Scams ensnare even sophisticated consumers, Fed says

Criminals leverage advanced technology to make so-called mule accounts that pass as humans and persuade consumers to send money to scammers, a Kansas City Fed paper says.

By Patrick Cooley • Nov. 18, 2024

State interchange fee legislation makes meager progress

As Illinois fights to preserve its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with similar legislative proposals.

By Lynne Marek • Nov. 18, 2024

Explore the Trendline➔

Top 5 stories from Payments Dive

Dominant card networks, legacy payments processors and young fintechs are all jockeying to keep up with industry innovations and increased competition.

By Payments Dive staff

Payments players should embrace digital currencies

“Emerging currencies, digital assets, and even next-generation fiat options could be integrated thoughtfully, allowing companies to access new markets,” writes one industry chief revenue officer.

By Ryan Miller • Nov. 15, 2024

Durbin gives credit card bill another Senate push

Senate Democrat Dick Durbin is intent on pursuing the Credit Card Competition Act, and perhaps preserving his political future.

By Lynne Marek • Nov. 14, 2024

Shift4 CEO bets on crypto and Trump

The payment processor’s CEO, Jared Isaacman, plans to plunge ahead with a recent crypto initiative, wagering that President-elect Trump will give a boost to the effort.

By Patrick Cooley • Nov. 14, 2024

Private sector merits ‘significant’ payments footprint, Waller says

The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board member Christopher Waller said Tuesday.

By Tatiana Walk-Morris • Nov. 13, 2024

Klarna files for IPO

The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.

By Patrick Cooley • Nov. 13, 2024

Open banking to move toward FDX standard

Industry collaboration on open banking is likely to move forward, with or without the CFPB’s recent final 1033 rule, one Jack Henry executive said.

By Lynne Marek • Nov. 11, 2024

How Trump’s administration may rework payments policies

The president-elect and his new administration will have the opportunity to revamp federal government approaches for everything from earned wage access to digital currencies to open banking.

By Lynne Marek and Patrick Cooley • Nov. 7, 2024

FTC sues fintech Dave over marketing, fees

The Federal Trade Commission filed a complaint Tuesday alleging the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

By Rajashree Chakravarty • Nov. 7, 2024

Cross River drops lawsuit against Fiserv unit

The Fort Lee, New Jersey-based lender dismissed a lawsuit that it had filed against First Data Merchant Services last year. 

By Rajashree Chakravarty • Nov. 7, 2024

DOJ’s Visa suit is unfounded

The government acknowledges payment volumes are rising, in part because of fintech growth. This competition wouldn’t be happening if a single entity, like Visa, controlled the ecosystem.

By Aurelien Portuese • Nov. 5, 2024

Fed aims to make instant payments the norm

“It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at a major industry conference.

By Lynne Marek and Patrick Cooley • Nov. 5, 2024

DOJ’s Visa lawsuit could affect Capital One-Discover review

If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.

By Caitlin Mullen • Nov. 5, 2024

Stablecoins face obstacles to widespread adoption

The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.

By Patrick Cooley • Nov. 4, 2024

Is the FTC targeting chargeback service providers?

“For better or for worse, applying pressure to payments organizations to ferret out bad-merchant actors seems to be an effective way for the FTC to make private industry police the merchant marketplace,” writes an industry lawyer.

By Edward A. Marshall • Nov. 1, 2024

AI increases fraud risk, fintechs say

Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.

By Patrick Cooley • Oct. 31, 2024

Visa CEO stands fast against DOJ

Visa CEO Ryan McInerney took a defiant stance Tuesday regarding the Justice Department’s lawsuit against the card network company.

By Lynne Marek • Oct. 30, 2024

Fiserv CEO dishes on making mergers work

In addition to pulling back the curtain on integrating Fiserv acquisitions, Frank Bisignano offered predictions on plastic cards and AI at a conference Monday.

By Patrick Cooley • Oct. 30, 2024

How open banking will shape the future of payments

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

By Patrick Cooley • Oct. 29, 2024

Cable TV, advertisers ask appeals court to block FTC ‘click-to-cancel’ rule

The companies call the new regulation arbitrary and capricious, carrying a presumption that subscription services are deceptive.

By Justin Bachman • Oct. 28, 2024

Chopra defends CFPB open banking rule in face of lawsuit

Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d even read it.

By Patrick Cooley • Oct. 28, 2024

Illinois should abandon interchange law

“Illinois has made a hasty decision that, if implemented, would have government change our payments system that functions so well that we barely notice it,” writes a trade group CEO.

By Jodie Kelley • Oct. 25, 2024

Capital One-Discover deal draws NY scrutiny

New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could be negatively impacted.

By Caitlin Mullen • Oct. 25, 2024

Industry balks at FDX standard-setting monopoly

Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.

By Patrick Cooley • Oct. 24, 2024