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Visa Inc. and MasterCard Inc. will pursue a multibillion-dollar antitrust settlement with U.S. merchants over credit card fees even though opposition to the deal reached a level that would have allowed the card firms to walk away, according to the head of MasterCard.

As the Federal Trade Commission continues what it describes as an "ongoing crackdown on payment processors" allegedly engaged in fraudulent or deceptive practices, the merchant acquiring industry is ratcheting up efforts to respond to the ongoing enforcement actions and proactively address future oversight.

The demise of PerkStreet, a startup that offered generous cash back on debit card purchases, illustrates how the business is changing. Interchange-funded rewards are out; merchant-funded perks are in.

Facebook’s new mobile checkout initiative brings heft to the power of social data in areas such as advertising and payments risk, and aims to improve the user experience on mobile apps.

A new Braintree service is designed to help market-style businesses streamline the process of splitting incoming consumer payments between their online stores and selling partners.

Canadian financial services technology developer Davis and Henderson closed its $1.2 billion acquisition of Lake Mary, Fla.-based Harland Financial Solutions on Friday.

Doral Financial in Puerto Rico is aiming its philanthropic work at women entrepreneurs to improve the fortunes of its community and its own.

Stripe, a technology company that helps other companies accept payments online, is formally launching its British service.

The head of Wells Fargo's (WFC) personal and small-business insurance division died on Wednesday during a business trip to Minnesota.

Collection agency Monarch Recovery Management has extended its payment infrastructure by adding a Web portal using technology from BillingTree.

A court ruling that debit card fee caps be lowered could also enable merchants to play card networks against one another.

Mobile payments provider Square Inc. faces fines of $507,000 from Florida regulators for operating in the state without a money transmitter license.

Honey, which obtains coupon codes for consumers who shop online, plans to use its data management and analytic tools to enable merchants to offer coupons directly to Honey users in real time.

Mercury Payment Systems LLC now offers software tools for application developers to use to enroll merchants online for Mercury's payment processing and card services.

VeriFone Systems Inc. will soon bundle payments hardware, software, security and compliance into a payments-as-a-service product called VeriFone Point.

Payments industry veteran Tom Dolan will head the new Canadian office for Total Merchant Services, the independent sales organization announced today.

Davis and Henderson's planned $1.2 billion acquisition of Harland Financial Solutions marks the Canadian technology developer's biggest push into the U.S. market and its first foray into payments processing.

Groupon has modified its Breadcrumb POS mobile payments app to allow it to handle payments even when the wireless signal cuts out. It was no easy feat.

Visa CEO Charlie Scharf responded to the retailer-backed Merchant Customer Exchange (MCX)'s recent moves in mobile payments by pointing to the growth of Visa's V.me digital wallet, its penetration among merchants, and the fact that MCX's wallet still hasn't launched.

Mobile wallet provider Lemon Inc. has begun providing the payment function that had been missing from its mobile wallet.