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The Green Sheet Online Edition

March 25, 2024 • Issue 24:03:02

News Briefs

Payment firms named Inc. 2024 Regionals <- click to read full story

Inc. revealed its 2024 regional honorees, recognizing fast-growing payment companies across various U.S. regions. These firms collectively generated $75.9 billion in revenue and created 96,129 jobs between 2020 and 2022.

Notable winners include Liberty1 Financial, Embarc Advisors and Maverick Payments in the Pacific region; FloatMe and SignaPay in the Southwest; VizyPay in the Midwest; Perfecto Capital and Biller Genie in the Southeast; PayBright and Bogart Wealth in the Mid-Atlantic; and Black Kite Security and New Silver in the Northeast. Inc. altered its metrics to accommodate early-stage companies and acknowledged their significant job creation impact.

Ben Griefer from Maverick Payments and Austin Mac Nab from VizyPay expressed gratitude for their companies' inclusion.

Bye-bye, Google Pay <- click to read full story

Google disclosed plans to discontinue Google Pay, its challenger to Apple Wallet, effective June 4, 2024. Despite Google Pay's demise, Google will maintain support for its more popular product, Google Wallet, which offers features like tap-and-pay and digital document storage.

Google Wallet lacks peer-to-peer payment and cashback features present in Google Pay.

The decision sparked dissatisfaction among users, many of whom criticized Google for its history of discontinuing apps. Some speculated about more of the same in future rebranding cycles.

Despite user discontent, Google affirms its commitment to digital payments, promising ongoing improvements in payment experiences.

NAC fights ATM crime with new reporting tool <- click to read full story

Aiming to bolster safety in the retail ATM ecosystem, the National ATM Council introduced the U.S. Secure ATM Database in March 2024.

Designed to enhance ATM safety, the new reporting tool for independent ATM providers and suppliers is expected to help local, state and federal law enforcement agencies identify and track criminal activities at ATMs across the country.

NAC Executive Director Bruce Wayne Renard appreciated the generous industry-leading founding sponsors who provided the financial underwriting commitments needed to develop and deploy the database.

Patrick Conner, NAC board chair, highlighted the database's role in safeguarding both ATM operators and consumers. Ed Cramer, NAC vice chair, recognized the collaborative effort behind the database's development and expressed optimism about its effectiveness in curbing ATM crimes.

Banks will fight $8 credit card late fees <- click to read full story

On Super Tuesday 2024, the Consumer Financial Protection Bureau finalized a rule that would slash typical credit card late fees from $32 to $8, benefiting over 45 million Americans annually. CFPB Director Rohit Chopra heralded the rule, ending what he deemed to be excessive fees.

Criticizing banks for profiting disproportionately from late fees, President Biden noted a potential annual savings of $220 per person. The CFPB maintains that banks' late fees exceed their collection costs, drawing excessive profits from consumers who are struggling to pay on time.

The rule aims to align credit card fees with the CARD Act, which requires banks to provide justification for late fees greater than $8. However, objections arose. The U.S. Chamber of Commerce is planning a lawsuit, fearing adverse impacts on credit access and interest rates. Major issuers, including Capital One and JPMorgan Chase, also oppose the rule.

Apple caves in Epic feud <- click to read full story

Apple reinstated Epic Games' developer status, allowing the creation of an Epic Game Store for iPhones and the return of the popular Fortnite.

This shift occurred after Epic accused Apple of violating EU rules requiring third-party stores on devices. Apple was fined €1.84 billion for impeding competition from music streaming rivals.

Despite announcing changes in January 2024 aimed at enhancing app development, Apple will still review apps for cybersecurity risks and impose a "core technology fee" on developers.

The legal feud between Epic and Apple, ongoing for four years, stemmed from commission rates on Fortnite transactions. Epic's recent move to establish a developer account in Sweden aimed to comply with EU law, prompting Apple's opposition. Under EU pressure, Apple reversed its stance. end of article

This article contains excerpts from news stories recently posted under Breaking Industry News on our homepage. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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