The Latest
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States split over gun merchant category code
California passed a law last week forcing use of a gun merchant code, but other states have done the opposite. Now, maybe Congress will act.
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One-fifth of consumers consider BNPL to stretch holiday budgets: survey
Millennials are the most willing age group to consider BNPL to manage holiday spending amid rising prices, according to a Square and Afterpay report.
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Supreme Court to consider debit fee case
The U.S. Supreme Court agreed to hear the petition of a North Dakota merchant group that sued over the Federal Reserve Board’s calculation of a debit fee cap.
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Discover, FDIC reach consent agreement
The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.
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Global Payments tops Worldpay debt rating
Global Payments landed a better mark from debt rating agency Fitch than did Worldpay in recent reports. That may matter as they pursue acquisitions.
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Q&A
How Blackhawk Network quit PVC cards
“There's a huge, huge upside” for the environment every time a gift card is made from paper instead of PVC plastic, Blackhawk Network Senior Vice President Cara Renfroe said in an interview.
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Jack Dorsey faces full Square agenda
The billionaire co-founder is likely to focus on large clients, sales strategy and IT issues after he takes over the Block merchant unit next week, analysts predicted.
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Keeping track of multiple BNPL loans? There’s an app for that.
Cushion CEO Paul Kesserwani felt overwhelmed when he tried to keep track of several BNPL loans at once, so he shifted his fintech’s focus to help others in the same boat.
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Modern Treasury CEO targets bigger customers
The digital payment services company brought on a chief revenue officer last year to better serve larger companies, according to CEO Dimitri Dadiomov.
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Deluxe to offer direct-biller payment services
Though checks have been vital to its business, the company is venturing further into digital payments, with an assist from Aliaswire.
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FTC lawsuit knocks Amazon on payments play
The FTC alleged in a lawsuit filed Tuesday against the online retail juggernaut that it maintained a monopoly partly through its checkout process.
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Retrieved from Matt Navarra/Twitter on September 28, 2023Column
TikTok moves to add ‘in-app’ wallet
The social media app has taken another step toward providing in-app commerce and payments, but may face regulatory resistance.
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Chase to ban crypto payments for UK customers
“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.
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Retrieved from Business Wire on September 27, 2023
Square adds merchant tools
Block’s merchant business, facing stiffer competition in the point-of-sale space, has added about a dozen new features for its sellers.
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Column
Social apps face challenges in implementing shopping tools
Facilitating digital payments would be a big win for social apps, but regulators are less enthused.
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BNPL users ‘financially fragile,’ NY Fed says
Consumers using BNPL have lower credit scores, have been delinquent on a loan or have been rejected for a credit application over the past year, New York Fed researchers said.
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Andreessen Horowitz pushes cross-border payment improvements
While money is much older than software, it’s still more difficult to move payments around the world, the venture capital firm said in a recent report advocating cross-border improvements.
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Opinion
Is FedNow pivotal for payments or overhyped?
FedNow won’t fill the gap between the U.S. and other countries in payments innovation, writes one fintech CEO.
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Retrieved from Wawa press release.
Wawa’s $10.7M data breach lawsuit against Mastercard thrown out
The convenience retailer accused the card network company of breach of contract and unfair practices stemming from its 2019 malware attack.
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Payments processing can get complicated. Here’s a primer.
How many companies does it take to process a credit card payment?
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Congressional committee passes bill to thwart CBDC
The House Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.
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Mastercard fires back at Durbin in letter
The CCCA would “remove consumer choice, erode security, eliminate rewards, and dramatically prevent small businesses from investing in their future,” Mastercard said in a letter.
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Biden administration seeks to erase medical debt from credit reports
In kicking off a medical debt rulemaking process, the CFPB aims to address the "tremendous burden" of medical debt, Vice President Kamala Harris said Thursday.
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Retrieved from Piqsels.
Holiday spending to increase 3.7%: Mastercard
Consumer outlays for electronics and at restaurants are expected to boost expenditures this year, according to the card network.
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Varo aims to displace Venmo, Cash App volume with P2P feature
The bank has launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.