David Heun

The Federal Reserve Bank of Chicago has promoted Shonda Clay to executive vice president and product manager, a role in which she will also support the Fed's faster payments initiative.

When Square announced its payment processing deal with Starbucks three years ago, accompanied by a $25 million investment from Starbucks, it wasn't clear how the math would benefit the payment processor.

Merchants that sell digital goods each spend an average of $10.1 million a year on fraud-related costs — and many expect fraud and chargeback costs to rise in the coming months in the wake of the EMV chip card migration at the point of sale.

Eyeing Kuwait as a hotspot for technology development, online payment provider paysafecard is bringing its prepaid services to the country as a springboard to establishing itself in the Middle East.

Mobile person-to-person payment systems are poised to grow to about 126 million adult users by 2020 with nearly 60% of all mobile device owners using the service, according to newly published data from Javelin Strategy & Research.

Samsung may have a hard time convincing users of Samsung Pay that a breach of its LoopPay technology by Chinese hackers has nothing to do with payment card data or the security of the mobile wallet.

The major card networks operate from a position of strength as among the first movers in providing tokenization, but they must move with the market if they want to hold that position.

Gas stations have had a complicated relationship with mobile wallets. Pump hardware is notoriously difficult to upgrade, and besides that, many consumers believe that it's a fire hazard to use their phones while fueling up.

Newer banks in the U.K. now have an easier method for participating in the Faster Payments System through a pre-funding settlement process.

The Miami Heat basketball team is joining the mobile and contactless payment movement by offering fans a QR code-based mobile wallet system to make food, souvenir or ticket purchases from a mobile phone throughout the team's American Airlines Arena.

Expanding upon an existing partnership, cloud-based e-commerce provider Bigcommerce and mobile card acceptance provider Square Inc. will offer retailers a new way to manage inventory from physical and online stores.

E-commerce merchants aren't supposed to be directly affected by the U.S. shift to EMV-chip cards at the point of sale, but they will face several unintended consequences of the increase in payment card security.

It was expected that e-commerce giant PayPal would develop and complete new partnerships after its official spinoff from eBay Inc. last summer.

Like campaign managers at the end of a long election trail, top payments executives spent the final hours leading up to and shortly after the official EMV liability shift launch supporting the efforts of the past four years and providing the latest details on chip-card migration.

When major card networks revealed the EMV chip card liability shift timeline four years ago, the Merchant Advisory Group was quick to make its stance clear: A conversion to chip cards won't mean a thing without a PIN authorization to go with it.

When major card networks revealed the EMV chip card liability shift timeline four years ago, the Merchant Advisory Group was quick to make its stance clear: A conversion to chip cards won't mean a thing without a PIN authorization to go with it.

Knowing that fraudsters will target those unprepared to handle EMV chip cards when the liability shift takes place Oct. 1, payment processor Elavon has developed a data security package to protect small businesses.

Pushing for more businesses to convert to electronic payments rather than using paper checks, the Remittance Coalition plans to have a working model in place next month for a business-to-business payment directory and network.

The EMV chip card-enabled PayPal Here will be available in the U.S. on Sept. 30.

Many different data security technologies exist, but the payments industry “does not have what it needs for a global standard,” said Marianne Crowe, vice president of the Federal Reserve Bank of Boston.