The Latest
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Video game industry preps for oversight
The CFPB report put gaming companies on notice that the long-expected regulatory scrutiny has arrived, according to professionals involved in the industry.
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Codat seeks to topple check fraud with virtual card adoption
JPMorgan Chase is an early user of Codat’s Supplier Enablement product, which launched last week.
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Amex endures slow return of SMB demand
Small and mid-sized businesses were fueling growth for American Express during the COVID-19 era, but not this year. That billed business grew 1% in the first quarter over last year.
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Amazon defends ‘Just Walk Out’ pullback
The retailer’s grab-and-go technology will be targeted to small stores, while its smart carts will be prevalent in grocery stores, the company said this week.
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Accounts receivable automator Versapay taps new CFO
Ed Neumann is joining the AR platform provider as it looks to grow by targeting companies seeking to digitize their older manual systems.
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House committee advances EWA bill
The Republican-backed and industry-friendly bill was passed by the House Financial Services Committee despite pushback from Democratic lawmakers.
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Klarna overhauls credit card features
The Swedish buy now, pay later pioneer revised its approach to credit cards in the U.S. market, ditching a more expensive version it touted two years ago.
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Discover adds $799M to bolster reserves
The card network opted to increase the card misclassification remediation reserve, based in part on discussions with regulators, executives said Thursday.
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CFPB $8 late fee cap edges toward reality
Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.
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Fed keeps up CBDC research
Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.
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CFPB notes ‘growing financialization’ of medical, rental payments
The bureau has received about 15,000 complaints in the last two years concerning medical debt collectors, according to General Counsel Seth Frotman.
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Opinion
CFPB’s new late fee cap charts ‘a better way,’ says Sunbit CEO
“The credit card industry should take a page from innovators, instead of relying on yesterday’s fee models,” argues the CEO of the payment tools provider.
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Steak ‘n Shake installs facial recognition at self-ordering kiosks
The chain first tested the technology that lets customers pay using their face in October, and began deploying it in January.
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FlexWage wins Vermont EWA carve-out
Earned wage access provider FlexWage has received leeway from the Vermont Department of Financial Regulation to operate in the state without a lender or money transmitter license.
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US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
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Q&A
Gen Z clings to new payment tools
Gen Zers will abandon a transaction in one out of two cases if their preferred payment method isn’t available, says an EY payments specialist, citing the firm’s survey results.
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Opinion
Digital wallets must take hold in B2B
“Digital wallets, once primarily associated with consumer transactions, have now firmly established their presence in the B2B realm,” writes an industry manager.
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BNPL users grapple with financial stress: survey
BNPL users, who are having problems with overspending and missed payments, are tapping buy now, pay later services to spread out their cash flow.
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EWA providers seek to steer state legislation
Payactiv, DailyPay and other earned wage access providers teamed up in calling on the governor of Kansas to pass legislation similar to laws recently enacted in three other states.
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Mastercard appoints three C-suite execs
As part of the leadership changes and a corporate realignment, a long-time executive is also leaving the card network company.
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Deep Dive
Why more tech in stores shouldn’t mean fewer workers
Stores can automate more tasks than ever, including pricing, inventory management and checkout. But for theft prevention, customer service and brand engagement, they need humans.
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PayPal’s new CEO lands $42M pay package
The bulk of that compensation stems from a major stock grant handed to Alex Chriss when he took the digital payments company’s top post last year.
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Capital One’s Discover bid tops biggest Q1 tech-related deals
The proposed Capital One-Discover merger made the list because of fintech issues that are at stake in the $35.3 billion deal.
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CFPB, DOJ boost teamwork on cases
The bureau will refer “potentially criminal conduct,” including “anti-competitive mischief,” to the DOJ for action, CFPB Director Rohit Chopra said Monday.
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Visa, Mastercard CEOs throw hearing off track
Senate Judiciary Committee Chairman Dick Durbin postponed a plan to call credit card chieftains on the capitol carpet at a Tuesday hearing, but he’s still aiming to get them to Washington.