The Latest
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CBDCs offer benefits, risks
Central bank digital currencies, which are being tested around the world, could increase the efficiency of cross-border payments, but there are associated risks, according to a trade group report.
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Discover relaunches debit account
After shelving the debit account last year due to fraud issues, the card company has relaunched the service.
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The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB slaps warning on P2P
The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.
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Dwolla appoints new CFO
The company also appointed two new board members as it seeks to capitalize on rising A2A payments demand.
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Google aims to bulk up wallet
The tech behemoth is adding features that will let consumers stuff more information, such as healthcare insurance credentials and state IDs, into its digital wallet.
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Flywire shops for bigger acquisitions
The payments company is hunting for acquisitions across deal sizes, CEO Mike Massaro said.
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Worldpay taps Affirm for BNPL
The multi-year partnership allows Worldpay’s merchant clients to integrate Affirm’s BNPL options at checkout.
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ACI appoints new CEO
ACI has appointed its interim CEO and one-time board chairman, Thomas Warsop, as its next CEO, after pushing out its former CEO late last year.
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Payments cost-cutting could fuel M&A: investor
Payments companies cutting staff and revamping cost structures could make them a more attractive target for acquirers, a QED Investors partner said.
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FIS CEO sizes up competition
CEO Stephanie Ferris pointed to Adyen as a major Worldpay competitor and talked about losing out on the retail side to Square and Clover.
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Marqeta shuts down Australia operations
The modern card-issuing company is closing its outpost in Australia as part of its cost-cutting campaign.
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Consumers use cash to forget, study shows
New research suggests consumers’ payment method choice can depend on what they’re buying, especially if it’s a guilty-pleasure purchase.
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Debit network players gear up for July
Card network operators Visa, Mastercard and Fiserv are bracing for change in light of the Federal Reserve’s debit routing rule clarification.
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Consumers, businesses gravitate to faster, mobile payments
As electronic payment options become available, consumers and businesses in the U.S. are using them more often, but keeping a wary eye on fraud.
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Deep Dive
Payments fraud climbs as banks reach for joint response
Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.
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Levchin downplays Apple threat
Affirm’s CEO said PayPal, Klarna and Afterpay are more likely to face pressure from Apple’s buy now, pay later move.
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Cash App pursues older, affluent customers
The Block business is seeking older, higher-income users as it pursues diversified growth, CEO Jack Dorsey said.
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Citizens Bank to pay $9M to settle disputed-charge suit
The CFPB said the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.
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Opinion
Give EWA a chance
“It is unclear why critics want to place EWA in the credit silo and call for heavy-handed regulations to restrict access to EWA products,” argues the CEO of the Innovative Payments Association.
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Credit popularity doesn’t displace cash: Fed report
Credit cards were the most used payment method last year in the U.S., but cash demand remains stable, a Fed report showed.
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Venmo to launch teen account
The move is part of PayPal’s plan to lean on Venmo to lure more users.
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Legislators spar over stablecoin proposals
Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.
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NY Fed teams with Singapore on CBDC study
The two central banks tested digital ledger technology for payments across multiple currencies in less than 30 seconds.
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Fed official stresses importance of dollar’s standing
“For the dollar to maintain its status, it is important for U.S. elected officials and other policymakers to make decisions that instill confidence in our economy and institutions,” a New York Fed official said Thursday.
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Bill Holdings discloses ‘material weakness’
Despite that finding, the company noted an independent auditor’s evaluation of the company’s 2022 financial statements “remains unchanged.”