ACH credit fraud has steadily climbed since 2016, according to the most recent annual fraud report from the Association for Financial Professionals (AFP). In both 2015 and 2016, the number of cases of ACH credit fraud was at 11%. In 2017, the number rose to 13%. Last year, the number climbed to a whopping 20%, according to the survey, which...
The Apple Card, which pushes payments deeper into the digital sphere, will become banks, issuers, and card networks worst nightmare. When consumers use their smartphones to make a purchase with the new Apple Card, the person will receive a real-time push notification. What’s unique about this card is that the entire transaction occurs in the digital wallet. Also, this type...
The largest card issuer in the world, China UnionPay, has slipped into the European market, offering credit and debit cards throughout the continent. Thanks to its new partnership with the UK-based startup, Tribe Payments, UnionPay began in June allowing banks and other financial institutions to begin offering people and businesses its branded credit cards. Now European corporate customers that conduct...
Visa’s new payment system for business-to-business (B2B) transactions has made it one of the newest blockchain-based international payment providers. Its Visa B2B Connect platform is based on blockchain technology and offers seamless cross-border payment processing for businesses without any third-party interference. Visa’s latest endeavor allows the scheme to compete directly with cryptocurrency startups, like Ripple, and significant players, like BNY...
In the United States, the total number of contactless debit and credit transactions for general purchases are in the single digits. The nation can’t match the numbers in Canada and the United Kingdom. A Deeper Look at the Numbers in the UK and Canada In the UK, almost 30% of all credit and debit card transactions were made using all...
As more people pay for things with digital wallets and contactless cards, there’s no surprise there will be a decline in cash transactions. Fewer cash transactions equal less of a need for ATM machines. All of this makes sense. However, a drop in cash use doesn’t mean ATMs are out completely. A recent report showed that the numbers of ATMs...
The way consumers pay to ride transportation systems in major cities can influence payments habits for the public. Issuers and credit card networks want to be a part of the ongoing introduction of contactless payments in the nation’s biggest transit system, New York City’s Metropolitan Transportation Authority (MTA), because they know it’s an opportunity that will boost their revenues and...
In an effort to stay relevant and compete with powerhouses, like Amazon and Microsoft, the card networks, Visa and Mastercard, appear to be snatching of investments and companies left and right. Don’t expect them calm down, especially as retail payments growth diminishes. They know they need to consider and buy into any investment opportunities, like cross-border payments, peer-to-peer, and interbank,...
Gas stations have less than a year and a half left to meet the card schemes’ deadline to install in-pump EMV card readers. Despite Visa and MasterCard’s previous move to extend the EMV deadline, many gas stations are still not likely to meet the October 2020 deadline. Those who fail to meet compliance will meet the same fate as retailers...
The multi-year lawsuit alleging regulatory pressure to close payday lender bank accounts has been dismissed, according to the Office of the Comptroller of the Currency. Advance America et al. decided to dismiss the OCC from its lawsuit, alleging that federal banking regulators pressured banks to terminate payday lender bank accounts. This action puts an end to the 2014 lawsuit that...
