Deluxe payments business to overtake check-printing

The company is “transforming from a legacy check-printing company to a payments and data company," CEO Barry McCarthy said.

By Jonathan Berr • July 21, 2022

BNPL will evolve as providers tweak the model

“Challengers frequently believe BNPL 1.0 is what it is, and will not evolve,” writes Brian Shniderman, CEO of Opy, a U.S. subsidiary of Australian payments fintech Openpay. “But it can, and very recently, it has proven that it will.”

By Brian Shniderman • July 20, 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

Feds crack down on improper payments

A federal government report released this week takes aim at the problem of fraudulent public benefit payments, which mushroomed to $281 billion for fiscal year 2021.

By Lynne Marek • July 20, 2022

ClassWallet signs string of new state contracts

Demand for ClassWallet’s education digital payments tools increased during the coronavirus pandemic, and that rise has continued this year in the company’s signing of new state contracts. 

By Jonathan Berr • July 19, 2022

Modern Treasury expands on demand, readies for FedNow

The company has more than doubled its headcount over the past year to meet demand for its payments software from clients like Marqeta and Gusto. Now, it plans more expansion for real-time services. 

By Jonathan Berr • July 18, 2022

CFPB's Chopra reminds payments players they're in his sights

In a blog post this week, the director reiterated that payments processors, credit card issuers and debt collectors are attracting scrutiny from his agency.

By Lynne Marek • July 14, 2022

FedNow chases real-time payments front-runners

The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.

By Lynne Marek • July 14, 2022

Venture dollars for fintech drop, again

Fintech companies raised $20.4 billion over 1,225 deals in the quarter, the lowest number of deals and funding since the fourth quarter of 2020.

By Jonathan Berr • July 13, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars of value in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Mastercard reports consumer spending increase despite inflation

In-store spending in June rose 11.7% over last year while e-commerce sales grew at a slower 1.1% pace, excluding auto and gas expenditures, according to Mastercard.

By Jonathan Berr • July 11, 2022

LeafLink, Bespoke Financial push cannabis payments

LeafLink and Bespoke are building up their business in cannabis payments as their CEOs count on a rebound in prices for reefer.

By Jonathan Berr • July 8, 2022

Walmart lashes back at FTC over money-transfer lawsuit

In a fiery rebuttal to the Federal Trade Commission lawsuit last week, the nation’s biggest retailer is already doing battle in the court of public opinion.

By Lynne Marek • July 6, 2022

Don't abandon stablecoins over Terra, CFO says

Fintechs and financial services players will "be the driver of innovations and regulations that enable stablecoins, crypto and other digital assets to scale," argues Metallicus Chief Financial Officer Irina Berkon.

By Irina Berkon • July 6, 2022

Payactiv jettisons some fees in wake of CFPB move

The earned wage access provider said that it was eliminating some fees just as the federal agency decided to remove a prior order giving the company leeway under certain laws. 

By Jonathan Berr • July 5, 2022

Meta to shutter Novi digital currency project Sept. 1

The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

By Dan Ennis • July 5, 2022

CFPB terminates Payactiv's sandbox protection

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

By Dan Ennis • July 1, 2022

Congress takes on 'bro culture' in fintech

A congressional task force this week heard from fintech founders and venture capitalists about persistent inequities in funding for female- and minority-founded startups.

By Lynne Marek • July 1, 2022

CFPB strikes at debt collector fees

In the federal agency's crusade against “junk fees," debt collectors’ fees for certain payments are now in its sights.

By Jonathan Berr • June 30, 2022

There's cheaper gas if you pay with cash

About a third of convenience stores are now giving a discount to consumers who pay for gas with cash, according to the results of a retailer survey issued this week.

By Jonathan Berr • June 29, 2022

Fundbox nudges SMBs to shift strategies in face of inflation

The San Francisco-based provider of credit and payment solutions to small businesses recently announced partnerships with both card network Visa and payment processing platform Stripe.

By Grace Noto • June 28, 2022

Wagestream jumps into US on-demand pay fray

With $175 million in recently raised capital, the British new entrant in the U.S. earned wage access arena is setting lofty goals for expansion.

By Lynne Marek • June 28, 2022

BNPL faces tough economic challenges

Evidence suggests that BNPL borrowers are increasingly having trouble paying off their loans, based on a report from one analyst who follows the U.S. buy now-pay later provider Affirm.

By Jonathan Berr • June 27, 2022

CFPB takes aim at card late fees

The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

By Lynne Marek • June 23, 2022

Card fees: the price hike nobody is talking about

"The Visa-Mastercard duopoly controls about 80% of the market share, allowing them to raise fees indiscriminately and with no formidable opposition," contends Doug Kantor, general counsel for the National Association of Convenience Stores.

By Doug Kantor • June 17, 2022

CFPB urges standardization in BNPL credit reporting

The agency isn’t pleased about the three big credit reporting bureaus taking different approaches to tracking consumer data for buy now-pay later financing.

By Lynne Marek • Updated June 17, 2022