Payments

In a bid to expand contactless card acceptance, Mastercard is testing its Cloud Tap on Phone tech with Napa, Calif.-based IT services provider Computer Engineering Group (CEG).

Consumers will continue to utilize new payments methods in the coming year, but are also likely to shift between credit and debit, the company said.

The fees banks charge to merchants have skyrocketed because people are making more purchases using their credit cards during the pandemic. Lawmakers can cap these fees before they further eat into retailers' profits.

Citizens Financial Group has branded its point of sale lending software as Citizens Pay, saying it wants to more clearly define it as a merchant tool for "budget-friendly payment options" for customers who want a transparent and predictable way to finance purchases.

Careful due diligence is required when picking technology to expedite accounts payable automation, says Kofax's Michelle Trapani.

Silicon Valley's largest companies are rapidly distancing themselves from outgoing President Donald Trump, following last week's right wing domestic terrorist attack on the Capitol.

Thousands of U.S. merchants are weighing measures to freeze acceptance of Alipay and WeChat, two of the eight Chinese mobile payment apps that would be blocked if outgoing President Trump’s recent executive order goes into effect.

The credit reporting firm has been building out its identity and fraud protection business for existing customers, which include many of the world’s largest banks and telecommunications companies.

Trade war bans on payment apps are pressuring large companies and providing opportunities for regional specialists, says Nets' Sirpa Nordlund.

The COVID-19 pandemic of 2020 saw some businesses become big winners — such as Zoom, Home Depot and payments companies like PayPal — while other businesses suffered heavily, most notably the travel and hospitality industries. Credit card issuers also suffered, as demand lagged heavily for new cards and their overall spending dropped considerably during the year.