), and First National Bank (Davenport, Iowa), now offer the BlazePays Visa Prepaid Cards powered by Capital Prepaid Services. Under the banks’ agent programs which are managed by Capital Prepaid Services, these Minnesota and Iowa banks are now able to cost-effectively tap into the prepaid market, which is one of the fastest growing payment markets.
American Express and Jawbone have joined to give eligible U.S. American Express Card members the ability to tap to pay with the new Jawbone UP4 fitness tracker anywhere American Express contactless payments are accepted in the USA.
CO-OP Financial Services inked an agreement to purchase from a subsidiary of Fidelity National Information Services its shares in Everlink Payment Services which will give CO-OP majority ownership of the Canadian payments solutions and services provider to credit unions, banks and ISOs in Canada.
Team One Credit Union, Saginaw, MI and MShift have begun pilot testing MShift’s patented AnyWhereMobile mobile payment network (AnyWhereMobile) with a locally owned restaurant in Saginaw.
The National Geographic Society and First Bankcard, a division of First National Bank of Omaha have launched the new National Geographic Visa Card. Cardholders earn exclusive savings on National Geographic products and experiences while supporting the Society’s global exploration, conservation, research and education programs with every purchase.
Merchant awareness is not keeping pace with mobile fraud growth, and the support for the mobile channel is not meeting predictions and expectations. In addition, concerns over the implementation around new payment methods such as Apple Pay have risen.
The global mobile money market is projected to grow from $12.34 billion in 2014 to $78.02 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 44.6%. In the year 2007 mobile money has evolved from providing payment transactions though Short Messaging Services (SMS) and Direct Mobile Billing to the more contemporary Near Field Communication (NFC)/ Smart Card transactions.
FICO TRIAD, a cloud-based version of its account management solution is now available as a hosted solution on the FICO Analytic Cloud. With FICO TRIAD Cloud Edition, credit grantors can test, automate and improve decisions for credit and debit cards, deposit accounts, loans, auto financing and other credit products.