The Green Sheet Online Edition
July 7, 2024 • 24:07:01
Letter from the editor
While the U.S. District Court for the Eastern District of New York scuttled the proposed $30 billion settlement that would have finally put to rest a long-standing lawsuit filed by a class of merchants against Visa and Mastercard, Illinois legislators responded to merchants' complaints about rising interchange fees by taking matters into their own hands. They passed legislation, slated to go into effect in July 2025, that prohibits interchange assessments on sales taxes and gratuities. Other states are already contemplating similar steps.
This could lead to a snowball effect of laws promulgated across the United States, each with a different set of requirements. A potential nightmare scenario for merchants and acquirers. This issue's lead article discusses the Illinois law; similar legislation being considered in Pennsylvania, Florida and Georgia; efforts by the Electronic Transactions Association and others to discourage state lawmakers from passing legislation affecting the payments industry without adequate knowledge of how the industry works; and the need to ramp up efforts to educate legislators.
Also inside are highlights from recent news coverage including research that indicates digital payments continue to gain steam, but fraud remains a troubling, persistent problem; findings that faster payments are benefiting the underbanked population; Apple discontinuing its in-house buy now, pay later service, Apple Pay Later, in favor of installment payment plans through third-party lenders; and, sadly, a heartfelt farewell to Marc Beauchamp, founder of Bankcard Life and longtime partner of The Green Sheet, who passed away June 15, 2024. His integrity, passion, and generosity left a significant mark on colleagues, friends and family, and his legacy of leading by example will be remembered by all who knew him.
Like Marc, contributors to this issue share a desire to give others a helping hand through sharing their knowledge and expertise. Topics they've discussed in the current issue include the recently rejected $30 billion settlement between merchants and the major card brands; the benefits of self-ordering kiosks; why regional shows are particularly important for MLSs; why fintechs must adhere to the same compliance obligations as banks; and revolutionizing decision-making with payments data. Be sure to check out our updates on recent partnerships, research, acquisitions, appointments and other milestones, along with profiles, Resource Guide and other resources tailored for those eager to advance their industry knowledge.
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