Just over five months after merchants were required to start accepting EMV cards or the liability of fraudulent charges, retailers have filed an antitrust lawsuit against the nation's largest credit card companies and banks, claiming the liability shift was instituted illegally.
The lawsuit, initially reported by The Recorder, alleges that the financial institutions conspired to transfer the liability for fraudulent transactions from themselves to retailers, merely using the transition to EMV cards as a mask. What's more, the complaint states that the process to get chip-enabled systems has been marred by technical issues that made it difficult for many merchants to achieve EMV certification by the October 1 deadline.
"Merchants were not consulted about the change, were not … more
Last year, 30 percent of all e-commerce transactions were executed from a mobile device, according to Internet Retailer. As mobile shopping continues to represent a large slice of online sales, card companies are sprinting to develop technology to better protect this new type of card-not-present transaction from fraud. While physical biometric authentication, such as fingerprint or facial scanning, has emerged as the most popular verification method in recent months, some contest the depth of its security.
More secure than a heartbeat According to Robert Capps, vice president of business development at NuData Security, using a single form of biometric data is no more secure than simply adding a second password. As he explains in an article published in Mobile Payments Today, this … more
In 2015, the payment technology world set its sights on eliminating the physical wallet from the point-of-sale. Apple Pay, eventually joined by Android Pay and Samsung Pay, together tried to replace the wallet and the swipe of a card with the tap of a smartphone. New innovations in wearable technology hinted at a future in which connected accessories and clothing would eliminate the need for even taking your smartphone out of your pocket or purse.
Now Google is testing a new "Hands Free" app that allows users to pay using nothing but their voice, leaving the hardware (almost) completely out of the equation.
The app still relies on the payers' smartphone for its low-power Bluetooth, WiFi and location services, which help it detect and connect to participating stores. But, … more
For years, America's payments infrastructure has been like an audio cassette - it may be reliable, but it lacks the modern features it needs to stay relevant. Now, adding something as revolutionary as the track-skip to our dated cassette tape, The Clearing House (TCH) is bringing real-time payments to the U.S.
A new national network The new payments network will eventually connect every bank account in the country, giving consumers, businesses and governments alike the ability to make and process payments instantaneously, eliminating delays of what can sometimes be several days between when a payment is requested and when the funds appear in the recipients account.
After months of reports that TCH was developing such a network alongside UK-based … more
For the first time, consumers now have the option to pay merchants, not just their friends, using PayPal's digital payment app Venmo. Launched on January 27, the feature is currently limited to use within two third-party apps, food delivery service Munchery and events ticket vendor Gametime. But, with services expected to expand soon, these early adopters can offer us a glimpse into how Venmo could change the landscape for in-app payments.
From a consumer standpoint, here's how the service works: iPhone or Android users who have Venmo installed on their phones will see a Venmo button among the checkout options in compatible apps. Then, with just a tap, they will be able to use whatever payment information they have stored in the app to fund their purchase. For PayPal, this marks a … more
Mobile payment systems can open up a litany of new avenues for your business, empowering field reps to take payments in the field, giving retailers new opportunities to engage with customers in your store or simply (but importantly!) reducing the cost of doing business.
With more and more businesses realizing the benefit of abandoning their traditional point-of-safe systems, there are now hundreds of options to choose from when selecting a mobile solution for your business. They likely all vary in the way they integrate, how much they cost and the customer experience they provide. However important these factors may be to the way the system performs in your business environment on a daily basis, there is one far less visible feature that is even more crucial: security.
When your … more
At this month's Mobile World Congress in Barcelona, Spain, some of the best minds in technology shared their ideas for what the next era of mobility will look like. Given its recent bout of attention in the mobile world, it comes as no surprise that payments and mobile wallets were among the most discussed verticals at the conference. Far more surprising, however, was some of the payment technology companies like MasterCard and Visa unveiled. Let's take a closer look at a few of the new payment technologies that made headlines at this year's MWC:
Visa's In-Car Payments When Visa took the stage at MWC, they brought with them not a new type of payment card or smartphone technology, but a car. In partnership with Honda, Visa developed a concept app that would allow drivers of … more
Visa Personalization Options
Effective immediately, Visa will offer an additional option for clients to personalize card designs by allowing certain elements normally printed on the card front (such as cardholder name, account number and expiration date) to be printed on the reverse side. This design option enables clients to showcase their brand on the front of the card.
MasterCard Personalization Options
Effective immediately, MasterCard will eliminate the requirement for issuers to print the first four digits of the BIN/PAN below the full PAN. As a result, … more
Every holiday season, as consumers scramble to purchase all the presents on their lists, retailers enjoy the boost in sales as a little gift of their own. However, they are soon snapped back to reality when revenue falls back to normal in January and customer returns start to eat into the stellar profits they recorded before the holidays.
In fact, most U.S. e-retailers can expect return rates of between 20 and 40 percent of their total online sales, according to Rakuten Super Logistics' recently published "Holiday Returns Handbook."
"Most U.S. e-retailers can expect return rates of between 20 and 40 percent."
For businesses without an optimized return process, these returns can cut into profits beyond just the cost of issuing reimbursements — they may lose even more on … more