C|C Payments Blog

Payments News Update -- June 5, 2019

Industry Developments SPOTLIGHT: Is It Enough? Digital Transactions Magazine – June 1, 2019 For Mastercard and Visa chargeback process changes to make the most impact on friendly fraud, merchants will have to take matters into their own hands. About a year ago, Visa Inc. rolled out a new initiative to update, modernize, and streamline chargeback procedures and the dispute-management process. Later in the...

The First Blockchain Antitrust Case. Or Is It?

Legal professionals paying close attention to the still nascent world of blockchains and cyptocurrencies are following what is considered to be the first antitrust case involving cryptocurrencies. For enthusiasts, United American Corp. v. Bitmain, Inc. involves the self-described inventor of bitcoin on one side, the operator of bitcoin.com on the other side, the world’s largest mining pools, and the Bitcoin Cash...

Payments News Update -- May 29, 2019

Legal and Regulatory Developments SPOTLIGHT: Financial Institutions Conflicted but Cautiously Optimistic About Open Banking Opportunity The Fintech Times – May 29, 2019 Open banking was launched to spur innovation in the financial services industry and create a better deal for consumers. But new research published today by open banking platform Tink reveals that European financial institutions still have...

Payments News Update -- May 22, 2019

Legal and Regulatory Developments SPOTLIGHT: U.S. May Follow Philly and New Jersey to Ban Cashless Businesses WHYY – May 20, 2019 Earlier this year, Philly and New Jersey passed laws banning cashless businesses, restaurants and retail shops where customers can only pay with plastic or their phones. Now, two Democrats in Congress want the country to follow suit. New Jersey U.S. Rep. Donald Payne,...

Apple v. Pepper: Supreme Court Rejects Attempt to Block Consumer Claims Under Indirect-Purchaser Rule

The Supreme Court issued a much-anticipated decision in the Apple v. Pepper case, where iPhone owners are accusing Apple of monopolizing the retail market for iOS applications, or apps. The Court ruled in favor of the plaintiffs, holding that iPhone owners have standing to pursue a claim for damages against Apple under the federal antitrust laws.  The decision has significant implications in terms of both the...

Payments News Update -- May 15, 2019

Legal and Regulatory Developments SPOTLIGHT: Supreme Court Says Apple Will Have to Face App Store Monopoly LawsuitDebit Dynamics The Verge – May 13, 2019 (click here for the Court's opinion) The Supreme Court is letting an antitrust lawsuit against Apple proceed, and it’s rejected Apple’s argument that iOS App Store users aren’t really its customers. The Supreme Court upheld the Ninth Circuit Court of...

Payments News Update -- May 8, 2019

Legal and Regulatory Developments SPOTLIGHT: Debit Dynamics Digital Transactions News – May 1, 2019 Merchants have said it before, and they’re saying it again: It’s high time the Federal Reserve lowers its regulated debit card interchange rate. The call by the Retail Industry Leaders Association came shortly after the Fed in March released its latest study of debit card revenues and expenses. The...

Brexit's Potential Impact on the UK Payments Industry

Like many around the world we have followed the trials and tribulations of Brexit with great interest.  It is beyond the scope of this blog to enter into the fraught territory of predicting the United Kingdom’s future relationship with Europe.  However, we have been following Brexit’s potential impact on payments regulations in the United Kingdom given the potential impact to UK merchants and Fintechs.  Below...

Payments News Update -- May 1, 2019

Legal and Regulatory Developments SPOTLIGHT: Factors Align for Widespread U.S. Contactless Payments Adoption, A Fed Study Suggests Digital Transactions News – April 26, 2019 The conditions for the widespread adoption of contactless payments using chip cards are in place, asserts a new report from the Federal Reserve Bank of Boston. But when that will happen and what will trigger it are unknown in the Fed...

Does the Token Taxonomy Act Offer “Security” for Blockchain?

Blockchain and cryptocurrency, which some call the most innovative technology since the internet, should be dominating America’s tech industry. But it isn’t. A lack of regulatory certainty combined with inconsistent guidance from the SEC and the courts has crypto-startups flourishing overseas instead of right here at home. As a result, the Token Taxonomy Act (“TTA”) has been reintroduced in the House of...