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PayPal to Pay $7.7M for Violating National Security Policy
PayPal will pay a $7.7 million fine for processing payments from customers that have ties to sanctioned parties on a U.S. Government list.
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Payment solutions provider Global Payout has designed an electronic, closed-loop payment system to address the challenges faced by the medical and recreational marijuana industries. more »
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The Consumer Financial Protection Bureau announced Tuesday that it's seeking public comment ahead of a second study on the credit card market that could pave the way for new regulations or enforcement actions. more »
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Seeking a uniform process for card-not-present transactions in the Single Euro Payments Area throughout Europe, the European Payments Council has created a blueprint for an interoperable card and terminal infrastructure. more »
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The European Parliament on March 9 voted in favor of capping interchange fees for domestic and cross-border transactions, a move that many European banks anticipated. more »
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Opinion
There should be little debate as to whether the U.S. payment system is falling behind the rest of the world. Great Britain and others lead the world in real time payment options at affordable prices to consumers, merchants and other payment stakeholders. more »
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Change is coming to the credit card industry following the government's recent antitrust victory against American Express, but the next few weeks could determine how deep the changes are — and who wins and loses. more »
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The Bank of England will research whether issuing a digital currency such as Bitcoin would help it achieve its monetary policy, financial stability and regulatory goals. more »
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Top executives from Bank of America, U.S. Bancorp, American Express, Visa, MasterCard, Microsoft and Apple are expected to participate as part of a White House summit on cybersecurity issues in California on Friday. more »
"Like how Internet protocols work for communication, that's how Ripple works for value exchange," Ripple Labs CEO Chris Larsen said.
The central bank is floating the concept of using the Internet to facilitate the direct clearing of transactions between financial institutions, which would likely diminish its own role in the U.S. payment system. more »
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There's an almost endless list of reasons for payment companies to avoid doing business in Russia, but the opportunities are just as vast. more »
David Luther, executive vice president and chief business officer of Mozido
Mozido LLC is buying its way into China, giving it a head start as big companies like Apple also eye the country's payments market. more »
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The head of the Federal Communications Commission is pushing hard against charging fees for faster Internet access, a stance that's a relief to businesses like Dwolla that use the Internet to develop and deliver payment services. more »
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A federal judge has upheld a Texas law that bars the state's retailers from charging an additional fee to customers who pay with a credit card. more »
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