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NewsBriefs

This article contains excerpts from news stories recently posted under Verizon is set to pilot J.P. Morgan Chase's pay-by-bank of-
Breaking Industry News on our homepage. For links to these and other fering, aiming to enhance customer payment experiences.
full news stories, please visit www.greensheet.com/breakingnews. Mastercard is also collaborating with Worldpay Merchant
php. Solutions to support consumer bill payments and account
owner verification. The company also offers real-time un-
derwriting in partnership with Zip.
Experts predict robust 2023 holiday spend

Weeks ahead of the 2023 holiday season, analysts were
PIRG accuses Mastercard of selling cardholder data expecting retail spend to exceed last year's levels as shop-
pers leverage an array of digital payment methods. The
Consumer advocacy organizations, led by U.S. PIRG, chal- National Retail Federation forecast, released Nov. 2, 2023,
lenged Mastercard's alleged collection and sale of card- predicted in-store spending of between $957.3 billion to
holder data to unrelated third parties. Calling for the $966.6 billion in November and December, an increase of 3
practice to stop, they emphasized the need for Mastercard and 4 percent, respectively, over 2022.
to collect data only essential for secure payments. Eight
advocacy groups endorsed the initiative, including the These numbers are consistent with an average annual up-
ACLU and Privacy Rights Clearinghouse, believing Mas- tick of 3.6 percent from 2010 to 2019, according to Matthew
tercard's substantial access to consumer spending data Shay, president and CEO of the NRF. Jack Kleinhenz, NRF
drives significant revenue through data monetization. chief economist, mentioned that the pandemic pushed
shoppers to online and digital commerce methods, which
This includes bundling and selling transaction data on- may increase by 7 to 9 percent this year to between $273.7
line, increasing the risk of breaches and misuse of data. billion and $278.8 billion, up from $255.8 billion during
The company, they added, also offers services that help last year's holiday season.
advertisers target high-value prospects. Mastercard de-
nied selling personal cardholder data for marketing or WSAA 2023 celebrates 20-year milestone
tracking and emphasized its commitment to privacy and
data responsibility principles. The 20th annual Western States Acquirers Association's
conference drew over 1,400 attendees, 150 exhibitors and
Fed wants further cuts in debit interchange 50 sponsors from 500 organizations. WSAA, a non-member
trade association, focuses on merchant acquiring-related
The Federal Reserve Board proposed to reduce the cap on services for brick-and-mortar and ecommerce merchants.
POS) debit card payments by more than 30 percent start- The conference featured ample panels and discussions
ing in 2025. The Fed also proposed adjusting the cap ev- covering card brand thought leadership, instant payments
ery two years without public comment. This move aims to in the on-demand economy, payfac trends, and working
reflect changes in issuer costs since the cap's introduction with Capitol Hill regulators.
in 2011. Retailers see it as a cost-saving measure for them-
selves and customers, but they believe it doesn't go far Additional topics addressed included sustainability, re-
enough. Financial institutions are critical of the proposal. silience, human resource management, cash discount and
surcharging practices, AI's impact on payments, entre-
They argue that the current system benefits merchants preneurship, and creating the ultimate customer experi-
and consumers but doesn't cover the actual costs for debit ence. Industry professionals praised WSAA for its vibrant
issuers, as intended post-Durbin Amendment. The pro- exhibit hall and diverse agenda, emphasizing the impor-
posed changes, effective June 30, 2025, lower the cap to tance of networking and knowledge exchange in the pay-
14.4 cents plus 0.04 percent and a 1.3-cent fraud prevention ments industry.
adjustment, based on 2021 data. In 2021, interchange fees
reached $31.59 billion. Also find us on Facebook,
J.P. Morgan rolls out pay-by-bank LinkedIn & Twitter for the
most up-to-date stories,
J.P. Morgan Chase introduced a pay-by-bank solution that can’t miss events and newest
utilizes the ACH rails and Mastercard's open banking
technology. This innovation enables merchants to offer industry announcements.
customers the option of direct payments from their bank
accounts via the ACH rails or instant-payment networks
like RTP. J.P. Morgan Chase ranked second in both ACH
credits and debits origination and reception in 2022, ac-
cording to Nacha data.
https://www.facebook.com/TheGreenSheetInc
Mastercard, committed to open banking, provides tools https://www.linkedin.com/company/the-green-sheet
for analyzing optimal payment timing and reducing risks. https://twitter.com/The_Green_Sheet
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