Fees, interest charges rise to $347B: report

Fees and interest incurred on financial services, including credit cards, rose 14% last year, the Financial Health Network reported.

By Tatiana Walk-Morris • June 23, 2023

B2B must embrace digital payments

“B2B organizations have been slow to adapt to the changing demands and expectations of Gen Z,” writes a payments company vice president. “This is a huge mistake, and it can cost them dearly in the long run.”

By Justin Main • June 22, 2023

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Payments industry seeks to keep pace with fraudsters

As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

By Payments Dive staff

US servicemembers ensnared by digital payment app scams

Servicemember complaints about digital payment apps surged last year, according to a CFPB report, which also highlighted military families’ susceptibility to payments fraud.

By Lynne Marek • June 22, 2023

Visa hires CFO replacement

Card giant Visa has selected Chris Suh as its new chief financial officer. Suh, formerly at gaming company Electronic Arts and tech titan Microsoft, will receive a $3 million signing bonus and $20 million in longer-term compensation.

By Lynne Marek • June 20, 2023

Shell updates payment technology

The technology from Gilbarco Veeder-Root will update payment touchpoints at 13,000 of the fuel company’s U.S. pump locations. 

By Jessica Loder • June 20, 2023

Will Nevada’s law prod the CFPB on EWA?

Nevada’s new law on earned wage access increases the importance of hearing more from the Consumer Financial Protection Bureau about its view of the growing on-demand pay trend.

By Lynne Marek • June 20, 2023

Fraud losses to surpass $40B by 2027: report

One in five consumers worldwide have been victims of payment fraud in the past four years, according to an ACI report.

By Tatiana Walk-Morris • June 16, 2023

Nevada governor signs first state EWA law

Backers of the law establishing a licensing process for earned wage access providers operating in the state say it’s the first of its kind in the U.S.

By Lynne Marek • June 16, 2023

Visa launches fintech accelerator in Africa

The program is part of Visa’s effort to invest $1 billion in the continent’s digital transformation over five years.

By James Pothen • June 14, 2023

CFPB to hover as open banking evolves

The agency is eager to encourage open banking in the U.S., with plans for a rule proposal and oversight of standard-setting in the evolving arena.

By Lynne Marek • June 14, 2023

Banks too slow to address P2P payment scams, CFPB’s Chopra says

“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.

By Anna Hrushka • June 14, 2023

Global Payments mulls price increases

Global Payments CEO Cameron Bready called the payment services pricing environment “favorable” in light of increases rivals have made.

By Caitlin Mullen • June 14, 2023

Get ready for FedNow

“In the U.S., we never kill payment systems,” writes Modern Treasury cofounder Sam Aarons. “People still write paper checks. But the future of money, especially inside larger enterprises, is instant payments.”

By Sam Aarons • June 13, 2023

Paysend picks Amex alum for Americas CFO seat

The London-based cross-border payments company has tapped a Miami-based financial services veteran to help drive its expansion into the U.S.  

By Maura Webber Sadovi • June 12, 2023

FIS acquires Bond: reports

FIS has acquired Bond, according to two news outlet reports, including one backed by an internal company memo.

By Lynne Marek • June 12, 2023

Block’s Ahuja chases bitcoin users for Cash App

The digital payments company believes bitcoin “has the potential to transform the global transmission of money,” Block CFO Amrita Ahuja said Thursday.

By Suman Bhattacharyya • June 9, 2023

Affirm CFO acknowledges ‘difficult environment’

Bank failures and macroeconomic challenges have made capital markets challenging to navigate, Affirm CFO Michael Linford said. 

By Caitlin Mullen • June 9, 2023

Visa, Mastercard split on open banking

The two big U.S. card companies have diverging views on prospects for open banking. Will it make a difference in their rivalry?

By Lynne Marek • June 8, 2023

Capital One buys Velocity Black

Acquiring the travel, entertainment and shopping concierge service may advance the bank’s interest in having customers use credit card points.

By Rajashree Chakravarty • June 8, 2023

Fed, FDIC, OCC update guidance on third-party risk management

The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.

By Anna Hrushka • June 8, 2023

Republicans take lead on card bill

Republicans planned to host a press conference for a revived Credit Card Competition Act bill. The legislation’s champion, Sen. Dick Durbin, didn't plan to attend.

By Lynne Marek • June 7, 2023

Cross-border payments startup Keeta snags $17M

Former Google CEO Eric Schmidt is among the investors in Keeta, which enters a competitive cross-border market.

By Tatiana Walk-Morris • June 7, 2023

Opponents of CCCA brace for reintroduction

Detractors of the Credit Card Competition Act proposal that failed last year are preparing for a reintroduction of similar legislation in Congress, as soon as this week.

By Lynne Marek • June 6, 2023

Worldpay turns to Volt for A2A payments

A new tie-up between the companies will allow Worldpay’s merchant clients to tap bank-based payments from consumers.

By Caitlin Mullen • June 6, 2023

Nevada passes EWA legislation

Nevada this past weekend became one of the few states to pass legislation directed at policing the expanding earned wage access industry.

By Lynne Marek • June 5, 2023