The Latest

  • Bank of America signage is shown with a reflection in the glass above it
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    Spencer Platt / Staff via Getty Images
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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.

  • Pennsylvania state capitol in Harrisburg
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    benedek via Getty Images
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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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    Sam Silverstein/Payments Latest
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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.

  • Window with sticker showing logos for Visa, Mastercard and American Express.
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    Scott Olson via Getty Images
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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.

  • Seated man speaking with New York Times logo in background and the name 'Max Levchin'
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    Neilson Barnard via Getty Images
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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.

  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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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.

  • Person using a point of sale software system at a restaurant
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    Moyo Studio via Getty Images
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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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    FG Trade via Getty Images
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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.

  • Fiserv headquarters in Brookfield, Wisconsin
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    Google Maps

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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.

  • PayPal signage outside its corporate campus on a bright day
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    Justin Sullivan via Getty Images
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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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    Rrraum via Getty Images
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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.

  • A man exits the front of the U.S. Capitol at dawn.
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    Win McNamee via Getty Images
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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.

  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Latest
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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.

  • A smartphone displaying the Affirm app
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    Courtesy of Affirm
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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.

  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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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.

  • People mill around an Apple store at location in Maryland.
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    Chip Somodevilla via Getty Images
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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.

  • Shift4 CEO Jared Isaacman
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    Courtesy of Shift4. Shift4 CEO Jared Isaacman
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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.

  • Wise money transfer account
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    Permission granted by Wise
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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.

  • A close up view of a stack of visa bank cards.
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    Justin Sullivan via Getty Images
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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.

  • Brex CEO Pedro Franceschi pictured against a grey background.
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    Courtesy of Brex
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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.

  • Stack of credit cards spread out
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    alexialex via Getty Images
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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.

  • The Apple logo at the Fifth Avenue New York City Apple store.
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    Eric Thayer via Getty Images
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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.

  • The eBay logo is displayed on the roof of eBay headquarters.
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    Justin Sullivan via Getty Images
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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.

  • Two Apple iPhone 14 models
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    Courtesy of Apple
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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.

  • Cyberattack and internet crime, hacking and malware concepts.
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    Techa Tungateja via Getty Images
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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.