The Latest
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FedNow pricing aimed at avoiding market disruption
The Federal Reserve aimed to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a Fed official said Wednesday.
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Walmart removes self-checkout from select stores
The retailer joins Target, Dollar General and other chains in recalibrating a reliance on self-service, and rethinking the whole checkout experience.
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Visa debit card volume growth keeps sliding
The card network behemoth’s latest earnings report showed a contraction in card volume growth during the first three months of the year, and into April.
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Klarna expands reach with Uber partnership
The Swedish BNPL pioneer said it has formed new partnerships with the ride-share company, as well as the travel firm Expedia Group.
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Walmart offers a new BNPL option: report
The fintech One now offers buy now, pay later financing at the store chain, presenting competition for Affirm, which has partnered with the retail giant since 2019.
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Fiserv rises on international, government sales
The processing and payments technology giant is increasingly selling its services abroad, but also benefiting lately from sales to government entities at home.
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Ramp may target US startups this year: report
After successfully raising $150 million in funding, the finance automation platform will have its choice of acquisition targets, according to research firm CB Insights.
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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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Fed courts nonbanks for FedNow growth
The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.
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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.