On the Web:
- Inside Square’s Stealth Approach to Bitcoin Integration - CoinDesk - "Square suggested that the goal with the new initiative will be for bitcoin to be as easy as possible for Square Market merchants..."
- EU Lawmakers Vote to Push Broad Cap on Card Fees - "European Union lawmakers voted Thursday to push for a far-reaching cap on credit- and debit-card fees that extends to commercial cards, taking a hard-line approach to a sector that has long been criticized by retailers and consumer groups as anticompetitive and costly."
- Payment Choice and the Future of Currency: Insights from Two Billion Retail Transactions - Federal Reserve Bank of Richmond Working Paper - "This paper uses transaction-level data from a large discount chain together with zip-code-level explanatory variables to learn about consumer payment choices across size of transaction, location, and time."
- Texas Banking Department Provides Definitive Guidance for Virtual Currency in Texas - Virtual Currency Report - "After providing a thoughtful explanation of virtual currencies, the Memorandum then unambiguously concludes that “[b]ecause neither centralized virtual currencies nor cryptocurrencies are coin and paper money issued by the government of a country, they cannot be considered currencies under the [Texas currency exchange] statute.”
- eBay Adds New ‘Virtual Currency’ Category to US Site - "eBay’s main US site has introduced a category for ‘Virtual Currency’, with listings for dozens of bitcoin and altcoin-related activities..."
- Bitcoin's Boosters Struggle to Shore Up Confidence - Wall St. Journal - "Now the virtual currency is reeling from a string of crises."
- Consumer Familiarity Makes Chip and Signature Clear #EMV Winner - "A recent survey by The Members Group (TMG) found the majority of both Visa- and MasterCard-issuing clients plan to issue contact-only, signature-based EMV cards that authorize only in an online environment."
- Wal-Mart Picks MasterCard in Processing Switch From Discover - Bloomberg Businessweek - "The retailer, which has been fighting with both networks in court for more than a decade, is seeking at least $5 billion in damages from Visa, claiming violations of federal antitrust laws."
- Wal-Mart Branded Cards to Transition to MasterCard - Wall St. Journal - "A spokesman for Purchase, N.Y.,-based MasterCard said the company has a "strong commercial relationship with Wal-Mart."
On the Wires:
- Sam’s Club Extends Contract for Branded Credit Card Program with GE Capital Retail Bank and Converts Co-Branded Cards to MasterCard - "Walmart has also extended their relationship with GE Capital Retail Bank and branded cards will transition to MasterCard later this year."
Updates from Glenbrook:
- Glenbrook Payments Boot Camps: May 6-7 and Oct 7-8 in Palo Alto, CA.; Aug 5-6 in San Jose, CA.
- The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store.
- Feedback: How are we doing for you? I'd love to hear from you - drop me a quick note: firstname.lastname@example.org or leave me a voicemail: +1.650.469.3421.
- Got news? Please forward press releases to: email@example.com.
- Need consulting help from Glenbrook for one of your payments projects? Let us know your needs here - and we'll get right back to you!
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews