The Latest
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CFPB, DOT take aim at airline rewards
The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.
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Sponsored by PayNearMeHow digital wallets are reshaping the payments landscape
Digital wallets have grown in popularity as consumers have become accustomed to the convenience and flexibility of contactless payments.
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Mastercard joint venture starts operations in China
The collaboration with a Chinese entity began Wednesday, with processing of cards issued by banks in the country following years of preparations.
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Lynne Marek/Payments Dive
Jack Henry, Visa see escalating FedNow volume
While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.
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Lynne Marek/Payments Dive
Fed, TCH joust over interoperability
When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.
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US leads global commercial card market: report
The U.S. accounted for 58% of global commercial card spend last year, but also for 78% of total value lost to card fraud, according to a report by Euromonitor International.
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Block integrates Afterpay with Cash App card
The test offering provides buy now, pay later financing to a limited number of users of Block’s Cash App debit card for “a small fee.”
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Will EWA payments expand with real-time?
While some earned wage access providers use real-time payments to make distributions to employees, the big payroll services provider ADP doesn’t see employers gravitating to that option.
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Merchants urged to file claims for $5.5B payment card settlement
Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.
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BNPL users tend to have lower incomes: Bank of America
The bank analyzed its BNPL user data and discovered low-income consumers are more likely to use installment payment services. It’s also popular among millennial and Gen X consumers.
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Block’s Dorsey rebuffs compliance allegations
The head of the payments company began an earnings call Thursday with a defense against a former employee’s allegations of compliance improprieties.
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Automatic age verification comes to self-checkout
Artificial intelligence is speeding up store checkout in a pilot by banking tech company Diebold Nixdorf using tech to verify a customer’s age.
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Global Payments to wrap review soon
The payments processor plans to finish an assessment of operations in the next few months, aiming to streamline its business and pare units it can’t scale.
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US inches forward on real-time payments: report
“Real-time payments are still in their infancy in the U.S., accounting for only a 1.5% share of the total payments volume in 2023,” ACI Worldwide said.
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OpinionPay-by-bank holds promise
“The value proposition of pay-by-bank is clear: merchants win from drastically lower payment costs and consumers win from lower prices,” writes one fintech executive.
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Stripe unbundles services as industry shifts
The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.
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PayPal, Bread brace for late fee cap
Payments and credit card companies are scrambling to soften the blow of an impending $8 cap on credit card late fees.
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Amazon makes a subscription play
The giant digital retailer has created a new payment flow connected to groceries.
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Real-time consumer payments need standards to rise
To make instant payments a reality for consumers, the payments industry must work together to develop a common framework for the transactions, top industry executives say.
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FTC sues Doxo over deceptive ads, junk fees
After the federal agency’s lawsuit landed Thursday, the Seattle bill-pay provider countered the allegations on Friday.
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NRF objects to Visa-Mastercard settlement
The National Retail Federation lashed out at a landmark Visa-Mastercard legal settlement Friday, calling the pact reached with some merchants last month “meager and temporary” relief.
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Fed seeks 8,000 financial institutions for FedNow
About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.
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Jessica Loder/Payments Dive
How Love’s is remaking stores and checkout
The convenience store chain has installed some self-checkout machines to replace employee checkout counters, C-Store Dive said in reporting on the company’s $1 billion renovation program.
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OpinionWhy financial institutions should embrace ISO 20022
Adopting ISO 20022 payment standards can help U.S. banks and credit unions unlock richer data and stay competitive in the global financial marketplace.
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Synapse signs deal with TabaPay, files for bankruptcy
TabaPay set a purchase price of $9.7 million to acquire Synapse's assets — a deal that is pending bankruptcy court approval.
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EWA providers hail new Kansas law
Kansas has joined a pack of states in passing a law backed by earned wage access providers, as regulations for the industry remain a contentious issue.
