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Visa and Mastercard are reported to be close to settling a 13-year-old legal challenge over interchange fees, according to people familiar with the agreement. The two companies and banks including JPMorgan Chase, Citigroup and Bank of America would pay merchants about $6.5 billion under the terms of the settlement, although the deal has not yet been made public. [...]

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A new report by the European Parliament’s economic and monetary affairs committee has found in favour of supporting central bank digital currencies, which they define differently from cryptocurrencies. While cryptocurrencies use cryptographic functions to authorise or verify transactions, digital currencies are those that are implemented on computer systems, including in the form of a simple database. Cryptocurrencies [...]

The post EUROPEAN PARLIAMENT REPORT FINDS IN FAVOUR OF CENTRAL BANK DIGITAL CURRENCIES appeared first on Payments Cards & Mobile.

A “very rare partial failure” of a hardware switch caused a Visa Europe processing outage at the beginning of June. The disruption lasted ten hours and affected five million transactions, the card giant confirmed.  “A disruption to our processing that impacts consumers at any time is unacceptable, let alone during a busy Friday afternoon,” wrote [...]

The post VISA RULES OUT CYBER HACK IN SYSTEMS OUTAGE appeared first on Payments Cards & Mobile.

Retail bank investments in technology are paying off with regard to digital-only bank customers. But some of the growth may be coming at the expense of customer satisfaction, says a new study by consumer insights firm J.D. Power.  28 percent of retail bank customers are now digital-only, but they are the least satisfied among all [...]

The post DIGITAL-ONLY CUSTOMERS ARE THE LEAST SATISFIED appeared first on Payments Cards & Mobile.

An independent payments consultancy, CMSPI, has initiated a complaint with the European Commission over changes Visa is making to its fees, claiming the card scheme’s actions could cost SMEs  in Europe more than $2 billion a year. Visa restructured the fees it levies for processing credit and debit card transactions, adding a new per-item charge. This, [...]

The post VISA HIT BY EC COMPLAINT OVER DAMAGING FEE CHANGES appeared first on Payments Cards & Mobile.