The Latest
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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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Sponsored by Pipe
Can embedded finance solve one of payments’ biggest problems?
As crucial as it is to focus on your core business, today’s merchants demand a broader range of services from their providers. Can embedded finance help solve this core competency problem?
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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.
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Fiserv CEO compensation rose last year to $28M
Compensation for Fiserv CEO Frank Bisignano climbed 57% over 2022, as the value of stock awarded to him surged and he received a $3 million cash bonus.
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Tension brews over healthcare payments: JPMorgan
Healthcare consumers are often confused about the bill payment process, while providers grapple with delays and high collection costs, according to a survey by the bank.
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Whole Foods to pull Amazon’s Just Walk Out technology from stores
The specialty grocer, which operates the checkout tech at just two stores, will follow the same path as Amazon Fresh stores in the U.S., a spokesperson confirmed Friday.
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Virtual marketplaces risk real losses: CFPB
Virtual worlds “can become a haven for scams, fraud, financial losses, and unanticipated purchases that can deplete a family’s real-world financial assets,” CFPB Director Rohit Chopra said.
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Opinion
EWA shouldn’t be regulated like loans
“Attempts to regulate EWA as credit threaten worker access to this innovative and consumer-friendly financial tool,” writes one earned wage access industry CEO.
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Amazon debuts app for palm payment
The Amazon One app can be used to enter various locations, identify individuals, pay for items and access loyalty rewards.
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NY Fed enters cross-border tokenization effort
The central bank will join six other central banks in exploring blockchain technology to speed up international payments.
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Treasury Prime, Narmi partner to offer FedNow service
The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.
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Fiserv to let Brazilians use Pix in US
The payments processing giant is providing support to extend the Brazilian instant payments system to merchants and consumers around the world.
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PayPal pursues pricing power
The digital payments pioneer aims to increase pricing for its services to boost profitable growth under a new management team.
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Credit card complaints jumped 38% last year: CFPB
The Consumer Financial Protection Bureau received 70,000 card-related complaints from consumers last year, according to a report last week.