Payments firms battle for talent

Hiring and retention are a top challenge for payments companies right now. Here’s what they’re doing to stand out from the crowd and win talent.

By Caitlin Mullen • March 23, 2022

Fiserv, MX team up on open-banking effort

A partnership between Brookfield, Wisconsin-based payments giant Fiserv and fintech MX Technologies aims to expand their offerings for consumers eager to share data across service providers.

By Caitlin Mullen • March 22, 2022

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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

3 ways banking and finance could blur in 2022

New relationships have taken root in the space between banks and other financial service providers, writes Fabrizio Burlando, executive vice president of consulting at Mastercard.

By Fabrizio Burlando • March 21, 2022

Consumer group US PIRG seeks BNPL crackdown

A report this month from the organization outlines a litany of complaints about buy now-pay later, such as hidden fees, and suggests the industry is trying to evade consumer protection laws.

By Jonathan Berr • March 21, 2022

Ramp raises $750M to fuel growth

New York-based corporate spend management platform Ramp said today it's raised $200 million in equity and $550 million in debt financing, bringing its valuation to $8.1 billion.

By Caitlin Mullen • March 21, 2022

Payments industry makes a tempting target for hackers

The industry might not be experiencing a major uptick in cyberattacks as a result of Russia's war on Ukraine, but that doesn't mean it shouldn't be on high alert, cybersecurity professionals say.

By Jonathan Berr , Caitlin Mullen , Lynne Marek • March 18, 2022

Merchants lose North Dakota debit fee case

Merchant trade groups that sued the Federal Reserve Board in federal court last year over what they alleged was the central bank's failure to keep debit card fees in check had their case dismissed this week. They said they'll appeal the ruling.

By Lynne Marek • March 18, 2022

Fewer taxpayers plan to pay the IRS by check

The share of consumers planning to use mobile phones to pay their taxes increased over last year, while the portion preferring to pay by check declined, according to a survey from payments firm ACI Worldwide.

By Caitlin Mullen • March 17, 2022

How does Gen Z feel about credit cards? It's complicated.

Each generation has approached credit differently; Gen Z is no exception. As they turn toward credit cards, industry analysts say these consumers are likely to keep card companies on their toes.

By Caitlin Mullen • March 16, 2022

Moving big money is about to get faster

In the next few weeks, the two U.S. automated payments systems are set to increase the speed with which $1 million can be sent between two parties.

By Lynne Marek • March 16, 2022

Russia pivots to UnionPay for payments alternative

With Russia shut out of U.S. and EU payment infrastructures, the country is pivoting to alternatives such as China's UnionPay card system and other channels that may take its trade and commerce through China.

By Jonathan Berr • March 11, 2022

Walgreens joins PayNearMe bill pay network

Consumers seeking another nearby location to make bill payments in cash can now turn to about 9,000 Walgreens store locations as a result of the new tie-up.

By Lynne Marek • March 10, 2022

White House lays out digital asset priorities

The White House said Pres. Biden will deliver an executive order today explaining how the U.S. government will approach digital assets, laying out priorities for protecting U.S. consumers and businesses; ensuring a stable global financial system; and promoting American leadership in the use of the emerging technology. 

By Lynne Marek • March 9, 2022

Visa races to rescue employees from Ukraine

When Visa CEO Al Kelly got a message at church that Ukrainian President Volodymyr Zelenskyy was trying to reach him, "that was the initial sign to me about the pressure we would feel," he said. Aside from implementing sanctions, the card giant has been in a race to move employees out of Ukraine.

By Lynne Marek • March 9, 2022

Visa, Mastercard and PayPal suspend operations in Russia

The payments giants all separately cut off use of their services in Russia, citing that country's invasion of Ukraine. "This war and the ongoing threat to peace and stability demand we respond in line with our values," Visa CEO Al Kelly said in a Saturday statement.

By Lynne Marek • March 7, 2022

Visa reportedly plans to cut some credit card fees

The U.S. card giant plans to cut the credit card fees it charges smaller merchants, according to a report Thursday. The company didn't respond to requests for comment on previously planned April increases that could affect other merchants.

By Lynne Marek • March 4, 2022

EU to restrict 7 Russian banks from Swift

The sanctions reportedly won't include Sberbank, which said Wednesday it would pull out of the European market. The Single Resolution Board is liquidating the lender's Austria-based unit while units in other European countries have been sold.

By Dan Ennis • March 2, 2022

Visa follows Mastercard in disclosing potential impact from Russia-Ukraine conflict

Visa disclosed Wednesday that Russia and Ukraine made up 5% of its 2021 revenue. Mastercard earlier in the week called Russia and Ukraine "important contributors" to its business and said sanctions triggered by Russia's invasion of Ukraine could impact 6% of its revenue.

By Lynne Marek • March 2, 2022

Visa, Mastercard block Russian banks from network

The card giants said they've disconnected Russian banks from their international payment networks to comply with the slew of sanctions being imposed on Russia after its invasion of Ukraine.

By Jonathan Berr • March 1, 2022

FTC report shows consumer fraud losses jumped last year

Consumers lost a whopping $5.9 billion to fraud in 2021, with bank payments and cryptocurrency transactions generating the highest losses, the government report said.

By Caitlin Mullen • March 1, 2022

Zip to buy Sezzle in bid for US expansion

The Australian buy now-pay later company agreed to buy Minneapolis-based Sezzle as it seeks scale in the U.S. and positions itself to take on larger competitors such as Block's Afterpay. 

By Lynne Marek • Feb. 28, 2022

G-7 nations impose limited Swift sanctions

Japan on Sunday joined a coalition of six nations and the European Union in imposing Swift money transfer system sanctions on a limited number of Russian banks.    

By Jonathan Berr , Dan Ennis • Updated Feb. 27, 2022

Block defends higher marketing spending

Having added products focused on taxes and families, Cash App’s rising profitability “is what we’re investing behind here," Block CFO Amrita Ahuja said during a company earnings call last week.

By Caitlin Mullen • Feb. 25, 2022

US banks brace for stricter sanctions against Russia

The Russian banks the U.S. targeted Tuesday account for only 5% of the country's total bank assets. But penalties aimed at larger banks of greater systemic importance may be in the offing.

By Robin Bradley • Feb. 25, 2022

Payment companies mainly skirt Russia-Ukraine impact

Payments industry executives likely aren't worrying too much about Russia's invasion of Ukraine, based on the amount of revenue coming from the region, at least not yet.

By Jonathan Berr • Feb. 25, 2022