The Latest
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Bank of America zeroes in on banking app innovation
The team behind the bank’s CashPro app aims to stay a step ahead of rivals, including with payment approval features.
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Pennsylvania may ban interchange fees on sales tax
Democrats in the Keystone state’s House of Representatives are pushing a bill that would prohibit interchange fees from applying to sales tax when consumers make credit or debit card payments.
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Q&A
BNPL to shift toward larger-ticket expenses: CEO
The short-term financing option, which already costs more than cards for merchants, will eventually retreat from daily purchases, Priority CEO Tom Priore predicted.
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Column
Why a Visa-Mastercard settlement is likely to fall short
The persistence of the networks’ ‘honor all cards’ rule may be a key reason Judge Margo Brodie is unlikely to approve a negotiated resolution of the two-decade-old case brought by merchants.
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Affirm may see payment volume bump from Apple Pay: Mizuho report
The partnership is estimated to represent a $12 billion opportunity for buy now, pay later provider Affirm, according to an analyst note last week.
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Fed extends comment period on expansion of payment services proposal
The Federal Reserve said it will give the public two more months to comment on its plan to expand operating hours for its two large-value payments services, the Fedwire Funds Service and the National Settlement Service.
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Amex to buy Tock for $400M
American Express said it will buy the reservation platform Tock from website builder Squarespace to buttress its dining digital services.
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Rain plans to raise more capital
The earned wage access provider seeks to raise $50 million, said its CEO, who is rooting for increased regulation of the industry.
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Fiserv hires former JPMorgan executive
Takis Georgakopoulos worked for JPMorgan for 17 years before he departed earlier this month, and landed at the mega-processor as an advisor.
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PayPal fills CTO position with former Walmart exec
Former Walmart EVP Srini Venkatesan will replace Archie Deskus, who joined the payments firm in 2022.
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FTC warns of cash losses to government impostors
The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.
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Senate Republicans join battle against Fed debit card plan
Senators this week introduced their version of a House bill aimed at derailing the Federal Reserve’s plan to lower the cap on fees that card issuers can charge merchants on debit card transactions.
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Faster payments catch on slowly: survey
About half of payments players surveyed recently by the U.S. Faster Payments Council said they have integrated faster payment technologies.
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Affirm CFO doesn’t expect profits from its Apple tie soon
The company’s finance chief compared the rollout of its partnership with Apple to the launch of its own payment card, saying the company preferred a “very thoughtful and controlled” approach.
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CFPB House hearing: 6 key takeaways
House Republicans expressed frustration that the Consumer Financial Protection Bureau decided to treat buy now, pay later loans like credit cards, while Democrats pushed for faster, cheaper remittance options.
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Apple to drop its BNPL option in US
The tech giant said it will discontinue its buy now, pay later service and shift to offering consumers alternative payment options.
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Shift4 acquires stake in German firm
Shift4 is on an acquisition spree after making a new investment in the point-of-sale supplier, and closing of a purchase announced earlier this year.
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Wise persists with reduced pricing approach
The fintech plans to continue its strategy of reducing prices for its customers, which is reflected in its forecast, interim CFO Kingsley Kemish said.
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Landmark Visa, Mastercard settlement in peril
The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.
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Brex moves to single-CEO model
Pedro Franceschi will become sole chief executive, while co-founder Henrique Dubugras will move to board chair as the company aims to go public in 2025.
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Startup offers ‘credit-building’ debit cards for Gen Z
Startup Fizz is marketing itself as a company helping college students build credit and manage daily spending.
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Apple adds BNPL offerings from rivals
The tech giant will allow installment plans from Affirm, as well from certain debit and credit cards, onto Apple Pay alongside its own BNPL service.
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EBay to accept Venmo
A week after dropping American Express, the online auctioneer said it will now accept payments through Venmo, a digital tool popular among Gen Z and millennials.
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Apple unveils new iPhone touch and pay feature
The P2P ‘Tap to Cash’, which enables iPhone users to transfer money by holding their phones together, was unveiled along with a slate of other features Monday.
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Opinion
Fighting deepfakes via payments
“Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.