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Visa preps for US pay-by-bank services
The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.
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PayPal pursues ad platform tied to data
The new offering by the digital payments pioneer will be led by Mark Grether, who helped grow Uber Advertising into a $1 billion business.
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Paze targets nationwide coverage by year-end shopping season
The big bank-backed digital wallet is now accepted by about 80,000 "primarily small" merchants according to Early Warning Services Managing Director James Anderson.
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Walmart and Capital One break up
The retail behemoth and its credit card issuer said in a terse, joint press release Friday that they’re parting ways.
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Cash App aims to add more features
Block’s Jack Dorsey wants to improve Cash App’s customer service experience in order to entice more users to make it their primary bank, he said this week.
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Businesses boost use of digital wallets: Fed
Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.
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South Carolina embraces new EWA law
This week, South Carolina became the fifth state to enact a law regulating earned wage access providers, but it doesn’t subject them to lending laws.
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Opinion
Let’s avoid legal patchwork for credit card surcharging
“All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.
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Payments Latest
Real-time lessons for FedNow from Brazil, India
The fledgling U.S. instant payments system can learn from real-time systems that have flourished in Brazil and India using QR codes and broad missions, say industry professionals.
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CFPB to treat BNPL loans like credit cards
“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.
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Google Pay adds card reward details to checkout
American Express and Capital One cardholders can now see what rewards they would earn from purchases when checking out with Google Pay, the tech giant said in a blog post.
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Mastercard CEO outlines int’l ambitions
Mastercard has set its sights on expanding in China, Japan and elsewhere, Michael Miebach said in spelling out the company’s worldview. Last year, the company drew two-thirds of revenue from outside North America.
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Fed plays crucial role in payments standard-setting
Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.
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Sorry Cash App, Gen Z still wants bank branches
Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch.
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How retailers are seeking to improve self-checkout
Executives from Mashgin, Invenco and other firms recently discussed issues they face in using kiosks for self-checkout, and how retailers can address them.
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Central banks seek firms for cross-border payment project
The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.
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Supreme Court upholds CFPB’s funding structure
The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.
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Opinion
CFPB should reconsider prepaid rule
The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.
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Brex CFO mulls long-term IPO scenario
The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.
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FIS eyes growth via acquisitions
Fidelity National Information Services is targeting revenue growth of as much as 4.5% this year as it scans the landscape for “tuck-in” acquisitions following the spin-off of Worldpay.
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Payments firms seek candidates for product, partner roles
Industry players are increasingly eager to hire executives for product development and partnership-oriented jobs, according to a report from recruiting firm SpencerStuart.
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EWA could create wage violations, Connecticut warns
The warning comes as states and the federal government weigh options for regulating earned wage access products.
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Shift4 to buy rival POS firm Revel for $250M
The payments processing company plans to incorporate Revel’s point-of-sale capabilities into its SkyTab POS system, Shift4 CEO Jared Isaacson said.
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Fed, OCC to hold meeting on Capital One-Discover deal
Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.
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Fed bombarded by debit card fee commentary
The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.
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