Interchange fees are a major part of the costs merchants pay to accept payment cards. While merchants seek relief from fees during a time in which their businesses face serious damage from stay-at-home edicts because of coronavirus, the credit card companies and banks quickly began to dig in their heels.
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With coronavirus driving more merchants to promote electronic payments over cash — and contactless payments over cards — many are still asking their customers to share a potentially virus-laden pen to sign a receipt or screen at the point of sale.
U.K. supermarkets which have been experimenting with mobile scan-pay-go may see more consumers adopting the technology due to social distancing requirements in stores.
The gig economy flourished in part for its ability to get timely payments to workers. Uber and Lyft, for example, offer express payments to drivers who need to use those funds to refill their gas tanks before picking up the next rider. But these payment innovations mean very little when there isn't sufficient money flowing into the system.
Card fraud risks — already soaring prior to the coronavirus outbreak — are changing rapidly as the pandemic deepens, forcing issuers and merchants to rethink protective measures.
The coronavirus pandemic has forced foreign exchange money agent Travelex to close all of its U.K. offices for the next eight weeks.
The U.S. government will shortly funnel trillions of dollars into the economy to soften the coronavirus’ impact on a variety of industries and small businesses. Payment companies that are also lenders will soon find out if it’s enough to save the market.
Transit systems are suffering a dramatic loss in ridership, and must find a way to welcome back riders after the coronavirus pandemic ends, since many commuters will have canceled their monthly passes.
Payments technology is a relative bright spot as coronavirus’ economic fears hit venture capital, since an emergency can be a catalyst for early-stage innovation designed to ease digital commerce.
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. Many companies are now managing remote workforces, either by choice or government mandate. Certain industries such as financial services, which are built on face-to-face interaction, are now living in an environment devoid of any human touch.
Canada’s small businesses have lagged behind the U.S. in adopting digital commerce for a variety of reasons, but coronavirus might send things in a new direction.
Senior vice president of EuropeEntersektMarch 31
Arizent, the parent company of PaymentsSource, has released a broad industry survey on both the impact of the crisis and emerging responses. The survey found the pandemic has forced many companies to implement new or modified business continuity plans, appoint executive response teams and invest in new technologies to enable a remote workforce. The pandemic is also expected to lead to a greater investment in technologies that reduce the reliance on face-to-face interactions for both coworkers and clients.
For a growing number of people, the coronavirus has disrupted their daily lives in how they work, where they eat and how they spend their money. This drastic change has caused a boom in some sectors of the economy and a bust in other areas.
The payments industry bridges many markets — including technology and finance — that haven't always demonstrated diversity at their highest ranks. Things are changing, and this year's Most Influential Women in Payments honorees demonstrate the importance of women to all aspects of the payments industry and all corners of the globe.
Cash use will suffer because of this outbreak, and there are factors other than germs contributing to this trend. A growing work-from-home workforce will funnel more shoppers into digital channels, including ones they may have never tried before.
If a checking account doesn’t come with checks anymore, can it still be called a checking account? It’s a valid question that the financial services industry should be asking itself.
Coronavirus, also called Covid-19, is wreaking havoc on the stock market, with a heightened effect on the travel industry. It could also cause a drastic change in payment habits, as consumers shift to digital channels to reduce their risk of infection from handling cash.
With the world gripped in panic over the rapid spread of the coronavirus — and the stock market falling in response — payments companies have been left to speculate on what it all means to their operations in an increasingly global economy.
Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.
When established card networks such as Visa, American Express and Mastercard start investing in fintech lending platforms such as Divido and ChargeAfter — as well as in the fintech lenders themselves such as Klarna and Vyze — it’s a clear signal that the future of unsecured personal loans may not be delivered by banks.
The U.S. telco sector has worked hard to control the mobile wallets developed on its phones. While its earliest efforts didn't last long, companies like T-Mobile and Sprint took decidedly different paths to reach where they are now.
Alipay expands bank integrations; cross-border payment technology for agritech; and other information you need to start your day, from PaymentsSource and around the web.9h ago
Japanese digital wallet provider Kyash has raised $45 million in a fundraiser to expand its mobile offerings to help Japan convert to a cashless society during the coronavirus outbreak.March 31
Siam Commercial Bank is partnering with Ripple to provide instant cross-border payments for small and medium size enterprises (SMEs).March 31
The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients.March 31
With coronavirus presenting significant challenges for retailers and the technical challenges of imposing interchange fee changes in the networks, Visa, Mastercard, American Express and Discover are holding off on the updates.March 30
Mastercard is part of an expanding trend toward easing restrictions to entice consumers to choose contactless payments over cash and plastic during the coronavirus.March 25
Alliance Data Systems, which has substantial exposure to the mall-based retail sector, sought Tuesday to assuage investors' fears about the impact of the COVID-19 outbreak.March 25
Former Walmart payments executive Reed Luhtanen has been named the new executive director of the U.S. Faster Payments Council, an organization created a year ago to guide American faster payments initiatives.March 25
Former NetSpend CEO Dan Henry has been named as the CEO of Green Dot, the Pasadena, Calif.-based prepaid card issuer and banking company.March 25