Card Payment Industry News and Updates
The payment processing world is constantly changing. From new technology to government regulations and brand-specific updates, it seems there’s a newsworthy update every day.
As a business owner, CFO, ISV, or anyone else tied to the payment processing industry, it can be tough to keep track of all these events and stories.
Here at Merchant Cost Consulting, we want to make your life easier. That’s why we’ve compiled and summarized the latest industry news and updates that you need to be aware of.
Federal Reserve Updates Rules for Debit Card Transactions
New laws and regulations were announced In an October press release from the Federal Reserve.
The regulation states that every debit card issuer must give merchants the ability to choose between a minimum of two unaffiliated networks for debit card transaction routing. This includes CNP (card-not-present) transactions, like online payments.
This rule is being implemented to keep pace with the increased number of debit cards being used for online transactions. It’s also used to encourage competition between debit routing networks and provide networks with more incentive to improve fraud-prevention technology.
This update does not impact debit card interchange fees. Final ruling will go into effect on July 1, 2023.
In other government regulation news, Senator Dick Durbin was unable to get the proposed Credit Card Competition Act attached to the US defense spending bill in October, but he’ll try again next month. The goal of this amendment is to help create more competition in the credit card processing space and reduce fees.
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Fiserv Lays Off Employees
Reports indicate that Fiserv is making cuts to its workforce. These layoffs were confirmed over the summer and have continued into October.
The company has not disclosed exactly how many employees were let go.
Fiserv is one of the world’s largest credit card processors. It processes more than 12,000 transactions per second from over six million merchants worldwide.
You can read more about Fiserv’s credit card processing fees here.
Payment Technology Updates
Technology in the payment processing space is constantly evolving. Whether it’s to meet industry regulations, improve security, or streamline processing, there are lots of reasons why payment technology changes so rapidly.
Here’s a quick summary of some noteworthy news from October:
- UberEats announced integrations with two POS systems, Toast and Clover.
- Square announced a tap-to-pay feature on iPhones for merchants using the Square POS app for iOS.
- Shopify is launching POS Go—a new mobile POS hardware for payment processing.
- Adyen, an Amsterdam-based payments company, is releasing two new POS terminals (NYC1 and AMS1) for mobile and in-person payments.
Other Payments News
- Worldline, a global PSP, will acquire a 40% stake in OPP (Online Payment Platform), a payment service provider in the Netherlands.
- PNC Bank acquired Linga, a POS and payment solutions brand for restaurants and hospitality merchants.
- Ayden and Tink announce a partnership, combining a fintech platform with an open banking solution.
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