Regulator Issues “Guiding Principles” For Making Real-Time Payments Safe, Secure

Regulator Issues “Guiding Principles” For Making Real-Time Payments Safe, Secure

If you buy something with a debit/credit card or an online check, there can be a delay of hours or days before the other party gets those funds. Advances in technology are allowing payment platforms to cut that down to mere seconds, which could help consumers by preventing banks from re-ordering multiple transactions to maximize overdrafts. But as non-cash payments inch closer to real-time transactions, federal regulators want to ensure that companies are following certain best practices to make things safe and consumer-friendly as possible. [More]

(Mike Mozart)

Target Wants To Perfect Chip-and-PIN Before Venturing Into Digital Payment Methods

Consumers and businesses alike are always seeking out ways to streamline the checkout experience, most recently with mobile payment systems like Apple Pay and Android Pay. But there’s one major retailer that won’t be jumping into new payment options just yet. [More]

(This Year's Love)

Military Allotment Processor Must Refund Servicemembers $3.1M For Charging Hidden Fees

A company aimed at preserving the financial well-being of deployed servicemembers by processing payments to creditors on the consumers’ behalf instead contributed to customers’ financial distress by charging millions of dollars in hidden fees, the Consumer Financial Protection Bureau alleges in a new complaint. [More]

(thetruthabout)

AmEx, Jawbone Partnership Allows Customers To Buy Things Using Fitness Trackers

Using your phone to pay for things at the register is so 2014. With the soon-to-be released Apple Watch allowing payments to be made with a flick of the wrist, other wearable companies are jumping on the bandwagon. Case in point: a new joint venture from Jawbone and American Express. [More]

Corporate Infighting To Keep Americans From Paying With Their Cellphones For The Next Few Years

Corporate Infighting To Keep Americans From Paying With Their Cellphones For The Next Few Years

Don’t expect your cellphone to replace your credit card anytime soon. The New York Times reports that banks and telecoms still can’t agree on the basics needed to develop such a payment system, even though similar systems have been available in Japan for the past five years.