The Green Sheet Online Edition
July 13, 2026 • 26:07:01
News Briefs
Interchange settlement gets preliminary ok <- click to read full story
A federal judge granted preliminary approval to a proposed $38 billion settlement between Visa, Mastercard and more than 12 million merchants, moving a decades-long interchange lawsuit closer to resolution. The agreement includes a temporary interchange reduction, five years of rate certainty, greater merchant flexibility in accepting card types, expanded surcharging options and merchant education programs. Visa and the Electronic Payments Coalition praised the ruling, calling it meaningful relief for businesses.
The National Retail Federation and Merchants Payments Coalition argued the settlement fails to address excessive swipe fees and reiterated support for the Credit Card Competition Act, which would require large card issuers to enable transactions over competing payment networks.
Visa opens door wide to OpenAI <- click to read full story
Visa is working with OpenAI to support AI-driven commerce, enabling AI agents to search for products, compare options and complete purchases on consumers' behalf within user-defined spending limits and security controls. Transactions will use tokenized Visa credentials, real-time authorization and fraud monitoring. Visa and OpenAI said the collaboration is intended to create a secure foundation for agentic commerce.
Despite growing industry interest, consumer and merchant concerns remain significant. A recent PYMNTS-Worldpay report found only 45 percent of consumers are comfortable allowing AI agents to complete purchases; merchants expressed concerns about AI-enabled fraud, liability, chargebacks and privacy. Researchers said clearer industry safeguards are needed to encourage broader adoption.
EU seeks to displace Visa and Mastercard <- click to read full story
The European Union moved closer to introducing a digital euro after the European Parliament's economic committee approved draft legislation supporting the initiative. Policymakers hope the digital wallet will reduce the euro zone's reliance on U.S.-based payment networks such as Visa and Mastercard by creating a pan-European payment option built on European technology and infrastructure. If approved, final regulations could be adopted this year, followed by a pilot in 2027 and broader rollout in 2029.
European Central Bank officials said the digital euro would be accepted wherever digital payments are accepted, helping establish a continent-wide payment network while giving banks and fintechs a common infrastructure for payment services.
Illinois to regulate BNPL <- click to read full story
JB Pritzker signed legislation establishing regulation of buy now, pay later lenders in Illinois. The law requires providers to register with the state, comply with a 36 percent interest rate cap, conduct ability-to-repay underwriting and provide borrowers with dispute rights similar to those under federal credit card laws. Lenders have until Jan. 1, 2028, to achieve full compliance.
The law also limits certain fees and prohibits repeated debit attempts after insufficient funds. Illinois joins a growing number of states regulating BNPL as adoption accelerates. Consumer advocates welcomed the measure, citing rising use of BNPL for everyday expenses and growing delinquency concerns.
EMVCo seeks industry input on digital payment credential framework <- click to read full story
EMVCo is seeking feedback on a proposed framework for interoperable Digital Payment Credentials, a type of verifiable digital credential designed to support secure, privacy-preserving card payment authentication across wallets, payment networks and verification systems. The draft specification aims to establish a common structure for credential data while reducing fragmentation as digital identity technologies evolve.
The framework could eventually support payment initiation and address device binding, credential provisioning, verification and privacy controls. Comments will be accepted through July 23. The draft specification is available at: www.emvco.com/knowledge-hub/defining-an-emv-digital-payment-credential.
Alibaba, payment processor to pay $600 million in DOJ settlement <- click to read full story
Alibaba Group and AUS Merchant Services agreed to pay $600 million to resolve U.S. Department of Justice allegations that their platforms facilitated illegal imports of pharmaceuticals, controlled substances and counterfeiting equipment into the United States. Under separate non-prosecution agreements, Alibaba and AUS admitted to compliance failures and accepted responsibility for the actions of employees and agents. The companies agreed to criminal penalties, forfeitures and enhanced compliance measures.
The DOJ said the settlement followed an investigation that included more than 40 undercover purchases of illegal products and is intended to strengthen safeguards against unlawful activity on ecommerce and payment platforms. 
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