National Payment Card Association raises $2M to lower debit fees
The National Payment Card Association has raised $2 million from KPG Ventures. The San Francisco company says its “debit settlement” system allows merchants and consumers to pay lower transaction fees on debit card payments by processing those payments through the Federal Reserve Automated Clearing House. The system is currently deployed in gas stations and convenience stores, the company says.
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About the Author, Anthony Ha
Anthony is a senior editor at VentureBeat, as well as its reporter on media, advertising, and social networks. Before joining the site in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
