ISOs

NEW ORLEANS–One of the prevailing themes of this year’s Mobile Banking Summit is there is nothing inherently wrong with plastic cards. A number of speakers, panelists and attendees with a major stake in mobile payments all acknowledge that cards work well, leaving a steep hill to climb to get consumers to use their phones to make payments.

WASHINGTON — In a nail-biting conclusion to weeks of fierce lobbying by bankers and retailers, the Senate defeated a bill June 8 that would have delayed the Federal Reserve Board's proposal to cap interchange fees for debit cards.

WASHINGTON — Just hours before the Senate votes on the biggest post-Dodd-Frank bill for the industry, no one in Washington knows what the outcome will be.

WASHINGTON – Lobbyists were pulling out all the stops last night to round up a few more votes for their bid to delay cuts in debit fees, but the effort was still a handful of votes short.

First Data Corp. will play several key roles in the launch of Google Wallet, and while analysts applaud the firm’s moves to capitalize on mobile payments’ growth, they note certain risks and uncertainties the company faces venturing into new territory.

A recent round of funding will help eWise Systems USA Inc. support its online Secure Vault Payments and develop a mobile version of the payment method, according to the company’s top executive.

Google Inc. isn't asking for a share of the payments revenue generated with its new mobile wallet. Nevertheless, partnering with the search engine juggernaut could bring a trade-off.

VeriFone Systems Inc. is expanding beyond building payment terminals by sharpening its focus on mobile payments, digital wallet services and fraud prevention.

WASHINGTON – U.S. Public Interest Group, a consumer lobby on Capitol Hill, called on lawmakers to reject efforts to delay implementation of the cuts in debit fees, saying the issue has been studied long enough and the cuts will help consumers.

By Harry Terris

VeriFone Systems Inc. on June 2 reported a 24.8% rise in second quarter net income, to $25.2 million from $20.2 million the same period a year earlier. Net revenue rose 21.5%, to $292.4 million in the quarter ended April 30 from $$240.7 million.

Financial Institutions around the country are blocking thousands of debit cards as they struggle to contain the latest nationwide data breach at Michaels Stores.

More U.S. issuers are committing to issuing EMV cards, commonly called chip-and-PIN for their primary security feature — but if you listen closely, you can hear the PIN drop.

Michaels Stores Inc.’s potential losses from the debit PIN-pad breach that surfaced in early May continue to mount, as lawyers representing affected customers on May 26 filed another class-action lawsuit seeking damages. The retailer also warned shareholders in a regulatory filing that it cannot estimate its losses related to the incident.

The National Retail Federation launched radio campaigns in several states Tuesday to urge senators to oppose the delay of debit card interchange caps.

U.S. card issuers may one day adopt EMV chip-and-PIN technology, and they also are taking an interest in Near Field Communication technology for mobile payments. But mixing the two technologies may not work, says one industry observer.

Heartland Payment Systems Inc. has introduced a service that it says streamlines payroll data, credit card sales and credit card tip data for restaurateurs at the point of sale.

North American Bancard has introduced a version of its PayAnywhere mobile point-of-sale acceptance service for Android devices, the company announced in a May 26 press release.

OAK BROOK, Ill.–The Midwest Acquirers Association has invited Sen. Richard Durbin, author of controversial legislation that would cap debit card interchange fees, to speak at the group’s annual meeting this July in Oak Brook, Ill.

Google Inc.’s new mobile payment system puts pressure on Isis, the wireless carrier-backed joint venture trying to develop a competing system.