Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!
ON THE WEB
- Visa’s EMV Debit Routing Practices Attract the Attention of the FTC And the Fed - Digital Transactions News - "The Federal Trade Commission is investigating Visa Inc.’s practices involving EMV debit card transaction routing, Visa disclosed Tuesday. And the Federal Reserve earlier this month posted guidance about EMV debit routing that, according to retailer trade groups, was issued in response to their objections to Visa’s practices at the point of sale."
- Android Pay launches in Poland - NFC World - "Android Pay has begun rolling out across Poland, allowing consumers with compatible devices to make payments at more than 400,000 retail locations in the country that accept contactless payments. The service launches with support from Mastercard and Visa along with Alior Bank, Bank Zachodni WBK and T-Mobile Banking Services."
- Chinese IoT Firm Siphoned Text Messages, Call Records - Krebs on Security - "A Chinese technology firm has been siphoning text messages and call records from cheap Android-based mobile smart phones and secretly sending the data to servers in China, researchers revealed this week. The revelations came the same day the White House and the U.S. Department of Homeland Security issued sweeping guidelines aimed at building security into Internet-connected devices, and just hours before a key congressional panel sought recommendations from industry in regulating basic security standards for so-called “Internet of Things” (IoT) devices."
ON THE WIRES
- Retailers Demand Details from Visa on Response to Fed Rule Violations - "Today, merchant associations representing tens of thousands of U.S. merchants sent a letter to Visa CEO Charles W. Scharf and CEO-Designate Al Kelly in response to a declaration by the Federal Reserve that the technical specifications and rules provided to merchants as part of the EMV migration violate federal law. The letter, addresses the November 2nd declaration made by the Federal Reserve that no payment card network can directly or indirectly force retailers to deploy a technology or enforce a rule that inhibits merchant routing choice, and that any technical specifications that inhibit merchant routing choice do not comply with current regulation. Just this week, Visa disclosed that the Federal Trade Commission was investigating Visa's rules related to routing."
- Canadian Payment Methods and Trends Report finds cash is king, for now - "The Canadian Payment Methods and Trends (CPMT) report released today shows that cash and other paper transactions, such as cheques, are still leading, but in Canada new payment channels are a growing share of the market. These trends reinforce the need for Canada to adapt its systems as the global payments ecosystem changes, which is what Payments Canada is doing with its Modernization Initiative."
- CanPay Debuts First Debit Payment Solution For The Cannabis Industry - "To ensure privacy and security, all purchases are made using non-identifiable, single-use, and random payment tokens generated in the CanPay App. A consumer who wants to pay with CanPay simply downloads the CanPay App to their smart phone from www.CanPayApp.com, creates a CanPay account and links their checking account, and, upon approval, can begin paying at any participating retailer. The consumer logs into their CanPay app at the time of purchase and scans the random token into the retailer's point of sale device. Funds are electronically transferred directly from the consumer's checking account to the retailer's compliant bank account."
- ENOUGH IS ENOUGH: NEW DATA SHOWS CONSUMERS WANT GOVERNMENT OUT OF PAYMENTS - "More than six in ten consumers think the Durbin Amendment should be repealed if merchants are not passing the savings on to consumers. A study by the Federal Reserve confirms that merchants are not handing over the savings they receive from the Durbin Amendment. Instead they are pocketing six to eight billion dollars every year since the regulation was implemented—all of which should have been passed along to customers in the form of lower prices."
- LendingTree Acquires CompareCards - "LendingTree, Inc. (NASDAQ: TREE) announced today that it has acquired Iron Horse Holdings, LLC, which does business under the name CompareCards. CompareCards is a leading online source for side-by-side credit card comparison, comprehensive credit education and credit health management. CompareCards provides consumers with one centralized location for pertinent credit card information needed to find the best card for their needs."
GLENBROOK PAYMENTS EDUCATION EVENTS
Our next Glenbrook payments education events are in Palo Alto, CA. See our fall schedule here. We hope to see you there!
- Payments Boot Camp - Palo Alto - December 6-7
- Insight Workshop - Palo Alto - Innovation in Payments - December 8
Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.
UPDATES FROM GLENBROOK
- We're hiring! Passionate about payments? Love solving tough client problems? If that describes you, come join us! Click here to learn more!
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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: email@example.com!