Banking

Square, PayPal mobile wallets attract funds

The payment companies have seen significant increases in the total amount of money stored on their mobile wallets, but individual accounts still hold relatively small sums.

By Lynne Marek • Sept. 24, 2021

Fed won't go it alone on CBDC

At a press conference Wednesday, Federal Reserve Chairman Jerome Powell emphasized the need for the Fed to work with Congress and the Biden Administration in moving ahead on any cental bank digital currency.

By Lynne Marek • Sept. 23, 2021

Mastercard Executive Chairman to exit

Mastercard's long-time leader Ajay Banga will retire at the end of the year, leaving the card company in the hands of new CEO Michael Miebach.

By Lynne Marek • Sept. 22, 2021

Treasury sanctions crypto exchange Suex to thwart ransomware

While more legal measures await international cybercrime, the U.S. government is sending interim messages to ransomware gangs.

By Samantha Schwartz • Sept. 22, 2021

Airwallex raises $200M, targets US expansion

The Australian company's latest fundraising round was led by a U.S.-based venture firm, and it's setting its sights on U.S. expansion too.

By Lynne Marek • Sept. 21, 2021

Payment industry racks up two more deals

The two latest deals continue to move the payments industry toward what is likely to be a record-breaking year in acquisitions.

By Lynne Marek • UPDATED: Sept. 20, 2021 at 9:49 a.m.

U.S. cash payment kiosks rise despite digital age

Cities and utilities are making more use of the kiosks provided by vendors like CityBase to give consumers additional no-fee options for paying bills in cash.

By Lynne Marek • Sept. 17, 2021

BNPL benefits from venture capital haul

Buy now-pay later companies raised a record $1.5 billion in funding last year — a 42% increase over 2019 — across 20 major investments, according to a CB Insights Report.

By Wendy Cole • Sept. 16, 2021

Goldman Sachs to acquire BNPL lender GreenSky for $2.24B

The deal will connect some 10,000 merchants, mainly in the home-improvement category, to Goldman's consumer-banking arm and allow them to use buy now-pay later financing options.

By Robin Bradley • Sept. 15, 2021

PayPal's Peggy Mangot sees vertical neobanks poised for growth

While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, PayPal's venture arm executive said.

By Anna Hrushka • Sept. 14, 2021

Capital One beta-tests BNPL option, marking turnabout

Previously, the bank had barred customers last December from using its credit cards to clear buy-now-pay-later debt.

By Dan Ennis • Sept. 14, 2021

Global Payments kicks off $28B growth agenda

The Atlanta payments processor aims to drive $28 billion into acquisitions and other investments that will scale its business over the next four years.

By Lynne Marek • Sept. 09, 2021

Mastercard to buy CipherTrace crypto security company

Mastercard is buying the six-year-old company to better serve its customers' needs in understanding digital asset risks, thwarting fraud and complying with regulations.

By Lynne Marek • Sept. 09, 2021

PayPal agrees to buy Paidy for $2.7B

The digital payments titan said it's buying the Japanese company to expand its "capabilities, distribution and relevance" in the third-largest e-commerce market in the world.

By Lynne Marek • Sept. 08, 2021

NovoPayment sets sights on US market

NovoPayment expects to land its first venture investment soon, just as it's extending its Latin American-focused financial services software business into the U.S.

By Lynne Marek • Sept. 08, 2021

JPMorgan to buy majority stake in Volkswagen's payments business

"One of the fastest-growing platforms is the connected car marketplace, whereby the car acts like a wallet for purchasing goods, services or subscriptions," a JPMorgan executive said.

By Anna Hrushka • Sept. 08, 2021

Mastercard to buy European open-banking company Aiia

The Mastercard acquisition will allow the big card company to cross-sell digital banking and payment services between its U.S. and European markets.

By Lynne Marek • Sept. 07, 2021

Consumer spending on cards jumped in July, research firm says

The rate of U.S. consumer spending on credit and debit cards surged 21% in July compared to a year ago as Americans welcomed the summer months and a decline in coronavirus cases.

By Wendy Cole • Sept. 02, 2021

Fed finds businesses eager for faster payments

The Federal Reserve said Tuesday that a survey of businesses last year revealed a majority are eager to make use of faster payments, with many ready to do so now. The Fed doesn't plan to launch its real-time system until 2023.

By Lynne Marek • Sept. 01, 2021

Competition for SMB payments clients heats up acquisitions

Some companies are buying up businesses that will help them cater to small and mid-sized clients, while others are getting out of the increasingly competitive arena.

By Lynne Marek • Aug. 31, 2021

Bank regulators issue guidance on partnering with fintechs

Community banks should evaluate fintechs' business experience and financial condition, information security and regulatory compliance, among other things, regulators said Friday.

By Anna Hrushka • Aug. 30, 2021

Amazon taps Affirm for installment financing

As Amazon explores payment options for its worldwide shoppers, it's turning to Affirm to test installment financing.

By Lynne Marek • Aug. 30, 2021

InComm Payments, Doxo to offer cash bill payments in stores

The partnership will stretch services for cash payment of bills to some 60,000 retail locations nationwide.

By Tatiana Walk-Morris • Aug. 27, 2021

Crypto ATMs multiply despite challenges to the currency

The biggest crypto kiosk companies are expanding as the value of bitcoin recovers and more merchants seek a piece of the action.

By Lynne Marek • Aug. 26, 2021

Fiserv strikes up a bevy of new partnerships

Fiserv has new ties to MovoCash, Selecta Group and Venmo that will allow it to keep expanding its digital payment services.

By Lynne Marek • Aug. 24, 2021