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Posted: May 24, 2016
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Author: Tom Davis

Not a day goes by where you don’t read or hear news about bitcoin and/or blockchain.  One expert in the payments world likens bitcoin to the Kardashians, the reality show stars who manage to keep themselves in the headlines even if there is nothing new to report.  Without question, bitcoin and blockchain are the darlings of the financial and business media. What follows in this article is background and insight on bitcoin, the cryptocurrency, its relationship to the blockchain, and reasons why credit unions won't need to spend too much time (if any) worrying about bitcoin.

In our second article, to be published on The Payments Review at a later date, we will take a much deeper look into the intriguing and complex world of the blockchain distributed ledger technology and why credit unions will want to keep an eye on it.

 


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Posted: May 18, 2016
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Author: Barney Moore

The migration to EMV, sparked by the liability shift instituted by Visa and MasterCard, was primarily about upgrading terminals at the point-of-sale (POS), as well as re-issuing credit and debit cards to combat counterfeit cards being used to make purchases at brick and mortar stores. It was widely expected that fraudsters would not go away and that fraud would materialize in other forms; primarily online or Card-Not-Present fraud.  But leave it up to the fraudsters to stay one step ahead of the good guys with an increase in fraud at ATMs.


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Posted: May 17, 2016
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Author: Tom Davis

CurrentC, the much publicized merchant-owned mobile payment system announced in August 2012 by Merchant Customer Exchange (MCX), is closing up shop, according to a company statement released on May 16. An MCX spokesperson said the decision was a result of feedback from the CurrentC pilot program and the need to focus their resources on “other priorities,” including Chase Pay. 

To get more insights and details on the decision to pull the plug on CurrentC development, click here to read the PYMNTS.com article, “Say Bye-Bye To MCX CurrentC.”

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Posted: May 11, 2016
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Author: Paul Castner

Last week we posted an article on The Payments Review (TPR) about the evolution of Apple Pay that cited statistics showing that the number of users who try Apple Pay at the point of sale (POS) is increasing, but that as a POS payment alternative to cash or a card swipe, it has been slow to catch on.  However, in app purchases, according to the TPR article, is where the action is for Apple Pay and it is seeing the biggest gains in usage and transactions. 

 

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Posted: May 11, 2016
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Author: Paul Castner
7 in 10 Americans have at least one chip card in their wallet. Is it your credit union's? The transition is moving along about as expected but will quite possibly take years until all cards are EMV enabled according to some payment industry experts.  A major area of concern is with payment terminals, as many retailers, both large and small, have been slow to upgrade due to the cost of the hardware and software needed to make chip cards work in their stores.   Learn more from CSCU's director of consulting services, Barney Moore, in a CU Journal article: Six Months In, Are Card Issuers Seeing EMV's Effect on Fraud?

 

 

 

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