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Three US cash trends persist, Fed report says

The COVID-19 pandemic led U.S. consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month.

Are restaurant operators eating too many fees?

"I’ve been disappointed to see how the payments industry is constantly looking for ways to profit off of small businesses in sneaky ways," says Copper CEO Dickson Chu.

World Bank forecast for cross-border payments rises

The international bank expects remittances to climb 3.7% to $802 billion this year. That's more than was previously expected and the increase is partly due to the upheaval in Ukraine, the World Bank said.

Deserve taps Goldman for credit facility

With the $250 million credit facility from Goldman Sachs and other backers, the Palo Alto, California-based digital card startup aims to keep financing an expanding clientele.

Fed delivers mixed credit card data

While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.

Jack Henry prowls for acquisitions

The payment technology provider aims to start making acquisitions again this year, the CEO said. While potential targets had been too expensive in recent years, the public market's swoon is creating more options now.

Yellen urges stricter stablecoin regulation amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

VizyPay carves out a niche catering to rural America

Austin Mac Nab, the CEO and cofounder of Waukee, Iowa-based payments processing firm VizyPay, said the company aims to disrupt the payments landscape by catering to small town businesses.

Self-checkout tech maker Mashgin raises $62.5M

The technology company, which currently partners with convenience stores, cafeterias, hospitals and sports arenas, said it will use the investment to build out its team, quicken expansion and scale globally.

Mastercard CEO lands hefty raise

Compensation for Michael Miebach, who was the card company's chief product officer and president before he became CEO last year, climbed 75% to $16.1 million for 2021 after he took Mastercard's top post.

EMVCo invites input on new contactless standard

The firm controlled by the card companies has drafted a new contactless technology standard and it's seeking public comment on the specifications. Their plan is to implement a change by yearend.

Cannabis payments companies focus on compliance, creativity

In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

Digital food orders persist beyond pandemic

"Some in the foodservice industry feared that online ordering would ‘kill restaurants,’ but it’s becoming increasingly clear that these orders have done just the opposite, acting as a lifeline,” a recent Paytronix report says. Digital payments are rising alongside off-site eating.

Stripe-Plaid squabble erupts

When digital payments company Stripe launched a new service this week, it caught fintech Plaid, one of its customers and partners, by surprise, and not in a good way. Plaid's CEO expressed his displeasure in what has become a Twitter drama.

Block 'just getting started' with Afterpay

San Francisco-based Block is focused on expanding buy now-pay later provider Afterpay’s customer base and managing its loss rate, Block executives said during Thursday’s first-quarter earnings call.

DoorDash extends gas card rewards program

The program, which provides drivers 10% cash back on gas purchases on a prepaid Visa card, will now run through August.

Grubhub launches corporate pay card

Employers with a Grubhub Corporate Account can set parameters on when workers can use the pay card or choose to give them a daily or weekly credit to use when ordering from partner restaurants on the delivery marketplace.

Durbin proposes card fee reforms, not legislation

Sen. Dick Durbin pushed for a handful of reforms of credit card fee practices at Wednesday's Senate Judiciary Committee hearing on "excessive swipe fees," but didn't offer plans for new legislation. He also questioned Visa and Mastercard representatives about recent fee increases and took testimony from consumer advocates who slammed the hikes.

Fiserv, Affirm partner on BNPL

Brookfield, Wisconsin-based Fiserv is adding a new buy now-pay later player to its roster. The company said Wednesday that San Francisco-based Affirm will be the first BNPL option integrated into its Carat service, which is directed at larger enterprises.

BNPL players' losses grow as costs soar

Buy now-pay later providers are having to pay a hefty price to keep up with surging consumer demand for their financing services, spending large sums to add new technology and more employees. As a result, their expenses are rising at a much faster rate than their revenue, meaning most of the major players are posting losses despite the BNPL mania.

Congressman calls for increased digital wallet protection

Consumers may "not understand that funds kept in digital wallets or by payment apps may not be insured and protected to the same degree as their bank accounts,” a congressional report says.

Amex CEO snags $28.5M total compensation

Stephen Squeri, CEO of New York-based American Express, received $28.5 million in total compensation for 2021. The vast majority of that pay package came from annual and long-term incentive awards on top of a $1.5 million base salary.

SEC bulks up crypto enforcement unit

To combat scams and fraud in the digital asset space, the federal agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team.

Contractors turn to payment apps to speed billing

Cloud-based and mobile-friendly, fintech solutions are poised to revolutionize how contractors pay and get paid.

Toast checks into hotels

Restaurant software company Toast on Tuesday announced its move into the hotel market with Toast for Hotel Restaurants, which it says will provide tools to streamline operations, increase revenue and process room charges directly from its suite of features.