This week, Mastercard and Visa reached a multi-billion dollar settlement that may bring an end to 20-year legal battle between the two financial giants and merchants. Merchants have long complained that the two card companies charge them excessive interchange or “swipe” fees when customers pay for...
Consumers like credit card rewards — that’s a truism borne out by PYMNTS Intelligence research. And it may be the case that scrutiny — and perhaps new rules — from the Consumer Financial Protection Bureau (CFPB) might change the way those rewards programs are designed....
Robinhood launched a credit card as it continues expanding into financial services. “At Robinhood, we recognize the need for change,” the company, known largely for its trading platform, wrote in a blog post Tuesday (March 26). “Over 80% of U.S. adults have at least one credit card, but...
Mastercard and Worldpay are teaming to help merchants settle transaction disputes faster and reduce chargebacks. Chargebacks — refund requests sparked by customers disputing transactions — are a growing issue, Mastercard said in a Tuesday (March 26) press release, with industry-wide chargeback volumes expected to reach 337 million by 2026,...
Mastercard and Visa have reached a class action settlement with U.S. merchants, in a deal that aims to end 20 years of antitrust litigation around swipe fees and restrictions placed on merchants. The deal will lower credit interchange rates and cap them for five years,...
Credit card delinquencies fell slightly last month while net charge-offs continued with their upward trajectory. That’s according to a report Monday (March 25) by Seeking Alpha, citing data from eight lenders. It showed that the average delinquency rate of 3.20% rose from 3.24% in January and 2.59%...
Chargebacks have long been a thorny issue for merchants. And as transactions become increasingly digitized, chargebacks have in turn become more prevalent. They not only represent a loss of revenue but can also incur additional fees and damage relationships with payment processors. The rise of...
The holy grail of payments — for merchants, for consumers and financial institutions — has two essentials: Reduced friction, and reduced fraud. Individuals want to be “known” to the entities with which they are engaging — and for the enterprises themselves, “knowing” the customer can...
In 1955, the island nation of Borneo was in the throes of a serious malaria virus outbreak. It turned to The World Health Organization for help. WHO recommended spraying massive amounts of DDT across the island to kill the mosquitos that carried the disease. Borneo...
