Breaking Industry News
Breaking News articles for January 2022
GS interviews Dimitri Akhrin, the force behind IRIS CRM
Monday, January 31, 2022
Dimitri Akhrin founded IRIS CRM in 2010 with the goal of delivering advanced business management solutions to the payments industry. On Jan. 18, 2022, news broke that the company had been acquired by NMI. The Green Sheet connected with Akhrin to learn about IRIS CRM's evolution and the key benefits arising from joining forces with NMI.
Fed CBDC paper draws rapid-fire responses
Friday, January 28, 2022
The Federal Reserve Board's discussion paper on a U.S. central bank digital currency, published Jan. 20, 2022, drew rapid-fire responses from the Electronic Transactions Association, Merchants Payments Coalition and Independent Community Bankers of America. The paper examined current and emerging digital payments schemes as well as the potential economic impacts of a CBDC on the U.S. payments ecosystem, according to Federal Reserve Chair Jerome H. Powell.
US retailers seek congressional action on interchange
Wednesday, January 26, 2022
Emboldened by Amazon's public threat to pull the plug on Visa cards issued in the United Kingdom, a group representing U.S. retailers is urging U.S. policymakers to "find a way" to help bring down interchange fees.
Lithuania greenlights blockchain banking
Tuesday, January 25, 2022
BEM Europe UAB disclosed Jan. 20, 2022, that it obtained an electronic money license from the Bank of Lithuania, granting the company permission to launch Benker, a new kind of financial institution that will be run entirely on blockchain technology.
Brands acquire brands, tech in Q1 2022
Friday, January 21, 2022
On Jan. 18, 2022, two high-profile acquisitions dominated payments industry news: NMI acquired IRIS CRM and Celero Commerce acquired Omega Technology. While transaction details were not available at press time, financial advisors and payments industry analysts suggest these mergers reflect growing interest in delivering fast, secure, simple and personalized solutions.
Amazon pauses planned ban on UK Visa cards
Tuesday, January 18, 2022
Amazon pressed the hold button on its decision to stop accepting Visa credit cards issued by UK banks. Amazon disclosed the decision in a Jan. 17, 2022, email to UK customers, although it left open the possibility that it might follow through on its threat at a later date.
2021 holiday sales outperform NRF forecast
Friday, January 14, 2022
On Jan. 14, 2022, the National Retail Federation released the numbers that retailers and service providers have been waiting for, placing 2021 holiday sales in the record books with sales volumes of $886.7 in the November through December period, a 14.1 percent increase over 2020. The 2021 growth compares with an average 4.4 percent holiday sales growth over the previous five years.
Equifax's BNPL credit scoring a potential win-win
Thursday, January 13, 2022
Consumer interest in buy now pay later programs has exploded in recent years, and now credit reporting agencies are taking notice. Equifax, one of the three main credit bureaus in the United States, heralded what it said is the industry's first policy for including these short-term financing alternatives in calculations of consumers' credit scores. The new policy is expected to kick in during the first quarter of this year.
Apple expands South Korean checkout options
Wednesday, January 12, 2022
Discussions between Apple and the Korean Communication Commission may soon bring relief to third-party app developers in the form of lower transaction fees and broader checkout options, reported TechCrunch journalist Kate Park.
Amended CARES Act helps struggling SMBs
Tuesday, January 11, 2022
Amendments to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) may help small and midsize businesses (SMBs) survive post-pandemic challenges, government sources noted. The sweeping revisions include an Employee Retention Credit (ERC), designed for SMBs that kept employees on the payroll despite their own economic hardships.
ETA sets 2022 policy priorities
Friday, January 07, 2022
The Electronic Transactions Association's 2022 Legislative and Regulatory Policy Priorities, published Jan. 7, 2022, in three distinct documents, encourages Canadian and U.S. state and federal lawmakers to craft policies that support innovation. Describing the payments industry as "innovative, dynamic, competitive and highly regulated," the documents share insights on industrywide efforts to make payments safe, secure and financially inclusive.
Crypto gains traction with mobile wallets
Wednesday, January 05, 2022
While banks, businesses and regulators continue to grapple with issues around the future of cryptocurrencies, consumers, it seems, are more inclined to act. New research suggests a majority of consumers who own cryptocurrencies (67 percent) are willing to make mobile wallet purchases using their crypto assets.
Mastercard finds 8.5 percent bump in holiday spend
Tuesday, January 04, 2022
2021 retail holiday sales exceeded analyst expectations by a margin of 8.5 percent, according to Mastercard SpendingPulse, a monthly report featuring visually enhanced metrics highlighting emerging trends. Designed to help business owners identify emerging trends, the reports cover numerous sectors, including restaurants, lodging and total retail, Mastercard stated.
