Banking


  • A Capital One sign is seen
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    Joe Raedle / Staff via Getty Images
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    Walmart and Capital One break up

    The retail behemoth and its credit card issuer said in a terse, joint press release Friday that they’re parting ways.

    By May 24, 2024
  • A Person With a Phone Using a Mobile Wallet Application At Workplace
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    Prostock-Studio via Getty Images
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    Businesses boost use of digital wallets: Fed

    Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.

    By Tatiana Walk-Morris • May 24, 2024
  • Money next to hourglass Explore the Trendline
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    busracavus via Getty Images
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    Trendline

    Real-time payments are on the rise

    As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

    By Payments Dive staff
  • Block Head Jack Dorsey testifies during a Senate Intelligence Committee hearing on Capitol Hill.
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    Drew Angerer via Getty Images
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    Cash App aims to add more features

    Block’s Jack Dorsey wants to improve Cash App’s customer service experience in order to entice more users to make it their primary bank, he said this week.

    By May 24, 2024
  • Person taps credit card at payment terminal
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    Mykola Pokhodzhay via Getty Images
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    Opinion

    Let’s avoid legal patchwork for credit card surcharging

    “All parties in the payments ecosystem would benefit greatly from state laws that provide clarity and consistency between jurisdictions,” write two legal professionals.

    By Jonathan Razi and Keturah Taylor • May 23, 2024
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    Courtesy of Mastercard
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    Mastercard CEO outlines int’l ambitions

    Mastercard has set its sights on expanding in China, Japan and elsewhere, Michael Miebach said in spelling out the company’s worldview. Last year, the company drew two-thirds of revenue from outside North America.

    By May 21, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Deep Dive

    Real-time lessons for FedNow from Brazil, India

    The fledgling U.S. instant payments system can learn from real-time systems that have flourished in Brazil and India using QR codes and broad missions, say industry professionals.

    By Christiana Sciaudone • May 21, 2024
  • Amrita Ahuja
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    Permission granted by Block
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    Sorry Cash App, Gen Z still wants bank branches

    Young consumers are open to using the peer-to-peer payments app as their primary bank, but many say they won’t switch because they value having a physical branch. 

    By May 20, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Payments Dive
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    Fed plays crucial role in payments standard-setting

    Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

    By May 20, 2024
  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Opinion

    CFPB should reconsider prepaid rule

    The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

    By Brian Tate • May 17, 2024
  • A photo of the street sign for Wall Street, in front of a row of American flags.
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    hapabapa via Getty Images
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    Brex CFO mulls long-term IPO scenario

    The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.

    By Grace Noto • May 17, 2024
  • International currencies
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    Wara1982 via Getty Images
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    Central banks seek firms for cross-border payment project

    The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.

    By Tatiana Walk-Morris • May 17, 2024
  • exterior of the supreme court
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    Kevin Dietsch via Getty Images
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.

    By Dan Ennis • May 16, 2024
  • Connecticut State Capitol
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    DenisTangneyJr via Getty Images
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    EWA could create wage violations, Connecticut warns

    The warning comes as states and the federal government weigh options for regulating earned wage access products.

    By Kate Tornone • May 16, 2024
  • A corporate headshot of Stephanie Ferris, CEO of payment processor Fidelity National Information Services
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    Courtesy of FIS

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    FIS eyes growth via acquisitions

    Fidelity National Information Services is targeting revenue growth of as much as 4.5% this year as it scans the landscape for “tuck-in” acquisitions following the spin-off of Worldpay.

    By May 16, 2024
  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Fed, OCC to hold meeting on Capital One-Discover deal

    Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

    By May 15, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    Fed bombarded by debit card fee commentary

    The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

    By May 14, 2024
  • 7-Eleven
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    Courtesy of 7-Eleven
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    7-Eleven testing financial services in stores

    The retailer will add terminals to 3,000 of its Speedway locations and test services like cryptocurrency purchases with ATM solution provider FCTI.

    By Jessica Loder • May 14, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB will keep defending late fee cap

    The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

    By May 13, 2024
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    Moon Safari via Getty Images
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    Sponsored by U.S. Bank

    How U.S. Bank Card as a Service (CaaS) can solve B2B payment bottlenecks

    With CaaS, you can reimagine the payment process, offer new payment services and improve the customer or employee experience.

    May 13, 2024
  • CFPB Director Rohit Chopra sitting on a panel next to Secretary of Transportation Pete Buttigieg.
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    Permission granted by James Pothen
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    CFPB, DOT take aim at airline rewards

    The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

    By May 10, 2024
  • People in Beijing relaxing in a park.
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    Kevin Frayer via Getty Images
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    Mastercard joint venture starts operations in China

    The collaboration with a Chinese entity began Wednesday, with processing of cards issued by banks in the country following years of preparations.

    By May 10, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Jack Henry, Visa see escalating FedNow volume

    While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

    By May 9, 2024
  • A young man delivers food down a flight of stairs.
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    M_a_y_a via Getty Images
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    Will EWA payments expand with real-time?

    While some earned wage access providers use real-time payments to make distributions to employees, the big payroll services provider ADP doesn’t see employers gravitating to that option.

    By May 7, 2024
  • The logo for the tech firm "Block" is displayed and reflected in a number of digital screens
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    Leon Neal via Getty Images
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    Block integrates Afterpay with Cash App card

    The test offering provides buy now, pay later financing to a limited number of users of Block’s Cash App debit card for “a small fee.”

    By May 7, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Fed, TCH joust over interoperability

    When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

    By May 7, 2024