Groupon is throwing itself into the crowded field of mobile payments systems, promising merchants a guaranteed lowest cost option for accepting credit cards.
The National Retail Federation said today it has the go-ahead from its Board of Directors to seek a court-ordered injunction against the proposed $7.25 billion settlement of a federal antitrust lawsuit over Visa and MasterCard “swipe fees.”
Google’s quickly expanding piece of the mobile-payments space is capturing headlines and causing consumers to ponder the security of storing credit and debit card data in their smart phones.
Visa, MasterCard and some of the top U.S. banks have reached a $7.25 billion settlement on behalf of about seven million U.S. merchants who charged price-fixing among the issuers of credit cards and debit cards.
PayPal’s venture into offline, in-store retail transactions has made significant strides, signing deals with 15 retailers to add its payment system.
MasterCard is introducing PayPass Wallet Services, a new mobile payment platform for merchants, banks and partners that allows consumers to make purchases in stores or online with a “simple click of the mouse, touch of the tablet screen or tap of the smartphone.”
Average fees that big banks charge merchants for each debit card transaction on Visa, MasterCard or other networks have dropped from 43 cents to 24 cents, a 45 percent decline, according to new data from the Federal Reserve.
Visa, the world’s largest payment network, revealed today that the U.S. Justice Department is investigating changes to its debit card processing system in response to reform rules on so called merchant “swipe fees.”
The average annual percentage rate (APR) on new credit card offers was unchanged this week at 14.91 percent from the previous week, according to the CreditCards.com.
By 2020, swiping with smart phones or other devices will gain mainstream acceptance as a method of payment and could replace cash and credit/debit cards for most online and in-store purchases.