Chargebacks have long been a thorny issue for merchants. And as transactions become increasingly digitized, chargebacks have in turn become more prevalent. They not only represent a loss of revenue but can also incur additional fees and damage relationships with payment processors. The rise of...
The holy grail of payments — for merchants, for consumers and financial institutions — has two essentials: Reduced friction, and reduced fraud. Individuals want to be “known” to the entities with which they are engaging — and for the enterprises themselves, “knowing” the customer can...
In 1955, the island nation of Borneo was in the throes of a serious malaria virus outbreak. It turned to The World Health Organization for help. WHO recommended spraying massive amounts of DDT across the island to kill the mosquitos that carried the disease. Borneo...
The Consumer Financial Protection Bureau finalized a rule this week slashing what it labeled “excessive credit card late fees,” reducing the penalty card issuers can charge from the typical $32 to $8. Once the new rule goes into effect, the CFPB estimated the fee cap will save American families...
Wells Fargo has added a card to its Autograph suite to woo frequent travelers. The banking giant’s Autograph Journey card, announced Wednesday (March 6), offers accelerated earnings on travel categories like hotels, airlines, dining and other purchases. “Autograph Journey is Wells Fargo’s best travel rewards card to...
PayJunction added credit card surcharge capabilities to its No-code Payments Integration platform. With the addition, independent software vendors (ISVs), developers and merchants can add credit card surcharging to Software-as-a-Service (SaaS)-based software in minutes, the tech-focused payments company said in a Tuesday (March 5) press release. “We’re excited that our...
Democrat Congresswoman Maxine Waters has called on banking regulators to block the $35.3 billion planned acquisition of Discover Financial by Capital One Financial. Waters, D-Calif., said Wednesday (Feb. 21) that she is “deeply opposed” to the deal, citing concerns about the concentration of economic power in the hands of megabanks, Reuters...
About 62% of consumers in the United States live paycheck to paycheck, often face difficulties paying their monthly bills, and rely on credit cards to manage their cash flows. Consumers living paycheck to paycheck own almost 60% of credit cards in the U.S., with these...
The Consumer Financial Protection Bureau (CFPB) aims to boost competition in the credit card industry to deliver lower rates to consumers. The agency announced this plan while releasing data showing that consumers with credit cards from the 25 largest issuers faced higher interest rates, regardless...
