Payment processing

Michaels Stores Inc. claims in mid-May it was partway through the process of upgrading the payment terminals in its stores to new, tamper-resistant models when a series of fraudulent debit card transactions pointed to criminals tampering with PIN pads at its stores.

Mitek Systems said June 6 it has been granted four new patents from the U.S. Patent and Trademark Office for its popular “Point, Shoot and Deposit” mobile deposit technology.

PNC Financial Services Group Inc. is opening 6,000 new Virtual Wallet accounts per week, the Pittsburgh banking company's chairman and chief executive James Rohr said June 3.

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 be a trade-off for banks.

Jane Thompson, the president of Wal-Mart Stores Inc.'s financial services unit, plans to retire at the end of June, she told PaymentsSource sister publication American Banker on June 3.

Any independent sales organization contemplating a merchant cash-advance business should review the best-practice recommendations of the North American Merchant Advance Association, the group’s president advises.

India’s IndusInd Bank Ltd.’s credit card program has begun receiving various additional services besides transaction processing under an agreement with India-based payments processor ElectraCard Services Pvt. Ltd.

WASHINGTON – U.S. Public Interest Group, the leading 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.

PayPal Inc. is ending its relationship with a unit of the Chinese e-commerce giant Alibaba Group Ltd., the eBay Inc. subsidiary said June 3 in a blog post.

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

Merchants that want to accept payments from Google Inc.’s mobile wallet must go through a few more steps than simply enabling customers to “tap and pay.”

PayPal Inc. said it is providing online payment processing in Brazil and Mexico through a partnership with Digital River Inc.

Bank of America Corp. is working to recover from two data breaches allegedly perpetrated by insiders.

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.

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.

The Reserve Bank of India has reduced the time banks have to resolve problems stemming from failed ATM transactions, according to a May 27 notice from the country’s central bank.

American Express Co.’s top executive on June 1 poked proverbial holes in Google Inc.’s new mobile wallet, arguing in favor of a competing payments system his company is testing.

Silicon Valley Bank has joined the small number of U.S. banks that offer U.S. residents EMV chip cards, more commonly issued overseas.

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

Online gaming company Nvinium Games Inc. is installing a payments service enabling parents to set limits on how much their children can spend on specific e-commerce websites.