Nordstrom agreed to sell some $2.2 billion in credit card receivables to Toronto-based TD Bank Group, which will also have the exclusive right to issue its branded Visa and private-label credit cards in the U.S. For customers, little, if anything, should change, as the Seattle retailer will still manage customer service for the cards. For…
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Apple Pay made its much awaited debut in October 2014, and as with everything Apple does, the conversation on alternative payment mechanisms has gained center stage. Is there even any credence to all the clamor about new payment mechanisms? What happened to good ole' cash, checks and credit cards?
Meijer is turning a past headache at the checkout lanes into a $10 coupon that customers can use Friday or Saturday. The coupon is good for $10 off a $50 purchase on grocery, health and beauty items or general merchandise. Frank J. Guglielmi, senior director of communications for the Grand Rapids, Mich.-based retailer, said an outage affected the retailer's ability to process credit cards. He noted it was an internal IT issue. The glitch in late February disrupted the point-of-sale system at stores for debit and credit card purchases.
Someday soon, buying items online may require you to smile before paying, no matter how high the price. At least, this is where Alibaba Group Holdings Inc.'s new technology seeks to lead us. Earlier this week, Alibaba Founder and Chairman Jack Ma unveiled the company's "Smile to Pay" system, which will allow users to confirm their identity by face-recognition technology rather than with passwords or other digital tokens. Ma showed off the new system in a presentation at the opening of the CeBit technology conference in Hanover, Germany.
Facebook's new payment service has several things going for it that might sound appealing to online sellers. First of all, it's free. Secondly, there's no risk of chargebacks since senders cannot use credit cards to fund payments. But hold your horses — this isn't a solution for e-commerce payment processing. Facebook launched a payments service on Tuesday designed not to pay for purchases, but rather to pay your friends. The person-to-person service works with Facebook Messenger, which is Facebook's answer to texting.
Costco announced that its credit card network will be handled by Visa next year, an announcement that comes weeks after it sideswiped Visa rival American Express in a move that ended a 16-year relationship with the retailer. Costco said Citigroup would be the exclusive issuer of the retailer's co-branded credit cards, while Visa will be replacing American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016.
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After using Apple Pay for a day of shopping in stores, a few things became clear: The new payment system is convenient, problem-free and even fun. The same can't be said for using Apple Pay to shop via apps. That system has lots of room for improvement. It's limited, still buggy and seemed to result in multiple charges for some purchases — at least on Day 1. Apple Pay lets owners of the new iPhone 6 or iPhone 6 Plus store credit card information on their phones and then pay in stores using tap-to-pay wireless terminals.