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Nuvei pays $4.9M to settle FTC case
The company has agreed to settle a Federal Trade Commission lawsuit that alleged it handled processing for merchants that were engaged in scams.
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Subscription spending climbs
Consumers are splurging more via subscription payments, often for fashion and entertainment, a new Bank of America report says.
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Q&A
Ramp takes on AI expense
The expense-management company has expanded into the nascent field of artificial intelligence routing as companies seek to keep tabs on their AI costs.
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Fiserv explores divestitures
The payments processor, under pressure amid management upheaval and client attrition, told analysts it’s still considering the sale of a debit network.
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Stripe taps new stablecoin executive
The financial tech giant hired a crypto pro to help push payment cards backed by stablecoins.
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TabaPay eyes bank charter
The money movement platform received a $155 million investment to buy Transact Bank so it can offer payments clients banking services.
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Stablecoins lose ground
While the digital currencies have gained some acceptance, there is a growing interest by financial institutions in tokenized deposits as an alternative.
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ACI buys UK payments tech firm
The deal for Cranium Ventures and its cloud-based card-payments technology aims to help ACI expand in card infrastructure.
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Banks undertake stablecoin effort
Goldman Sachs, PNC and Capital One are also among 21 financial institutions partnering on an asset expected to go to market early next year.
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PayPal makes job cuts
The digital payments pioneer turned to cutting back its workforce this week following a May plan, after reportedly bypassing a possible sale.
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How Affirm leverages 0% interest
Inflation is part of what’s prompting consumers to turn to Affirm’s zero-interest buy now, pay later loans, the company’s latest financial results suggest.
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Visa delivers 6M documents to DOJ
The government and the card network will need to complete their pre-trial evidence work by the end of January, a magistrate ruled Friday.
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EWA grows despite legal limbo
Instant Financial and Clair are among the earned wage access companies expanding even as state and federal oversight evolves.
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Illinois seeks to support cash use
A new state law will require retailers to accept cash for most transactions below $500, and fine repeat violators up to $5,000.
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Opinion
Modernizing payments is a must
“Payments modernization is no longer a future aspiration,” writes one bank tech executive. “It has become an operational and strategic imperative.”
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Column
Card fees have staying power
Merchants keep attacking the fees, but the charges keep coming because consumers love swiping their cards.
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Is the nickel nearing a revamp?
It costs 13 cents to produce the five-cent coin. Congress wants the U.S. to explore more cost-effective methods.
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RTP gears up for int’l reach
The Bank of New York and other financial institutions are preparing for a pilot next year that will stretch the real-time payments network across borders.
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Priority Tech buys IntelliPay for up to $15M
The payments company is gaining a new government payments business with its deal for Utah-based IntelliPay.
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Amex’s low fraud rate turns on its closed system
More access to cardholder and merchant data also gives the card network an edge in fraud detection over its rivals.
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Building Block’s Square base
The fintech is expanding its efforts to market local restaurants using its point-of-sale system across Cash App’s user base.
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Walmart adds digital wallet options
The mega-retailer said it will now accept Apple Pay and Google Pay payments, using tap-to-pay with smartwatches, contactless cards and phones.
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Stripe tips toward staying private
The payments giant’s founders told investors that the company’s private structure will help it to be more nimble amid AI shifts.
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The image by Ken Lund is licensed under CC BY-SA 2.0
PayPal, Venmo connect to colleges
The peer-to-peer player and its PayPal parent have forged new ties to higher education institutions, allowing students to make payments with the P2P tool.
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Regulators pursue stablecoin rules
Separate proposals advanced by the SEC and the FASB last week could provide the cryptocurrency sector with regulatory relief as legislation founders.
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