PAYMENTS NEWS
71% of Affluent BNPL Users Increased Their Use in Last 12 Months
Aug 11, 2022
Buy now, pay later (BNPL) services have become a way of life among younger generations and lower-income consumers in the past few years, with their use quickly growing over time. Certain industries see greater usage than others, with 44% of BNPL users saying they used BNPL to purchase clothing or accessories and 42% leveraging these options to buy electronics and appliances.
Fintechs gain global traction with facial biometric payments
Aug 11, 2022
In 2018, Mihai Draghici was visiting his grandmother in Bucharest when he conceived the idea of introducing facial recognition payments to the city.
CFPB warns of risk from data-hungry payment apps and lenders
Aug 11, 2022
The Consumer Financial Protection Bureau warns in a new report that rapidly evolving buy now/pay later services, embedded commerce and "super apps" could put consumers at risk from a variety of directions.
Durbin, Whitehouse, Sanders join effort to revoke OCC crypto guidance
Aug 10, 2022
Three prominent Democratic senators joined an effort to eliminate Trump-era regulatory guidance that cleared national banks to explore digital assets and other crypto-related banking activity.
Big tech is building a passwordless future. Banks want to join in.
Aug 8, 2022
Bank IT leaders believe almost unanimously that the time has come to move beyond passwords to a more secure form of authentication, known to many as passwordless.
U.S. Lawmakers Look to Digital Dollar to Compete With China
Aug 8, 2022
The Federal Reserve is considering the idea, but in no rush to join a digital-assets space race
Buy Now, Pay Later Versus Credit Cards: What You Should Know
Aug 4, 2022
Between inflation, rising interest rates and other economic uncertainties, many Americans are concerned about their personal finances. These concerns impact their financial decisions. For some, this means relying on buy now, pay later (BNPL) products.
Bipartisan legislation aims to lower credit card swipe fees
Aug 2, 2022
Experts doubt whether the proposal would be good for consumers
The Mobile Channel Is Driving Fraud Costs
Aug 2, 2022
The cost of fraud to U.S. merchants increased 4.2% in 2022, up from $3.60 to $3.75 for every dollar lost to fraud. That’s the latest from the 2022 edition of the LexisNexis Risk Solutions “True Cost of Fraud Study: Retail and Ecommerce” report released Tuesday. The metric had been $3.13 pre-pandemic. In Canada, the measure increased from $2.87 in 2021 to $3.19, an 11.1% increase since 2020.
Sen. Durbin Wants Another Bite at Card Interchange Fees
Jul 29, 2022
A pair of U.S. senators are preparing a bill that would give merchants the ability to process many Mastercard and Visa credit cards over different networks.
Senators prepare bill to crack down on credit card swipe fees
Jul 29, 2022
A bipartisan bill that would reduce Visa and Mastercard's influence over the interchange fees merchants pay for credit card payments will shortly be introduced in the U.S. Senate, The Wall Street Journal reports.
Mastercard CEO addresses possible recession, tougher fee rules
Jul 29, 2022
Mastercard reported strong second-quarter earnings, but acknowledged potential economic and regulatory challenges.
Interchange bill could cut fees for the largest credit card issuers
Jul 29, 2022
A bill that would limit Visa and Mastercard's control over swipe fees has been formally introduced in the Senate.
Senate Bill Takes Aim at Visa, Mastercard Credit-Card Fees
Jul 27, 2022
The expected bill would give merchants power to choose different network when they receive many Visa and Mastercard credit cards
Amazon opens a new wallet for sellers
Jul 26, 2022
Amazon said it’s rolling out a new digital wallet service for the “sellers” that offer goods and services on its digital marketplace. The retail giant said in an online post that the new wallet service will bring sellers a convenient way to hold proceeds from their sales or transfer it to their bank accounts.
Bipartisan Bill to Regulate Stablecoin Is Delayed for at Least Several Weeks
Jul 26, 2022
Lawmakers continue to negotiate deal, but unable to complete work ahead of August break
CFPB to Push Banks to Cover More Payment-Services Scams
Jul 25, 2022
Agency reports uptick of complaints; banks warn changes could hurt economy
What the market slump means for payments tech
Jul 25, 2022
Financial technology firms have had a bad year, with nearly constant reports of sharp stock declines or cratering valuations for unlisted firms. But will the pain in the financial markets halt the dramatic pace of innovation?
Zelle Volumes Climb Quickly for BofA, Surpassing Checks for the First Time
Jul 19, 2022
Five years after its launch, the Zelle person-to-person payments service continues to boost payment volumes for one of its founders, Bank of America Corp. BofA reported Monday that its second-quarter P2P Zelle transaction volume hit 239 million, up 26% from 189 million payments a year earlier.