The Obama government has called for the General Services Administration (GSA) to modernise out-of-date remittance technology as it reviews its contracts with major financial institutions.

First Data is partnering with product testing and standards developer Underwriters Laboratories to help speed up merchants’ transitions to new and more secure card payment technology.

According to reports, Massachusetts banks are rushing to embrace the new Apple Pay electronic payment system.

Having raised $12m in funding last summer, Israeli smart payment technology provider Zooz has announced the appointment of another 100 employees.

A bitcoin mining and digital payments company – Digital CC Ltd – has been forced to explain plummeting share prices and high share trading, as the company struggles to negotiate the volatile bitcoin terrain.