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EVO acquires Citi’s Merchant Acquiring business in Mexico

EVO Payments International (EVO) has announced the successful completion of the purchase of Citigroup’s merchant acquiring business in Mexico, conducted through Banco Nacional de Mexico S.A. (Banamex), a wholly-owned subsidiary of Citigroup. As part of the transaction, Banamex and EVO entered into a 10 year strategic marketing alliance that includes an exclusive referral arrangement covering card acquiring and related products for Banamex’s… Continue reading >>

TSYS signs payments agreement with Metro Bank

TSYS announced that it has signed an agreement to process Metro Bank’s credit and debit card portfolios on TSYS’ TS2 processing platform, as well as provide Metro Bank fraud management services through TSYS Managed Services EMEA. Metro Bank is the UK’s first new high street bank in more than 100 years. It offers personal, business and private banking. Aisling Kane, chief operating… Continue reading >>

UK spend limit on contactless cards lifted

UK consumers will now be able to spend up to £30 using contactless cards after the limit was increased. The limit per transaction for contactless cards, which do not require a PIN or a signature to authorise payment, was previously £20. The move follows a huge rise in the number of people using contactless cards in the UK. Transactions for the… Continue reading >>

Durbin effect on debit card costs mixed

The Durbin Amendment may not be reducing merchants’ debit card acceptance costs to the degree its supporters had hoped, and it has not encouraged many retailers to pass savings on to consumers, according to a new Economic Quarterly study. Since the Federal Reserve’s enactment of Durbin in 2011, only 8% of the polled merchants said their debit card acceptance costs… Continue reading >>

UK contactless card use skyrockets

Spending by British consumers on their contactless cards has increased more than five-fold in the last 12 months, according to MasterCard’s UK spending data. Cardholders have driven 560% year-on-year growth in the value of transactions, up from a 373% increase in the year to July 2014, showing that the adoption of contactless payments is continuing to accelerate. The UK ‘tap… Continue reading >>

Credit card: unsuitable for online payments

The credit card was originally designed for making cashless purchases at stationary retailers. The idea was that the cardholder would produce the signed card when paying – when he or she then signed the receipt, the two signatures would be compared, conclusively confirming the link between the cardholder and the card. In some cases, picture ID was even asked for as… Continue reading >>

Big changes in US Debit industry

The 2015 Debit Issuer Study, commissioned by PULSE, one of the nation’s leading debit/ATM networks, highlights the underlying trends that have contributed to the rise of debit during the 10 years since the study was introduced. The analysis of the past “Decade of Debit” finds the use of debit increasing significantly at the point of sale: “The past decade saw… Continue reading >>

Increasing appetite for mobile contactless payments in Germany

Mobile contactless payments based mobile payments are gradually gaining prominence in Germany, with consumer preference for secure payment services also gaining ground, finds a new report by Timetric. According to the report, mobile penetration witnessed a healthy growth during the review period, rising from 128.3% in 2010 to 134.3% in 2014. One of the primary reasons for growth in smartphone… Continue reading >>

Target agrees $67 million for Visa data breach

Target has reached a $67m agreement with Visa over the massive data breach of customers’ payment data during the 2013 holiday shopping season that raised serious questions about the company’s data security systems. The company said the required number of card issuers had entered into the agreements. It declined to say how much the issuers would be reimbursed. However, a person… Continue reading >>

Bitnet and PAY.ON strategic partnership to enable simplified Bitcoin acceptance

Bitnet, an enterprise bitcoin payments processor, and PAY.ON have entered a strategic partnership that will enable payment service providers globally to offer bitcoin as a payment method via PAY.ON’s RESTful API-based payment platform.   Bitnet is the first bitcoin payment processor designed specifically to service both the merchant and PSP ecosystems. Founded and staffed by a team of ex-Visa and ex-CyberSource payment… Continue reading >>