The Latest
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CFPB attacks credit card late fees
The Consumer Financial Protection Bureau proposed a new rule that would effectively cap credit card late fees and potentially save Americans $9 billion.
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Zip pauses acquisitions
The Australia-based buy now, pay later provider’s acquisitive days “are behind us, for now,” said CEO Larry Diamond.
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PayPal to cut 7% of its workforce
The digital payments pioneer said it’s cutting 2,000 employees as the company seeks to adapt to a new, more competitive environment.
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Marqeta’s new CEO targets embedded finance
Simon Khalaf, who takes the top job Tuesday, is counting on new embedded offerings to help expand the company’s services for corporate clients.
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Jack Henry earnings grab spotlight
Customer appetite for Jack Henry's services is likely to attract analysts' attention in the upcoming earnings report.
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Marqeta to buy Power Finance
The virtual card company said it would pay $275 million to buy the New York fintech that allows companies to manage their credit card programs.
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Visa gets snarled in probes
The card giant disclosed Friday that the Justice Department demanded more documents in an ongoing antitrust investigation, and the European Commission has opened a separate “preliminary investigation.”
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Deep Dive
Crypto may yet upend payments
Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.
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Visa’s incoming CEO taps new team
Ryan McInerney, who takes over as CEO of the card network giant this week, recently appointed a pack of new leaders.
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Visa, Mastercard, Amex results buoyed by consumer spending
The card companies said that consumer demand, including for travel, remained healthy in the fourth quarter of 2022, though growth moderated.
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FIS sees another director resign
A second director resigned this month from the mega payment processor’s board as it undertakes a comprehensive review of its operations.
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Visa stands by crypto
At the card giant’s annual meeting Tuesday, CEO Al Kelly showed no signs of backing off crypto. He also suggested Visa’s management team may change after he exits as CEO.
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Warren calls for more regulation of crypto
The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.
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DailyPay lands $260M in debt financing
The early wage access provider has been raising capital to fund expansion in the U.S. and internationally.
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Retailer targets Mexican Americans for digital wallet
The largest department store in Mexico is carving out a niche in offering digital and physical debit cards, as well as remittance services, to people sending payments over the border.
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Bluefin, Visa pursue network tokenization
Bluefin is entering a partnership with card network giant Visa as worldwide payment fraud is predicted to rise in the coming years.
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Opinion
Why the Arizona AG opinion on EWA matters
“The Arizona decision is in line with decades of decisions across the country that have found that non-recourse products are not loans,” the Payactiv authors write in this opinion piece.
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Stripe, Amazon ‘deepening’ their tie
Stripe has become “a strategic payments partner” in the U.S., Europe, and Canada for mega retailer Amazon under a renewed agreement.
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Paymentus to accept payments via Green Dot Network
Paymentus is tapping Green Dot’s network to extend the number of locations where it accepts cash bill payments from consumers.
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Big banks to launch digital wallet operated by Zelle parent: report
The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.
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Gemini cut another 10% of staff: report
The crypto exchange has been affected by Genesis' bankruptcy and the FTX contagion.
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Earnings preview: Payments companies face up to 4Q
How economic stress challenged payments companies in the final months of 2022 will be closely watched in upcoming earnings reports.
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International coalition pursues cross-border payments improvements
In a new report, a group of international organizations give a broad overview of routes for improving international payments systems.
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FIS director resigns after appointment last month
An FIS director resigned last week after being appointed to the board in December, and the payments processor appointed two new directors.
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PayPal confirms data breach
Impacted customers were notified of the incident nearly a month after it was discovered. It’s unclear where or how customer account credentials were obtained.