The Latest

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  ClassWallet draws $95M in funding

  The company raised the money after government agencies and school districts lined up for its digital payments and fund management services.

  Banking

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  Q&A

  BNPL risks raise questions for Consumer Reports

  BNPL’s ubiquity and growing use for everyday purchases should grab regulators’ attention, said Consumer Reports’s senior policy counsel.

  Retail

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  Bill to compete with Intuit after partnership ends

  “Intuit has decided to compete on payments rather than partner,” Bill CEO Rene Lacerte told analysts Thursday.

  Technology

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  EWA advocates push back on Maryland guidance

  At least one earned wage access advocate is pushing back on Maryland’s recent guidance that labels some on-demand wage offerings as loans.

  Banking

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  Discover ‘acting with urgency’ on Hochschild replacement

  Interim CEO John Owen also said the company has hired about 200 compliance officers in recent months as Discover bolsters regulatory and risk management efforts.

  Banking

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  Jack Henry & Associates trims workforce

  The bank payment and technology services provider has offered an early retirement program that it expects to pare 160 employees.

  Banking

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  Sociable: Behind Musk’s X app payments vision

  Elon Musk wants you to use his X app for all types of banking and payments. That will require a leap of faith from consumers.

  Banking

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  Splitit draws $50M investment, plans ASX delisting

  The installment payments company is going private after signing an agreement with Motive Partners for a $50 million investment.

  Retail

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  Consumer spending rose 4% in July: Fiserv

  The retail sector drove overall card spending growth, but average ticket sizes have dipped due to declining inflation, Fiserv said in its latest consumer spending report.

  Retail

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  Can PayPal’s incoming CEO jump-start profitable growth?

  The new leader may benefit the digital payments pioneer by focusing on small and mid-sized clients.

  Retail

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  Amazon expands BNPL offering

  E-commerce giant Amazon is leveraging its Visa credit cards to offer buy now, pay later financing at retailers using the Amazon Pay checkout button.

  Retail

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  Maverik accepting Comdata fleet cards

  The western convenience store retailer’s pact with Fleetcor is aimed at encouraging professional drivers to use its pumps.

  Retail

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  Zelle parent hires new CEO

  Early Warning Services appointed a new CEO just as it's rolling out a new digital wallet and facing scrutiny from lawmakers and regulators.

  Banking

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  Discover CEO Roger Hochschild resigns

  The card issuer, facing an FDIC probe, appointed board member John B. Owen as interim CEO and president, effective Monday.

  Banking

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  PayPal names Intuit exec as CEO

  Long-time Intuit executive Alex Chriss will lead the digital payments pioneer and join its board, as Dan Schulman steps down and plans to leave the board next year.

  Banking

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  Ampm opens autonomous convenience store in San Francisco stadium

  The store uses AiFi and Verizon Business technology to power a frictionless shopping experience where customers swipe a credit card at the entrance, grab their items and leave.

  Retail

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  Splitit targets areas BNPL rivals have ‘underserved’: CEO

  The installment payments company aims to more than double its B2B merchant sales volume by mid-next year, CEO Nandan Sheth said.

  Retail

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  PayPal exec to exit next year

  Jonathan Auerbach, PayPal’s chief strategy, growth and data officer, will step into an advisory role at the end of this year before departing the company in 2024.

  Technology

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  Opinion

  Why the ‘click-to-cancel’ amendment makes sense

  “This proposal reflects the growing consumer demand for an easier subscription cancellation process,” writes a payments industry CEO. “However, this isn’t only in the interests of consumers.”

  Retail

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  T-Mobile, AT&T follow Verizon on discouraging credit cards for bill-pay

  The telecom carriers are incentivizing customers to use their debit cards or bank accounts, as opposed to credit cards, in automatic bill-pay programs.

  Banking

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  Toast CEO: Lessons learned from fee flub

  “We learned a lot from this,” Toast CEO Chris Comparato said. “And there’s more questions we’re going to ask ourselves internally when we execute these types of pricing changes or structural changes moving forward.”

  Restaurants

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  Discover finds tech upskilling model in Chicago hub

  The card issuer looks at the Chatham call center and technology hub as a model for site selections, hiring procedures, customer service experience and community development.

  Banking

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  Flywire CFO to step down

  The company and CFO Mike Ellis “have come to a mutual understanding that the next phase of growth for Flywire needs new leadership in the Finance, Global Treasury & Public Markets area,” a spokesperson said of Ellis’s exit.

  Banking

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  New Fed unit to supervise crypto, nonbank partnerships

  The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.

  Banking

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  Marqeta lands Block contract extension

  Fintech Marqeta extended its contract to provide services for Block’s Cash App card through 2027, although at a lower price.

  Retail

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