Compliance

Just two days after Apple unveiled its new program designed to speed the adoption and use of mobile payments, Consumer Financial Protection Bureau Director Richard Cordray cited the burgeoning field as a key area of concern.

"What you are seeing is a company like Apple, representing 40 percent of operating system penetration, helping introduce [tokenization] for us in a way that consumers will find comfortable and easy to adopt," said Matthew Dill, Visa's senior vice president and head of innovation and strategic partnerships.

MasterCard is establishing a foundation for mobile wallets in Europe by requiring the continent's merchants to accept contactless payments by the end of the decade.

The Payment Card Industry Security Standards Council is providing updated guidance for merchants to protect against fraudulent card skimming, which it says costs U.S. businesses and consumers $8 billion a year.

MasterCard Inc. lost its final court challenge to a European Union antitrust order for it to cap fees it sets for cross-border card payments in Europe.

Apple Pay appears to be missing one key thing: A reason to use it. Most other mobile wallets come with a reward program, but Apple currently isn't going that route.

The financial technology company Fiserv has added token-based security from Visa and MasterCard.

WASHINGTON — NCUA Board Member Rick Metsger said Wednesday he favors doubling the implementation period, which would create a de-facto second comment period on the agency's controversial risk-based capital rule.

Apple is betting that tokenization systems offered by payment processors will provide a security boost to its new Apple Pay system at a time when consumers are wary of Apple's cloud-based services.

MasterCard Inc. won a court clash with European Union antitrust regulators who refused to hand over a study comparing the costs of bank cards with cash.