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NewsBriefs

This article contains excerpts from news stories recently posted under unlike other mobile wallet providers, Apple charges card
Breaking Industry News on our homepage. For links to these and other issuers per-transaction fees. Issuers pay 15 basis points
full news stories, please visit www.greensheet.com/breakingnews.php. on credit card payments and five cents on debit card
payments, and they're not allowed to pass on those costs
to cardholders.

In 2019, alone, Apple collected $1 billion in Apple Pay
transaction fees, according to the lawsuit filed by Affinity
Credit Union in U.S. District Court for the Northern
District of California. The lawsuit claims the yearly tab
will swell to $4 billion in 2023. Apple also bundles its tap-
and-pay and ecommerce services, "which compounds the
injury card issuers suffer," the lawsuit states. Unlike Apple
iPhones and tablets, Android devices can support multiple
FIS takes on ecommerce fraud mobile wallets and there are no issuer fees.
FIS introduced a new fraud detection tool that aims Durbin's second act threatens credit card rails
to boost approval rates and reduce fraud liability for
ecommerce merchants. The financial technology parent A new proposal, sponsored by Sen. Dick Durbin, D-Ill.,
of leading acquirer Worldpay said its new "guaranteed and Rep. Roger Marshall, R-Kan., aims to derail existing
payments" solution makes it the only payments processor credit card networks. While the proposed bill purports to
to offer a fully integrated solution that guarantees expand merchant choice, opponents claim it reflects a lack
ecommerce merchants better transaction approval rates of understanding of credit card processing architecture,
and eliminates the financial liability of chargebacks due functionality and interchange pricing. In her July 27,
to fraudulent purchases. 2022 post, "Senate Bill Takes Aim at Visa, Mastercard
Credit-Card Fees," Wall Street Journal reporter AnnaMaria
The new offering comes at a time when the global Andriotis stated the expected bill reflects growing
ecommerce market is booming and so, too, are fraud congressional scrutiny of the credit card industry.
rates. According to Woldpay's Global Payments Report, the
ecommerce market is expected to grow 50 percent by 2024. "Most shoppers don't think twice about how their payments
A recent survey by Stripe, meanwhile, revealed that 64 are processed when they buy something with a credit
percent of global business leaders have found it harder to card. But the underlying plumbing and its associated fees
combat fraud since the onset of the COVID-19 pandemic, represent a fierce source of contention between merchants
which, coincidentally, triggered the global surge of that pay the fees and big card networks and banks that set
ecommerce traffic. or collect them," she wrote. Allen Kopelman, co-founder
and CEO of Nationwide Payment Systems, stated the bill,
Antitrust action challenges Apple Pay if passed, will put ISOs and merchant level salespeople
(MLSs) out of business
A small Des Moines, Iowa credit union is taking Apple
to court, claiming the technology giant violates federal Stronger, streamlined STA enters fourth decade
antitrust law by compelling iPhone customers to use
its Apple Pay mobile wallet exclusively, thus barring The Secure Technology Alliance is once again retooling
competing iOS tap-and-pay solutions from iPhones. Plus, and restructuring in response to changing paradigms
in identity management and security protocols. STA
representatives disclosed that the organization that
Call me today! pioneered U.S. smart card adoption continues to
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with your and information with payments industry stakeholders.
advertising The alliance further noted that plans are underway to
success. streamline organizational and membership structures to
facilitate collaborative discussions among all participants.
707-284-1693
Jason Bohrer, STA executive director, stated the
restructuring will better position the organization for
future success by serving members and their industries
and clients. "As we enter our fourth decade, we celebrate
our rich legacy of achievements and are gratified that the
R R ick Aston collaboration our organization enables is more important
than ever," he said. The changes, already underway, are
Senior Media Partnership Specialist expected to improve efficiencies and make it easier for
Rick@greensheet.com STA's self-guided affiliated groups to collaborate.
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