Payments News

On The Web

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Systems

Debit Card Issuers’ Authorization Costs Fell 54% in Eight Years, the Fed Reports

“Debit card issuers subject to the Durbin Amendment’s interchange price controls saw their average authorization, clearing, and settlement expense, excluding fraud, fall to 3.6 cents per transaction in 2017, down 54% since 2009, the Fed reported Thursday. The Durbin Amendment to 2010’s Dodd-Frank Act requires the Fed to issue a report every two years about […]
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Systems

Banking Startup Launching Visa Card That Lets You Spend 7 Cryptos

“Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies. In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” […]
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Systems

Sweden: How Cash Became More Trouble Than It’s Worth

“The ATM nearest my house recently shut down: Bankomat, the cash machine company co-owned by the banks, has reduced the number of outlets by a fifth in four years. And as far as I know only one branch of Swedbank, my bank, in Malmö still handles cash. This is a growing problem even for the […]
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Global

Users of China UnionPay’s Mobile Payment App Hit 150 Million

“User can make payments, buy wealth management products and make debit card balance inquires on the app Cloud Quick Pass, the Shanghai-based company said. The platform supports online applications for more than 80 types of credit cards from 21 banks, and cardholders of over 230 lenders can make mobile payments by scanning the association’s quick […]
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Systems

Debit Dynamics

“The new Fed study says average per-transaction ACS costs for regulated debit card issuers, excluding fraud losses, fell to 3.6 cents in 2017 from 4.2 cents in 2015, reflecting a cumulative decline of 54% since the Fed began collecting such data in 2009. The regulated interchange rate is up to 21 cents plus 0.05% of […]
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Global

Card Payments Outstrip Cash for First Time in Germany

“Germany’s preference for cash is legendary. While in neighbouring Holland, Sweden and Finland some supermarkets will have cash-free aisles, simply paying with a card in some parts of Germany is difficult.  But a new study has shown that growing trust in card payments – particularly among younger Germans – has tipped the balance in plastic’s […]
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Systems

Coinbase Launches Debit Card in the UK

“When you buy cryptocurrencies on Coinbase , many users simply don’t know what to do with them. Customers in the U.K. can now get a good old plastic card and spend cryptocurrencies in-store and on any online website. This is a Visa card, so it should work with any merchant on the Visa network. The […]
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Regulation

How Bernie Sanders Would Lower Credit Card Fees

“Sen. Bernie Sanders (I-Vt.) is teaming up with Rep. Alexandria Ocasio-Cortez (D-N.Y.) on a plan to cut the fees that Americans pay on their credit card bills. Sanders’ proposal, which he and Ocasio-Cortez unveiled on Thursday, is the Vermont senator’s answer to an economic concern that has also been highlighted by Sen. Elizabeth Warren (D-Mass.), […]

On The Wires

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Systems

Digital Check Push Payments Via Push-to-Card

“Checkbook Inc. today announced the launch of Instant Pay. Businesses can push money instantly into millions of individual and business bank accounts without collecting sensitive routing or account information. There is no need for recipients to sign up for any service or download any app.”