Contactless News reports that a new kind of card is on the horizon - one that will allow consumers to conduct secure transactions with two-factor authentication with ease. The cards fuse something you know (your card number), with something you definitely have in your possession (your card).

Adam Levitan (Social Science Electronic Publishing) writes about The Merchant-Bank Struggle for Control of Payment Systems.

He argues that "the growth of national bank brands, technological developments, and innovative business models will independently result in a radical reshaping of the payments world that could ease merchant-bank tensions".

According to paymentnews.com, MasterCard will soon implement significant interchange initiatives aimed at addressing concerns that have been raised by the merchant community.

Among the initiatives are plans to publish its US Interchange Rate Schedule by November 1 as well as a new cap on its interchange fees on fuel purchases of more than $50 at petroleum retailers.