New Fed official speaks to payments, crypto and FedNow

Here are 10 takeaways from the Fed's new head of supervision, on everything from payments to crypto to FedNow.

By Dan Ennis • Sept. 8, 2022

Basic income pilots gain momentum across US cities

At least a dozen U.S. cities have implemented unconditional direct cash payment programs over the past year, as advocates seek to build evidence and experts debate the most effective structures.

By Gaby Galvin • Sept. 8, 2022

Explore the Trendline➔

Digital wallets proliferate as features advance

As more companies aim to offer digital wallets the rise in competition is sharpening their features.  

By Payments Dive staff

Mesh Payments raises $60M

The payments company hopes to gain more business-to-business payments market share as the demand for expense management services rises.

By Tatiana Walk-Morris • Sept. 8, 2022

Visa, Mastercard face cross-border fee questions in U.K.

The U.S. card giants are taking a stand in defense of their services for cross-border transactions as U.K.’s parliament and regulators scrutinize higher fees.

By Lynne Marek • Sept. 7, 2022

Strange bedfellows question CBDC

The Fed has an uphill effort ahead in pursuing a central bank digital currency, as evidenced by extensive skepticism from two disparate groups.

By Lynne Marek • Sept. 6, 2022

Consumers need credit card reform

“It's not just merchants at the mercy of the oligopoly,” writes Ed Mierzwinski, a senior director at the Public Interest Research Group. “Consumers all pay more at the store and more at the pump.”

By Ed Mierzwinski • Sept. 2, 2022

Go slow on a CBDC, Nacha says

The biggest payment system in the U.S. recommends limited implementation of a central bank digital currency if the Federal Reserve pursues that digital dollar.

By Lynne Marek • Sept. 2, 2022

Credit card interest rates reach record

With the Federal Reserve pushing up interest rates to calm inflation, the average credit card interest rate is climbing, too, reaching a two-decade-plus record in August.

By Lynne Marek • Sept. 2, 2022

Who’s afraid of FedNow? Not Visa

Visa's CFO on Wednesday brushed off any concerns about the threat of new competition from FedNow, or any other real-time payments system.

By Lynne Marek • Sept. 1, 2022

U.S. adults using mostly cash drops sharply

Affluence and age significantly affect whether people choose to use cash for purchases, according to the latest Gallup poll on cash use in the U.S.

By Debbie Carlson • Aug. 31, 2022

Digital wallets dig in

Continued adoption of digital wallets is likely to depend on the services that providers add, said Charlotte Principato, a financial services analyst for polling firm Morning Consult.

By Caitlin Mullen • Aug. 30, 2022

FedNow aims for September testing

FedNow, an effort by the Federal Reserve Banks to speed up and modernize the U.S. payments system, is expected to launch as early as next May.

By Lynne Marek • Aug. 30, 2022

Banks push back against CBDC

The nation’s biggest bank and bank trade groups stressed the risks of creating a central bank digital currency in comments to the Fed, and largely rejected the idea that a digital dollar would accomplish stated goals.

By Lynne Marek • Aug. 29, 2022

Affirm scans landscape for acquisitions

With plenty of cash on hand, Affirm CEO Max Levchin considers acquisitions as one of many routes for the buy now-pay later company to continue its growth.

By Lynne Marek • Aug. 26, 2022

Big payments companies poke at CBDC

Mastercard, PayPal, Fiserv and Stripe gave the Federal Reserve feedback on a central bank digital currency, pointing out key requirements and cautioning about the outcome.

By Lynne Marek • Aug. 25, 2022

Rho woos clients in bid to fill Brex’s small-biz void

The business banking startup added an automated expense-management tool for its middle-market clients as the company angles to snatch its share of Brex's former clients.

By Suman Bhattacharyya • Aug. 25, 2022

Google Wallet seeps into six more countries

The tech giant extended its payment services to more nations as competition with Samsung Pay and Apple Pay intensifies.

By Tatiana Walk-Morris • Aug. 25, 2022

CFPB seeks more credit card transparency

The Consumer Financial Protection Bureau is considering requiring top credit card issuers to share more information on their products to increase transparency for consumers.

By Caitlin Mullen • Aug. 24, 2022

Bill.com revenue leaps

Bill.com’s fiscal fourth-quarter and annual revenue more than doubled as the company scooped up more mid-size and small business customers.

By Lynne Marek • Aug. 24, 2022

DailyPay releases card with Visa

The earned wage access provider introduced the new debit card after major changes in leadership earlier this year.

By Tatiana Walk-Morris • Aug. 23, 2022

CFPB spotlights payments risks

The Consumer Financial Protection Bureau is “carefully monitoring” payments innovations and risks they pose to consumers, the agency said in a report.

By Caitlin Mullen • Aug. 22, 2022

Jack Henry expects lower margin expansion

Higher costs, and less revenue from merger and acquisition activity, are crimping the outlook for profit margin expansion at Jack Henry & Associates.

By Lynne Marek • Aug. 22, 2022

Grubhub offers BofA cardholders loyalty program perk

The delivery company is working with outside companies to expand its reach by offering limited free membership in its GrubHub+ loyalty program.

By Julie Littman • Aug. 19, 2022

Payments fundraising slows down in Q2: PitchBook

Point-of-sale, payroll, accounts payable and accounts receivable startups are leading the way in funding for payments startups, according to PitchBook.

By Tatiana Walk-Morris • Aug. 19, 2022

FedNow to launch by mid-2023, Fed official says

The federal government’s new real-time payments system should be ready for use by the middle of next year, Fed Governor Michelle Bowman said in a speech this week.

By Lynne Marek • Aug. 19, 2022