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Posted: Dec 2, 2016
Comments: 0
Author: Bill Lehman

Expensive and time-consuming initiative makes it tough for gasoline retailers to keep up.

Initially, the liability shift associated with upgrading the card readers at gas pumps, known as Automated Fuel Dispensers (AFDs), was set to two years after in-store POS terminals, due to the complexities of retrofitting or replacing AFDs. But, even those extra two years are proving insufficient for many gasoline retailers. In response to the delays, Visa and MasterCard are postponing their Oct. 1, 2017, EMV liability shift for U.S. AFDs until Oct. 1, 2020.

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Posted: Aug 31, 2016
Categories: Regulations
Comments: 0
Author: Bill Lehman

Proposed CFPB changes could cost FI’s $100 million a year in new legal fees

The Consumer Financial Protection Bureau’s (CFPB) mission is “to make consumer financial markets work for consumers, responsible providers, and the economy as a whole.”  But it now appears the CFPB is expanding its mission to include more lucrative class action lawsuits.
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Posted: Jul 26, 2016
Comments: 0
Author: Bill Lehman
Walmart Pay has joined the burgeoning list of “Pays” – mobile payment apps – and has quietly made its way from its launch in 2015 to now be accepted in every Walmart store (over 4,600 locations) in the U.S. And early reports show that 88% of transactions processed through Walmart Pay are from users who previously used the app, meaning high satisfaction. Contrast this with Apple Pay’s low repeat usage rate – one-third of all Apple Pay users don’t use it a second time. Walmart Pay, which is actually a component of the Walmart mobile app, works with any credit, debit, prepaid (and of course) Walmart card, and allows payment at checkout by opening the app and scanning a QR code.
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Posted: Jun 22, 2016
Comments: 0
Author: Bill Lehman

When standing in front of the payment terminal at the checkout line, the payment method chosen (credit, debit, cash, PayPal, check, etc.) really depends on the location and context of the transaction. In a study of 1000 consumers who carry both a credit card and a debit card, TSYS, a leading merchant payments processor, uncovered some consumer trends which can be anecdotally witnessed when in the checkout line. When shopping at a supermarket, 50% reach first for a debit card, while only 31% reach for a credit card.

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Posted: May 31, 2016
Comments: 0
Author: Bill Lehman

There was a time when a bank or credit union did not talk about fraud to their cardholders. They did not want to give the impression that their financial institution might be susceptible. The only mention was when describing the benefits of using the Visa or MasterCard brand which carries zero liability to the cardholder in case of fraud. But those days of silence on the subject are long in the past. Consumers are leery of identity theft, have started to look closely at their statements and, have learned the need to keep their social security numbers private.

 


 

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