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. 

PayPal pursues pricing power

The digital payments pioneer aims to increase pricing for its services to boost profitable growth under a new management team.

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.

Nuvei goes private in stock sale to Advent

The sale of the Canadian payments processor’s stock to the private equity firm will hand some investors a $560 million windfall.

Amazon to drop ‘just walk out’ at some grocery stores

The e-commerce giant will replace the grab-and-go tech with its smart shopping carts in its Amazon Fresh grocery stores, a tech media outlet reported.

Fiserv has ambitious goals for Clover. Can it meet them?

To achieve growth targets, Clover will need to fend off competition from rivals, especially Square, and make headway in new verticals and geographic regions, analysts and consultants said.

How Amex is entangled in the Visa-Mastercard settlement

The settlement gives merchants the ability to surcharge for nearly all Visa and Mastercard credit card transactions, and puts pressure on American Express to allow the same. 

CFPB warns remittance firms about false ads

The agency told international money transfer companies that “deceptive marketing” may run afoul of federal law.

Warren reiterates call for gun MCC guidance

The Massachusetts senator and 32 other Democrats stressed the need for federal guidance on the gun merchant category code as states diverge.

Discover CEO to exit for Ally

Michael G. Rhodes, who took the top post at Discover this year, is leaving to become the next CEO of the bank Ally.

Walmart can end Capital One card tie early, judge says

It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.

CFPB targets ‘bait-and-switch’ card reward programs

Major credit card providers saddle rewards programs with fees and interest, burdening consumers who carry balances, CFPB Director Rohit Chopra said.

NY Assembly bill counters governor on BNPL

A New York assemblymember has introduced a buy now, pay later bill, countering one introduced in the governor’s budget bill.

X lands money licenses in Illinois, New Mexico

The social media platform is now nearly halfway to securing the state licenses needed to fulfill owner Elon Musk’s vision of a nationwide payments app.

Visa, Mastercard reach landmark credit card settlement

The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.

Private plaintiffs follow DOJ’s Apple antitrust case

The follow-on class actions are substantively similar to the federal government’s case, making them dependent on the agency’s lead in breaking the company’s smartphone stranglehold.

DOJ calls Apple card fees ‘significant expense’ for banks

The tech giant’s fees for credit card transactions “cut into funding for features and benefits that banks might otherwise offer smartphone users,” the Department of Justice said in suing the company earlier this month.

Capital One pledges to give Discover’s network a boost

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

JPMorgan seeks embedded payments niches

The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.

How Visa handled ‘BidenCash’ card fraud incident

The card network giant identified 556,000 card accounts that were put at risk as a result of the cybercrime ring BidenCash’s release of data online in December.

Crypto fraud losses rose to $3.9B in 2023, a 53% yoy increase: FBI

SEC enforcement actions against cryptocurrency players were up last year, but the commission is under attack for not issuing new rules for the industry.

Advocates urge transparency in Capital One-Discover review

More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.

Wisconsin passes EWA law as states’ paths diverge

Wisconsin became the third state to pass a law requiring that earned wage access providers be licensed, and leaving the payments unregulated under lending laws.

Digital wallets to overtake debit cards in stores: report

Having already dominated e-commerce transactions, digital wallets are projected to overtake at least one traditional form of payment in stores, according a Thursday report by Worldpay.

ABA, U.S. Postal Services jointly combat check fraud

American Bankers Association and the U.S. Postal Inspection Service are working together to educate postal and banking employees as well as consumers on the rising form of fraud.