News
The rumor of cash's death is greatly exaggerated
3+ hour, 29+ min ago (651+ words) If there's a "biggest" story in the payments industry over the past decade, it has been the massive migration toward digital wallets, contactless transactions and a parade of new electronic methods that are always threatening to make paper money extinct....
OCC preempts Illinois swipe fee ban on taxes, tips
2+ week, 4+ day ago (675+ words) Critics of interchange fees say payment systems are opaque, making it impossible to know what interchange fees are charged on any given transaction. The Illinois Interchange Fee Prohibition Act, signed into law by Governor J. B. Pritzker in 2024, would bar banks and…...
OCC moves to block Illinois ban on swipe fees on taxes, tips
4+ week, 1+ day ago (554+ words) The Office of the Comptroller of the Currency this week sent a draft rule to the Office of Management and Budget that would preempt an Illinois state law banning the collection of interchange fees on taxes and tips. A notice…...
Banks appeal ruling that upheld Illinois swipe fee ban
2+ mon, 3+ week ago (568+ words) In the latest battle over an Illinois law that bans certain "swipe" fees, lenders have appealed a court ruling that largely left the law standing. That law, the Illinois Interchange Fee Prohibition Act, prohibits interchange fees on the tax or…...
Illinois judge rules in favor of swipe-fee ban on sales tax and tips
3+ mon, 4+ day ago (887+ words) "This is a close case," Kendall wrote. "That is true in part because the law it addresses is novel. The Parties have indicated that no other State has an equivalent to the [Interchange Fee Prohibition Act,] and thus no precedent…...
Consumers like bank BNPL, but lots of banks don't offer it
1+ mon, 4+ week ago (550+ words) There's good news and bad news for banks in buy-now-pay-later lending. The good news is that banks offering the service are getting high marks from customers; the bad news is that many still don't have a BNPL offering, and those…...
Debit card rewards are coming back in vogue
6+ mon, 2+ day ago (852+ words) Debit card rewards programs are back, and likely here to stay." Airlines and hotel chains are taking advantage of the banking-as-a-service model and the pass small banks get on interchange fee caps to revitalize debit card rewards programs." United Airlines…...
Why biometric cards haven't taken off in the U. S.
7+ mon, 2+ week ago (841+ words) Biometric payment cards are experiencing tepid growth in the U. S. , but there's hope that high-end consumers, businesses and other potential users could warm up to the idea. Payment cards with fingerprint sensors are more popular in Europe, for instance, because of…...
The rules of debit card economics have been completely rewritten
8+ mon, 5+ day ago (762+ words) The price controls were intended to harm politically unsympathetic large banks and the leading debit networks Visa and Mastercard. The Fed's rule implementing them would have reduced that harm by setting the debit interchange price cap higher than the law…...
Live Oak says customers will get new debit cards on time
10+ mon, 5+ day ago (802+ words) Days after Live Oak Bancshares warned some customers that they would be unable to use their debit cards for up to nine days, the company said Thursday that there will be no disruption in access. A spokesperson for the Wilmington,…...