Fintech

WASHINGTON -- The Federal Reserve Board on Wednesday suggested raising the debit interchange fee cap to 26 cents per transaction – more than double its initial proposal of 12 cents.

WASHINGTON – The Federal Reserve this afternoon approved a more liberal cap on debit fees than what was proposed in December, but the cap will still cost credit unions and banks billions of dollars in annual revenues.

WASHINGTON – The Federal Reserve has agreed to concerns by banks and credit unions and will vote this afternoon on a proposed cap on debit fees that is higher than the December proposal and will include fraud costs.

A federal appeals court this morning in St. Louis declined a request by Minnesota’s TCF Financial to block the Federal Reserve’s final rule on debit caps, clearing the lastl hurdle for a vote on the rule later this afternoon.

ST. LOUIS – A federal appeals court this morning declined a request by Minnesota’s TCF Financial to block the Federal Reserve’s final rule on debit caps, clearing the lastl hurdle for a vote on the rule later this afternoon.

WASHINGTON — On the eve of the much-anticipated release of a final rule on debit card swipe fees, the lobbying group for retailers made a final plea that the Federal Reserve Board maintain its initial proposal of 12 cents per transaction.

Citing “shortcomings” with the technology, Australia’s ANZ Banking Group Ltd. has halted development of a microSD iPhone case designed to turn a smartphone into a payment device.

The United Kingdom’s Office of Fair Trading wants the region’s passenger-travel companies to alter what it deems misleading debit and credit card surcharging practices.

In an exclusive deal for MasterCard Worldwide, Indigo Books & Music Inc.’s plans to deploy terminals that accept the card brand’s PayPass contactless payments in all its stores marks the first such development for a retailer of its kind.

Jet Airways Ltd., India’s largest private airline by passengers carried, has begun offering a mobile-ticketing service for booking seats on its flights, a sign of continued expansion of mobile commerce in India.